During its first year of operations, Bonita Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 83,700 shares for cash at $6 per share. Mar. 1 July Sept. Issued 5,000 shares to attorneys in payment of a bill for $37,000 for services rendered in helping the company to incorporate. 1 Issued 32,100 shares for cash at $8 per share. Issued 63,100 shares for cash at $10 per share. 1
Q: would need to be recorded for this lease on December 31st as part o the company's adjusting entries?…
A: Adjustment Journal Entry At the conclusion of a books of accounts, an adjusting journal entry is…
Q: Current Attempt in Progress Concord Corp, a private corporation, received its articles of…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: During its first year of operations,
A: AFS i.e available for sale securities are those securites which have ready market for sale…
Q: Problem 7-48 The MARSHALL Company Production & Sales Data Details Ying Yang Bit Total…
A: Part a: Computation of the joint cost to be allocated between Ying and Yang:
Q: The management of Petro Garcia Inc. was discussing whether certain equipment should be written off…
A: Making a journal entry is the first step in documenting a business transaction in the books of…
Q: Problem 31-7 (IAA) On January 1, 2018, Epitome Company acquired the following property, plant and…
A: Revaluation is the process of recording non-current assets of the business entity with respect to…
Q: Find the operating cash flow for the year for Monisan and Sons if it had sales revenue of…
A: Operating cash flow measures the amount of funds generated by a company's regular business…
Q: [The following information applies to the questions displayed below.]
A: Cash flow statement represents the cash inflow and cash outflow of the company that involves the…
Q: Riverbed Corp. Income Statement (Partial) $ $ $
A: Income statement is one of the financial statement being prepared in business. This shows…
Q: Calculate the following: a. If the overnight fed funds rate is quoted as 2.25 percent, what is the…
A: ANSWERS:- a. Bond equivalent rate=2.287% b. Yield on the repo =3.48% c. interest = Rs 1527.77 d.…
Q: A Problem 21-5A B C Question 1 Unit Selling Price Unit Variable Cost Unit Contribution Margin…
A: BREAKEVEN POINT Break Even means the volume of production or sales where there is no profit or…
Q: Exercise 8-15 End-of-period interest adjustment for notes receivable LO4 Outer Armour (OA) is a…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…
Q: The net income from operations was $80,000 and the only revenue or expense item not affecting cash…
A: INTRODUCTION: Cash flow from operational activities also known as operating cash flow, free cash…
Q: NOVA Lanes is a bowling alley. Review the following financial information as of December 31, 2022.…
A: Net income When the incomes become higher than the charges incurred by a company in an accounting…
Q: Which of the following categories of ratios is only relevant to a listed company? 1. Profitability…
A: Answer:- Accounting ratio meaning:- Accounting ratios are a class of measurements used to gauge a…
Q: Sheryl Hansen started a business on May 1, 20--. Analyze the following transactions for the first…
A: T-Accounts The accounts which are prepared on the basis of journal entries recorded in the…
Q: The net profit margin ratio is calculated by dividing net sales by net income.
A: INTRODUCTION: The net profit margin calculates how much net income is earned as a percentage of…
Q: Anton Company uses the perpetual inventory method. Anton purchased 760 units of inventory that cost…
A: Lets understand the basics. There are two inventory systems are followed which are periodical basis…
Q: Financial Statements for Partnership The ledger of Camila Ramirez and Ping Xue, attorneys-at-law,…
A: Partnership is the relation between two or more person, it has the following characteristics They…
Q: ces Lakeside Incorporated produces a product that currently sells for $48 per unit. Current…
A: Incremental Approach :— Under this method, Incremental profit or loss is calculated by deducting…
Q: 28 Part 1 of 2 eBook Print References Mc Required information Problem 2-5A Analyze the impact of…
A: Journal entries are being termed as initial step in accounting cycle process. Under this, atleast…
Q: A company Ltd., projected net operating income of $75,000. It has 300,000, 8% debentures. (a)…
A: Net operating Income = $75,000 Given Capitalization rate…
Q: Use the following data to compute total factory overhead costs for the month: Sales commissions $…
A: Formula used: Total factory overhead costs=Indirect materials+Factory utilities+Indirect…
Q: Capital account transactions are not affected by Select one: a. Investment diversification
A: Balance sheet is the representation of financial position of the company tha includes the assets,…
Q: Freeman Engineering paid $43,000 for specialized equipment for use with their new global positioning…
A: MACRS: It is stand for Modified Accelarated Cost Recovery System. It is a system used to calculate…
Q: make resources available
A: Expansion of a project refers to the act of becoming bigger than usual. When a project expands, the…
Q: A tractor for over-the-road hauling is purchased for $90,000.00. It is expected to be of use to the…
A: Honor Code- “Since you have posted a question with multiple sub-parts, we will provide the solution…
Q: "Our auditors identified the following critical audit matter: Significant judgment may be required…
A: ANSWER:- c) 10-k Explanation For correct option:- The 10-K is an annual report that is required to…
Q: Kinney Company incorporated on May 1, of this year. Below you will find the company's financial data…
A: Income statement includes the details of revenue and expenses which shows the result in net income…
Q: Pursuant to the Foreign Account Tax Compliance Act, foreign financial institutions will have to…
A: ANSWER:- True EXPLANATION:- The Foreign Account Tax Compliance Act (FATCA) requires foreign…
Q: Required information [The following information applies to the questions displayed below.] Martinez…
A: FIXED COST Fixed costs are costs that Constant at any level of Activity. Fixed Cost Per Unit is…
Q: 1. (Compound Interest) Finding F, P, I, j, t Formula: Ic = F - P n = tm i=j/m F = P(1+i)n P = F(1 +…
A: Time Value of Money :— According to this concept, value of money in present day is greater than the…
Q: Required Information [The following information applies to the questions displayed below.] Sawyer's…
A: solution is given in the step 2 by calculation of profit.
Q: Sheridan Ltd. purchased a delivery truck on July 1, 2024. The list price of the new truck was…
A: Depreciation: The planned deduction in the book value of the fixed assets every year is recorded as…
Q: The Adams family decided early in 2020 to incorporate their family-owned farm under the name Adams…
A: Stockholders' equity section of the balance sheet shows the owners' claim on the company's assets it…
Q: Jakarta Company is a service firm with current service revenue of $400,000 and a 40% contribution…
A: Margin of safety is the level of sales above the break even point sales. It is the difference…
Q: Required information PA5-2 (Algo) Preparing a Bank Reconciliation and Journal Entries and Reporting…
A: Lets understand the basics. Bank reconciliation statement is a statement which reconcile the balance…
Q: Sales 60,000 ACquestion Variable Overheads. 36,0000 Contribution 1,15,000 Fixed Overheads…
A: Lets understand the basics. Profit volume ratio is also known as contribution margin ratio. It is a…
Q: Each of the four independent situations below describes a finance lease in which annual lease…
A: Table Values:- Present value factor for n = 10 and i = 12% is 0.3220 Present value of annuity due…
Q: The functions reporting to the CFO sometimes are grouped together and referred to as corporate…
A: Answer:- CFO:- A top executive in charge of overseeing a company's financial operations is referred…
Q: Catena's Marketing Company has the following adjusted trial balance at the end of the current year.…
A: In the above income Statement, interest Revenue is not incorporated. Therefore the correct net…
Q: Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.6% x…
A: Present value is the current value of a future sum of money given a specified rate of return.…
Q: Primare Corporation has provided the following data concerning last month's manufacturing…
A: Total Manufacturing Cost :— It is the total cost incurred in the manufacturing of product during the…
Q: A brand new car costs ₱500,000 and the salvage value is 10% of the original cost after 20 years.…
A: The straight-line depreciation method gradually reduces the value of an asset over time till it…
Q: Discount Interest Solve the following. Show solutions. Round off answers up to 2 (two) decimal…
A: Answer:- Discount interest:- When a loan's interest is paid upfront, it is generally referred to as…
Q: A U.S. firm has total assets valued at €827,000 located in Germany. This valuation did not change…
A: The change in value of assets is determined by deducting the last year value of assets from value of…
Q: On January 1, 2020, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company…
A: Journal entry is the activity required to record all transactions in books of accounts each entry…
Q: Exercise 18-23 (Algorithmic) (LO. 1, 2) Yvonne and Simon form Ion Corporation. Yvonne transfers…
A: For stocks , the cost basis is generally the price you paid to purchase the stock.
Q: If Growth Industries is operating at only 75% of capacity, how much can sales grow before the firm…
A: Given in the question: The sales for the year 2019 is $240,000 The sales can be increased by the…
Q: Don't give answer in image format
A: Subscription and Delinquency of Shares A way for a business to raise money. The general public is…
PARTICULARS | DEBIT | CREDIT |
CASH ACCOUNT | 502,200 | |
TO COMMON STOCK | 418,500 | |
TO SECURITIES PREMIUM ACCOUNT | 83700 | |
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
- Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. The company pays the dividend on December 14. What is the journal entry to record the payment of the dividend?Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. What is the journal entry to record the declaration of this dividend?Selected 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 37 5. The bonds are classified as a held-to-maturity 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 issue d 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 (I). 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 h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [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 in come statement for the year ended December 31, 201 6, 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, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.
- James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions: Journalize the transactions.Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.Jupiter Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is Jupiter Corporations weighted average number of shares for the year?
- Selected stock transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 400,000 shares of common stock at 11, receiving cash. b. Issued 5,000 shares of preferred 2% stock at 90. c. Purchased 150,000 shares of treasury common for 10 per share. d. Sold 80,000 shares of treasury common for 13 per share. e. Sold 20,000 shares of treasury common for 9 per share. f. Declared cash dividends of 1.50 per share on preferred stock and 0.06 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.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.Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.
- Brunleigh Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is Brunleigh Corporations weighted average number of shares for the year?Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?Nutritious Pet Food Companys board of directors declares a cash dividend of $5,000 on June 30. At that time, there are 3,000 shares of $5 par value 5% preferred stock outstanding and 7,000 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the declaration of the dividend?