EQUITY TRANSACTIONS JOURNAL ENTRIESUse the following stock and equity transactions to record journals and prepare apartial Balance Sheet:HINT: you will need to keep track of the various equity accounts. I will give you two ofthe accounts you will need: CS, Par and APIC, but there are a few others.You may use a schedule/table, T accounts, or your own method.1. Equity Financing Inc (EFI) is formed on Jan 1, 2020 and establishes 50,000 sharesof common stock authorized with a par value of $.50 per share.2. EFI issues 4000 shares of CS to the founding owner in exchange for land with aFMV of $5000 AND cash of $10,000.3. On January 31, EFI sells 2000 shares of Common Stock for cash at $15 per share.4. On March 31, EFI completes a 1 for 2 FORWARD stock split.5. On June 15th EFI repurchases 1,000 shares of its own stock for $10 per share.6. On November 15th, EFI declares a cash dividend payable in the next accountingperiod of $1 per share outstanding.7. Net income for the accounting period was $26,000**Required**Prepare the journal entries needed for the transactions above. The next question willask for the balance sheet presentation.EQUITY Cont'dBased on the EFI transactions...Prepare the Equity section of the Balance sheet, in proper format. Include in yourPDF uploadSince this will require manual grading on my part, enter the amount you came up withfor total equity

Financial transactions are recorded via journal entries. You record the details of a transaction…

EQUITY TRANSACTIONS JOURNAL ENTRIES Use the following stock and equity transactions to record journal: partial Balance Sheet: HINT: you will need to keep track of the various equity accounts. I the accounts you will need: CS, Par and APIC, but there are a few c You may use a schedule/table, T accounts, or your own method. 1. Equity Financing Inc (EFI) is formed on Jan 1, 2020 and establis

EQUITY TRANSACTIONS JOURNAL ENTRIES Use the following stock and equity transactions to record journal: partial Balance Sheet: HINT: you will need to keep track of the various equity accounts. I the accounts you will need: CS, Par and APIC, but there are a few c You may use a schedule/table, T accounts, or your own method. 1. Equity Financing Inc (EFI) is formed on Jan 1, 2020 and establis

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 95.3C

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REQUIRED Use the information provided below to prepare the Statement of Changes in Equity of Sunray Traders for the year ended 28 February 2023. INFORMATION EXTRACT FROM THE LEDGER OF SUNRAY TRADERS AS AT 28 FEBRUARY 2023 Debit Credit R R Capital: Sunny 600 000 Capital: Raymond 400 000 Current a/c: Sunny (01 March 2022) 100 000 Current a/c: Raymond (01 March 2022) 60 000 Drawings: Sunny 500 000 Drawings: Raymond 700 000 SUNRAY TRADERS STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2023 Capital Accounts Sunny Raymond Total Balance at 28 February 2022 Changes in capital Balance at 28 February 2023 Current Accounts Sunny Raymond Total Balance at 28 February 2022 Net profit for the year Drawings Balance at 28 February 2023 WORKINGS (if any) Interest on capital Sunny Raymond Salaries Sunny Raymond
Floral Gardens Incorporated is a nationwide chain of garden centres that operates as a private company. In 2023 it issued three new financial instruments. All three of these instruments are new to you (in your role as controller), and you are working on determining how they are to be accounted for under IFRS. The first financial instrument was a loan. On January 1, 2020, the company borrowed $5.5 million from a key shareholder at a rate of 3%, at a time when the market rate of interest was 5%. In order to convince the shareholder to lend the money to the company at a rate lower than the market rate of interest, the company agreed that, in five years, the shareholder would have the option of either accepting full repayment of the debt, or receiving 500, 000 shares in the company. The second financial instrument was one that you benefited from. The company gave its 10 key management employees a compensatory stock option plan for the first time. The purpose was to increase remuneration…
REQUIRED Use the information provided below to prepare the Statement of Changes in Equity of Sunray Traders for the year ended 28 February 2023. INFORMATION EXTRACT FROM THE LEDGER OF SUNRAY TRADERS AS AT 28 FEBRUARY 2023 Capital: Sunny Capital: Raymond Current a/c: Sunny (01 March 2022) Current a/c: Raymond (01 March 2022) Drawings: Sunny Drawings: Raymond Debit R 60 000 500 000 700 000 Credit R 600 000 400 000 100 000 The following must be considered: (a) On 28 February 2023 the Statement of Comprehensive Income reflected a net profit of R1 400 000. The partners are entitled to interest at 15% p.a. on their capital balances. Note: Raymond decreased his capital contribution by R200 000 on 31 August 2022 whilst Sunny increased his capital balance by (b) the same amount on 01 December 2022. These capital changes have been recorded. (c) The partners are entitled to the following monthly salaries: Sunny R25 000 Raymond R20 000 (d) Raymond is entitled to a bonus equal to 10% of his annual…
Click the Chart sheet tab. The stacked bar chart shows Chens equity account balances at December 31, 2013. Match the stacked bars (AG) that best describe what will happen to the equity accounts if the following transactions and events occur in 2014. Letters may be repeated or not used. Consider each case independently. When the assignment is complete, close the file without saving it again. TICKLERS (optional) Worksheet. Suppose that the 54,000 Additional paid-in capital balance at December 31, 2011, comes from two ledger accounts: 42,000 from Paid-in capital in excess of par and 12,000 from Paid-in capital from treasury stock transactions. Revise the STOCKEQ2 worksheet to show a column for each of these accounts instead of the single column for Additional paid-in capital. Then redo the 2012 transactions using the new columns. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the file as STOCKEQT. Chart. Using the STOCKEQ4 file, prepare a column chart showing the dollar amount of each of the stockholders equity account balances at December 31, 2013. Treasury stock can be shown as a negative value. Enter your name somewhere on the chart. Save the file again as STOCKEQ4. Print the chart.
Required: A. Prepare journal entries to record the transactions.B. Present the shareholders' equity on December 31, 2020. Show your detailed solutions.
Complete the common-size and common-base year financial statements [Income Statement (IS) and Balance Sheet (BS)] or Brady Corp. Include spark lines to easily show the trends. Write a brief analysis in the Excel worksheet of the main trends that you notice. Perform the 3 step DuPont Return on Equity (ROE) analysis for Brady Corp. using cell references. Write a brief analysis from the DuPont analysis on Excel worksheet.
Required:A. Prepare journal entries to record the above transactions.B. Prepare the stockholder’s equity section as of December 31, 2018.
Locate Gap Inc.’s 2020 Annual Report (for fiscal year 2/2/20-1/30/21) There are 10 sections of questions. You will find the information necessary to answer the questions in “Item 8. Financial Statements and Supplementary Data,” of the report. Read through the questions carefully and answer in the space provided. What are the following amounts at 1/30/21: Total Assets : Total Liabilities: Total Owner’s Equity : At 1/30/21: What is the percentage of debt used to finance Gap? What is the percentage of owner’s equity used to finance Gap? What is the significance of these two percentages?
Dear Bartleby could you please calculate the debt equity ratio for the following, thank you. Calculate Wiper's debt ratio and debt/equity ratio at December 31, 2020 and 2019. (Round "Debt ratio" to 1 decimal place and "Debt/equity ratio" to the nearest whole percent.) Presented here are summarized data from the balance sheets and income statements of Wiper Inc.: WIPER INC. Condensed Balance Sheets December 31, 2020, 2019, 2018 (in millions) 2020 2019 2018 Current assets $ 650 $ 900 $ 700 Other assets 2,750 2,050 1,750 Total assets $ 3,400 $ 2,950 $ 2,450 Current liabilities $ 500 $ 800 $ 700 Long-term liabilities 1,500 1,000 800 Stockholders' equity 1,400 1,150 950 Total liabilities and stockholders' equity $ 3,400 $ 2,950 $ 2,450 WIPER INC. Selected Income Statement and Other Data For the year Ended December 31, 2020 and 2019 (in millions) 2020 2019 Income statement data:…
Accounting for equity investments Money Man Investments completed the following transactions during 2018: Requirements Journalize Money Man’s transactions. Explanations are not required. Classify and prepare partial financial statements for Money Man’s 25% Technomite investment for the year ended December 31, 2018.
Can I please get help with the Liabilities and Equity Percentages, thanks in advance Problem: Prepare a common-size balance sheet from the following information for Blossom Supply Company. (Round answers to 1 decimal place, e.g. 52.7%.) Blossom Supply CompanyBalance Sheet as of June 30, 2017($ thousands) Assets: % of Assets Liabilities and Equity: % of Assets Cash and marketable securities $ 399,000 9.3 % Accounts payable $ 820,000 enter percentages of assets % Accounts receivable 708,000 16.5% Notes payable 110,000 enter percentages of assets % Inventory 1,155,000 26.9 Accrued income taxes 43,800 enter percentages of assets % Other current assets 42,400 1% Total current liabilities $ 973,800 enter percentages of assets % Total current assets $ 2,304,400 53.7% Long-term debt 1,158,000 enter percentages of assets % Net plant and equipment 1,986,000 46.3%…
Instructions: a. Journalize the transactions and the closing entry for net income. b. Prepare stockholders’ equity section on December 31, 2021.