EBK MANAGERIAL ACCOUNTING: THE CORNERST
7th Edition
ISBN: 9781337516150
Author: Heitger
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 14, Problem 38E
Tidwell Company experienced the following during 20X1:
- a. Sold
preferred stock for $480,000. - b. Declared dividends of $150,000 payable on March 1, 20X2.
- c. Borrowed $575,000 from a bank on a 2-year note.
- d. Purchased $80,000 of its own common stock to hold as
treasury stock . - e. Repaid 5-year bonds issued for $400,000 that mature and are due in December.
Required:
Prepare the net cash from financing activities section of the statement of
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How would I Debit and Credit for the transactions shown?
Oct.
1
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-maturity long-term investment.
7
Sold, at $38 per share, 2,600 shares of treasury common stock purchased on Jun. 8.
14
Received a dividend of $0.60 per share from the Solstice Corp. investment on Jun. 1.
29
Sold 1,000 shares of Solstice Corp. at $45, including commission.
31
Recorded the payment of semiannual interest on the bonds issued on May 1 and the amortization of the premium for six months. The amortization is determined using the straight-line method.
Dec.
31
Accrued interest for three months on the Dream Inc. bonds purchased on Oct. 1.
31
Pinkberry Co. recorded total earnings of $240,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income.
31
The fair value for Solstice…
Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. The stock has a par of $20 per share. A month later,
Elroy resold 800 shares of the treasury stock for $48 per share.
Required
a. Record the two events in general journal format.
b. What is the balance of the treasury stock account after these transactions?
Complete this question by entering your answers in the tabs below.
Required A
Required B
Record the two events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the
first account field.)
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A
Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share.
Record the transaction.
Note: Enter debits before credits.
Event
General Journal
Debit
Credit
1
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The Retained earnings account for Nathan Corporation had a credit balance of $800,000 at the end of 20X0. Selected transactions during 20X1 follow:
Net income was $130,000.
Cash dividends declared were $60,000.
Repurchased 100 shares of Nathan Corporation common stock, paying $20 per share. Each share has a $5 par value and was originally issued for $35.
Sold 20 shares of Nathan Corporation common stock for $22 each.
Required:
Calculate Nathan’s retained earnings balance as of the end of 20X1.
Chapter 14 Solutions
EBK MANAGERIAL ACCOUNTING: THE CORNERST
Ch. 14 - Prob. 1DQCh. 14 - Prob. 2DQCh. 14 - Of the three categories on the statement of cash...Ch. 14 - Prob. 4DQCh. 14 - Why is it better to report the noncash investing...Ch. 14 - Prob. 6DQCh. 14 - Prob. 7DQCh. 14 - Explain how a company can report a loss and still...Ch. 14 - In computing the periods net operating cash flows,...Ch. 14 - Prob. 10DQ
Ch. 14 - In computing the periods net operating cash flows,...Ch. 14 - Explain the reasoning for including the payment of...Ch. 14 - What are the advantages in using worksheets when...Ch. 14 - Prob. 14DQCh. 14 - Cash inflows from operating activities come from...Ch. 14 - Prob. 2MCQCh. 14 - Prob. 3MCQCh. 14 - Sources of cash include a. profitable operations....Ch. 14 - Uses of cash include a. cash dividends. b. the...Ch. 14 - Prob. 6MCQCh. 14 - Prob. 7MCQCh. 14 - Which of the following adjustments to net income...Ch. 14 - An increase in accounts receivable is deducted...Ch. 14 - An increase in inventories is deducted from net...Ch. 14 - The gain on sale of equipment is deducted from net...Ch. 14 - Which of the following is an investing activity?...Ch. 14 - Which of the following is a financing activity? a....Ch. 14 - Prob. 14MCQCh. 14 - A worksheet approach to preparing the statement of...Ch. 14 - In a completed worksheet, a. the debit column...Ch. 14 - Prob. 17BEACh. 14 - Prob. 18BEACh. 14 - Prob. 19BEACh. 14 - Prob. 20BEACh. 14 - Swasey Company earned net income of 1,800,000 in...Ch. 14 - Prob. 22BEACh. 14 - Prob. 23BEACh. 14 - During 20X2, Norton Company had the following...Ch. 14 - Prob. 25BEBCh. 14 - Prob. 26BEBCh. 14 - Roberts Company provided the following partial...Ch. 14 - Prob. 28BEBCh. 14 - Prob. 29BEBCh. 14 - Prob. 30BEBCh. 14 - Prob. 31BEBCh. 14 - During 20X2, Evans Company had the following...Ch. 14 - Stillwater Designs is a private company and...Ch. 14 - Prob. 34ECh. 14 - Jarem Company showed 189,000 in prepaid rent on...Ch. 14 - During the year, Hepworth Company earned a net...Ch. 14 - During 20X1, Craig Company had the following...Ch. 14 - Tidwell Company experienced the following during...Ch. 14 - Prob. 39ECh. 14 - Oliver Company provided the following information...Ch. 14 - Prob. 41ECh. 14 - Prob. 42ECh. 14 - Prob. 43ECh. 14 - Solpoder Corporation has the following comparative...Ch. 14 - Solpoder Corporation has the following comparative...Ch. 14 - The following financial statements were provided...Ch. 14 - Prob. 47PCh. 14 - Prob. 48PCh. 14 - Booth Manufacturing has provided the following...Ch. 14 - The following balance sheets and income statement...Ch. 14 - The following balance sheets and income statement...Ch. 14 - Balance sheets for Brierwold Corporation follow:...Ch. 14 - Balance sheets for Brierwold Corporation follow:...Ch. 14 - Prob. 54PCh. 14 - Prob. 55PCh. 14 - The following balance sheets were taken from the...Ch. 14 - The following balance sheets were taken from the...Ch. 14 - The comparative balance sheets and income...
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