Accounting: What the Numbers Mean
11th Edition
ISBN: 9781259535314
Author: David Marshall, Wayne William McManus, Daniel Viele
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 8, Problem 8.4ME
Mini-Exercise 8.4
LO 6
Required:
Use the horizontal model (or write the entry) to show the effects on Amelia, Inc.’s financial statements of
- The purchase of the treasury stock on April 10, 2016.
- The sale of the treasury stock on September 28, 2016.
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Question 1
Bentley Inc. had the following balances in its equity accounts at December 31, 2014.
Common shares, unlimited shares authorized,
55,000 shares issued, and outstanding.
Retained earnings.
$715,000
205,000
During 2015, the following equity transactions occurred:
a. May 12:A 10% share dividend was declared when the market value was $13 per share, to be paid on November 23.
b. November 23 : Date of distribution regarding the 10% share dividend.
c. December 31: Closed the dividend account.
d. December 31 : Closed the Income summary account, which has a credit balance of $90,000.
a) Prepare journal entries to account for the transactions during 2015. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be
15/Jan).
Page GJ1
F Debit Credit
General Journal
Date
Account/Explanation
+ -
b) Prepare the company's statement of changes in equity for the year ended December 31, 2015. Please make sure…
Problem 1 about Trading Securities
Bank National investment manager invests some of its financial resources in securities trading. During the last quarter of 2018, the following transactions took place in connection with trading securities.
Nov. 5. Buy 200 shares of M Company's ordinary shares for $ 86 per share.Nov 19. Buy 300 shares of Company P preferred stock at $ 63 per share.Dec 29 Sold 100 shares of Company M's ordinary shares for $ 89 per share.Dec. 15. Buy 400 shares of T Company common stock for $ 37 per shareDec 17 Company P shares are sold at preference shares at $ 62 per share
As of December 31, 2010, the stock market value was as follows:M, $ 87 per share;P, $ 61 per share; andT, $ 37.25 per share.The bank did not have any trading effects at the beginning of the last quarter of 2010.
Requested:1. Prepare a journal entry to record the information.2. Show what the bank reported in the 2010 fourth quarter profit and loss statement for these trading securities.3. Show how the…
Problem 6 (Adapted)Anna company presented the following account balances in the shareholders’ equity section for the year ended December 31, 2018: Preference share capital, 12% P50 par, P3,000,000, Ordinary share capital, P100 par, P6,000,000 and deficit, (P1,350,000). No dividends have been paid on the preference share since 2016. Determine the book value per share under the following conditions:a. Preference share is preferred as to assetsb. Preference share is preferred as to dividend
Chapter 8 Solutions
Accounting: What the Numbers Mean
Ch. 8 - Prob. 8.1MECh. 8 - Mini-Exercise 8.2 LO 2 Preferred stock-calculate...Ch. 8 - Prob. 8.3MECh. 8 - Mini-Exercise 8.4 LO 6 Treasury stock transactions...Ch. 8 - Prob. 8.5ECh. 8 - Exercise 8.6 Review exercise-calculate net income...Ch. 8 - Prob. 8.7ECh. 8 - Exercise 8.8 Review exercise-calculate retained...Ch. 8 - Prob. 8.9ECh. 8 - Prob. 8.10E
Ch. 8 - Prob. 8.11ECh. 8 - Prob. 8.12ECh. 8 - Prob. 8.13ECh. 8 - Prob. 8.14ECh. 8 - Exercise 8.15 LO 3 Dividend dates-market price...Ch. 8 - Exercise 8.16 LO 3 Ex-dividend date-market price...Ch. 8 - Prob. 8.17ECh. 8 - Prob. 8.18ECh. 8 - Prob. 8.19ECh. 8 - Prob. 8.20ECh. 8 - Prob. 8.21ECh. 8 - Prob. 8.22ECh. 8 - Prob. 8.23PCh. 8 - Prob. 8.24PCh. 8 - Prob. 8.25PCh. 8 - Prob. 8.26PCh. 8 - Prob. 8.27PCh. 8 - Problem 8.28 LO 1, 2, 4, 6 Transaction...Ch. 8 - Problem 8.29 LO 1, 2, 4, 6 Transaction...Ch. 8 - Problem 8.30 LO 1. 2, 4, 6 Transaction...Ch. 8 - Prob. 8.31PCh. 8 - Prob. 8.32PCh. 8 - Prob. 8.33CCh. 8 - Prob. 8.34CCh. 8 - Prob. 8.35CCh. 8 - Case 8.36 LO 1, 2, 7 Capstone analytical review of...
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