Statement of stockholders' equity Noric Cruises Inc. began the month of October with the following balances: Common Stock, $160,000; Additional Paid-In Capital, $3,025,000; and Retained Earnings, $12,300,000. During June, Noric issued for cash 30,000 shares of common stock (with a stated value of $1) at $14 per share. Noric reported the following results for the month ended October 31: Net income Cash dividends declared $2,050,000 500,000 Prepare a statement of stockholders' equity for the month ended October 31. If there is a net loss or there has been a decrease in stockholders' equity, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank. Noric Cruises Inc.
Q: a. b. 12/31/23 Retained Earnings $ 2023 Net Income $ over/under over/under
A: Understated inventory by $150 for the year ended 2022.Understated inventory by $350 for the year…
Q: Materials Work in process Finished goods Required: September 1 tA $120,000 80,000 70,000 September…
A: The cost of goods manufactured includes the cost of goods finished during the period. The cost of…
Q: Complete the "Cost Reconciliation Schedule" part of the production cost report. Cost Reconciliation…
A: Lets understand the basics.Equivalent cost per unit calculate by the entity in order to allocate…
Q: Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current yea Mystic Lake…
A: In this question, we will first post the Journal entries for recording the reacquisition of stock…
Q: Write briefly on the following main innovations which have been introduced in an attempt to present…
A: Answer:-Accounting meaning:- Accounting is basically a process of recognizing financial…
Q: QUESTION CAP plc is a listed project company that owns and operates a large number of farms…
A: SOLUTION :- a. Beta is a measure of systematic risk or undiversifibale risk that a stock is exposed…
Q: Required information [The following information applies to the questions displayed below] Sandra's…
A: The inventory can be valued using various methods as FIFO, LIFO and average method. Using average…
Q: QUESTION 24 Sew Warm, Inc.'s inventory activity in September was as follows: $/Unit 7 11 Inventory,…
A: In case of FIFO perpetual method, the initial stock and goods purchased at beginning will be sold…
Q: Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of…
A: Equivalent units of production means converting the work-in-progress of incomplete units into…
Q: Required information [The following information applies to the questions displayed below.] The…
A: The balance sheet is one of the financial statements of the business. The balance sheet represents…
Q: Todrick Company is a merchandiser that reported the following information based on 1,000 units sold:…
A: The contribution margin is calculated as difference between sales and variable costs. The unit cost…
Q: Natalie had a very busy December. At the end of the month, after journalizing and posting the…
A: Closing entries are those journal entries which are passed at the end of accounting period in order…
Q: Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of…
A: Under weighted average method, cost per equivalent unit is calculated by adding the beginning work…
Q: Required information [The following information applies to the questions displayed below.] Hemming…
A: The ending inventory comprise the goods that remains unsold at the end of accounting period.
Q: he management of River Corporation is considering the purchase of a new machine costing $380,000.…
A: In this question we will calculate the net present value of the investment here 6% of 5 years PVAF…
Q: On January 1, 20X1, the city government of Faraway donated property to Amazing, Inc., in return for…
A: A donation in any form involves a donor, a donee and a transfer of benefit.In the given case, the…
Q: (a) Calculate the predetermined overhead rate for 2022, assuming Cullumber Manufacturing estimates…
A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base…
Q: 2. Beluga Inc. issued 10-year bonds with a face value of $100,000 and a stated rate of 4% when the…
A: Step 1The bonds are the debt instrument, the government or corporation generally issues these…
Q: Interest Payments and Interest Expense for Bonds (Straight Line) Swiss Inc. sold 20-year bonds with…
A: ''It is a question with multiple sub-parts, therefore we will do the first three sub-parts. To get…
Q: On January 1, 20x1 ABC entered into joint arrangement classified as a joint venture. ABC acquired…
A: 1.Initial investment:ABC acquired a 50% interest in the joint venture for a total cost of $500,000.…
Q: Exercise 2-1 (Algo) Compute a Predetermined Overhead Rate [LO2-1] Harris Fabrics computes its…
A: Lets understand the basics.Predetermined overhead rate is an allocation rate that is used to apply…
Q: The straight-line method Question: Cost $134,400 Estimated Residual Value $12,500 Estimated Useful…
A: Straight Line Method of depreciation:In this this method, a fixed amount of depreciation would be…
Q: 3. The standard material cost for a normal mix of one tonne of Urea fertilizer is based on Chemical…
A: Material Price variance = It means difference between Standard material Price for actual material…
Q: You are a real estate agent thinking of placing a sign advertising your services at a local bus…
A: Payback period: Payback period is the length of time in which an investment reaches its break-even…
Q: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in…
A: Since in this question no sales unit is given we are assuming that number of units that are sold is…
Q: Due to erratic sales of its sole product-a high-capacity battery for laptop computers-PEM, Inc., has…
A: The method for calculating the profitability of a given investment is known in the real estate…
Q: Key figures for the recent two years of both Apple and Google follow. Apple $ millions Net income…
A: Lets understand the basics.Profit margin ratio is ratio which shows how much net income is earned as…
Q: What was the cash realised from the initial sale of assets?
A: It has been given that Partner M has received only P216,000 on the first distribution of cash so in…
Q: Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price…
A: Direct Material Price Variance :— It is the difference between the actual quantity of direct…
Q: This information relates to Monty Real Estate Agency. Oct. 1 2 3 6 10 27 30 Stockholders invest…
A: The T-accounts are prepared by posting transactions to the specific accounts of the business. The…
Q: Futura Company purchases the 60,000 starters that it installs in its standard line of farm tra price…
A: financial advantage represents a superior financial position or benefit that allows individuals,…
Q: In the current year, Becker Sofa Company expected to sell 12,900 leather sofas. Fixed costs for the…
A: Margin of safety in units = Total sales units - Break-even sales in units Break-even sales in units…
Q: Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise…
A: Under FIFO method the oldest products in inventory have been sold first.Under LIFO method the newest…
Q: Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise…
A: Under FIFO method the oldest products in inventory have been sold first.Under LIFO method the newest…
Q: Miller Company's total sales are $150,000. The company's direct labor cost is $18,000, which…
A: Variable cost is the cost which varies with production while fixed cost remains same and does not…
Q: Caitlin, Chris, and Molly are partners and share income and losses in a 3:4:3 ratio (in ratio form:…
A: Partnership refers to an agreement where two or more people come together for a common goal. The…
Q: Sherwood, Inc., the parent company of Frito-Lay snack foods and Sherwood beverages, had the…
A: The question is based on the concept of Financial Ratios.The current ratio shows how well a…
Q: What is the recognized gain
A: Recognized Gains is the gain which arise as a result of sale/disposal of Asset.
Q: Larner Corporation is a diversified manufacturer of industrial goods. The company's activity-based…
A: The overhead is applied to the production on the basis of pre-determined overhead rate. The unit…
Q: Northwest Sales had the following transactions in Year 1: The business was started when it acquired…
A: Financial Statements -Financial Statements includes income Statement, Statement of Stockholder's…
Q: m. Supplies: The Supplies account has a $300 debit balance to start the year. No supplies were…
A: Under accrual basis of accounting expenses are recorded when incurred irrespective of when cash is…
Q: Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of…
A: Answer:- Formulas:- 1. Material price variance = (Actual price - standard price) x Actual quantity…
Q: Problem 3-39 (LO. 1, 2, 3, 4, 5, 6) Charlotte (age 40) is a surviving spouse and provides all of the…
A: Taxable income refers to the portion of an individual's or entity's income that is subject to…
Q: Accounts Payable Accounts Receivable Cash (balance on January 1, 2021) Cash (balance on December 31,…
A: To find the total assets financed by creditors and stockholders, you would add up the amounts of…
Q: Explain the concept of cash flow statement and its importance in assessing a company's liquidity and…
A: The cash flow statement is a type of financial statement that details a company's cash inflows and…
Q: Sandhill Oil Imports is a partnership owned by Magda Anderson and Giannis White. The partners share…
A: Partnership Firm is an organization where an agreement is formed between two or more individuals for…
Q: Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting…
A: LIFO means or stands for Last in first out.The inventory can be valued using various methods as…
Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and…
A: Under FIFO method the oldest products in inventory have been sold first.Under LIFO method the newest…
Q: 1. Beluga Inc. issued 10-year bonds with a face value of $100,000 and a stated rate of 4% when the…
A: Bonds are the type of debt instrument that the government or corporation issues to raise money. The…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Bastion Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the EPS for the year for Bastion?Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the numerator of the EPS calculation for Errol?Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?
- Jupiter Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is Jupiter Corporations weighted average number of shares for the year?James Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the EPS for the year for James (rounded to the nearest dollar)?Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.
- 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.Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the dividends paid to common stockholders for last year were 2,600,000 and that the market price per share of common stock is 51.50. Required: 1. Compute the dividends per share. 2. Compute the dividend yield. (Note: Round to two decimal places.) 3. Compute the dividend payout ratio. (Note: Round to two decimal places.)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.
- 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)Income Statement Ratio The income statement of Holly Enterprises shows operating revenues of $134,800, selling expenses of $38,310, general and administrative expenses of $36,990, interest expense of $580, and income tax expense of $13,920. Hollys stockholders equity was $280,000 at the beginning of the year and $320,000 at the end of the year. The company has 20,000 shares of stock outstanding at the end of the year. Required Compute Hollys profit margin. What other information would you need in order to comment on whether this ratio is favorable?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.