Required: Determine the following items based on Eldon's balance sheet. Round all calculations except per-share amounts to the nearest whole number; round per-share amounts to the nearest cent. 4. The par value of the common stock $? per share 7. The total stockholders' equity $? 8. The per-share book value of the common stock assuming that there are no dividends in arrears and that the preferred stock can be redeemed at its par value $? per share
Q: On January 1, 2021, Janelle Co. sold equipment to James Inc. in exchange for a zero-interest bearing…
A: Given in the question: Sale Date = January 1, 2021 Received a zero-interest bearing note with a face…
Q: Wynn Farms reported a net operating loss of $285,000 for financial reporting and tax purposes in…
A: Accounting is the technique of recording, classifying, and summarizing economic transactions to…
Q: Stark company has the following adjusted accounts and normal balances at its December 31 year-end. $…
A: The financial statements of the business include income statement, statement of Retained earnings,…
Q: discuss the results of the Company's Horizontal and Vertical Analysis from 2014-2018
A: Financial information includes data such as revenue, expenses, assets, liabilities, and equity, as…
Q: How will debt and equity financing be affected by a company's positive cash flow to finance an…
A:
Q: Question 17 A baseball team plays in a stadium that holds 58000 spectators. With the ticket price at…
A: Total revenue is maximized when marginal revenue is equal to zero.
Q: Rite Packs manufactures backpacks. Its plant records include the following materials-related data:…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Prepare a Balance Sheet for the governemental Funds assumiong all unexpended spendable net resources…
A: Following is the balance sheet for the governemental Funds assumiong all unexpended spendable net…
Q: Arcs and triangles paid an annual dividend of $1.47 a share last month. The company is planning on…
A: calculation of market price of the share
Q: a. Compute Lynn’s gain recognized on the sale of the warehouse. b. What is the character of this…
A: The two forms of income that may be produced through investments or the sale of assets are ordinary…
Q: The shareholder’s equity section of FED, Inc. contains the following: Preference share capital of…
A: The treasury stock decreases the total shareholders' equity of the business. The retired shares…
Q: Lion list Requirements K 1. 2. Compute the total cost of each job. 3. Compute Pelican Design's…
A: The business entities compute the cost of manufacturing each product by using the job order…
Q: The following payables ledger control account contains some errors. All goods are purchased on…
A: Hi student Since there are multiple questions, we will answer only first question. Purchase ledger…
Q: Explain the five (5) conditions which are required to issue the standard unqualified audit report.
A: An independent auditor or audit company will provide an audit report, a written document that…
Q: f. The company billed a customer $2,438 for services provided. g. The company paid $530 cash for the…
A: The journal entries are prepared to record the transactions on regular basis. The T-accounts are…
Q: P26.2 (LO 2, 3, 4), AP Ayala Corporation accumulates the following data relative to jobs started and…
A: calculation of all material variance , all labor variance and overhead variance and preparation of…
Q: Warren Manufacturing began business on January 1. During its first year of operation, Warren worked…
A:
Q: Coronado Company sells automatic can openers under a 75-day warranty for defective merchandise.…
A: Golden Rules of Accounting : Account Type Debit Credit Personal Accounts the receiver the giver…
Q: Troubled Debt Restructuring Wolfconn Company is having financial difficulties. It has a note payable…
A:
Q: Ms. Prince wants to create a scholarship in honor of her parents at the law school from which she…
A: Contributions to a scholarship fund: IRS offers a charitable contribution deduction to a taxpayer to…
Q: Amy Dyken, controller at Fitzgerald Pharmaceutical Industries, a public company, is currently…
A: Earnings per share mean the per-share earnings the shareholders will get in respect of their shares…
Q: Exercise 2 On January 1, 20x1, an entity issues bonds with face amount of P8,000,000 for P8,600,000.…
A:
Q: Cake Company has a herd of ten 2-year old animals on January 1, 2023. One animal aged 2.5 years was…
A: Biological assets in the financial statements are reported at the fair value less cost to sell and…
Q: Which of the following is the correct journal entry to record a sale to a customer on account?…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: On January 1, 2023, Cake Company had the following general borrowings. A part of the proceeds was…
A: A qualifying asset is an asset that mandatorily takes a longer period of time to get ready for its…
Q: The finished goods inventory on hand at the end of each month must equal 2,000 units of Supermix…
A: The budget is prepared to estimate the requirements for the period. The production budget is…
Q: Malco Enterprises issued $10,000 of common stock when the company was started. In addition, Malco…
A: A balance sheet is a financial statement that presents a snapshot of a company's financial position…
Q: Jiu has $105,000 of losses from a real estate rental activity in which she actively participates.…
A: Adjusted Gross Income (AGI) is defined as gross income minus adjustments to income. Gross income…
Q: equired information orning Dove Company manufactures one model of birdbath, which is very popular.…
A: The contribution margin is calculated as difference between sales and variable costs. The net income…
Q: Huds Incorporated reports the Information below on its product. The company uses absorption costing…
A: Using absorption costing, the product cost comprises variable and fixed manufacturing costs. The…
Q: Required information [The following information applies to the questions displayed below.] In 2021,…
A: Closing receivables=(opening receivables+billing-cash collection) Capital wip=Cost incurred/total…
Q: 17. TP underreported his tax by $100,000 as a result of his investment a transaction. The $100,000…
A: The Section 6662 penalty is calculated as the greater of 20% or 40% of the understatement of tax.…
Q: What is the amount of allowance for Expected credit losses reported in CAKE Finance Inc statement of…
A: The allowance for expected credit losses represents the amount that CAKE Finance Inc needs to set…
Q: Here is the financial information for Maddie Inc. at Dec. 31. What is the amount of total assets?…
A:
Q: ecember 31, est revenue on disposal of plant assets sales $25 2,190
A: Answer : Multi step income statement : Multi step income statement For the year ended…
Q: Matthews Company obtained all of the common stock of Jackson Company on January 1, 20X1. As of that…
A: For accounting purposes, the consolidation worksheet entries are prepared to make the work easy…
Q: Walbin Corporation uses the weighted-average method in its process costing system. The beginning…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: Calculate the allowance for doubtful accounts using the accounts receivable aging method using the…
A: Allowance for doubtful accounts is a contra asset because it reduces the amount of an asset, in this…
Q: On January 1. 2024, Ghosh Industries leased a high-performance conveyer to Karrier Company for a…
A: Lease is defined a contractual agreement incorporated between two business entities where one entity…
Q: Data table Expected annual demand for Galaxy jerseys Ordering cost per purchase order Carrying cost…
A: Calculation of EOQ , number of orders placed each year and re-order point are as follows
Q: The most recent financial statements income taxes): Income Statement Sales Costs Net income $6,700…
A: EXTERNAL FINANCING External Financing is the Amount which is introduced by the Corporation's in form…
Q: Stein Advertising pays Brooke Peet $64,680 per year. Requirements What is the hourly cost to Stein…
A: Direct Labour Rate :— It is the rate used to calculate direct labour cost. It is calculated by…
Q: You are a world traveler that made a fortune writing a series of novels. You earn more or less the…
A: The taxpayers pay taxes to the government on income earned. The tax rate is different in every…
Q: At what amount will each operator present the Equipment on its January 1, 2020 Statement of…
A: Answer: Since C has contributed equipment with a carrying amount of P280,000 and a fair value of…
Q: The following are estimates relating to the 2020 budget of Thermo Blast that produces specialized…
A:
Q: For each of the following situation, solve for a missing amount. In e account during the month.…
A: The accrued expenses are the current liabilities for the business which are due to be paid but not…
Q: Sheridan Company, organized in 2019, has set up a single account for all intangible assets. The…
A: In the accounting books of the business organizations the journal entry served as a record of its…
Q: 1) Assume that no changes are made to the selling price or costs, calculate the amount of units that…
A: Process costing is used to record cost of various stages of process. Under process costing we need…
Q: The following are estimates relating to the 2020 budget of Thermo Blast that produces specialized…
A: Note: As per our guidelines, we will only solve the first three subparts. 1) a. Particulars…
Q: QUESTION 1 Information about Calbee Company is provided below: Ending Accounts Receivable: $100,000…
A: Accounts receivables means those customer accounts to whom business has made credit sales on account…
Step by step
Solved in 2 steps
- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 0 par common stock at 0, 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 375. The bonds are classified as a held- to-maturitv 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 545, including commission. p. Recorded the payment of semiannual interest on the bonds issued 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 (1). 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 had a beginning balance of zero. Instructions Journalize the selected transactions. After all of the transactions for the year ended December 31, 2016, had been posted [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 income statement for the year ended December 31, 2016, 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, 2016. c. Prepare a balance sheet in report form as of December 31, 2016. Income statement data: Advertising expense 150,000 Cost of merchandise sold 3,700,000 Delivery expense 30,000 Depreciation expense -office buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Dividend revenue 4,500 Gain on sale of investment 4,980 Income from Pinkberry Co. investment 76,800 Income tax expense 140,500 Interest expense 21,000 Interest revenue 2,720 Miscellaneous administrative expense 7.500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,254,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Available for sale investments (at cost) 260,130 Bonds payable. 5%. due 2024 500,000 Cash 246,000 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued. 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 500,000 Income tax payable 44,000 Interest receivable 1,125 Investment in Pinkberry Co. stock (equity method) 1,009,300 Investment in Dream Inc. bonds (long term) 90,000 Merchandise inventory [December 31, 2016). at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4.320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock. 80 par (30,000 shares authorized; 20,000 shares issued] 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 2016 9,319,725 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 Unrealized gain (loss) on available for sale investments (6,500) Valuation allowance for available for sale investments (6,500)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 375. The bonds are classified as a heldtomaturity 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 issued 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 (l). 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 had a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 2016, had been posted [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 income statement for the year ended December 31, 2016, 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, 2016. c. Prepare a balance sheet in report form as of December 31, 2016.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. Open the file STOCKEQ from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then fill in the columns to show the effect of each of the selected transactions and events listed earlier. Enter your name in cell A1. Save the completed worksheet as STOCKEQ2. Print the worksheet. Also print your formulas. Check figure: Total stockholders equity balance at 12/31/12 (cell G21). 398,800.
- Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. In the space provided below, prepare the stockholders equity section of Chen Corporations balance sheet as of December 31, 2012. Use proper headings and provide full disclosure of all appropriate information. Chens corporate charter authorizes the issuance of 1,000 shares of preferred stock and 100,000 shares of common stock.Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018, balance sheet: The following transactions were reported by the company during 2019: 1. Reacquired 200 shares of its preferred stock at 57 per share. 2. Reacquired 500 shares of its common stock at 16 per share. 3. Sold 100 shares of preferred treasury stock at 58 per share. 4. Sold 200 shares of common treasury stock at 17 per share. 5. Sold 100 shares of common treasury stock at 9 per share. 6. Retired the shares of common stock remaining in the treasury. The company maintains separate treasury stock accounts and related additional paid-in capital accounts for each class of stock. Required: 1. Prepare the journal entries required to record the treasury stock transactions using the cost method. 2. Assuming the company earned a net income in 2019 of 30.000 and declared and paid dividends of 10,000, prepare the shareholders equity section of its balance sheet at December 31, 2019.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements.
- Stock Dividends Crystal Corporation has the following information regarding its common stock: S10 par. with 500.000 shares authorized, 213,000 shares issued, and 183,700 shares outstanding. On August 22, 2019, Crystal declared and paid a 15% stock dividend when the market price of the common stock was $30 per share. Required: Prepare the journal entries to record declaration and payment of this stock dividend. Prepare the journal entries to record declaration and payment assuming it was a 30% stock dividend.Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Stanley Utilities engaged in the following transactions involving its equity accounts: Sold 3,300 shares of common stock for $15 per share. Sold 1,000 shares of 12%, $100 par preferred stock at $105 per share. Declared and paid cash dividends of $8,000. Repurchased 1,000 shares of treasury stock (common) for $38 per share. Sold 400 of the treasury shares for $42 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $87,000. Prepare a statement of stockholders equity at December 31, 2020.The following selected transactions and events occurred during 2013: a. Issued 200 shares of preferred stock for 20,000. b. Sold 800 shares of treasury stock for 2,800. c. Declared and issued a 4% common stock dividend. The market value on the date of declaration was 5 per share. d. Generated a net loss for the year of 16,000. e. Declared and paid the full years dividend on all the preferred stock and a dividend of 15 per share on common stock outstanding at the end of the year. Enter beginning balances for 2013 on STOCKEQ2. Then erase all 2012 entries and enter the transactions for 2013. Save the results as STOCKEQ4. Print the results.
- Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.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.Preferred Stock Dividends Seashell Corporation has 25,000 shares outstanding of 8%, S10 par value, cumulative preferred stock. In 2017 and 2018, no dividends were declared on preferred stock. In 2019, Seashell had a profitable year and decided to pay dividends to stockholders of both preferred and common stock. Required: If Seashell has $200,000 available for dividends in 2019, how much could it pay to the common stockholders Seashell Corporation has 25,000 shares outstanding of 8%, S10 par value, cumulative preferred stock. In 2017 and 2018, no dividends were declared on preferred stock. In 2019, Seashell had a profitable year and decided to pay dividends to stockholders of both preferred and common stock. Required: If Seashell has S200,000 available for dividends in 2019, how much could it pay to the common stockholders