Question 5 Nike was organized in November 1971 by Bill Bowerman and Phil Knight It has shares 76,000 shares of $106 par value, 6%, nonparticipating preferred stock outstanding and 24,000 shares of $68 par value common stock outstanding. It has declared and paid cash dividends each year as shown below. Calculate the total dividends distributed to each class of stockholder under each of the assumptions given. Year 1971 1976 1982 Totals Dividends Paid 5,200 8,400 23,000 NOT Cumulative Preferred 5200 2 Common 0 Preferred 5200 Cumulative Common 0
Q: There are certain aspects of accounting and questions that an accountant may ask that the Conceptual…
A: Firstly let us understand what is the conceptual framework of financial accounting Conceptual…
Q: A company uses activity-based costing to determine the costs of its three products: A, B, and C. The…
A: Activity based costing plays a key role in overhead costs individually for the product where it was…
Q: ed its first year of operations. At year end, MOH allocated (or applied) was $435,000 and MOH…
A: Manufacturing overhead refers to the sum value of all the indirect expenses involved in…
Q: Please answer these parts with the same information. 1. Allowable deduction on medical and dental…
A: Itemized deduction refers to the expenses which are deducted from AGI (Adjusted gross income) of…
Q: On June 30, 2020, Ayayai Company issued $3,810,000 face value of 16%, 20-year bonds at $4,956,520, a…
A: Introduction: A journal entry is a record of a business agreement inside a company's accounting…
Q: Write a short note on "Accounting Frauds"
A: Accounting fraud is the deliberate manipulation of financial accounts to provide the impression that…
Q: Prepare a 2020 income statement for Wildhorse Corporation based on the following information: Cost…
A: preparation of income statement are as follows
Q: December 10, 2024, for $13,850. Assume the Shriner Co. does not have significant influence over…
A: If a company purchase shares of another company, then it is treated as Investment in the books of…
Q: sing the expanded accounting equation, calculate and enter the answers for each question. You will…
A: The Basic Accounting equation is Assets = Equity + Liabilities Given that Year 1 Assets ($)…
Q: The centralized travel department of Bour Company has costs of $40,560. The department has serviced…
A: Travel service cost will be charged to both the divisions proportionally. Total cost will be divided…
Q: Pro-Craft Company computed the following activity rates to allocate overhead cost for the year.…
A: Activity-based costing is used to distribute the overhead. This method is used to allocate the…
Q: Determining the Cost of an Asset Keystone, Inc., replaced its truck-and-dolley system of moving…
A: Fixed assets means the assets which is used for many years in business and depreciated over the…
Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z.…
A: General factory cost is based on the direct labor hours. So the proportion of direct labor hour is…
Q: Inflow Opening Balance Revenue from Operations/Sales Dividend Received Interest Received Sale of…
A: The cash flow statement is one of the financial statements of the business. The cash flow statement…
Q: ayback Show the calcul me information about two vehicles A and B, is provided in the table below. A…
A: Total Cost : It is cost of finished product which is produced for sales. The total cost of the…
Q: Balancing the Expanded Accounting Equation Activity 4.b - Using the Expanded Accounting Equation…
A: As per accounting equation, the total Assets is always equal to the total liabilities and…
Q: Inventory Cost Flow Crystal Apple Sales Company began 2021 with cash of $2,000, inventory of…
A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…
Q: Required: 3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January…
A: Here discuss about the details of the calculation of LIFO Ending inventory Valuation for the retail…
Q: Revenue from property taxes should be recorded in the General Fund: O When received. O When there is…
A: The revenues earned by the government or state from the taxes, fees, interest etc. are recorded in…
Q: The term "current financial resources" refers to: Those assets that can quickly be converted into…
A: Those Assets that Can Quickly be Converted into cash
Q: Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool,…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Reed and Sioux established a partnership and divided their profits as follows: Emerson will receive…
A: A partnership is formed between involved individuals who are considered business associates to…
Q: Keep Clean Manufacturers produces two products; Purline and Furline. Both products use raw material…
A: Budget: A plan that is written down and followed to determine how one will spend their money on a…
Q: Buoy manufactures fotation vests in San Diego, California. Buoy's contribution margin income…
A: Various factors needs to be considered by the business organizations before deciding whether to…
Q: On December 31, 2020, Berclair Inc. had 420 million shares of common stock and 3 million shares of…
A: According to the given question, we are required to compute the basic earning per share and diluted…
Q: Davis Corporation reported the following financial data for one of its divisions for the year;…
A: Sales is the amount of goods or inventory sold during that period. Income is the earning or amount…
Q: PA1. 6.1 Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3:…
A: Lets understand the basics. Journal entry is required to make to record event and transaction that…
Q: C4-2 (Algo) From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Which statement is false regarding the government-wide Statement of Net Position? O Noncurrent…
A: A comprehensive breakdown of all the major government funds, their expenditures, and remaining funds…
Q: J, VAT registered taxpayer, had the following data on importation in 2022: Invoice cost (exchange…
A: Here discuss about the details of the computation of VAT payable for the purchase on importation and…
Q: My question is asking the amount of the total variable expense. Please help.
A: Variable expenses are those which do not remain constant. These expense keeps on varying with the…
Q: ary 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021,…
A: Adjusted Trial balance refers to the form of a trial balance which reflects all the ending balances…
Q: The balance in Accounts Receivable at the beginning of the period amounted to $2,880. During the…
A: Account receivable Account :- Accounts receivable is an current asset account on the balance sheet…
Q: Tony and Nancy are married. Both are under age 55. For all of 2022, Tony has self-only coverage…
A: Qualifying for an HSA Contribution To be an eligible individual and qualify for an HSA contribution,…
Q: Current Attempt in Progress Sheffield Corp. has 11000 units in beginning finished goods. The sales…
A: The production budget is prepared to estimate the number of units to be produced during the period.…
Q: The Roget Factory has determined that its budgeted factory overhead budget for the year is…
A: The question is related to Overhead Rate. The factory overhead rate is calculated on the basis of…
Q: OptiLux is considering investing in an automated manufacturing system. The system requires an…
A: Net Present Value (NPV) :— It is the sum of present value of all cash flows. It is also calculated…
Q: Bleistine Company had the following transactions for the month. Beginning inventory Purchased Jun. 1…
A: FIFO stands for first in first out , which means inventory which was purchased firsts are sold…
Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z.…
A: Cost Driver: A cost driver is the factor that has the most significant influence on the overall…
Q: A machine costs $600,000 and is expected to yield an after-tax net income of $23,000 each year.…
A:
Q: 3. Prepare a retained earnings statement for the year ended December 31, 2014. 4. Prepare the…
A: Retained Earnings Statement for the year ended December 31, 2014 and Stockholder's Equity section of…
Q: lowing details relate to production for the month of June 20X22 for Process 2. Work-in-process,…
A: Abnormal spoilage refers to the form of an expense item which is considered as controllable to an…
Q: In 2022, Leo construction traded in a light duty pickup truck that had a book value of $18,000. A…
A: In 2022, Leo construction bought a light duty pickup truck having a fair market value of $55,236.…
Q: epeat part (b) assuming Marigold Corp. uses the double-declining-balance method of depreciation.…
A: Depreciation ; Depreciation is the reduction in the value of assets due to the continuous use of the…
Q: Assume the following information for a merchandising company: Number of units sold Selling price per…
A: Variable expenses are the expenses that keeps on changing with the change in the activity level or…
Q: treasurer of U Co. has accumulated the budget information presented in the table for the months of…
A: Cash Budget : Cash budget is the statement showing the estimates of cash receipt and cash payments…
Q: The Vigan Company included the following in its notes receivable as of December 31, 2022: Note…
A: Gain on sale of machinery should be calculated by way of deducting the carrying amount from the…
Q: On January 1, a company agrees to pay $27,000 in six years. If the annual interest rate is 10%,…
A:
Q: You are looking at purchasing a new computer for online class. Computer A costs $4000 now, and you…
A: Computer A Computer B Cost of Purchase 4000 2500 Upgrade N.A at Year 2 End Upgrade Cost…
Q: jordan sells 100 shares of TD bank on August 31. She purchased the shares for $500 and sold them for…
A: The taxable income is the earning which is subject to tax that is the taxpayer is liable to pay…
Step by step
Solved in 2 steps
- Nutritious Pet Food Companys board of directors declares a large stock dividend (50%) on June 30 when the stocks market value per share is $30. At that time, there are 10,000 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the declaration of the dividend?Nutritious Pet Food Companys board of directors declares a large stock dividend (50%) on June 30 when the stocks market value per share is $30. At that time, there are 10,000 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the stock dividend distribution on July 31?COMMON AND PREFERRED CASH DIVIDENDS Ramirez Company currently has 100,000 shares of 1 par common stock outstanding and 5,000 shares of 50 par preferred stock outstanding. On July 10, the board of directors declared a semiannual dividend of 0.30 per share on common stock to shareholders of record on August 1, payable on August 5. On July 15, the board of directors declared a semiannual dividend of 5 per share on preferred stock to shareholders of record on August 5, payable on August 10. Prepare journal entries for the declaration and payment of the common and preferred stock cash dividends.
- Preferred Dividends Eastern Inc.s equity includes 8%, $25 par preferred stock. There are 100,000 shares authorized and 45,000 shares outstanding. Assume that Eastern declares and pays preferred dividends quarterly. Required: Prepare the journal entry to record declaration of one quarterly dividend. Prepare the journal entry to record payment of the one quarterly dividend.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.Alert Companys shareholders equity prior to any of the following events is as follows: The company is considering the following alternative items: 1. An 8% stock dividend on the common stock when it is selling for 30 per share. 2. A 30% stock dividend on the common stock when it is selling for 32 per share. 3. A special stock dividend to common shareholders consisting of 1 share of preferred stock for every 100 shares of common stock. The preferred stock and common stock are selling for 123 and 31 per share, respectively. 4. A 2-for-1 stock split on the common stock, reducing the par value to 5 per share (assume the same date for declaration and issuance). The market price is 30 per share on the common stock. 5. A property dividend to common shareholders consisting of 100 bonds issued by West Company. These bonds are carried on the Alert Company books as an available-for sale investment at a fair value of 48,000 (which is also its cost); it has a current value of 54,000. 6. A cash dividend, consisting of a normal dividend and a liquidating dividend, on both the preferred and the common stock. The 10% preferred dividend includes a 2% liquidating dividend, and the 2.30 per share common dividend includes a 0.30 per share liquidating dividend (separate liquidating dividend contra accounts should be used). Required: For each of the preceding alternative items: 1. Record (a) the journal entry at the date of declaration and (b) the journal entry at the date of issuance. 2. Compute the balances in the shareholders equity accounts immediately after the issuance (any gains or losses are to be reflected in the retained earnings balance; ignore income taxes).
- STOCK DIVIDENDS Kaufman Company currently has 200,000 shares of 1 par common stock outstanding. On March 15, a 10% stock dividend was declared to shareholders of record on April 2, distributable on April 14. Market value of the common stock was estimated at 5 per share. 1. Prepare journal entries for the declaration and distribution of the 10% common stock dividend. 2. Assume Kaufman Company declared a stock dividend of 30% rather than 10%. Prepare journal entries for the declaration and distribution of the 30% common stock dividend.Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.