Prepare the journal entries to record the following transactions, in the books of Holman Dress Fitters: a. On 5/15/2020, purchased 4,000 shares of its own common stock at $20 per share. b. On 7/10/2020, sold 1,500 treasury shares for $26 cash, per share.
Q: In this problem, i need a construction of transaction here for numbers 1-9
A: Journal entries are used to record the transactions of a business in chronological order. Post that…
Q: JUBILEE is a quoted company reporting under IFRSs. During the year end 31 December 2012, the…
A: In this question, we will make : a Statement of Comprehensive Income for the year ending 31 Dec…
Q: Marin Leasing Company signs an agreement on January 1, 2020, to lease equipment to Cole Company. The…
A: Note:- Since the lessor's desired rate of return on its investment is missing in the question,…
Q: Est. Percentage Age Interval Balance Uncollectible Not due $63,000 2% 1-30 days past due 7,100 5%…
A: Allowance for uncollectible accounts is considered as contra asset account. It is prepared against…
Q: Question 2 What is true about a primary key? Choose all that apply. The values must be unique. 2 It…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Which of the following journals would correctly post an adjustment for deferred (prepaid) income?…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Marshall Company purchases a machine for $640,000. The machine has an estimated residual value of…
A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by…
Q: Botella Company produces plastic bottles. The unit for costing purposes is a case of 18 bottles.The…
A: Calculation of Material Price variance Material price variance = (Standard price per lb. of material…
Q: Which is true about using a note with stated interest rate vs. a note without stated interest rate…
A:
Q: Question 1 To keep the equipment in top shape, Simple Company hired multiple maintenance engineers.…
A: The high-low method is used to differentiate the mixed cost. The mixed cost is the combination of…
Q: You must evaluate a proposal to buy a new milling machine. The purchase price of the milling…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: mance evaluation seeks to achieve goal congruence and managerial effort." Discuss what you think is…
A: Definition of performance evaluation Performance evaluation is as a formal and productive procedure…
Q: McCallum Tool Company has two departments, assembly and finishing. The assembly department takes…
A: Solution Work in process means goods are in process. Goods are partially completed .
Q: operating costs. The new machine would cost $350, lue of the old machine on January 1, year 3, is…
A: The income statement is explained as,
Q: On January 1, 2021, X Company bought a machine for $44,000. It's now January 1, 2022, and management…
A: A replacement decision refers to the decision to replace a present asset with a newer model of the…
Q: Preparing Common-Size Income Statements by Using BasePeriod Horizontal AnalysisRefer to the…
A: A common size income statement would be one wherein each line item is stated as a % of the revenue…
Q: a. Sold merchandise on account, $13,400, with terms 2/10, net 30. The cost of the merdchandise sold…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Required: . Compute the following variances for July: (Indicate the effect of each varlence by…
A: Material Price Variance is Favourable whereas Material quantity Variance is Unfavorable Labour rate…
Q: Quick BQtio lor all Years Yeath As Reported Annual Balance Sheet Report Date Scale 2019 2017…
A: Formula: Quick ratio = Quick Assets / current liabilities.
Q: -2 Activity-Bas Cos Reports (LO Kunkel Company makes two products and uses a traditional costing…
A: 1) Number Of Direct Labor Hours =[10000 units *0.20 per unit ]+ [40000 units *0.25 per unit ]…
Q: - How much cost would Larry expec laces.) Answer is complete but not ent Total cost 1,070.49
A: a. The expected cost for the month of April is $1,042.41 Explanation: The total cost per month for…
Q: JUBILEE’s trial balance from the general ledger at 31 December 2012 showed the following balances:…
A: The end result of any working of financial information is the preparation of financial statements.…
Q: MY has earned the following income in 2022 Salary as a professor, net of withholding tax of P50, 000…
A: Working Notes :-…
Q: Q 4. T&T produces product 'X' as a part of its main product. Each year, the company produces- 75,000…
A: Unavoidable Fixed Cost Unavoidable fixed cost refers to the cost of a product that exists even after…
Q: Calculate the goodwill /gain on bargain purchase, show your workings. Prepare the journal entries in…
A: Answer:
Q: Jenkins Corporation had $675,000 of taxable income for 2018 and $575,000 for 2019. What is the…
A: Tax is the mandatory contribution by the taxpayer to the government. The tax is paid as a percentage…
Q: Explain the Threat and Opportunity of Shareholder Activism ?
A: A shareholder activist is a person who is trying to exercise his or her rights as a shareholder in a…
Q: nearest peso.) Scrap or value at the end of its a schedule using the to the
A: Fixed assets are an important component of every business that needs to carry out their operations…
Q: nning Fall 33,000 530 32,470 ecast Units nning inventory duction required duction Rate 2 Units Units…
A: Holding cost refers to the cost incurred by company or business to hold its unsold inventory.
Q: Macinski Leasing Company Leases a new machine to Sharrer Corporation. The machine has a cost of…
A: Solution Working- Annual repayment amount = Fair value of machine / Present value of 3 years. =…
Q: April Issued 5,000 share of Common Stock, $2 par for $17 per share. Record the journal entry.
A: As the value is received in excess of par value hence balance value will be credited to additional…
Q: MC47 On January 1, P2,500,000 for life of 5 years. expected that s. would total P5,0
A: As per accounting statement assets shall be valued at lower of cost or realizable value ( sales…
Q: April Issued 5,000 share of Common Stock, $2 par for $17 per share. Record the journal entry.
A: Journal is the book of original entry in which all the financial transactions of the business are…
Q: What is the purpose of the capital projects fund, debt service fund, and permanent fund. Please…
A: The creation of a fund is mostly done to pool up resources required for a particular purpose. funds…
Q: CCC Partnership borrowed $100,000 on a five-year recourse note from a local bank. It also purchased…
A: A form of business under which two or more partners are ready to start their business and also able…
Q: Q4. T&T produces product 'X' as a part of its main product. Each year, the company produces 75,000…
A: Solution Concept While taking a make or Buy decision , the total cost of making a product and buying…
Q: Explain Doctrine Separate Legal Entity
A: Doctrine separate legal entity is a concept related to Company / Corporation. The concept is…
Q: Garrett Manufacturing sold 410,000 units of its product for $68 per unit in 2021. е. Variable cost…
A: Contribution margin is calculated by subtracting all variable cost from the sales. Further…
Q: On January 1, 20X1, Wooden Company issued 16,000 shares of $2 par value common stock for $120,000.…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Prepare the journal entry for the following transactions (1) Geysler Company sold some old equipment…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: JUBILEE’s trial balance from the general ledger at 31 December 2012 showed the following balances:…
A: In this question, we will show necessary adjustment for the year. a. Statement of comprehensive…
Q: 1. It is a bank account wherein the depositor can draw checks. a. Drawing account b. Savings account…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Compute diluted earnings per share for 2022.
A: Answer:
Q: Prepare bank Reconciliation statement
A: Answer:
Q: XYZ Company's policy for the purchases of any asset over the value of $3,000 requires the purchasing…
A: Solution concept There are various internal control put in place by the organization for prevention…
Q: AJ Company makes three products. Current selling price per unit, variable cost per unit, and machine…
A: Contribution Margin per unit=Selling Price per unit-Variable cost per unit
Q: Rostand Inc. operates a delivery service for over 70 restaurants. The corporation has a fleetof…
A: Variance refers to the difference of budgeted and actual figures relating to revenue or expense…
Q: On January 1, 2021, Hosana Co. sold equipment in exchange for a P 850,000, 4 year, 11% note,…
A: Lets understand the basics. Compounded interest means interest on interest. In other words, it is a…
Q: Sebastian, Wyatt, and Mathew are close friends who graduated with master's degrees in accounting…
A: The legal identity of a Limited Liability Partnership (LLP) is distinct from that of its…
Q: A mining company is offered a 9-year lease for a coal mine at a cost of P120M. The engineers…
A: Present worth reflects the present value of the amount of money with respect to its value in the…
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