l Turkcell12:19%88o mergenfiles.btk.gov.trSummarized transactions for January 2018 wereasfollows:On January 1, 2019, issues 10,000 shares of common stock forcash.On January 5, 2019, purchases equipment on account for2,500, payment due within the month.On January 8, 2019, receives 3,000 cash in advance from acustomer for services not yet rendered.On January 9, 2019, pays 1200 insurance for one year in cash.On January 10, 2019, provides 6,500 in services to a customerwho asks to be billed for the services.On January 11, 2019, purchases supplies on account for 500,payment due within three months.On January 12, 2019, pays a 300 utility bill with cash.On January 17, 2019, receives 2,800 cash from a customer forservices rendered.On January 19, 2019, paid in full, with cash, for the equipmentpurchase on January 5.On January 20, 2019, paid 7,600 cash in salaries expense toemployees.On January 27, 2019, provides 9,200 in services to a customerwho asks to be billed for the services.On January 30, 2019, divident payment of 1,000 made.Instructions1. Prepare journal entries to record each of the Januarytransactions. (Omit explanations.)2. Post the journal entries to the accounts in the ledger.3. Prepare an unadjusted trial balance as of January 31, 2018.ADJUSTMENTS:• Insurance expires at the rate of 100.• 300 of supplies are on hand.Depreciation on the equipment is 300.• Interest of 100 has accured.4. Prepare journal entries to record each of the Januarytransactions. (Omit explanations.)5. Post the journal entries to the accounts in the ledger.6. Prepare an adjusted trial balance as of January 31, 2018.7. Prepare Income Statement.8. Prepare Retained Equity Statement.9. Prepare Balance Sheet.10. Jornalize the closing entries.11. Prepare an post trial balance as of January 31, 2018.

Accounting cycle is a step-by-step process of recording, classifying, and preparing summary of…

Summarized transactions for January 2018 were as follows: On January 1, 2019, issues 10,000 shares of common stock for cash. On January 5, 2019, purchases equipment on account for 2,500, payment due within the month. On January 8, 2019, receives 3,000 cash in advance from a customer for services not yet rendered.

Summarized transactions for January 2018 were as follows: On January 1, 2019, issues 10,000 shares of common stock for cash. On January 5, 2019, purchases equipment on account for 2,500, payment due within the month. On January 8, 2019, receives 3,000 cash in advance from a customer for services not yet rendered.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 22E

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Exercise 1-41 Stockholders Equity OBJECTIVE o On January 11 2019, Mulcahy Manufacturing Inc., a newly formed corporation, issued 1,000 shares of common stock in exchange for $150,000 cash. No other shares were issued during 2019, and no shares were repurchased by the corporation. On November 1, 2019, the corporations major stockholder sold 300 shares to another stockholder for $50000. The corporation reported net income of $37,500 for 2019. Required: Prepare the stockholders equity section of Mulcahys balance sheet at December 31, 2019.
Common Dividends Fusion Payroll Service began 2019 with 1,200,000 authorized and 375,000 issued and outstand ing $5 par common shares. During 2019, Fusion entered into the following transactions: Declared a S0.30 per-share cash dividend on March 10. Paid the $0.30 per-share dividend on April 10. Repurchased 8,000 common shares at a cost of $18 each on May 2. Sold 1.500 unissued common shares for $23 per share on June 9. Declared a $0.45 per-share cash dividend on August 10. Paid the $0.45 per-share dividend on September 10. Declared and paid a 5% stock dividend on October 15 when the market price of the common stock was $25 per share. Declared a $0.50 per-share cash dividend on November 10. Paid the $0.50 per-share dividend on December 10. Required: Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) Determine the total dollar amount of dividends (cash and stock) for the year. CONCEPTUAL CONNECTION Determine the effect on total assets and total stockholders equity of these dividend transactions.
Common Dividends Thompson Payroll Service began in 2019 with 1,500,000 authorized and 820,000 issued and outstanding S8 par common shares. During 2019, Thompson entered into the following transactions: Declared a S0.20 per-share cash dividend on March 24. Paid the S0.20 per-share dividend on April 6. Repurchased 13,000 common shares for the treasury at a cost of S12 each on May 9. Sold 2,500 unissued common shares for $15 per share on June 19. Declared a $0.40 per-share cash dividend on August 1. Paid the $0.40 per-share dividend on September 14. Declared and paid a 10% stock dividend on October 25 when the market price of the common stock was $15 per share. Declared a 50.45 per-share cash dividend on November 20. Paid the $0.45 per-share dividend on December 20. Required: Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) What is the total dollar amount of dividends (cash and stock) for the year? CONCEPTUAL CONNECTION Determine the effect on total assets and total stockholders equity of these dividend transactions.
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Q-6 Strada Controls Inc. has 100,000 common shares outstanding on January 1, 2019. On May 25, 2019, the board of directors declared a semi-annual cash dividend of $1 per share. The dividend will be paid on June 26, 2019 to shareholders of record on June 7, 2019. Required: Prepare journal entries for The declaration of the dividend. The payment of the dividend.
10,000, P10 par ordinary shares were subscribed on June 1, 2018 for P15 per share. The subscription shall be collected on the following dates: 60% on December 1, 2018 30% on December 1, 2019 10% on December 1, 2020 What amount of subscription receivable shall be presented of equity on December 31, 2018? a.P60,000 b.P0 c.P45,000 d.P15,000
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Tindo Ltd buys and sells products Q-3 . It values stock on the basis of FIFO & SIMPLE AVERAGE. On 1 June 2019 , stock in hand consisted of 4,500 units which were acquired at ksh. 50 per unit . The transactions for the month of June were as follows:
Print by: Tanvi Varma374275:374275: Intermediate Accounting Theory and Practice MGMT X 120B (Summer 2020) / Ch. 15 HW *Exercise 15-18 Nash Company reported the following amounts in the stockholders’ equity section of its December 31, 2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (96,000 shares authorized, 19,200 shares issued) 96,000 Additional paid-in capital 113,000 Retained earnings 449,000 Total $838,000 During 2020, Nash took part in the following transactions concerning stockholders’ equity. 1. Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2019. 2. Purchased 1,800 shares of its own outstanding common stock for $42 per share. Nash uses the cost method. 3. Reissued 800 treasury shares for land valued at $34,500. 4.…
QUESTION 4 The balances following balances are extracted from the book of MCCV Berhad at 1 January 2019. RMIssued and paid up ordinary shares capital (2,000,000 units) 2,000,000Retained earnings 900,000 The following transactions occurred during the year ended 31 December 2019: i) Profit for the year ended 31 December 2019 was RM1,500,400.ii) On 20 February, the company made a rights issue of 2 ordinary share for every 10 existingordinary shares held at RM1.50 per share. All shareholders exercised their rightiii) On 1 May 2019, the company made an additional issuance of 500,000 ordinary shares atRM1.25 per share. Total applications received were 600,000 ordinary shares. 500,000ordinary shares were allotted and the excess applicants’…
Fitness Factory New York sells home equipment. On May 1st, 2019, the Company reacquired 23,000 shares of its Common Stock at $50 / share. On September 1st, 2019, the Company sold 15,000 of the reacquired shares at $60 / share. The remaining 8,000 shares were sold at $45 / share on November 1st, 2019. What is the balance in Treasury Stock that the Company will record on the December 31st balance sheet? Make sure to include if the amount is a Debit or a Credit balance. What is the balance in the Additional Paid in Capital…Treasury Stock the Company will record on the December 31st balance sheet? Make sure to include if the amount is a Debit or Credit balance.
Tindo ltd buys and sells product Q-3. It values stock on the basis of FIFO &SIMPLE AVERAGE .On 1 June 2019, stock in hand consisted of 4,500 units which were acquired at ksh. 50 per unit. The transactions for the month of June were as follows: Date Purchases Sales June 2 5,000 @ ksh.48 6,000 @ ksh. 60 5 5,500 @ ksh. 49 7 4,000 @ ksh. 50 11 7,000 @ ksh. 61 12 5,000 @ ksh. 50 13 6,000 @ ksh. 47 18 7,000 @ ksh. 62 19 8,000 @ ksh. 64 20 6,000 @ksh. 49.50 21 5,000 @ ksh. 65 22 7,000 @ ksh. 50 25 6,000 @ ksh. 49 26 2,000 @ ksh. 47 28 500 @ ksh. 60 29 14,000 @ ksh. 64 The company incurred operating cost of ksh. 450,000 during the month. Required: Prepare the stores ledger card using Simple Average and FIFO Determine the value of closing stock and cost of sales under the three methods. Prepare the trading account for the month based on the three different stock valuation methods.