Income Statement Liabilities Accounts Dividend tquity Notes Payable Wages Payable Common Stock APC Cash low Amount Retaing Famings $ 2,00,000 S 1,00.000 SLN,167 Cash Accounts Inventory Equipment Land Building Accumulated Account Tle Revenue Expenses Net income Type recelvable Depreciation Payable Payable Beginning Bolonces.os.of Dec 31, Year LAcqured $550.000 by signing a note payoble with a local bonk 2. Sold 25.000 shores of $22 Common Stock for $1.500.000 3. Purchosed Eavioment for 00.000 4. Purchased inventory on Account- 25.000 Urits ot $1.15 per unit a. Sold 15.000 units ot $3.50 on Account Sb. COGS for Soles on Account 4. Colect 20.000 on Account Z. Pold $117.250 of Accounts Payoble Prchosed inventory on Account- 120.000 Units of $1.50 per unit 20. Sold 175.000 unih of $3.50 on Account 9b. COGS for Soles on Account 10. Collect 472.500 on Account 1. Poid $218.600 of Accounts Payoble 12. Purchared inventory on Account-275.000 Units ot S1.35 per unit 130. Sold 200.000 units ot $3.50 on Account 13b. COGS for Soles on Account 14. Collect 735.000 on Account 15. Poid 1494,190 of Accounts Payable 16. Purchased Inventory on Account 00.000 Unit of SINS per unit IZ Poid Soles & Morketing bpenses of 130.000 18. Pald Operating Expenses of $75.708 19. Record Woges Poyoble of 140.000 20. Paid Prodct ne Reseorch A Development Espenses of $150.000 Advertising Expenses of 87.500 $ 2,57,000 S S 5,50,000 $ 15,00,000 Is 3.00.000 17,500 S 28,000 S $ 50.000 $ 2.50.000 S $ 2,57,000 $ 5.50,000 8J3 S LI8.000 $ 5.50.000 $ 15,00,000 Financing Financing S 15,00,000 Investing s 3,00,000 Non-Cash 3.00,000 28,750 $ 28,750 sa,500 Sales revenue 52,500 Non-Cash $ 29,150 Cost of Goods Sold 29.150 Non Cash $ 70,000 S 70,000 S 1,17.250 $ 70,000 Operating s Operating s 117.0 $ 1,17,250 $ 2,55,000 $ 2.55,000 Non-Cash $ ,12,500 Sales revenue $612.500 Non Cash $ 2,51900 Non Cash Operating S 4,2,500 S2.51.900 Cost of Goods Sold $ 4,72,500 S4,72,500 $ 3,1R600 S 1,71,250 $44.18.600 Operating $ 3.18.600 S 71,250 Non Cash $ 7,00,000 Sales revenue $ 7,00.000 Non Cash Cost of Goods Sold S ,19,150 Non Cash $ 7,35,000 S 1.35,000 $ 7,35,000 $ 4,94,150 Operating $ 4,4150 S 145.000 4,4,150 Operating Non Cash Operating Operating Operating S 145,000 S 10,000 75,708 Sales &Marketing Expenses S 30,000 75,708 40.000 s 30,000 Operating penses 75,708 40.000 40,000 $ 1,50,000 $ 1,50,000 $ 1,50,000 $ 47,500 Research expenses Operating 47.500 Advertising Expenses 47,500 Operating 22. Mode the vearty required poyment on the note payable. The note cories a 7% nterest rate and requires payments of $50.000 plus interest each December 31. $ 4500 -50,000 Interest Expenses -38.500 Operating s 4500 23. Record first year of Deprecialion on Equipment Purchased in Year 2 with Salvage Volue of $38.00 & useful ite of 7 Yrs 24. Declored a $10.000 cah dividend for stockholders 25. Poido S10.000 coh dividend for stockholders olonce of endof Y2 37,429 Non-Cash Non Cash 37429 Depreciation Expenses S 10,000 $ 10.000 $ 10,000 Financing S 10,000 $ 19.72,792 10,000 $ 19.72.792S 1.05.000S 405,800S 100000 S s0.000 S 250.000 S 45,762S 28.000 S S 500.000 S 40000 S 17.00.000 S 100.000 S1.6167 S 40,000$ 17,00,000 $ 100.000 $1,4,167S $ 11,65.000 S10,41,317 S
Income Statement Liabilities Accounts Dividend tquity Notes Payable Wages Payable Common Stock APC Cash low Amount Retaing Famings $ 2,00,000 S 1,00.000 SLN,167 Cash Accounts Inventory Equipment Land Building Accumulated Account Tle Revenue Expenses Net income Type recelvable Depreciation Payable Payable Beginning Bolonces.os.of Dec 31, Year LAcqured $550.000 by signing a note payoble with a local bonk 2. Sold 25.000 shores of $22 Common Stock for $1.500.000 3. Purchosed Eavioment for 00.000 4. Purchased inventory on Account- 25.000 Urits ot $1.15 per unit a. Sold 15.000 units ot $3.50 on Account Sb. COGS for Soles on Account 4. Colect 20.000 on Account Z. Pold $117.250 of Accounts Payoble Prchosed inventory on Account- 120.000 Units of $1.50 per unit 20. Sold 175.000 unih of $3.50 on Account 9b. COGS for Soles on Account 10. Collect 472.500 on Account 1. Poid $218.600 of Accounts Payoble 12. Purchared inventory on Account-275.000 Units ot S1.35 per unit 130. Sold 200.000 units ot $3.50 on Account 13b. COGS for Soles on Account 14. Collect 735.000 on Account 15. Poid 1494,190 of Accounts Payable 16. Purchased Inventory on Account 00.000 Unit of SINS per unit IZ Poid Soles & Morketing bpenses of 130.000 18. Pald Operating Expenses of $75.708 19. Record Woges Poyoble of 140.000 20. Paid Prodct ne Reseorch A Development Espenses of $150.000 Advertising Expenses of 87.500 $ 2,57,000 S S 5,50,000 $ 15,00,000 Is 3.00.000 17,500 S 28,000 S $ 50.000 $ 2.50.000 S $ 2,57,000 $ 5.50,000 8J3 S LI8.000 $ 5.50.000 $ 15,00,000 Financing Financing S 15,00,000 Investing s 3,00,000 Non-Cash 3.00,000 28,750 $ 28,750 sa,500 Sales revenue 52,500 Non-Cash $ 29,150 Cost of Goods Sold 29.150 Non Cash $ 70,000 S 70,000 S 1,17.250 $ 70,000 Operating s Operating s 117.0 $ 1,17,250 $ 2,55,000 $ 2.55,000 Non-Cash $ ,12,500 Sales revenue $612.500 Non Cash $ 2,51900 Non Cash Operating S 4,2,500 S2.51.900 Cost of Goods Sold $ 4,72,500 S4,72,500 $ 3,1R600 S 1,71,250 $44.18.600 Operating $ 3.18.600 S 71,250 Non Cash $ 7,00,000 Sales revenue $ 7,00.000 Non Cash Cost of Goods Sold S ,19,150 Non Cash $ 7,35,000 S 1.35,000 $ 7,35,000 $ 4,94,150 Operating $ 4,4150 S 145.000 4,4,150 Operating Non Cash Operating Operating Operating S 145,000 S 10,000 75,708 Sales &Marketing Expenses S 30,000 75,708 40.000 s 30,000 Operating penses 75,708 40.000 40,000 $ 1,50,000 $ 1,50,000 $ 1,50,000 $ 47,500 Research expenses Operating 47.500 Advertising Expenses 47,500 Operating 22. Mode the vearty required poyment on the note payable. The note cories a 7% nterest rate and requires payments of $50.000 plus interest each December 31. $ 4500 -50,000 Interest Expenses -38.500 Operating s 4500 23. Record first year of Deprecialion on Equipment Purchased in Year 2 with Salvage Volue of $38.00 & useful ite of 7 Yrs 24. Declored a $10.000 cah dividend for stockholders 25. Poido S10.000 coh dividend for stockholders olonce of endof Y2 37,429 Non-Cash Non Cash 37429 Depreciation Expenses S 10,000 $ 10.000 $ 10,000 Financing S 10,000 $ 19.72,792 10,000 $ 19.72.792S 1.05.000S 405,800S 100000 S s0.000 S 250.000 S 45,762S 28.000 S S 500.000 S 40000 S 17.00.000 S 100.000 S1.6167 S 40,000$ 17,00,000 $ 100.000 $1,4,167S $ 11,65.000 S10,41,317 S
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 38CE: Stockholder Payout Ratios The following information pertains to Milo Mindbender Corporation:...
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