Financial and Managerial Accounting - CengageNow
15th Edition
ISBN: 9781337911979
Author: WARREN
Publisher: CENGAGE L
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Chapter 12, Problem 21E
To determine
List the identified errors in the
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The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was $123,400
and the retained earnings were $62,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,600 in stock.
Accounts payable
$2,000
Miscellaneous Expense
$1,000
Accounts receivable
10,340
Office expense
1,250
Cash
21,420
Supplies
1,670
Fees earned
73,380
Wages expense
23,270
Land
47,000
Dividends
14,200
Building
157,630
Can you show how to prepare the "Stockholders' Equity" section of the December 31, 20Y6, balance sheet.
Financial Statements from the End-of-Period Spreadsheet
Demo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end-of-period spreadsheet was prepared for the year ended August 31, 20V9:
Demo Consulting
End-of-Period Spreadsheet
For the Year Ended August 31, 20Y9
Unadjusted
Adjusted
Trial Balance
Adjustments
Trial Balance
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
10,710
10,710
Accounts Receivable
25,500
25,500
Supplies
2,700
2,270
430
Land
22,190
22,190
Office Equipment
20,910
20,910
Accumulated Depreciation
2,830
1,350
4,180
Accounts Payable
6,890
6,890
Salaries Payable
330
330
Common Stock
8,600
8,600
Retained Earnings
17,410
17,410
Dividends
3,320
3,320
Fees Earned
70,770
70,770
Salary Expense
19,130
330
19,460
Supplies Expense
2,270
2,270
Depreciation Expense
1,350
1,350
Miscellaneous Expense
2,040
2,040
106,500
106,500
3,950
3,950
108,180
108,180
Based on the preceding spreadsheet, prepare an income statement for Demo Consulting.
Demo Consulting…
Chapter 12 Solutions
Financial and Managerial Accounting - CengageNow
Ch. 12 - Of two corporations organized at approximately the...Ch. 12 - A stockbroker advises a client to buy preferred...Ch. 12 - A corporation with both preferred stock and common...Ch. 12 - Prob. 4DQCh. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - A corporation reacquires 60,000 shares of its own...Ch. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Prob. 10DQ
Ch. 12 - Dividends per share Zero Calories Company has...Ch. 12 - Entries for issuing stock On January 22, Zentric...Ch. 12 - Entries for cash dividends The declaration,...Ch. 12 - Entries for stock dividends Alpine Energy...Ch. 12 - Entries for treasury stock On May 27, Hydro...Ch. 12 - Reporting stockholders equity Using the following...Ch. 12 - Statement of stockholders equity Noric Cruises...Ch. 12 - Earnings per share Financial statement data for...Ch. 12 - Dividends per share Seventy-Two Inc., a developer...Ch. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Entries for issuing no-par stock On May 15, Helena...Ch. 12 - Issuing stock for assets other than cash On...Ch. 12 - Selected stock transactions Alpha Sounds Corp., an...Ch. 12 - Issuing stock Willow Creek Nursery, with an...Ch. 12 - Issuing stock Professional Products Inc., a...Ch. 12 - Entries for cash dividends The declaration,...Ch. 12 - Prob. 10ECh. 12 - Prob. 11ECh. 12 - Prob. 12ECh. 12 - Selected dividend transactions, stock split...Ch. 12 - Treasury stock transactions Mystic Lake Inc....Ch. 12 - Prob. 15ECh. 12 - Treasury stock transactions Biscayne Bay Water...Ch. 12 - Reporting paid-in capital The following accounts...Ch. 12 - Stockholders' Equity section of balance sheet The...Ch. 12 - Stockholders' Equity section of balance sheet...Ch. 12 - Retained earnings statement Sumter Pumps...Ch. 12 - Prob. 21ECh. 12 - Statement of stockholders equity The stockholders...Ch. 12 - Dividends on preferred and common stock Pecan...Ch. 12 - Stock transactions for corporate expansion On...Ch. 12 - Selected stock transactions The following selected...Ch. 12 - Entries for selected corporate transactions Morrow...Ch. 12 - Prob. 5PACh. 12 - Dividends on preferred and common stock Yosemite...Ch. 12 - Stock transaction for corporate expansion Pulsar...Ch. 12 - Selected stock transactions Diamondback Welding ...Ch. 12 - Entries for selected corporate transactions Nav-Go...Ch. 12 - Prob. 5PBCh. 12 - Selected transactions completed by Equinox...Ch. 12 - Analyze and compare Amazon.com and Wal-Mart...Ch. 12 - Analyze and compare Bank of America and Wells...Ch. 12 - Analyze Pacific Gas and Electric Company Pacific...Ch. 12 - Prob. 4MADCh. 12 - Prob. 5MADCh. 12 - Ethics in Action Tommy Gunn is a division manager...Ch. 12 - Prob. 2TIFCh. 12 - Communications Motion Designs Inc. has paid...
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- Statement of stockholders equity; net loss Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 20Y5, are as follows: Prepare a statement of stockholders equity for the year.arrow_forwardWhy is the statement of stockholders equity prepared before the June 39, 29Y9 balance sheet?arrow_forwardOn January 1, 2022. Sunland Company had the following stockholders' equity accounts. Common Stock ($20 par value, 61,400 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock I Retained Earnings During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 11 July 1 31 Dec. 1 31 $1,228,000 194,000 556,000 Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36. Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. Issued the shares for the stock dividend. Declared a $0,50 per share dividend to stockholders of record on December 15, payable January 5, 2023. Determined that net income for the year was $320,000.arrow_forward
- Under the accumulated other comprehensive income in stockholders’ equity section of its December 31, year 2 balance sheet, what amount should Stone report? *arrow_forwardFinancial Statements from the End-of-Period Spreadsheet Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended April 30, 20Y3: Triton Consulting End-of-Period Spreadsheet For the Year Ended April 30, 20Y3 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 16,090 16,090 Accounts Receivable 38,300 38,300 Supplies 4,060 3,410 650 Office Equipment 31,020 31,020 Accumulated Depreciation 4,250 2,030 6,280 Accounts Payable 10,340 10,340 Salaries Payable 500 500 Common Stock 13,000 13,000 Retained Eamings 26,070 26,070 Dividends 4,980 4,980 Fees Earned 72,190 72,190 Salary Expense 28,340 500 28,840 Supplies Expense 3,410 3,410 Depreciation Expense 2,030 2,030 Miscellaneous Expense 3,060 3,060 125,850 125,850 5,940 5,940 128,380 128,380 Based on the preceding spreadsheet, prepare an income statement for Triton Consulting. Triton Consulting Income…arrow_forwardWhich of the following financial statements would be improperly prepared as part of the annual 10K report filed with the Securities and Exchange Commission? O Current and Prior Year Balance Sheet. Current and Prior Year Cash Flows Statement. Current and Prior Two Years Income Statement. Current and Prior Two Years Statement of Stockholders' Equity.arrow_forward
- Financial Statements from the End-of-Period Spreadsheet Demo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end-of-period spreadsheet was prepared for the year ended August 31, 20V9: Demo Consulting End-of-Period Spreadsheet For the Year Ended August 31, 20Y9 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,710 10,710 Accounts Receivable 25,500 25,500 Supplies 2,700 2,270 430 Land 22,190 22,190 Office Equipment 20,910 20,910 Accumulated Depreciation 2,830 1,350 4,180 Accounts Payable 6,890 6,890 Salaries Payable 330 330 Common Stock 8,600 8,600 Retained Earnings 17,410 17,410 Dividends 3,320 3,320 Fees Earned 70,770 70,770 Salary Expense 19,130 330 19,460 Supplies Expense 2,270 2,270 Depreciation Expense 1,350 1,350 Miscellaneous Expense 2,040 2,040 106,500 106,500 3,950 3,950 108,180 108,180 Based on the preceding spreadsheet, prepare an income statement for Demo Consulting. Demo Consulting…arrow_forwardFinancial Statements from the End-of-Period Spreadsheet Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended April 30, 20Y3: During the year ended April 30, 20Y3, common stock of $5,000 vwas issued. Triton Consulting End-of-Period Spreadsheet For the Year Ended April 30, 20Y3 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 21,500 21,500 Accounts Receivable 51,150 51,150 Supplies 2,400 1,650 750 Office Equipment 32,000 32,000 Accumulated Depreciation 4,500 900 5,400 Accounts Payable 3,350 3,350 Salaries Payable 2,000 2,000 Common Stock 20,000 20,000 Retained Earnings 52,200 52,200 Dividends 10,000 10,000 Fees Earned 279,000 279,000 Salary Expense 240,000 2,000 242,000 Supplies Expense 1,650 1,650 Depreciation Expense 900 900 Miscellaneous Expense 2,000 2,000 359,050 359,050 4,550 4,550 361,950 361,950arrow_forwardPrepare journal entries to record the transactionsPrepare the stockholders’ equity section of the December 31, 2013 and balancesheet.arrow_forward
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