![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Topic Video
Question
Prepare the company’s Statement of Changes in Shareholders’ Equity for the year ended
December 31, 2021.
![ACCOUNT NAME
Cash
Accounts Receivable
Allowance for Doubtful Accounts
Receivable from Highest Bidder
Inventories
Store Supplies
Office Supplies
Store Furniture and Fixtures
Accumulated Depreciation - Store Furniture and Fixtures
Office Equipment
Accumulated Depreciation - Office Equipment
Accounts Payable
Salaries Payable
Unearned Sales
Cash Dividends Payable - Preference
Cash Dividends Payable - Ordinary
12% Preference Share Capital
Subscribed Share Capital - Preference
Subscriptions Receivable - Preference
Ordinary Share Capital
Subscribed Share Capital - Ordinary
Subscriptions Receivable - Ordinary
Share Premium - Preference
Share Premium - Ordinary
Share Premium - Treasury Shares
Accumulated Profits - Free
Accumulated Profits - Appropriated for Treasury Shares
Treasury Shares - Ordinary
Sales
Purchases
Store Salaries Expense
Store Supplies Expense
Depreciation Expense - Store Furniture and Fixtures
Miscellaneous Distribution Costs
Office Salaries Expense
Utilities Expense
Rent Expense
Office Supplies Expense
Depreciation Expense - Office Equipment
Doubtful Accounts Expense
Miscellaneous Administrative Expenses
Income Summary
Totals
P
TRIAL BALANCE
DR
1,164,000
480,000
280,000
36,000
42,000
550,000
450,000
60,000
200,000
336,000
3,110,000
560,000
22,000
660,000
540,000
360,000
38,000
P
CR
582,000
128,000
240,000
120,000
1,200,000
400,000
100,000
120.000
5,990,000
D 8,888,000 P 8,888,000
P
D
P
ADJUSTMENTS
DR
318,000
32,000
40,000
30,000
24,000
88,000
29,400
45,000
38,400
20,000
664,800
CR
38,400
20,000
24,000
29,400
88,000
45,000
30,000
40,000
48,000
18,000
252,000
32,000
D 664,800
P
P
P
ADJUSTED
TRIAL BALANCE
DR
1,482,000
480,000
260,000
12,000
12,600
550,000
450,000
60,000
152,000
84,000
3,110,000
590,000
24,000
88,000
22,000
660,000
540,000
360,000
29,400
45,000
38,400
38,000
20,000
9,107,400
P
CR
38,400
88.000
45,000
582,000
30,000
96,000
240,000
120,000
1,240,000
360,000
100,000
120,000
18,000
6,030,000
D 9,107,400 P
P
。
STATEMENT OF
PROFIT & LOSS
DR
3,110,000
590,000
CR
6,030,000
P
STATEMENT OF
FINANCIAL POSITION
DR
CR
1,482,000
480,000
260,000
12,000
12,600
550,000
450,000
60,000
152,000
84,000
。
24,000
88,000
22,000
660,000
540,000
360,000
29,400
45,000
38,400
38,000
20,000
5,564,800 P 6,030,000 P 3,542,600 P
38,400
88,000
45,000
582,000
30,000
96,000
240,000
120,000
1,240,000
360,000
100,000
120,000
18,000
3,077,400
P 465.200
465,200
6,030,000 P 6,030,000 P 3,542,600 P 3,542,600](https://content.bartleby.com/qna-images/question/28e44eef-e50e-496a-b50e-876dada4744b/f2c82b8f-0400-49a3-b946-c74a262bbccc/73hmdb6_thumbnail.jpeg)
Transcribed Image Text:ACCOUNT NAME
Cash
Accounts Receivable
Allowance for Doubtful Accounts
Receivable from Highest Bidder
Inventories
Store Supplies
Office Supplies
Store Furniture and Fixtures
Accumulated Depreciation - Store Furniture and Fixtures
Office Equipment
Accumulated Depreciation - Office Equipment
Accounts Payable
Salaries Payable
Unearned Sales
Cash Dividends Payable - Preference
Cash Dividends Payable - Ordinary
12% Preference Share Capital
Subscribed Share Capital - Preference
Subscriptions Receivable - Preference
Ordinary Share Capital
Subscribed Share Capital - Ordinary
Subscriptions Receivable - Ordinary
Share Premium - Preference
Share Premium - Ordinary
Share Premium - Treasury Shares
Accumulated Profits - Free
Accumulated Profits - Appropriated for Treasury Shares
Treasury Shares - Ordinary
Sales
Purchases
Store Salaries Expense
Store Supplies Expense
Depreciation Expense - Store Furniture and Fixtures
Miscellaneous Distribution Costs
Office Salaries Expense
Utilities Expense
Rent Expense
Office Supplies Expense
Depreciation Expense - Office Equipment
Doubtful Accounts Expense
Miscellaneous Administrative Expenses
Income Summary
Totals
P
TRIAL BALANCE
DR
1,164,000
480,000
280,000
36,000
42,000
550,000
450,000
60,000
200,000
336,000
3,110,000
560,000
22,000
660,000
540,000
360,000
38,000
P
CR
582,000
128,000
240,000
120,000
1,200,000
400,000
100,000
120.000
5,990,000
D 8,888,000 P 8,888,000
P
D
P
ADJUSTMENTS
DR
318,000
32,000
40,000
30,000
24,000
88,000
29,400
45,000
38,400
20,000
664,800
CR
38,400
20,000
24,000
29,400
88,000
45,000
30,000
40,000
48,000
18,000
252,000
32,000
D 664,800
P
P
P
ADJUSTED
TRIAL BALANCE
DR
1,482,000
480,000
260,000
12,000
12,600
550,000
450,000
60,000
152,000
84,000
3,110,000
590,000
24,000
88,000
22,000
660,000
540,000
360,000
29,400
45,000
38,400
38,000
20,000
9,107,400
P
CR
38,400
88.000
45,000
582,000
30,000
96,000
240,000
120,000
1,240,000
360,000
100,000
120,000
18,000
6,030,000
D 9,107,400 P
P
。
STATEMENT OF
PROFIT & LOSS
DR
3,110,000
590,000
CR
6,030,000
P
STATEMENT OF
FINANCIAL POSITION
DR
CR
1,482,000
480,000
260,000
12,000
12,600
550,000
450,000
60,000
152,000
84,000
。
24,000
88,000
22,000
660,000
540,000
360,000
29,400
45,000
38,400
38,000
20,000
5,564,800 P 6,030,000 P 3,542,600 P
38,400
88,000
45,000
582,000
30,000
96,000
240,000
120,000
1,240,000
360,000
100,000
120,000
18,000
3,077,400
P 465.200
465,200
6,030,000 P 6,030,000 P 3,542,600 P 3,542,600
Expert Solution
![Check Mark](/static/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 2 steps with 1 images
![Blurred answer](/static/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Record the appropriation of $77000 of retained earnings on December 31, 2022, by Jack Inc. to establish an appropriation for bond retirement. Record the entry to establish appropriation.arrow_forwardMicrosoft Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock: Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 90% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented: (Shares in millions) Year Ended June 30, Shares purchased Average price per share 2020 2019 9 11 13 $142.22 $104.85 $76.40 2018 As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP. Required: Prepare the journal entry that summarizes Microsoft's employee share purchases for the year ending June 30, 2020. Note: If no entry is required for a transaction/event, select "No…arrow_forwardThe Daily Corporation, a company whose securities are publicly traded, prepares monthly, quarterly, and annual financial statements for internal use but disseminates to external users only the annual financial statements. Agree or Disagree with the above statement?arrow_forward
- Ricci Corporation is preparing their financial statements for the year ending September 30, 2021. Ricci Corporation has two categories of stock; Preferred and Common. On September 25, 2021 Ricci Corporation declared dividends on the preferred stock which will be paid on October 18, 2021. In order to calculate EPS the staff accountant had the following information: 2021 Net Income: $4,000,000 Preferred Dividends Declared in September 25, 2021 $ 500,000 but not paid until October 18, 2021 Weighted Average Number of Common Shares Outstanding 125,000 shares The staff accountant has determined that since the preferred dividends were not paid prior to September 30, 2021 the preferred dividend should not be included in the 2021 EPS. Accounting Issue: In the calculation for EPS should Ricci Corporation include the preferred dividends not paid prior to September 30, 2021? Your Interpretation of the Guidance: Should Ricci Corporation include the preferred dividends in the calculation of EPS…arrow_forwardhelp please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all workingarrow_forwardHow do I do this?arrow_forward
- Recording Stock Dividends and Stock Splits The records of Dixie Corporation showed the following balances on November 1, 2020. Common stock, $10 par, 48,000 shares outstanding $480,000 Paid-in capital in excess of par 163,200 320,000 Retained earnings The fair value of its stock is $18 per share. Accounting for Stock Dividends Accounting for Stock Splits Prepare journal entries for the following three separate scenarios. a. The company declares (November 1, 2020) and issues (November 20, 2020) a 10% stock dividend. b. The company declares (November 1, 2020) and issues (November 20, 2020) a 10% stock dividend. Of the 4,800 stock dividend shares, 4,480 shares are whole shares and 320 shares are fractional shares. It is the company's policy to pay out fractional shares in cash. c. The company declares (November 1, 2020) and issues (November 20, 2020) a stock split effected in the form of a 100% stock dividend. • Note: List multiple debits (when applicable) in alphabetical order and list…arrow_forwarda) Prepare all the journal entries for the stated transactions b) Assume that the income for the year is $13,500,000. Prepare a statement of changes in shareholders' equity c) Prepare the shareholders' equity section of the balance sheet at the end of the yeararrow_forwardSHOW THE JOURNAL ENTRY OF G AND H! SHOW THE JOURNAL ENTRY OF G AND H!arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
![Text book image](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
![Text book image](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
![Text book image](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
![Text book image](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education