Question 21
Q: I’ve already figured out how to do this problem, but If the club doubles it’s break even membership…
A:
Q: State the difference between Standard costing & Budgetary control. Give your analysis with 5 points…
A: Standard costing was used by the entity in making analysis of cost data by making comparison between…
Q: 10. Prepare a statement showing the pricing of issues, on the basis of FIFO, LIFO, Weighted average…
A: Date 01 March Purchases 300 9.5 2850 05 March Issued 250 02 March Purchases 200…
Q: What is the owner's equity? A. $ 461,000.00 B. $ 360,137.00 C. $ 645,655.32 D. $ 375,137.00
A: Owner's equity refers to the rights of the owners within the assets of the business. Owner's equity…
Q: What combination of keys will autofill highlighted cells to the right?
A: Financial Management- Financial management is the process of developing a strategy for organizing,…
Q: Harvest Inc. produces and sells a single product. The selling price of the product is $200.00 per…
A: Formula: Break even units = Fixed cost / Unit contribution margin.
Q: On January 1, 2008, Warren Co. purchased a 600,000 machine, with a five-year useful life and no…
A: The cumulative effect of change in the depreciation method is the difference between retained…
Q: Identify each of the costs listed below. ✓ The plant manager's salary is $80,000. A salesperson…
A: Financial accounting refers to the type of accounting which is primarily used by the outsiders to…
Q: On January 1, 2007, Flax Co. purchased a machine for 528,000 and depreciated it by the straight-line…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: Post to the ledger accounts.
A: The process of recording business transactions in the books of accounts for the first time is…
Q: (b). Using the information given, assess whether Rowett should accept the factoring service offered…
A: The proposal of factoring need to be accepted only when it increases the company net income and if…
Q: Prior department costs are most similar to: A. Conversion costs that are added continuously…
A: Prior department costs are considered to be similar to Direct materials added to the very beginning…
Q: What is the total amount to be reported in gross income subject to regular tax?* a. 406,000 b.…
A: The lender means the person who lends money to other persons. The amount he lends to others is known…
Q: Select the best answer from the five listed below to fill in the blank. The best transfer price for…
A: transfer price are also known as the transfer cost which tells the amount that is set for the…
Q: Part B 1. Record the entry for cash of \$3,200 borrowed from the bank by signing a formal agreement…
A: Journal entries refer to the identification and recording of day-to-day monetary-related…
Q: 1. Marcy, a single woman, makes $544.25 a week as a veterinary assistant. If she claims 1 allowance,…
A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…
Q: Remember: Gross profit = SP-CP Activity 1.2 Complete the following table: Table 1.2: Finding the…
A: Sale price refers to the price at which the goods are sold. Cost price is the price incurred for the…
Q: arning Task 2: assify the following accounts into the five major account categories. On the space…
A: The different accounts in business have debit or credit balance. The assets, expenses, dividend,…
Q: s and limitations of the ‘Conce
A: Conceptual framework refers to the compiled set of details and processes used while preparing the…
Q: why discounted cash flow methods are preferred to the more traditional techniques of payback and…
A: Before knowing the reason of preference for the use of any method, let us see the basic description…
Q: Market value per share is: Multiple Choice The right of common stockholders to protect their…
A: The right of common stockholders to protect their proportionate interests in a corporation by…
Q: Natasha contributes land to the newly formed Romanoff Partnership in exchange for a 40% interest.…
A: The following transactions occurred; 1. Natasha contributes land to the newly formed Romanoff…
Q: A company reports the following income statement and balance sheet information for current year: Net…
A: Theory concept: Return on Assets : It tells the net income earned on total assets used by the…
Q: building at
A: Journal entry is an accounting entry to record every transaction takes place in an organization. It…
Q: When a business receives an unpaid electricity account, it should: Select one or more: a. debit…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: MARCH 2022 DATE DEBIT (RM) MARCH 2 550 DR RENT EXPENSES CR CASH 8 DR ACCOUNT PAYABLE 3,100 CR CASH…
A:
Q: The management of Oriole Company is trying to decide whether it can increase its dividend. During…
A: Formula: Free cash flow = Net cash provided by operating activities - Dividends paid - Capital…
Q: Post all journal entries on the T-account. Prepare the trial balance. Prepare the worksheet. On…
A: Journal entries are used by the companies, firms, NPO, etc. to keep a record of the transactions…
Q: Net income Preferred dividends Average stockholders' equity Average common stockholders' equity…
A: Formula used: Return on stockholders equity = ( Net income / Average Stockholders equity ) x 100
Q: Activity Rates $ 5.00 per direct labor-hour ivity Cost Pool Labor-related Machine-related Machine…
A: First we need to calculate Total Activity Cost.
Q: Scaffolder Ltd. is a manufacturing company making construction items. The production process is…
A: Apportionment of Overheads :- It refers to allotment of different item costs with their item units…
Q: Present perfect an action that began in the past and True O False O
A: The present perfect tense is used to express actions that started in the past and are still ongoing…
Q: The following scenario relates to 5 questions. Bear Co has developed a new model of television. The…
A: Actual learning rate means the rate at which the labor is learning more efficiently. In simple words…
Q: Crane Company i
A: Bonds are priced by discounting future cash flows. Future cash flows include coupons and par value…
Q: Which of the following is not a true statement about variable costs? O a. Total cost is known to…
A: Variable Cost Variable cost which is described as the cost which are incurred to the business entity…
Q: In celebration of Best Friends' Day 2022, Besties' Tea Shop, offers a promo to its valued customers…
A: Here we calculate cost per ounce first, then accordingly total cost for given ounce for a cup, then…
Q: Learning Task 2: Classify the following accounts into the five major account categories. On the…
A:
Q: Co manufactures and sells two types of sports watch: the Raptor X5, which is designed for running…
A: Variance analysis is a tool used by the managers in order to assess the performance of a particular…
Q: Purchases of direct raw materials 191,535 58,000 Purchases of indirect raw materials Direct labour…
A: Cost of goods manufactured = prime cost + factory cost Gross profit =…
Q: Calculate the cost of goods available for sale using the following data: Purchase P 80,000…
A: Cost of goods available for sale: Cost of goods available for sale is the sum of Beginning inventory…
Q: Glendale Company is using process costing system. The following were taken from the books for…
A: Material could also refer to raw materials used to manufacture of finished goods. Natural…
Q: Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Favreau Corporation…
A: A bond is a borrowing security issued by a company to raise funds from the market by making an…
Q: please display your formula used in your work
A: Monthly payment refers to the payment amount for the loan grounded on the constant payments as well…
Q: a. Determine how many pizzas would have to be sold to break even. b. If The General Store sells 20…
A: Introduction:- Break-even point point means, where no profit or loss At Break-even point point,…
Q: The maintenance cost of a new equipment is projected to start at the end of the 2nd year at an…
A:
Q: Devril plc is considering the investment in a project that has an initial cash outlay followed by a…
A: IRR( internal rate of return) = it is a discount rate at which net present value of future cash…
Q: Required information [The following information applies to the questions displayed below.] Shadee…
A: Given: Sun Visitor expecting to sell in May 540 Sun Visitor expecting to sell in June 400…
Q: On January 1, 2007, Taft Co. purchased a patent for 714,000. The patent is being amortized over its…
A: Solution We are provided with the following information Cost of patent = 714,000 Amortization time…
Q: Find transfer price for the division A. Desired return on investment 28% Fixed assets=500,000…
A: Transfer pricing promotes goal congruance where by a producing division transfers its product to…
Q: A bondholder that owns a $1,000, 10%, 10-year bond has: Multiple Choice The right to receive $1,000…
A: Bonds means the instrument where the bond holder gives money to bond issuer and in return bond…
Step by step
Solved in 2 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.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.Juniper Company is authorized to issue 5,000,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Mar. 1, issued 4,000 shares of stock in exchange for equipment worth $250,000. Journalize the transaction.
- 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 issued 100 shares of $100 par value preferred stock for $150 per share. The resulting journal entry would include which of the following? A. a credit to common stock B. a credit to cash C. a debit to paid-in capital in excess of preferred stock D. a debit to cashMacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
- Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Apr. 10, issued 1,000 shares of stock for legal services valued at $15,000. Journalize the transaction.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.