In the consolidated balance sheet, Company P's outstanding common stock may be shown as
Q: characteristic NOT found in a group disability income policy is: A.cost of living adjustment…
A: Group Disability Income Policy: It is a insurance policy which is taken by the enterprises,…
Q: Explain why accurate accounting information and audited financial statements are important.
A: Accounting- Accounting is the process of collecting unorganised information, analysing it, arranging…
Q: ABC Corp purchased land and building at a lump price of P6M. ABC demolished the building and…
A: The costs incurred to make the land available for use is included in the cost of land.
Q: What company is better in short-term and why
A: Accounting Ratios- Accounting Ratios are the ratios that are used to compare financial statements of…
Q: Form 1120 and complete pages 1 and 2 (Schedule C)
A: Every taxpayer has to use the appropriate forms to submit the return of income tax and have to use…
Q: Required information [The following information applies to the questions displayed below.] The…
A: A record is usually kept in the general ledger, but it can also be kept in a specific account,…
Q: Sean purchased an interest-bearing promissory note for $11,000.00 at 5.00% p.a., due in 90 days. If…
A: The promissory note refers to a debt instrument that is issued by a person who writes a note by…
Q: anufacturer and has experienced high growth in the past in sales volume of 20% is expected to…
A: Working Capital: It is the capital which required by every organization to its routine operational…
Q: At December 31, 2008, before any year-end adjustments. Mark Company's Insurance Expense account had…
A: Prepaid expense: Prepaid expense means future expenses which are paid in advance. Initially, Prepaid…
Q: Last year, Toby's Hats had net sales of $45,000,000 and cost of goods sold of $29,000,000. Toby's…
A: Introduction: Average accounts receivable: Sum of both Beginning and ending accounts receivables…
Q: Use the following information for questions 1 to 7. The Income Statement for the year 2021 of Mira…
A: Retained Earnings: After a corporation has paid all of its direct expenses, indirect costs, income…
Q: Now suppose Ben owns a $600,000 house and has an 8% chance of experiencing a fire in any given year.…
A: Amount of risk to an insurance company is the actual difference between the amount paid as premium…
Q: What is the difference between a balance sheet and an income statement?
A: The balance sheet and income statement are important financial statements of the business.
Q: ABC Corp purchased land and building at a lump price of P6M. ABC demolished the building and…
A: The lump sum cost is allocated to assets on the basis of their fair value.
Q: The income statement, statement of retained earnings, and balance sheet for Somerville Company are…
A: Formula: Return on sales = ( Net income / Net sales ) x 100
Q: From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO…
A: FIFO assumes first comes and first out. Units that comes first is sold out first hence the ending…
Q: FIFO inventory assumptions: Beginning inventory of 10 units @ $5 = $50 Purchases month #1 of 10…
A: The FIFO method stands for first in first out. COGS= Total cost of goods available for sale -…
Q: The information below pertains to xyz limited. 40000 units per month is the normal capability. @ 10…
A: Absorption Costing: absorption costing is also called "Full costing", it is a technique of…
Q: What is a double-entry bookkeeping system?
A: The accounting is a process to classify the transactions, record the transactions and prepare the…
Q: Prepare a General Journal entry for the following transaction: On December 17, On Your Mark paid…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Required information [The following information applies to the questions displayed below.] The…
A: Introduction: Journal entries should not be used to record routine transactions such as customer…
Q: Dividends Per Share Windborn Company has 30,000 shares of cumulative preferred 3% stock, $50 par and…
A: Given that, 3% Cumulative preferred stock = 30,000 shares at $50 par Common stock = 50,000 shares…
Q: For each of the following items (A-L) indicate on which financial statement you would expect to find…
A: * As per Bartleby policy, if multiple questions are asked then answer first three only. Balance…
Q: ABC’s property originally cost £300,000. After 10 years use it was revalued by £200,000. This…
A: Original Cost = 300000 Depreciation @ 2% 10 Years Depreciation = 300000*2%*10 = 60000
Q: Explain generally accepted accounting principles (GAAPs).
A: GAAP stands for Generally accepted principles.
Q: stock that originally cost $6.30 per liter. Material U48N is used in the company's main product and…
A: Relevant cost is a term used in managerial accounting to describe avoidable expenses that occur…
Q: An insurance company is offering a new policy to its customers. Typically, the policy is bought by a…
A: Future Value: The worth of an investment or asset on a certain date in the future is referred to as…
Q: The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as…
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: A basketball player is considering signing a one-year contract. If she puts in High effort, there is…
A: Introduction: A salary is an amount provided by an employer to workers on a monthly basis for work…
Q: Process Costing: Average Method 291 P20,100 310 2,700 1,350 5,000 units, 2/5 done ………………..….....…
A:
Q: (Ignore income taxes in this problem.) If an investment of $14,760 now will yield $18,000 at the end…
A: Introduction: An investment in real estate that will one day be worth more than the purchase price.…
Q: Calculate the debt-to-equity ratio. Ernst Company's balance sheet shows total liabilities of…
A: Debt = total liabilities = $32,500,000
Q: Taxpayers who use the personal exemption in 2021 may benefit from charity grants and funding…
A: Income tax: Income tax is the tax that an individual is responsible for on their earned income. It…
Q: Case G: Dept. B Dept C 3,000 u. ………………………………….. 20% In process, beg........ Stage of completion…
A:
Q: equipment acquired on January 1, 2018 at a cost of P2,200,000 with 20 years estimated useful life.…
A: The tangible assets are the assets that help the company to generate revenue and earn income and It…
Q: The following provides information on the segments that have been identified by Bernard Productions:…
A: For good reason, many company owners prioritize revenue. Getting money flowing into your business is…
Q: Case E: Normal loss of 5,000 units during process.…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: Which does not belong to the group? Titling costs Survey costs Architectural fees Assessment…
A: There are many types of costs and fees which are incurred when an asset is purchased or amount is…
Q: vidends Per Share eventy-Two Inc., a developer of radiology equipment, has stock outstanding as…
A: The dividend per share is calculated as total dividend divided by number of shares outstanding. The…
Q: The fixed costs of Chun Company are $309,000 and the total variable costs for its only product are…
A: Contribution = Selling price - Variable cost Increase in contribution margin = 120 units × $100×55%…
Q: Explain Intangible assets.
A: An asset refers to the property which is owned by the company. An asset can be classified into…
Q: A water-based paint containing 25.0 wt% pigment and the rest is water sells for PhP 900/kg. Another…
A:
Q: What are operating expenses?
A: Expenses refers to the money outflow or the assets outflow to another company or to individual…
Q: Steel drums manufacturer incurs a yearly operating cost of P 200,000. Each drum manufactured cost P…
A: Breakeven sales is that level of sales revenue at which business is only recovering total fixed…
Q: Net income Preferred dividends Average stockholders' equity Average common stockholders' equity…
A: The ratio analysis helps to analyse the financial statements of the business on the basis of various…
Q: g is entitled to claim NOLCO? An employee with respect to his compensation income. Foreign…
A: NOLCO is the net operating loss that can be carried over the next years is allowed to some…
Q: Abhijit Co. leased equipment from Barua Corp. on July 1, 2018, for an 8-year period expiring June…
A: Introduction: A corporation can generate interest revenue in two ways: by lending money or by…
Q: When WestCo ensures that it always has enough funds on hand to purchase the materials and human…
A: Given that the company always has enough funds in hand in order to purchase the required materials…
Q: As the accountant for Clean Air Controls, you attend a meeting with the sales managers to discuss…
A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service…
Q: Immediately prior to liquidation, Anna, Ben, and Carl have capital balances of P300,000, P200,000,…
A: The partnership comes into existence when two or more persons agree to do the business and further…
17. Company P had 300,000 shares of common stock outstanding. It owned 80% of the outstanding common stock of S. S owned 20,000 shares of P common stock. In the consolidated balance sheet, Company P's outstanding common stock may be shown as
a. 300,000 shares, footnoted to indicate that S holds 20,000 shares.
b. 300,000 shares
c. 300,000 shares, less 20,000 shares of
d. 285,000 shares
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- 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.The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 7% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
- 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.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.Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. It has issued only 50,000 of the common shares and none of the preferred shares. In its seventh year, the corporation has the following transactions: Journalize these transactions.
- Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. It has issued only 50,000 of the common shares and none of the preferred shares. In its sixth year, the corporation has the following transactions: Journalize these transactions.Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to issue 500,000 shares of $5 par value common stock. During the year, the corporation had the following transactions: Journalize the transactions.