INTERMEDIATE ACCOUNTING(LL) W/CENGAGENO
2nd Edition
ISBN: 9781305617001
Author: WAHLEN
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 15, Problem 12P
Comprehensive Byrd Company’s Contributed Capital section of its January 1, 2016,
During 2016, Byrd entered into the following transactions:
Required:
- 1. Prepare memorandum and
journal entries to record the preceding transactions. - 2. Prepare the Contributed Capital section of Byrd’s December 31, 2016, balance sheet.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Assume that the Current Assets for Rain Co. as of Decebmer 31, 20Y8, are listed below.
A. Assume further that the total Current Liabilites on the same date are $75,000. What is the amount of the working capital for Rain Co. on December 31, 20Y8?
B. Assume further that the total Current Liabilites on the same date are $75,000. What is the amount of the working capital for Rain Co. on December 31, 20Y8?
ASSETS
Current assets:
Cash
$ 17,500
Temporary Investments
15,000
Accounts Receivable (net)
42,500
Inventories
72,000
Prepaid Expenses
3,000
Total current assets
$150,000
On January 1, 2019, Northern Manufacturing Company bought a piece of
equipment by signing a non-interest-bearing $80,000, 1-year note. The
face value of the note includes the price of the equipment and the interest.
The effective interest rate is an annual rate of 16%, and the note is to be
paid in four $20,000 quarterly installments on March 31, June 30,
September 30, and December 31. The price of the equipment is the
present value of the four payments discounted at the effective interest
rate.
Subject: Advanced Financial Accounting
Question has been provided on attached picture below,
Required:(i) Determine the issue price of the debenture.(ii) Provide the journal entries at 1 July 2018 and 30 June 2019.
Chapter 15 Solutions
INTERMEDIATE ACCOUNTING(LL) W/CENGAGENO
Ch. 15 - Prob. 1GICh. 15 - Prob. 2GICh. 15 - What are the three components and the basic...Ch. 15 - List the various rights of a shareholder. Which do...Ch. 15 - What is the meaning of the following terms: (a)...Ch. 15 - Prob. 6GICh. 15 - Prob. 7GICh. 15 - How does preferred stock differ from common stock?Ch. 15 - What amount of the proceeds from the issuance of...Ch. 15 - Prob. 10GI
Ch. 15 - Prob. 11GICh. 15 - Prob. 12GICh. 15 - Prob. 13GICh. 15 - Prob. 14GICh. 15 - Prob. 15GICh. 15 - Prob. 16GICh. 15 - Prob. 17GICh. 15 - Prob. 18GICh. 15 - Prob. 19GICh. 15 - How is a preferred stock similar to a long-term...Ch. 15 - Prob. 21GICh. 15 - Prob. 22GICh. 15 - Prob. 23GICh. 15 - Prob. 24GICh. 15 - Prob. 25GICh. 15 - What additional disclosures about preferred and...Ch. 15 - Prob. 1MCCh. 15 - Prob. 2MCCh. 15 - What is the most likely effect of a stock split on...Ch. 15 - Prob. 4MCCh. 15 - Prob. 5MCCh. 15 - Prob. 6MCCh. 15 - Prob. 7MCCh. 15 - When treasury stock is purchased for cash at more...Ch. 15 - Preferred stock that may be retired by the...Ch. 15 - When treasury stock accounted for by the cost...Ch. 15 - Brown Corporation issues 800 shares of its 5 par...Ch. 15 - Heart Corporation entered into a subscription...Ch. 15 - Blue Corporation issues 200 packages of securities...Ch. 15 - Sun Corporation issues 500 shares of 8 par common...Ch. 15 - Next Level Morgan Corporation issues 500 packages...Ch. 15 - Prob. 6RECh. 15 - Prob. 7RECh. 15 - Prob. 8RECh. 15 - Prob. 9RECh. 15 - Assume Cole Corporation originally issued 300...Ch. 15 - Violet Corporation issues 1,200 shares of 150 par...Ch. 15 - Assume that Lily Corporation has outstanding 1,500...Ch. 15 - Tulip Corporation uses the cost method to account...Ch. 15 - Par Value and No-Par Stock Issuance Caswell...Ch. 15 - Combined Sale of Stock Maxville Company issues 300...Ch. 15 - Sale of Stock with Bonds Pilsen Company issues 12%...Ch. 15 - Issuance of Stock for Land Putt Company issues 500...Ch. 15 - Prob. 5ECh. 15 - Prob. 6ECh. 15 - Prob. 7ECh. 15 - Prob. 8ECh. 15 - Prob. 9ECh. 15 - Prob. 10ECh. 15 - Prob. 11ECh. 15 - Prob. 12ECh. 15 - Stock Rights with Preferred Stock Nelson...Ch. 15 - Various Journal Entries Lodi Company is authorized...Ch. 15 - Treasury Stock, Cost Method On January 1, Lorain...Ch. 15 - Prob. 16ECh. 15 - Treasury Stock, Cost Method (and IFRS Revaluation)...Ch. 15 - Treasury Stock, Cost and Par Value Methods On...Ch. 15 - Treasury Stock, No Par Propst-Steele Production...Ch. 15 - Prob. 1PCh. 15 - Prob. 2PCh. 15 - Prob. 3PCh. 15 - Prob. 4PCh. 15 - Prob. 5PCh. 15 - Prob. 6PCh. 15 - Issuances of Stock Cada Corporation is authorized...Ch. 15 - Issuances of Stock Epple Corporation is authorized...Ch. 15 - Prob. 9PCh. 15 - Comprehensive The shareholders equity section of...Ch. 15 - Prob. 11PCh. 15 - Comprehensive Byrd Companys Contributed Capital...Ch. 15 - Prob. 13PCh. 15 - Prob. 14PCh. 15 - Reconstruct Journal Entries At the end of its...Ch. 15 - Prob. 16PCh. 15 - Prob. 17PCh. 15 - Prob. 1CCh. 15 - Prob. 2CCh. 15 - Prob. 3CCh. 15 - Capital Stock Capital stock is an important area...Ch. 15 - Treasury Stock A corporation sometimes engages in...Ch. 15 - Prob. 6CCh. 15 - Prob. 7CCh. 15 - Compensatory Share Option Plan Tom Twitlet,...Ch. 15 - Prob. 9CCh. 15 - Treasury Stock For numerous reasons, a corporation...Ch. 15 - Prob. 11CCh. 15 - Prob. 12CCh. 15 - Prob. 13CCh. 15 - Prob. 14C
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Balance Sheet. From the following balance sheet accounts, a. construct a balance sheet for 2016 and 2017. b. list all the working capital accounts. c. find the net working capital for the years ending 2016 and 2017. d. calculate the change in net working capital for the year 2017. Balance Sheet Accounts of Roman Corporation Account Balance 12/31/2016 Balance 12/31/2017 Accumulated Depreciation 2,020 2,670 Accounts Payable 1,800 2,060 Accounts Receivable 2,480 2,690 Cash 1,300 1,090 Common Stock 4,990 4,990 Inventory 5,800 6,030 Long-Term Debt 7,800 8,200 Plant, Property, and Equipment 8,400 9,200 Retained Earnings 1,370 1,090arrow_forward(a) Draw up a profit or loss appropriation account for Lekan, Chuks & Hassan for the year ending 31 March 2015 and prepare current account as at that date from the following information: 1. Drawings: Lekan N3,500, Chuks N11,500 and Hassan N8,500 2. Capital account: Lekan N30,000, Chuks N22,500 and Hassan N17,500 3. Current account: Lekan N9,000, Chuks N4,000 and Hassan N3,000 4. Profits to be shared: Lekan 50%, Chuks 30% and Hassan 20% 5. Salaries to be credited: Chuks N11,000 and Hassan N14,000 6. Interest to be charged on drawings: Lekan N600, Chuks N450 and Hassan N250 7. Net profits N92,400 8. Interest to be charged on Capital: Lekan N1,800, Chuks N1,350 and Hassan N1,050arrow_forwardYour firm has been engaged to examine the financial statements of Almaden Corporation for the year 2020. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on January 2, 2015. The client provides you with the following information. Almaden CorporationBalance SheetDecember 31, 2020 Assets Liabilities Current assets $1,881,100 Current liabilities $ 962,400 Other assets 5,171,400 Long-term liabilities 1,439,500 Stockholders' equity 4,650,600 $7,052,500 $7,052,500 An analysis of current assets discloses the following. Cash (restricted in the amount of $300,000 for plant expansion) $ 571,000 Investments in land 185,000 Accounts receivable less allowance of $30,000 480,000 Inventories (LIFO flow assumption) 645,100 $1,881,100 Other assets include: Prepaid expenses $ 62,400 Plant and equipment less accumulated depreciation of…arrow_forward
- Instructions: (Assume all transactions during the year were for cash.) a. Prepare the journal entry to record the sale of the available-for-sale debt securities in 2020. b. Prepare the journal entry to record the Unrealized Holding Gain or Loss for 2020. c. Prepare a statement of comprehensive income for 2020. d. Prepare a balance sheet as of December 31, 2020arrow_forwardYou have been asked to help prepare the financial statements of Cee Jee trading co.for the year ended 31 December 2019. The company’s trial balance as at 31December and additional information is shown below:Cee Jee trading co.Trial balance as at 31 December 2019 DR (£) CR (£)Capital 90,428Drawings 19,004Purchases 778,144Sales 1,054,700Salaries 66,880Rent and rates 19,720Light and heating 8,284Irrecoverable (Bad) debts 3,768Allowance for Doubtful debts 7,404Trade receivables / Debtors 144,600Trade payables / Creditors 68,616Bank 5,632Cash 668Opening inventories 164,248Motor vehicle at cost 14,400Accumulated depreciation motor vehicle 4,200Total 1,225,348 1,225,3481. The inventories at the close of business at 31 December 2019 are valued at£198,712.2. The rent is 12,800 per annum, payable half-yearly in advance on the 31March and 30 September.3. Business rates for the year ending 31 March 2020 amounting to £2,976 werepaid in full in April 2019.4. Salaries to be accrued amount to…arrow_forwardYour firm has been engaged to examine the financial statements of Teal Corporation for the year 2020. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on January 2, 2015. The client provides you with the information. Teal CorporationBalance SheetDecember 31, 2020 Assets Liabilities Current assets $1,888,000 Current liabilities $970,000 Other assets 5,114,480 Long-term liabilities 1,471,000 Stockholders’ equity 4,561,480 $7,002,480 $7,002,480 An analysis of current assets discloses the following. Cash (restricted in the amount of $301,000 for plant expansion) $582,000 Investments in land 185,000 Accounts receivable less allowance of $29,000 479,000 Inventories (LIFO flow assumption) 642,000 $1,888,000 Other assets include: Prepaid expenses $62,000 Plant and…arrow_forward
- Prepare a partial balance sheet showing the investment-related amounts to be reported at December 31, 2017 and December 31, 2018 (see attached picture)arrow_forwardThe following information is available for J Ltd. for the year ended 2021: Net working capital Long-term debt Total assets Fixed assets Calculate the amount of the total liabilities. $6,880 $4,970 $2,480 $460 $4,970 $8,390 $5,910 $6,990arrow_forwardThe following equity investment transactions were completed by Romero Company during a recent year: Journalize the entries for these transactions.arrow_forward
- Given the following account balances of MASK RIDER Co. for the year ended December 31, 2020, prepare a Statement of Financial Position using the report form. Mask Rider, capital Beg. Balance PO Contribution 30, d00 DUE ON MAY 15, 2021 Withdrawal 15, 000 Additional cortribution 5, 000 Net Income Ending Balance 57, 450 Property, Plant and Equipment P 300, 000 Accumulated Depreciation 5, 000 Accounts payable B, 110 Uneamed income 1, 395 Cash 44, 535 Prepaid rent 5, 000 Salaries payable 1, 000 Lang-term note payable 23. 000 Accounts receivable 575 Merchandise Inventory 15,345 Utilities payable 4. 00arrow_forwardi More Info Purchased 1,000 shares of Microscape stock, paying $52 per share. The investment represents 45% ownership in Microscape's voting stock and Raider has significant influence over Microscape. Raider intends to hold Jan. 14 the investment for the indefinite future. Aug. 22 Received a cash dividend of $0.28 per share on the Microscape stock. Dec. 31 Microscape's current market value of $50 per share. Dec. 31 Microscape reported net income of $120,000 for the year ended 2018. Print Donearrow_forwardPrepare the Pro Forma Statement of Financial Position as at 31 December 2023 from the Statement ofFinancial Position and additional information provided below:INFORMATIONThe financial position of Gatti Limited as at 31 December 2022 is reflected the following statement:Statement of Financial Position as at 31 December 2022 R ASSETSNon-current assets 1 400 000Property, plant and equipment 1 200 000Fixed deposits 200 000Current assets 5 800 000Inventories 3 400 000Accounts receivable 2 000 000Cash and cash equivalents 400 000Total assets 7 200 000 EQUITY AND LIABILITIESEquity 4 680 000Ordinary share capital 3 600 000Retained earnings 1 080 000Non-current liabilities 720 000Long-term loan 720 000Current liabilities 1 800 000Accounts payable 1 800 000Total equity and liabilities 7 200 000 Additional informationThe following must be taken into account for 2023:■ Sales are forecast at R60 000 000, with a profit margin of 10% and a gross margin of 30%. Fifty percent(50%) of the sales is…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
IAS 10 Events After the Reporting Period; Author: Silvia of CPDbox;https://www.youtube.com/watch?v=ijYZlb1_ZyQ;License: Standard Youtube License