Abby Co issues 2,000 shares of $10 par value stock for $80,000, the credit to "paid-in capital in excess of par" would be $ 60,000 $ 80,000 $78,000 $ 2,000 None of these
Q: Complete the following using present value. (Use the Table 12.3 provided.) Note: Do not round…
A: Present value (PV) is the current value of a future value or stream of future cash flows at a…
Q: Present Value of Bonds Payable; Premium Moss Co. issued $240,000 of five-year, 13% bonds, with…
A: Time value of money: Time value of money refers to the concept that the value of money available at…
Q: Bank reconciliation The following bank reconciliation was prepared as of June 30, 20Y7: Line Item…
A: The objective of the question is to identify the errors in the given bank reconciliation statement.…
Q: Sunshine Clothing Company issues 1,000 shares of $1 par value common stock at $33 per share. Later…
A: Stock repurchase, also known as buying back shares or repurchasing treasury stock, is when a company…
Q: How might an auditor effectively use preliminary analytical procedures in the audit of various…
A: Preliminary analytical procedures are a set of analytical techniques and evaluations that auditors…
Q: An investor is considering the purchase of an existing suburban office building approximately five…
A: Cost refers to the amount that is exchanged for acquiring an asset. However, cost also includes all…
Q: el and Sons Inc. uses a standard cost system to apply factory overhead costs to units pro- plant is…
A: The actual overhead cost is debited in factory overhead account . The applied overhead cost is…
Q: Lamothe Kitchen and Bath makes products for the home, which it sells through major retailers and…
A: Keep or drop decision is made when a segment is not performing well and its performance is impacting…
Q: Lothrop Consulting Group is a small firm that offers services to two business segments:…
A: Variance is the difference in the value of budgeted cost\quantity\price and the actual…
Q: A machine purchased three years ago for $318,000 has a current book value using straight-line…
A: Machinery costs can be classified into two domainsAnnual ownership costsOperating CostsAnnual Costs…
Q: Required: 1. Determine the contribution margin per machine hour for each model. Product Contribution…
A: When there is constraint in any manufacturing facility for production of units, company tries to…
Q: Exercise 12-4 (Algo) Prepare vertical and horizontal analyses (LO12-1, 12-2) [The following…
A: Lets understand the basics.Balance sheet analysis can be be made using,(1) Verticle analysis(2)…
Q: a. At the beginning of the year, James's basis in his Birch Corporation stock was $53,100 and his…
A: The amount of loss clearing tax basis limitation is $29,800. $29,800 is the business loss…
Q: The Mockingbird Tavern had 6 employees and total annual wages of $228,542 during the previous year.…
A: Answer:- SUTA tax meaning:- One kind of payroll tax that governments mandate employers pay is the…
Q: Solomon Corporation began fiscal Year 2 with the following balances in its Inventory accounts. $…
A: Cost of goods manufactured Manufacturing cost is the total cost of procuring or producing a product.…
Q: NewTech purchases computer equipment for $256,000 to use in operating activities for the next four…
A: Double declining depreciation is an accelerated depreciation method where the expense is high in…
Q: A corporation purchases 31,000 shares of its own $10 par common stock for $39 per share, recording…
A: STATEMENT OF SHAREHOLDERS EQUITYStatement of Shareholders Equity is also Known as Changes in…
Q: business issued a credit memo $235 to NECinc.regarding the sales on oct 1 give journal entry
A: Journal entries are the primary reporting of the business transactions in the books of accounts.…
Q: Comparative Income Statements Consider the following income statement data from the Ross Company:…
A: A comparative income statement, which is also known as a comparative profit and loss statement, is a…
Q: 12. Steven owns a construction firm. He has six full-time employees. He also has contractors who…
A: Social security tax - The social security tax for both employer and employee is 6.2%. The social…
Q: Mack Precision Tool and Die has two production departments, Fabricating and Finishing, and two…
A: The service department costs are allocated to production departments using various methods as…
Q: Power Corporation acquired 100 percent ownership of Scrub Company on February 12, 20X9. At the date…
A: At the time of an acquisition of the business,we need to calculate goodwill or the capital…
Q: Enchanted Forest, a large campground in South Carolina, adjusts its accounts monthly. Most guests of…
A: Adjusting entries Entries made at the end of every accounting period to precisely replicate the…
Q: Blossom, Inc. had net sales in 2020 of $1,506,100. At December 31, 2020, before adjusting entries,…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Calculate the amount of loss that April may claim in each of the two years and determine her at-risk…
A: To calculate April's allowable loss and at-risk amount for each year, we need to consider the…
Q: Measuring profitability based on different inventory and amortization methods 1. Net income: Zastre…
A: Straight Line Method: It is the method of depreciation where the annual depreciation is computed by…
Q: On January 1, Year 1, Bell Corporation issued $326,000 of 10-year, 6 percent bonds at their face…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Which of the following transactions would be a source of cash reported in the investing activities…
A: Investing activities on the Statement of Cash Flows involve cash transactions related to the…
Q: Current Attempt in Progress * Your answer is incorrect. Blue Company owns equipment that cost…
A: The Impairment loss occurs when the carrying value of asset is higher than recoverable amount of…
Q: Assume that Ivanhoe Construction Company has a non-cancellable contract to construct a $5,000,000…
A: Completed contract method: This method is often applied in the construction industry or other…
Q: Ravenna Company is a merchandiser using the indirect method to prepare the operating activities…
A: The objective of the question is to calculate the gross cash inflows in the financing section of the…
Q: Note: Do not round Intermediate calculations. Round "R Sales ROI Answer is complete but not entirely…
A: The term "operating assets" describes the material and immaterial resources that a business uses to…
Q: Record the journal entry for Sales and for Cash Over and Short for each of the following separate…
A: The objective of this question is to record the journal entries for Sales and for Cash Over and…
Q: Annual Income Statement Data Selected Year - End Balance Sheet Data Sales $ 50, 000 Wages payable…
A: Cash flow Statement: It is prepared by the companies. It is a tool in the hands of users of…
Q: Alyeska Services Company, a division of a major oll company, provides various services to the…
A: ROI means return on investment. It is the percentage return earned by the entity on the operating…
Q: Tatum Company has four products in its inventory. Information about ending inventory is as follows:…
A: Inventory includes all the items, merchandise, and raw materials that are used by the business…
Q: Sunland Industries produces a cleaning product that works for the peskiest stains. It's pricey, but…
A: The fixed overhead price variance is also known as the fixed overhead spending variance. It is the…
Q: margin from last ating expenses ating income $220,000 126,000 94,000 55,000 $39,000
A: To calculate the total operating income considering the special order the existing income is added…
Q: Ginny decided to try her hand at beekeeping. The costs that went into the harvesting process…
A: The allocation of joint costs at the split-off point is a process used in accounting for products…
Q: Lucas Company was issued a charter by the state of Indiana on January 15 of this year. The charter…
A: Basic accounting equation- is Total assets = Total liabilities + Stock holders equityTotal…
Q: Mack Precision Tool and Die has two production departments, Fabricating and Finishing, and two…
A: Cost allocation is the process using which the costs of different departments or the common costs of…
Q: Cascade Containers is organized into two divisions-Manufacturing and Distribution. Manufacturing…
A: Transfer pricing is an accounting practice that represents the price that one division of a company…
Q: ! Required information [The following information applies to the questions displayed below.] On…
A: The principal amount, also referred to as the face value, and the interest due on an amortized bond…
Q: sus Dave's Maple Syrup,
A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…
Q: A machine can be purchased for $230,000 and used for five years, yielding the following income. This…
A: The payback period is the time to recover the cost of the investment.
Q: Elmdale Company has a machine that affixes labels to bottles. The machine has a book value of…
A: Lets understand the basics.When decision is require to make between retain equipment or replace…
Q: A company transferred $61,000 of accounts receivable to a bank. The transfer was made with recourse.…
A: When the criteria for recognizing revenue from a sale are met, the journal entry is made to record…
Q: Company Z has 2.8 million shares of common stock authorized with a par value of $1 and a market…
A: Answer:- Basically the dividend is declared to the shareholders from the retained earnings. Retained…
Q: Agarwal, Incorporated, has a 30-day average collection period and wants to maintain a minimum cash…
A: A cash budget helps the business in estimating the flow of cash i.e., inward or outward over a…
Q: A company’s static budget estimate of total overhead costs was $100,000 based on the assumption that…
A: Variable cost is the cost which changes with the change in the output level. It is the cost which…
Vikram
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- A company issued 50 shares of \$1.00 par value common stock for $ 9,000 . The credit to additional paid - in capital would be: A. $ 50 B. $ 9,050 C. $ 8,050 D. 9,000A company issued 30 shares of $.50 par value common stock for $12,000. The credit to additional paid-in capital would be________. A.$11,985 B.$12,000 C.$15 D.$10,150If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, O Common Stock will be credited for $75,000 O Paid-In Capital in Excess of Par will be credited for $9,000 Paid-In Capital in Excess of Par will be credited for $66,000 O Cash will be debited for S66,000
- QUESTION 2Naruto Bakery has a capital structure consisting of:42,000 issued and paid-up ordinary shares RM105,0005,000 issued and paid-up 10% Preference shares RM15,0008% Bonds (10-year maturity) RM30,000The balance of retained earning as at 1 January 2021 was RM75,000. The market priceper unit of the company’s financial instruments are as follows:Ordinary shares : RM2.50 (last dividend paid was RM0.50; growth rate is 5%Preference shares : RM3.008% Bonds : RM890.00 (par value RM1,000)The company is considering to invest in new project worth RM80,000. The floatationcost to sell more shares and bonds are 5%. The corporate tax rate 25%.You are required to calculate (show all workings):b. The company’s cost of debt, preference share, retained earnings and newissuance of ordinary shares.Answer with computation and explanation X Company sold 1,000 ordinary shares at par of P20 per share for P50,000. The journal entry to record the transaction would have a a credit to ordinary shares for P50,000. b credit to share premium for P20,000 C. credit to ordinary shares of P20,000. d. debit to share premium of P30,000QUESTION 1 Ava Consulting issued 1180 shares of previously unissued common stock with a par value of $1. The selling price for the stock was $5 share The credit to Additional Paid in Capital - Common Stock would be $ per
- answr with explanation and computation A Company's total number of shares issued and outstanding is 100,000 If the shares were issued 20% above par of P100, how much is the legal capital? a. P 2,000,000 b. P10,000,000 c. P12,000,000 d. P22,000,000MC Qu. 11-64 A company issues... A company issues 1 million shares of common stock with a par value of $0.14 for $16.20 a share. The entry to record this transaction includes a debit to Cash for: Multiple Choice $140,000 and a credit to Common Stock for $140,000. $16,200,000 and a credit to Common Stock for $16,200,000. $16,200,000, a credit to Common Stock for $140,000, and a credit to Additional Paid-in Capital for $16,060,000. $140,000, a debit to Capital Receivable for $16,060,000, a credit to Common Stock for $140,000, and a credit to Additional Paid-in Capital for $16,060,000.EXERCISE 7 The capital accounts for Red Stone Company on July 1,2020 are as follows: Ordinary Share Capital, P 10 par, 100, 000 shares issued and outstanding P 1,000,000 Share Premium 500,000 Retained Earnings 3,135,000 The company's ordinary shares are currently selling at P20. REQUIRED: Journalize the following independent transactions: a.) A 10% bonus issue is declared and issued b.) A 30% bonus issue is declared and issued c.) A 2-for-l share split is declared and issued
- A company issued 30 shares of $.50 par value common stock for $12,000. The credit to additionalpaid-in capital would be ________.A. $11,985B. $12,000C. $15D. $10,150A company issued 220 shares of $100 par value common stock for $26,200 cash. The total amount of paid-in capital in excess of par is: Multiple Choice $100. $2,200. $4,200. 633 PM 3/28/2022Question 2The equity accounts of Marvell Ltd. on January 1, 2020, were as follows.Share Capital—Preference (9%, $50 par, cumulative,10,000 sharesauthorized, 8,000 shares issued)?Share Capital—Ordinary ($1 stated value, 2,000,000 shares authorized,1,000,000 shares issued)?Share Premium—Preference 100,000Share Premium—Ordinary 1,450,000Retained Earnings 1,816,000During 2020, the corporation had the following transactions and events pertaining to its equity.Jan 25 Purchased 20,000 ordinary shares for the treasury at a cost of $2.5 per share.Feb. 1 Issued 50,000 ordinary shares for $152,000.Apr. 14 Reissued 10,000 treasury shares—ordinary for $42,000.Nov. 10 Purchased 1,000 ordinary shares for the treasury at a cost of $6 per share.Dec. 31 Determined that net income for the year was $452,000. Close the income summaryaccount.Dec. 31 Declared a dividend of $0.5 per ordinary share, to be payable in April 2021. Dividendfor the preference shares was not paid in 2019.Instructions(a.) Journalize…