Please do not give solution in image format thanku Vaughn Company's balance sheet shows:Common stock, $20 parPaid-in capital in excess of parRetained earningsRecord the following transactions by the cost method. (List all debit entries before credit entries. Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for theamounts.)(a)(b)(c)$2,900,0001,040,000730,000(b)No. Account Titles and Explanation(c)Bought 7,800 shares of its common stock at $30 a share.Sold 4,100 treasury shares at $31 a share.Sold 1,800 shares of treasury stock at $26 a share.DebitCredit

Treasury stocks are repurchased shares of the company. The company has the power to reissue these…

Answered: Vaughn Company's balance sheet shows:…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter17: Financial Statement Analysis

Section: Chapter Questions

Problem 4AP

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Waterway Mining Company declared, on April 20, a dividend of $426,000 payable on June 1. Of this amount, $119,000 is a return of capital.Prepare the April 20 and June 1 entries for Waterway. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
The following data were taken from the balance sheet accounts of Pronghorn Corporation on December 31, 2019. Current assets $ 554,000 Debt investments (trading) 596,000 Common stock (par value $ 10) 455,000 Paid-in capital in excess of par 148,000 Retained earnings 800,000 Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) A 4% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $ 37. (b) The par value of the common stock is reduced to $ 2 with a 5-for-1 stock split. (c) A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $ 105,000 and a fair value of $ 133,000. No. Date Account Titles and…
The following data were taken from the balance sheet accounts of Culver Corporation on December 31, 2019. Current assets $512,000 Debt investments (trading) 577,000 Common stock (par value $10) 471,000 Paid-in capital in excess of par 154,000 Retained earnings 890,000 Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) A 5% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $42. (b) The par value of the common stock is reduced to $2 with a 5-for-1 stock split. (c) A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $98,000 and a fair value of $130,000.
Indicate the effect of each of the following transactions on (1) the current ratio, (2) working capital, (3) stockholders’ equity, (4) book value per share of common stock, and (5) retained earnings. Assume that the current ratio is greater than 1:1. (Indicate the effect of each transactions by selecting "+" for increase, "–" for decrease, and "NC" for no change.) Collected account receivable. Wrote off account receivable. Converted a short-term note payable to a long-term note payable. Purchased inventory on account. Declared cash dividend. Sold merchandise on account at a profit. Issued stock dividend. Paid account payable. Sold building at a loss. Current RatioWorking CapitalStockholders' EquityBook ValueRetained Earnings a. b. c. d. e. f. g. h. i.
Angel Valdez is an owner and manager of Angel V's Inc., which began operations a few years prior. On December 31, AV's shows the following selected accounts and amounts for the fiscal year ended December 31. Account Debit Credit Account Debit Credit Cash $ 25,394 Common stock $ 79,500 Accounts receivable 24,010 Paid-in capital in excess of par-C.S. 485,475 Allowance for doubtful accounts 807 Retained earnings 229,941 Interest receivable 100 Cash Dividends 10,004 Inventory 48,004 Sales 2,297,999 Supplies 10,410 Sales discounts 13,276 Prepaid insurance 3,272 Sales returns & allowances 62,900 Prepaid rent 5,398 Interest revenue 2,203 Notes receivable 39,004 Gain on sale of plant asset 4,226 Investment in stock 25,994 Cost of goods sold 1,266,441 Land 144,994 Depreciation expense 44,720 Buildings 1,394,986 Amortization expense 4,175 Equipment 215,400 Salaries expense 569,992…
Lambda, Inc . presents only the following figures from its balance sheet. You are to calculate the amounts represented by question marks (?) from the additional information given: Assets Cash P 37,500 Accounts Receivable (net) ? Inventory ? Plant and Equipment (net) 441,000 P 648,000 Liabilities & Stockholders' Equity Accounts Payable (Trade) P ? Income Tax Payable, current 37,500 Long-term Debt ? Common stock 450,000 Retained Earnings ?___ P ?___ Additional information: Current ratio, at year-end…
(Balance Sheet Classifications) Presented below are a number of balance sheet accounts of Deep Blue Something, Inc. (a) Debt Investments. (h) Interest Payable (b) Treasury Stock. (i) Deficit. (c) Common Stock. (j) Equity Investments (ownership stake of less than 20%). (d) Dividends Payable. (k) Income Taxes Payable. (e) Accumulated Depreciation—Equipment. (l) Unearned Subscriptions Revenue. (f) Construction in Process. (m) Work in Process. (g) Petty Cash. (n) Salaries and Wages Payable. InstructionsFor each of the accounts above, indicate the proper balance sheet classification. In the case of borderline items, indicate the additional information that would be required to determine the proper classification
After all revenue and expense accounts have been closed at the end of the fiscal year on 31 March 2021 at Zuhoor Muscat Company, Income Summary has a debit of RO 240.400 and a credit of RO 302.600. At the same date, Share Capital has a credit balance of RO650,000, and Dividends has a balance of RO 55.000. The total equity at the end of the period is:
The following are selected accounts and balances for Mergaronite Company and Hill, Inc., as of December 31, 2021. Several of Mergaronite’s accounts have been omitted. Credit balances are indicated by parentheses. Dividends were declared and paid in the same period. Mergaronite Hill Revenues $ (592,000 ) $ (248,000 ) Cost of goods sold 270,000 88,000 Depreciation expense 112,000 46,000 Investment income NA NA Retained earnings, 1/1/21 (906,000 ) (592,000 ) Dividends declared 124,000 38,000 Current assets 182,000 690,000 Land 294,000 94,000 Buildings (net) 500,000 156,000 Equipment (net) 190,000 244,000 Liabilities (394,000 ) (300,000 ) Common stock (316,000 ) (46,000 ) Additional paid-in capital (54,000 ) (870,000 ) Assume that Mergaronite acquired Hill on January 1, 2017, by issuing 7,400 shares of common stock…
The following are selected accounts and balances for Mergaronite Company and Hill, Inc., as of December 31, 2021. Several of Mergaronite’s accounts have been omitted. Credit balances are indicated by parentheses. Dividends were declared and paid in the same period. Mergaronite Hill Revenues $ (592,000 ) $ (248,000 ) Cost of goods sold 270,000 88,000 Depreciation expense 112,000 46,000 Investment income NA NA Retained earnings, 1/1/21 (906,000 ) (592,000 ) Dividends declared 124,000 38,000 Current assets 182,000 690,000 Land 294,000 94,000 Buildings (net) 500,000 156,000 Equipment (net) 190,000 244,000 Liabilities (394,000 ) (300,000 ) Common stock (316,000 ) (46,000 ) Additional paid-in capital (54,000 ) (870,000 ) Assume that Mergaronite acquired Hill on January 1, 2017, by issuing 7,400 shares of common stock…
The following are selected accounts and balances for Mergaronite Company and Hill, Inc., as of December 31, 2021. Several of Mergaronite’s accounts have been omitted. Credit balances are indicated by parentheses. Dividends were declared and paid in the same period. Mergaronite Hill Revenues $ (592,000 ) $ (248,000 ) Cost of goods sold 270,000 88,000 Depreciation expense 112,000 46,000 Investment income NA NA Retained earnings, 1/1/21 (906,000 ) (592,000 ) Dividends declared 124,000 38,000 Current assets 182,000 690,000 Land 294,000 94,000 Buildings (net) 500,000 156,000 Equipment (net) 190,000 244,000 Liabilities (394,000 ) (300,000 ) Common stock (316,000 ) (46,000 ) Additional paid-in capital (54,000 ) (870,000 ) Assume that Mergaronite acquired Hill on January 1, 2017, by issuing 7,400 shares of common stock…
Presented below are a number of balance sheet accounts of Deep Blue Something, Inc. a. Debt Investments. b. Treasury Stock. c. Common Stock. d. Dividends Payable. e. Accumulated Depreciation—Equipment. f. Construction in Process. g. Petty Cash. h. Interest Payable. i. Deficit. j. Equity Investments (ownership stake of less than 20%). k. Income Taxes Payable. l. Unearned Subscriptions Revenue. m. Work in Process. n. Salaries and Wages Payable. Instructions For each of the accounts above, indicate the proper balance sheet classification. In the case of borderline items, indicate the additional information that would be required to determine the proper classification.

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