mares of stock for land appraised at $52,000. The stock was actively traded on a national stock exchange at approxima ance. shares of treasury stock at $40 per share. The treasury shares purchased were issued in 2013 at $37 per share. ournal entry to record item 1. ournal entry to record item 2.
Q: igh School for $2100 worth of custom printed bats to be produced in December. On November 30,…
A: Inventory management is essential for ensuring that items are accessible to fulfill consumer demand…
Q: Janine is 35 and has a good job at a biotechnology company. Janine estimates that she will need…
A: Capital budgeting refers to the concept used making decisions related to investment to check the…
Q: ced number of patient-visits ced variable costs: es (@$9.20 per patient-visit) $ 83, 9,10
A: Variable cost is that cost that remains constant per unit but total variable cost changes with…
Q: Santa Corporation issued a bond on January 1 of this year with a face value of $1,000. The bond's…
A: Bond discounts occur when the market interest earned exceeds the interest earned on the bond.…
Q: Prime Cost Variable factory overhead Fixed factory overhead Variable selling & Administrative…
A: Classification of costs is classified into 2 types Period costsProduct costsPeriod costs are those…
Q: Determine the amount received by Jenny as a final distribution from liquidation of the partnership.
A: Liquidation is the process of winding up the company by selling all the assets to generate funds to…
Q: 1. An organization purchases the supplies as explained below. The vendor invoices the organization…
A: The ledger is the secondary book of account that is used for posting the transactions from the…
Q: Mack Precision Tool and Die has two production departments, Fabricating and Finishing, and two…
A: Lets understand the basics.Cost allocation is the allocation of the cost of service departments to…
Q: Required information Use the following information for the Quick Study below. (Algo) (5-7) [The…
A: Inventory is the items that include all the goods, merchandise, and materials that are kept in the…
Q: In the year 2018, a corporation made $18.5Million in revenue, $2.1 Million of operating expenses,…
A: Answer:-The amount of income tax that must be paid in relation to the taxable income is generally…
Q: QUESTION 21 ABC's Net Income this year was $29,532,000 and there were 8.4 million shares…
A: Earnings per share is calculated by dividing net income available to common stockholders' by…
Q: Miller Company's contribution format income statement for the most recent month is shown below: Per…
A: The contribution margin is calculated as the sales less variable costs. The net income is calculated…
Q: Presume that Lachgar's sales were $219,860 million in Year 2. Assume that the total paid on warranty…
A: The warranty liability represents the estimated outstanding automobile warranty claims. These are…
Q: When setting up an employee in payroll, where can you enter the information that the employee will…
A: The pay schedule window typically deals with the timing and frequency of payments, such as weekly,…
Q: The petty cash fund at Brookshire Company has a designated balance of $250. The fund currently holds…
A: Petty cash funds are the funds which are created for small day to day expenses. The main cashier…
Q: Original Media Sign Incorporated sells on account. Recently, Original reported the following figures…
A: The account receivable refers to the amount that the company will receive against the sales or…
Q: Estimating Useful Life and Percent Used Up The property and equipment section of the lululemon…
A: Depreciation is a non-cash expense that is incurred due to physical wear and tear, obsolescence or…
Q: In 2023, Amanda and Jaxon Stuart have a daught
A: The earned income tax credit (EITC) — sometimes shortened to "earned income credit" — is a tax break…
Q: Spooky Inc. had the following information related to its inventory during 2012. 200 units @ $35…
A: The question is based on the concept of Cost Accounting.The valuation of the inventory is done in…
Q: Paul Company has two products: A and B. The company uses activity-based costing. The estimated total…
A: ACTIVITY BASED COSTINGActivity Based Costing is a Powerful tool for measuring…
Q: Garry Corporation's most recent production budget indicates the following required production:…
A: Direct material purchase budget :— This budget is prepared to estimate the number of units and cost…
Q: Holly paid $4,000 for tickets to an Astro's game. She invited current clients to the game. She and…
A: Expenses that can be subtracted from an individual's adjusted gross income (AGI) on their federal…
Q: In 2025, customers' accounts totaling $2,400 are written off as uncollectible. Note: Enter debits…
A: Bad debt refers to money that a company is unable to collect from customers who have not paid their…
Q: An auditor believes that there is substantial doubt about an entity's ability to continue as a going…
A: Auditing is an independent examination of financial statements of an entity to express an opinion on…
Q: The Bechtelar Company is decentralized and has a required opportunity cost of
A: ROI is an important instrument for evaluating the success of investments and initiatives, helping…
Q: Budgeted overhead for the Henderson Company at normal capacity (the denominator level of activity)…
A: The Overhead Volume Variance is a phrase commonly utilized in variance analysis and cost accounting…
Q: Required information [The following information applies to the questions displayed below.] The fixed…
A: The flexible budget is prepared for comparing the standard and actual production data. The variance…
Q: Escau Company is a wholesale distributor that uses activity-based costing for all of its overhead…
A: ACTIVITY BASED COSTINGActivity Based Costing is a powerful tool for measuring…
Q: The following information is available for the pension plan of Pharoah Company for the year 2025.…
A: Pension expense represents the cost incurred by a company for providing pension benefits to its…
Q: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the…
A: FIFO is first in first out method of inventory valuation, under which inventories which are…
Q: vidends of $ 50,000. Assuming Ryan uses the equity method, at December 31. Gosling reported net…
A: Lets understand the basics.When one entity has 20%-50% holding of another entity then both are known…
Q: Miguel Manufacturing Company uses a predetermined manufacturing overhead rate based on direct labor…
A: The traditional method of overhead allocation is based on a predetermined overhead rate. The…
Q: Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's…
A: The revenue and spending variance is the difference between the actual and flexible budget data. The…
Q: A leading beverage company sells its signature soft drink brand in vending machines for $0.89 per 12…
A: Contribution margin per unit refers to the difference between the sales price per unit and the…
Q: Your answer is incorrect. Paul believes the restaurant could greatly improve its profitability by…
A: Variable cost means the cost which vary with the level of output where as fixed cost remain fixed…
Q: Dan Dayle started a business by issuing an $85,000 face value note to First State Bank on January 1,…
A: >Note Payables are the liabilities.>It can be issued in case of:--when goods are purchased on…
Q: Compute the 2022 AMT exemption for the following taxpayers. If an amount is zero, enter "0". Click…
A: AMT exemptions are a critical component of the AMT system. They represent the amount of income that…
Q: Benton Corporation manufactures computer microphones, which come in two models: Standard and…
A: The traditional costing method, also known as the current costing system, allocates total overheads…
Q: On March 1, Hugh Corporation plans to borrow $550,000 from the Scotland State Bank by signing a 12%,…
A: Lets understand the basics.Note payable is one of the important liability of the business, on which…
Q: Just Right Inc. produces jeans. The following standards have been established: 11 + 11 - 3.2 11…
A: Direct Materials Price Variance: Price Variance = (Actual Price - Standard Price) x Actual…
Q: Laser World reports net income of $500,000. Depreciation expense is $35,000, accounts receivable…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: HT. Tan Company is preparing the annual financial statements dated December 31 of the current year.…
A: For inventory to be valued on a company's balance sheet, NRV is necessary. It is the predicted…
Q: 15. Dauntless Company has an annual plant capacity of 13,000 product units. Predicted operations for…
A: In accounting and finance, incremental analysis is a useful decision-making method that involves…
Q: More Parts Liquidators specializes in buying excess parts inventories to resell or to incorporate…
A: INCREAMENTAL ANALYSIS Incremental analysis is a decision-making method that examines the net effects…
Q: Whirly Corporation's contribution format income statement for the most recent month is shown below:…
A: Income statement is a financial statement that shows profitability, total revenue and total expenses…
Q: Required information [The following information applies to the questions displayed below.] Jorgansen…
A: Absorption costing is a method of gathering and assigning the costs of a manufacturing process to a…
Q: On November 1, 2022, Sheffield Inc. adopted a stock-option plan that granted options to key…
A: The purpose of accounting for a stock option plan is to record the compensation expense over the…
Q: Christa has made a $25,000 pledge to the American Red Cross (a public charity). Christa expects AGI…
A: When making a charitable donation, like the $25,000 pledge to the American Red Cross, the choice of…
Q: When an intangible asset is amortized: OA. stockholders' equity decreases. OB. net assets decrease.…
A: Intangible assets are valuable assets without a physical form, such as copyrights or brand…
Q: Texas Inc. has 7,000 shares of 8%, $125 par value cumulative preferred stock and 84,000 shares of $1…
A: The preference shareholders receive the dividend before any other shareholders. Cumulative…
please answer do not image
Step by step
Solved in 3 steps
- Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. 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 heldtomaturity long-term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0.60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method. q. Accrued interest for three months on the Dream Inc. bonds purchased in (l). r. Pinkberry Co. recorded total earnings of 240,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39.02 per share on December 31, 2016. The investment is adjusted to fair value, using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments had a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 2016, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step income statement for the year ended December 31, 2016, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. (Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 2016. c. Prepare a balance sheet in report form as of December 31, 2016.Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 0 par common stock at 0, receiving cash. b. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. 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-maturitv long-term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0.60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 545, including commission. p. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method, q. Accrued interest for three months on the Dream Inc. bonds purchased in (1). r. Pinkberry Co. recorded total earnings of 240,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39.02 per share on December 31, 2016. The investment is adjusted to fair value, using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments had a beginning balance of zero. Instructions Journalize the selected transactions. After all of the transactions for the year ended December 31, 2016, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step income statement for the year ended December 31, 2016, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. (Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 2016. c. Prepare a balance sheet in report form as of December 31, 2016. Income statement data: Advertising expense 150,000 Cost of merchandise sold 3,700,000 Delivery expense 30,000 Depreciation expense -office buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Dividend revenue 4,500 Gain on sale of investment 4,980 Income from Pinkberry Co. investment 76,800 Income tax expense 140,500 Interest expense 21,000 Interest revenue 2,720 Miscellaneous administrative expense 7.500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,254,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Available for sale investments (at cost) 260,130 Bonds payable. 5%. due 2024 500,000 Cash 246,000 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued. 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 500,000 Income tax payable 44,000 Interest receivable 1,125 Investment in Pinkberry Co. stock (equity method) 1,009,300 Investment in Dream Inc. bonds (long term) 90,000 Merchandise inventory [December 31, 2016). at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4.320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock. 80 par (30,000 shares authorized; 20,000 shares issued] 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 2016 9,319,725 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 Unrealized gain (loss) on available for sale investments (6,500) Valuation allowance for available for sale investments (6,500)
- St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. Open the file STOCKEQ from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then fill in the columns to show the effect of each of the selected transactions and events listed earlier. Enter your name in cell A1. Save the completed worksheet as STOCKEQ2. Print the worksheet. Also print your formulas. Check figure: Total stockholders equity balance at 12/31/12 (cell G21). 398,800.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. In the space provided below, prepare the stockholders equity section of Chen Corporations balance sheet as of December 31, 2012. Use proper headings and provide full disclosure of all appropriate information. Chens corporate charter authorizes the issuance of 1,000 shares of preferred stock and 100,000 shares of common stock.
- Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements.Tama Companys capital structure consists of common stock and convertible bonds. At the beginning of 2019, Tama had 15,000 shares of common stock outstanding; an additional 4,500 shares were issued on May 4. The 7% convertible bonds have a face value of 80,000 and were issued in 2016 at par. Each 1,000 bond is convertible into 25 shares of common stock; to date, none of the bonds have been converted. During 2019, the company earned net income of 79,200 and was subject to an income tax rate of 30%. Required: Compute the 2019 diluted earnings per share.
- Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.The following selected transactions and events occurred during 2013: a. Issued 200 shares of preferred stock for 20,000. b. Sold 800 shares of treasury stock for 2,800. c. Declared and issued a 4% common stock dividend. The market value on the date of declaration was 5 per share. d. Generated a net loss for the year of 16,000. e. Declared and paid the full years dividend on all the preferred stock and a dividend of 15 per share on common stock outstanding at the end of the year. Enter beginning balances for 2013 on STOCKEQ2. Then erase all 2012 entries and enter the transactions for 2013. Save the results as STOCKEQ4. Print the results.