Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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As auditor for Chrisley and Dale Associates, you have been assigned to check McKesson Corporation's computation of earnings per share for the current year. The financial controller has supplied you with the following computations.
Net Income $6,800,000
Ordinary shares issued and outstanding:
Beginning of year 650,000
End of year 4,000,000
Average 2,325,000
Earnings per share calculation:
$6,800,000 /2,325,000
= $2.92
You have gathered the following information:
On January 1, 2020, McKesson Corp. issued 650,000 shares. Additional issues of shares
for the year were as follows:
April 1 150,000 shares.
May 1…
Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co.
Issued 210,000 shares of $6-par-value common stock for $1,260,000 in cash.
Borrowed $540,000 from Oglesby National Bank and signed a 13% note due in two years.
Incurred and paid $420,000 in salaries for the year.
Purchased $650,000 of merchandise inventory on account during the year.
Sold inventory costing $630,000 for a total of $980,000, all on credit.
Paid rent of $110,000 on the sales facilities during the first 11 months of the year.
Purchased $170,000 of store equipment, paying $50,000 in cash and agreeing to pay the difference within 90 days.
Paid the entire $120,000 owed for store equipment and $610,000 of the amount due to suppliers for credit purchases previously recorded.
Incurred and paid utilities expense of $44,000 during the year.
Collected $845,000 in cash from customers during…
Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co.
Issued 220,000 shares of $5-par-value common stock for $1,100,000 in cash.
Borrowed $540,000 from Oglesby National Bank and signed a 13% note due in two years.
Incurred and paid $400,000 in salaries for the year.
Purchased $700,000 of merchandise inventory on account during the year.
Sold inventory costing $620,000 for a total of $960,000, all on credit.
Paid rent of $330,000 on the sales facilities during the first 11 months of the year.
Purchased $140,000 of store equipment, paying $53,000 in cash and agreeing to pay the difference within 90 days.
Paid the entire $87,000 owed for store equipment and $590,000 of the amount due to suppliers for credit purchases previously recorded.
Incurred and paid utilities expense of $37,000 during the year.
Collected $875,000 in cash from customers during the year for credit…
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