Current Attempt in ProgressBlossom Co. had these transactions during the current period.June 12Issued 52,000 shares of $3 stated value common stock for cash of $260,000.July11Issued 2,080 shares of $100 par value preferred stock for cash at $108 per share.Nov. 28Purchased 2,080 shares of treasury stock for $10,400.Prepare the journal entries for the preceding transactions. (Credit account titles are automatically indented when the amount is entered. Donot indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts. List all debit entries before credit entries.)DateAccount Titles and ExplanationDebitCredit

Answered: Image /qna-images/answer/3a2c272a-a52e-4d40-a173-02e6792010ec.jpg

Answered: Current Attempt in Progress Blossom Co.…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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The stockholders' equity section of Brent Corporation's balance sheet as of December 31, 2016 Stockholders' Equity Common stock, $5 par value; authorized, 2,000,000 shares; issued, 400,000 shares $2,000,000 Paid in capital in excess of par $850,000 Retained Earnings $3,000,000 Total $5,850,000 The following events occurred during 2017: 1.) Jan 5 10,000 shares of authorized and unissued common stock were sold for $9 per share. 2.) Jan 16 Declared a cash dividend of 40 cents per share, payable February 15 to stockholders of record on February 5. 3.) Feb 11 40,000 shares of authorized and unissued common stock were sold for $11 per share. 4.)Apr 1 A two-for-one split was…
On January 1, 20X4, Gold Company purchased a computer with an expected economic life of five years. On January 1, 20X6, Gold sold the computer to TLK Corporation and recorded the following entry Consolidation Worksheet Entries Cash Accumulated Depreciation Computer Equipment Gain on Sale of Equipment Debit 39,000 Credit 16,000 40,000 15,000 TLK Corporation holds 60 percent of Gold's voting shares. Gold reported net income of $ 45,000 including the gain on the sale of equipment, and TLK reported income from its own operations of $ 85,000 for 20x6. There is no change in the estimated economic life of the equipment as a result of the intercompany transfer. In the preparation of the 20X6 consolidated balance sheet, computer equipment will be Multiple Choice Credited for $24,000. O Debited for $1,000. Debited for $15,000 Debited for $ 40,000
Mavis Company's net income was $45, 000 in 2020. Mavis reported an increase in accounts payable of $ 6,000, an increase in Inventory of $2,000, depreciation expense of $3,000, and payment for purchase of equipment of $8,000. What was Mavis's net cash provided (used) by investing activities? a. $52,000 provided b. $8,000 used c. $15,000 used d. $8,000 provided What was Mavis's net cash provided (used) by financing activities? a. $60,000 provided b. $ 60,000 used c. $10,000 provided d. $50,000 provided
The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Feb. 8 Received 40% of the $18,000 balance owed by DeCoy Co., a bankrupt business, and wrote off the remainder as uncollectible. May 27 Reinstated the account of Seth Nelsen, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,350 cash in full payment of Seth’s account. Aug. 13 Wrote off the $6,400 balance owed by Kat Tracks Co., which has no assets. Oct. 31 Reinstated the account of Crawford Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,880 cash in full payment of the account. Dec. 31 Wrote off the following accounts as uncollectible (compound entry): Newbauer Co., $7,190; Bonneville Co., $5,500; Crow Distributors, $9,400; Fiber Optics, $1,110. Dec. 31 Based on an analysis of the $1,785,000 of accounts receivable, it was estimated that $35,700 will be…
3 - Which of the following bills has the right to receive it?A) BondB) Bill of ladingC) StockD) WarrantE) Redeemed share
On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 254,000 shares issued $ 254,000 Paid-in capital–excess of par, common 508,000 Paid-in capital–excess of par, preferred 120,000 Preferred stock, $100 par, 12,000 shares outstanding 1,200,000 Retained earnings 2,400,000 Treasury stock, at cost, 5,400 shares 27,000 During 2021, Fascom Inc. had several transactions relating to common stock: January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10.4 per share, fair value $9.20 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital—excess of par.) The fair…
James and John are directors of ‘Cakes & Frozen Novelties Company Limited.’ Peter, Paul andDavid are shareholders. The company has been in operation for four years. The company has notmade any profits since its inception but James and John decided to declare dividends from thecompany’s capital reserves. The company has 10 million shares that were not distributed. Jameswent ahead and sold the shares to his wife, who is not currently a member of the company.Peter enquired as to whether or not the company can just purchase the shares issued, as there aremany different types of shares available. Paul noted that this is possible but pointed out thatRedeemable shares have particular features and certain procedures must be followed in order toredeem. He also stated three ways in which the company must finance these redeemable shares.James asked about the effect of the redeemable shares. John was puzzled and asked how acompany can redeem its share capital, especially when there is a…
Jeremy is considering a corporate recapitalization as a gifting technique and has come to his financial planner for more information. Which of the following statements regarding corporate recapitalization are CORRECT? The stock is recapitalized and divided into nonvoting preferred stock and voting common stock. Jeremy retains control of the corporation through the voting rights associated with his preferred stock. Recapitalization can be used in any corporation. The gift of stock given to the junior family members may qualify for valuation discounts. A) II, III, and IV B) I and III C) II and IV D) I and II
PR 9-1A Entries related to uncollectible accounts following transactions were completed by the Emmanuel Company during the current fiscal year ended December 31:Jan. 29. Received 40% of the $17,000 balance owed by the Jankovich Co., a bankrupt business, and wrote off the remainder as uncollectible. Apr. 18. Reinstated the account of Vince Karm, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,560 cash in full payment of Karm’s account.Aug. 9. Wrote off the $22,380 balance owed by the Golden Stallion Co., which has no assets. Nov. 7. Reinstated the account of Wiley Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $13,220 cash in full payment of the account.Dec. 31. Wrote off the following accounts as uncollectible (compound entry): Claire Moon, Inc., $22,860; Jet Set Co., $15,320; Randall Distributors, $41,460; Harmonic Audio, $18,890.Dec. 31. Based on an analysis of the $2,740,000 of…
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Briefly explain the nature of the Performance report. Explain the purpose of the perfymance by listing two reasons for an unfavourable member's subscriptions.
A partnership agreement should include all of the following EXCEPT: (A) An indication of each partner's percentage of profits or losses. (B) The amount of cash or property which has been contributed by each of the partners. (C) How reimbursements for out-of-pocket expenses will be handled. (D) The amount of each partner's salary that they will receive each year.

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