D. Exchanged ______ shares of class A common stock for Office Furniture and Equipment with an appraised value of $
Q: Michael’s Pottery makes decorative garden pieces using three consecutive processes: Moulding, Baking...
A: Requirement a: EUP -Moulding = 1,900 units EUP - DM = 1,630 units EUP -conversion = 1,500 units Cos...
Q: he following data represents the annual sales of a Digitech Automation products SAOG. Year 2014 2015...
A: The question is related to Least Square method. The equation of least square line is given by Y = a...
Q: Identify the factor that affects the faithful representation. a. Efficiency of computer systems b. T...
A: Level of incomplete is a factor that affects the faithful representation.... Option D level of incom...
Q: Which of the following would most likely be a period cost? Depreciation on factory lunchroom furnitu...
A: Solution: "salary of telephone receptionist in the sales office" would most likely be a period cost.
Q: Lind Manufacturing had the following account balances as of January 1. Direct Materials Inventory Wo...
A: a. Computation of Direct Materials Inventory Amount Balance as of January 1 $8,700 D...
Q: Eric are opening
A: (1) Partnership is an agreement between two or more partner in which they personally invested some a...
Q: On December 1, 2020, ELDIAN and MARLEY formed a partnership, agreeing to share for profits and losse...
A: Gain on sale of Land = sale value - Cost of land = 268750-134375 = P134,375
Q: On July 31, 2020, Ivanhoe Company engaged Minsk Tooling Company to construct a special-purpose piece...
A: SOLUTION- ACCUMULATED DEPRECIATION IS THE TOTAL AMOUNT AN ASSET HAS BEEN DEPRECIATED UP UNTIL A SIN...
Q: eBook Target Costing Millennium Printers Inc. manufactures color laser printers. Model L-1819 prese...
A: Target cost for Model L-1819:
Q: Nagkamali Inc. adds materials at the start of the process in Department B. Units received from Depar...
A: Solution:- Calculation of the total cost of units transferred to finished goods using average costin...
Q: Nasiraan company started operations in the current month. During the month, 10,000 units were starte...
A: Conversion cost refers to the concept of determining the expenses involved in transforming raw mater...
Q: Identify which of the following characteristics will help the company in relating similar informatio...
A: It is a qualitative characteristic of financial statement that it can compared inter and intra entit...
Q: cost of purchase.
A: Purchase is the taking delivery of the ownership of goods in exchange of consideration paid by the b...
Q: Decision on Transfer Pricing Materials used by the Instrument Division of Ziegler Inc. are currentl...
A: (a) Ziegler Inc.'s total operating income increases by the difference of variable cost incurred by t...
Q: If the exchange rate for Canadian and U.S. dollars is 0.92777 to 1, this implies that 13 Canadian do...
A: Value of 1 Canadian dollar in US dollar = 1/0.92777 = 1.07785334727
Q: Camel Company uses the FIFO method in its process costing system. The Assembly Department started th...
A: Solution: Units started and completed = Units transferred in - ending units = 62000 - 2000 = 60000 ...
Q: To what extent does Money Market contribute to financial markets, and how
A: INTRODUCTION : Traders in financial instruments may participate in the market. It is possible to hav...
Q: TVA Company produces three products from the same process and incurs joint processing costs of P150,...
A: Net realizable value: When one or more products cannot be sold at the split-off point, joint cost is...
Q: Gamebred Corp. provides the following information at year-end; Cash 300,000 Accounts Receivable 1,...
A: Current assets: Current assets are all those assets that are expected to be sold or used as a result...
Q: Can you tell me about the link that exists between money, credit, and financial institutions
A: Modern banking ideas seem to be an intermediate, relegating the bank's generation of currency outsid...
Q: Compute for the joint cost allocated to Reta.
A: Joint costs are those costs which are incurred for two or more than two products simultaneously. The...
Q: How may an accounting firm affect non-tax professionals' perceptions of a disputed topic with a clie...
A: Introduction: At the organizational level, ethical leaders foster trust through their behaviors and ...
Q: For all financial instruments within the scope of PFRS 7, but to which the impairment requirements i...
A: Financial instrument refers to the contract among the parties which holds the monetary value and the...
Q: Sales for the year ended December 31, 2020 should amount to:* 7,725,000 7,875,000 8,025,000 8,10...
A: Adjustment Entries The purpose of providing the adjustment entries to make more effective and transp...
Q: Which sort of firm must pay taxes on its cash payments to its shareholders
A: Generally speaking, an S company is a small organization where stockholders should be fewer than 100...
Q: For governmental funds, what measuring emphasis is utilized in the fund financial statements, and wh...
A: Solution are as follows
Q: October 20
A: (A) In the given case first of all we have to prepare a draft bank reconciliation statement to check...
Q: 7. West Corp. leased a building and received the P36,000 annual rental payment on June 15, 20x9. The...
A: Deferred tax assets and deferred tax liability arises on the differences, between taxable income and...
Q: GABI Company incurred P90,000 of depreciation for the year. 80% relates to the firm's production fac...
A: Solution 1: Depreciation related to production facilities = P90,000*80% = P72,000 A review of compan...
Q: Lisa, Jeni and Jiso entered into a contract of partnership with a total contribution of P5,000. The ...
A: Partnership refers to the arrangement which is contractual in nature among two or more persons who a...
Q: Are supplies and prepaid products represented on fund financial accounts in two distinct ways
A: A financial account is a component of a country's balance of payments that represents nonresident cl...
Q: a. Explain Freight prepaid.
A: Introduction:- Freight means any compensation paid for the transportation of goods. which means any ...
Q: Which of the following is a charteristic of a current liability
A: Liability: Liability is the obligation of the company to pay which comes from a past activity done b...
Q: How much is the net income attributable to Product M, assuming that joint costs are allocated using ...
A: Net realizable value: Joint cost is allocated on the basis of net realizable value (Net realizable v...
Q: 1, How can accounting consultants or auditors minimize the cost of doing business? How is this diffe...
A: solution : dear student as per bartleby guideline we are required to solve the first question only ...
Q: business cash consist of many things. Identify which one of the following will be considered as cash...
A: Credit card is considered as a cash Equivalent....
Q: The following adjusted TRIAL Balance is given for ACAR Photography. ACAR Photography Adjusted TRIAL ...
A: Formula: Net income = Total Revenues - Total Expenses.
Q: · Deavayded departments (S1 and S2) and two producing departments (P1 and P2). Department data for A...
A:
Q: Which information specifies the efficiency of the management’s stewardship?. a. Efficiency in using ...
A: Which information specifies the efficiency of the management’s stewardship? a. Efficiency in using t...
Q: Who is the owner of goods on consignment? (Please give full explanation and please avoid plagiar...
A: In the consignment basis goods are sent by the consignor to the consignee to sell the goods and in r...
Q: Amasan Corp. reported the following liabilities on December 31,2020 Accounts Payable 750,000 Sh...
A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle, whiche...
Q: Which of the following is the appropriate general journal entry to record the declaration of cash di...
A: CASH DIVIDEND ARE THE CASH PAYMENT MADE BY A COMPANY OUT OF IT'S EARNING'S TO THE INVESTOR'S .
Q: Whispering Winds Company's inventory records show the following data for the month of September: Uni...
A: Units available for sale = 105 + 440 + 300 = 845 units Units in ending inventory = 150 units Units s...
Q: MCC 27 C8. (See the problem below) T Formeloza Corp. has used a traditional cost accounting system t...
A: Quality control.cost that would be assigned to the main product using traditional Costing method is:...
Q: Occupancy- Electrical Days 3,608 186 Costs High activity level (August) .. Low activity level (Octob...
A: Change in cost at different level of activity is only because of the variable cost.
Q: Al Kamyani have business in Nizwa, Oman. The business was maintaining only one Cash account. The Chi...
A: Total cash receipts = petrol + office stationery + staff welfare + travelling = 150+90+160+60 = RO...
Q: Oslo Company prepared the following contribution format income statement based on a sales volume of ...
A: The question is related to Marginal Costing. The Contribution Margin is calculated with the help of ...
Q: An entity shall disclose the contractual amount outstanding on financial assets that were written of...
A: These given statement is False... An entity shall disclose the contractual amount outstanding on fi...
Q: 0. Which of the following statements is true? a. The shareholders are the agents and the Board of Di...
A: Solution: Board of directors are responsible for day to day affairs of the company on behalf of shar...
Q: Face value of a note payable plus interest is called O maturity value. O face value. Oproceeds. Opri...
A: Ans. A note payable consists of principal amount and an interest component.
D. Exchanged ______ shares of class A common stock for Office Furniture and Equipment with an appraised value of $______ and Motor Truck with an appraised value of $_____.
# of shares issued 50% of authorized shares
Office Furniture & Equipment $ 4,000,000.00
Motor Truck $ 10,000,000.00
E. Earned Net income $______.
Net Income$ 1,800,000.00
F. Declared interim dividends for preferred shareholders as well as $.80 per share to common stockholders.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.A corporation issues 5,000 shares of $1 par value stock for some equipment with a clearly determined value of $10,000. Prepare the journal entry to reflect this transaction.Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
- Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000A corporation issues 6,000 shares of $1 par value stock for a parcel of land valued at $12,000. Prepare the journal entry to reflect this transaction.
