Prepare the journal entries to record the following transactions, in the books of Holman Dress Fitters:
Q: Adriana Graphic Design receives $2,200 from a client billed in a previous month for services…
A: Answer:- Account Title Debit Credit Cash 2,200 Account Receivable 2,200
Q: .4 (Journal entries) Nottaway Flooring produces custom-made floor tiles. The company’s Raw Material…
A: Job Costing : It is also named as specific order costing. It is the method of costing which is used…
Q: O O $26,833.33 $28,000.00
A: Depreciation: It is the reduction in the value of fixed assets except land due to its continue use…
Q: 7. A sports equipment company issued a $6 cumulative preferred stock issue. In 2010 the firm's board…
A: Explanation of Concept Preference Share Preference Shares are the shares which have been issued…
Q: Shays' Rebellion demonstrated the immense power of the federal government under the Articles…
A: Shays' Rebellion was the series which is of armed protests staged in the year 1786 through farmers…
Q: mprovements has an estimated useful life of 20 years. The lease contract will be terminated on…
A: Leasehold improvements are properties which are modified or adjusted so as to meet the requirements…
Q: QUESTION 3 A. Kwick Ltd has a product line producing processed cocoa beans for export. The carrying…
A: Impairment loss: If market value of an asset is less than book value of assets, asset is called an…
Q: n Jan 1, 20X1, ABC Corp purchased a patent for P90,000. At the time
A: Patent: It is an intangible assets / intellectual property or legal documents that gives right to…
Q: H. Below is a partial list of account titles and balances for the TNT Corporation as of December…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…
Q: 1. Calculate the Gross Debt Service (GDS) and the Total Debt Service (TDS) ratios for the following…
A: Gross Debt Service ratio is an important ratio wherein we come to know about the measure of housing…
Q: William, a resident, has taxable income for 2020/21 of $60,000. The PAYG amounts withheld by his…
A: Pay as you Go [PAYG] is the amount of tax withheld by the employer from the pay out of the employee…
Q: The following are the non-strategic investment transactions of Wiki Garden Tool Inc. Assume each…
A: Journal is the recording of financial transactions using dual entity concept and in chronological…
Q: se fill in additional questions 1) A job order shall be billed to the customer anytime within the…
A: A job order can be defined as the written instruction provided by the customer for the goods or…
Q: Prepare the following financial statements for the year ended 31 December 2021: (a) Income Statement…
A: Balance sheet refers to a statement which provides a brief summary of the company’s Assets, Owner’s…
Q: Settlement period for trade payables Inventories turnover period
A: Settlement period of payables means the period within which the payables has been paid off by the…
Q: r audit client, VWX Corporation, set up a petty cash fund for the first time last October 1, 2021,…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: Corporation was organized on January 2, 2018 and is authorized to issue 25,000 shares of 10%…
A: Explanation of Concept Journal entries are the accounting treatment done in the books of accounts…
Q: The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:…
A: An income statement is a part of the financial statements of the companies. It indicates the excess…
Q: V. On December 31, 2021. Ogallala Associates owned the following securities, held as a long-term…
A: Journal entries are used by the companies, firms, NPO, etc. to keep a record of the transactions…
Q: On Oct 1, 20X1, ABC Company acquired an equipment for P102,000. Estimated residual value is P2,000…
A: Depreciation is the decrease/reduction in the value of asset due to its use, wear and tear. The…
Q: ABC Corp. acquired the following assets on June 30, 20X1: Cost…
A: The depreciation expense is the reduction in the value of asset due to its use or wear and tear. The…
Q: Swifty Corporation, which has a taxable payroll of $1300000, is subject to FUTA tax of 6.2% that…
A:
Q: You bought 100 shares of stock at $25 each. At the end of year 1 you received $300 in dividends and…
A: Value of Investment (Opening) = No of shares x Market Price per share = 100 x $25 = $2,500 Value of…
Q: Mary Canfield purchased the All-Canadian Compound bond fund. While this fund doesn't charge a…
A: Given, Amount withdrawn = $11,800 Contingent deferred sales load percentage = 3% Contingent deferred…
Q: 2. What amount would a person with actual cash value (ACV) coverage receive for three-year- old…
A: The amount that would be received by a person with Actual Cash Value ( ACV) coverage for a three…
Q: Beverly and Kyle Nelson currently insure their cars with separate companies paying $450 and $375 a…
A: Annual saving is calculated by taking the total premium and multiplying it by the percentage of…
Q: The following table shows the effects of transactions 1 through 5 on the assets, liabilities, and…
A: Accounting equation is the basic equation which is used to prepare the financial statements of an…
Q: .LO.4 (Cost accumulation) Barfield Mfg. Co. applies overhead to jobs at a rate of 140 percent of…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: sent Rover Ltd has a year-end of 30 June 2022. The accountant has prepared the following schedule…
A: The accounting should be accordings with the generally accepted Accounting principles and…
Q: Capital projects funds account for construction expenditures, not for the assets that are being…
A: Statement of Revenue Expenditure & Changes in Fund Balance is a statement which shows the flow…
Q: Stewart Company exchanges an asset with Leonard Corporation. Details of the exchange are as follows:…
A: As per the accounting standard, when a Property, Plant & Equipment is exchanged for a…
Q: A company receives a 10%, 90-day note for $5,700. The total interest due on the maturity date is:…
A: Note Receivables are in the nature of assets which are disclosed under Current Assets in the Balance…
Q: shareholders' equity of Red Corporation includes $320,000 of $1 par common stock and $520,000 par of…
A: Dividends refer to the concept when a company disperses either cash or shares to its shareholders.
Q: of interest can be calculated using the formula reff = 1 + r m m − 1
A: The answer has been mentioned below.
Q: Problem 4-13 Net Operating Losses (LO 4.9) Tyler, a single taxpayer, generates business income of…
A: Net operating loss incurred by a company in a given year could be set off with the Income of the…
Q: Calculate the Gross Debt Service (GDS) and the Total Debt Service (TDS) ratios for the following…
A: The highest amount of money you can afford to pay for housing each month is known as the gross debt…
Q: During its first year of operations, Silverman Company paid $16,360 for direct materials and $10,300…
A: The cost of goods sold is the total of all the costs incurred to produce a product or service. It…
Q: Swifty Corporation, which has a taxable payroll of $1300000, is subject to FUTA tax of 6.2% that…
A: Introduction: Total amount of federal and state unemployment tax : Sum of both federal unemployment…
Q: Lonoca Engineering manufactures products for high precision engineering industry. It has two…
A: Given: Two Production departments- Assembling and Finishing Two support departments- Maintenance and…
Q: 2. What amount would a person with actual cash value (ACV) coverage receive for three-year- old…
A: Introduction: "Actual cash value" have interpreted the term to mean "fair market value," which is…
Q: Acme Corporation is liquidated with Joe, sole shareholder, receiving property having an adjusted…
A: Liquidation of a corporation is an process by which the company is dissolved and all the assets and…
Q: Journal 7 Bought motor vehicle by cheque for RM4,300 11 Sold goods to Karas Sdn Bhd on credit for…
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
Q: Ali Mamat Enterprise Trial Balance as at 31 December 2019 Particulars Sales Purchases Salaries Motor…
A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…
Q: (a) On September 30, the firm received its utilities bill for the month of September amounting to…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: Activity 1: In the table below, indicate in column 1 - the classification of each account (Assets,…
A: >Ledger accounts titles are the accounts of various accounting elements. >These accounts…
Q: A firm has an average age of inventory of 65 days, an average collection period of 45 days, and an…
A: Introduction: The cash conversion cycle is an important metric to understand as a business owner.…
Q: What are the dividends per share for preferred and common, respectively?
A: Dividend refers to that portion of the net income of the company which the company paid to its…
Q: On April 2, 2015, Montana Mining Co. pays $4,170,260 for an ore deposit containing 1,438,000 tons.…
A: Depletion charge= (cost of asset/total output from asset) * units extracted during the year.…
Q: Letty Company provided the bank statement for the month of April which included the following…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: D. & c. Create an accounting equation and record the beginning account balances, revenue, expense,…
A: The accounting equation states that assets equal to sum of liabilities and equity. Assets =…
22 )
Step by step
Solved in 2 steps with 1 images
- Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?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.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.
- Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.Prepare general journal entries for the following transactions, identifying each transaction by letter: (a) Gnu Company issued 5,000 shares of 1 par common stock to the Prendergas law firm as partial payment of fees incurred to incorporate the business. Gnu was short of cash, so Prendergas agreed to accept 10,000 cash and the shares of common stock in full settlement of its bill for 55,000. (b) Gnu issued 50,000 shares of 1 par common stock in exchange for a parcel of land for building a shopping plaza. (The list price for the land was 400,000; a similar parcel in the same area sold last week for 380,000. During the past month, the price at which Gnus common stock has traded on the open market has ranged from 5 to 12 per share. Two trades occurred yesterday at 7 and 10 per share.) (c) Gnu purchased 10,000 shares of 1 par value common treasury stock for 70,000. (This is the only treasury stock that Gnu holds.) (d) Gnu sold 4,000 shares of common treasury stock for 32,000. (e) Gnu sold 5,000 shares of common treasury stock for 30,000.
- 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 controller of Red Lake Corporation has requested assistance in determining income, basic earnings per share, and diluted earnings per share for presentation on the companys income statement for the year ended September 30, 2020. As currently calculated, Red Lakes net income is 540,000 for fiscal year 2019-2020. Your working papers disclose the following opening balances and transactions in the companys capital stock accounts during the year: 1. Common stock (at October 1, 2019, stated value 10, authorized 300,000 shares; effective December 1, 2019, stated value 5, authorized 600,000 shares): Balance, October 1, 2019issued and outstanding 60,000 shares December 1, 201960,000 shares issued in a 2-for-l stock split December 1, 2019280,000 shares (stated value 5) issued at 39 per share 2. Treasury stockcommon: March 3, 2020purchased 40,000 shares at 38 per share April 1, 2020sold 40,000 shares at 40 per share 3. Noncompensatory stock purchase warrants, Series A (initially, each warrant was exchangeable with 60 for 1 common share; effective December 1, 2019, each warrant became exchangeable for 2 common shares at 30 per share): October 1, 201925,000 warrants issued at 6 each 4. Noncompensatory stock purchase warrants, Series B (each warrant is exchangeable with 40 for 1 common share): April 1, 202020,000 warrants authorized and issued at 10 each 5. First mortgage bonds, 5%, due 2029 (nonconvertible; priced to yield 5% when issued): Balance October 1, 2019authorized, issued, and outstandingthe face value of 1,400,000 6. Convertible debentures, 7%, due 2036 (initially, each 1,000 bond was convertible at any time until maturity into 20 common shares; effective December 1, 2019, the conversion rate became 40 shares for each bond): October 1, 2019authorized and issued at their face value (no premium or discount) of 2,400,000 The following table shows the average market prices for the companys securities during 2019-2020: Adjusted for stock split Required: Prepare a schedule computing: 1. the basic earnings per share 2. the diluted earnings per share that should be presented on Red Lakes income statement for the year ended September 30, 2020 A supporting schedule computing the numbers of shares to be used in these computations should also be prepared. Assume an income tax rate of 30%.Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
- Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.Stockholders' Equity section of balance sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Prepare the Stockholders Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 9,000 shares have been reacquired.Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000