Bentley Corporation received cash from issuing 11,000 shares of common stock at par on January 1, 2024. The stock has a par value of $0.05 per share. Which is the correct journal entry to record this transaction? O Cash is credited for $11,000 and Common Stock-$0.05 Par Value is debited for $11,000. O Cash is debited for $11,000, Common Stock-$0.05 Par Value is credited for $550, and Paid-In Capital in Excess of Par-Common credited for $10,450. O Cash is debited for $550, and Common Stock-$0.05 Par Value is credited for $550. O Paid-In Capital in Excess of Par-Common is debited for $10,450, and Common Stock-$0.05 Par Value is credited for $10,450.
Q: As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated,…
A: Sale of Equipment - The Sale of Equipment is a transaction entered into by the company. It is not an…
Q: because those are incorrect!!! please show all the calculations and journal entries in the same…
A: Journal entries refer to the process of noting all the daily activities or transactions of a company…
Q: During the current year, Martinez Company disposed of two different assets. On January 1, prior to…
A: When the Cash received from the sale of an asset is more than the net book value of asset there is…
Q: eciation charge during the 13th year and the book value at the end of 13 years by the (a) declining…
A: Total value of asset to be capitalised = P100,000 Salvage value = P5,000 Live of the Asset = 17Year…
Q: If a preferred stock from pays $3.00 in annual dividends, and the required return on the preferred…
A: Preferred Stock :— It is one of the source of capital in which it pays fixed periodic dividend to…
Q: Inventory information for Part 311 of Waterway Corp. discloses the following information for the…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. The…
Q: The adjusted trial balance of Delia company included the following accounts for the current year:…
A: Comprehensive income includes all the income and expenses which are related to operations and not…
Q: Assume the following sales data for a company: Current year $1,025,000 Preceding year 820,000 What…
A: Given, Current year sales = $1,025,000 Preceding year sales = $820,000 Percentage increase in sales…
Q: Rockland comapny recently completed 2250 units of its single product, consuing 4650 labor hours that…
A: The variance is the difference between the actual data and standard output of the production. The…
Q: Question 1 of 1 View Policies Show Attempt History Current Attempt in Progress On December 1, 2022.…
A: Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…
Q: The payroll register for D. Salah Company for the week ended May 18 indicated the following:…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Intercontinental, Incorporated, uses a perpetual inventory system. Consider the following…
A: Inventory Valuation Method - Inventory Valuation can be done using three methods - a. FIFO Method b.…
Q: Revenue from product X is $4,000. Total variable costs for product X are $2,500. The allocated fixed…
A: If a product is dropped then revenue from the product is lost, variable costs are saved and…
Q: A grocer bought 100 pounds of mushrooms at 79¢ per pound. Experience indicates that, as a result of…
A: Selling Price = Cost + Markup Original Marked Price = Total Revenue to be generated by 40 pounds of…
Q: Harry, Tony, and Liza run a partnership firm and share in the profits 1:3:2, respectively. In the…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Assume that we use a perpetual inventory system and that five identical units are purchased at the…
A: Inventory valuation method includes: FIFO method LIFO Method Weighted average cost method FIFO…
Q: Sean owns a ski shop. He paid $280 for some skis and later sold the skis for $364. What is the…
A: The markup is the difference between the sales revenue and product cost. The markup percent is…
Q: How could 401(k) plans potential work against the principles of diversification
A: According to the diversification principle, the unsystematic risk may be mitigated by the use of…
Q: Required information Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed…
A: Albee, LLC Tax basis balance sheet Particulars Amount ($) Assets Cash 505000 Land 120000 Totals…
Q: 1. Property taxes on a manufacturing plant is an element of: a. Conversion cost b. Prime cost c.…
A: Since you have posted multiple questions, we will do the first one for you. To get the other…
Q: Susan, Preston, and Roman are partners in a firm with the following capital account balances: Susan…
A: When the capital balance of retiring partner is settled, the difference between the capital balance…
Q: xpenses, gains, and losses: enue ale of land (§1231) oods sold ion-MACRS
A: Answer :Georgio's owns 10% Particular Total amount 10% allocated to Georgio Separately stated…
Q: Snow and Williams are partners in a firm with the following capital account balances: Snow Williams…
A: Partnership is the type of business in which two or more person together run the business and shares…
Q: Question 6 Perniagaan Kompani manufactured 100,000 units wooden crafts in 2020 and reported the…
A: Every manufacturing unit should record all the costs or expenses for making the product. Companies…
Q: Harding Corporation acquired real estate that contained land, building and equipment. The property…
A: The Asset like land, building and equipment are the fixed assets for the firm and as shown under the…
Q: In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa…
A:
Q: Exercises - Intangible assets (Eng) Ex 1: Section 4.2.1. Recognition skill: basic In April 2001 your…
A: Business expenses are characterized into two categories capital and revenue. Revenue expenditures…
Q: The marketing department of Jessi Corporation has submitted the following sales forecast for the…
A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…
Q: 5. A loan L is repaid with twenty annual payments. The total amount of each payment is $1,200. The…
A: Introduction Payments paid yearly are payments required by law. Similar to savings and investment…
Q: Suzy Service Company (SSC) grants an ISO to Bill on March 31, 2016, for 200 shares with an exercise…
A: ISO is a stock option given to the employees by the employer. Under this option, the employees are…
Q: ncome ted account balances: unts receivable -ued interest receivable End of Year $ 650,000 9.00A…
A: Cash flow statements refer to those financial documents that reflect all the cash that a company…
Q: A borrower has two alternatives for a loan: (1) issue a $360,000, 75-day, 6% note or (2) issue a…
A: Notes payable is a promise to pay certain amount by the buyer to the seller on a date and interest…
Q: Inventory information for Part 311 of Waterway Corp. discloses the following information for the…
A: LIFO Method :— It is one of the method of inventory valuation in which recent purchases is used for…
Q: which of the following occurs if a company decreases its selling price per unit? a. net income…
A: The contribution margin is calculated as difference between sales and variable costs. The…
Q: Michelle bought jackets for her boutique at a cost of $311 each. The jackets were marked up so that…
A: DISCLAIMER: “Since you have asked multiple question, we will solve the first question for you. If…
Q: Franklin Manufacturing Company has two divisions, X and Y. Division X prepares the steel for…
A: Discussion on the Transfer price of the Division X point of View as they are working in the full…
Q: Curt sells music CDs. He pays $9 for a CD and uses a 33% markup on cost. At what price should Curt…
A: The value that a participant adds to the cost price of a product is referred to as the mark-up for…
Q: Sales revenue (1000 units) $20,000 Fixed costs $29,000 Contribution margin ration 60%, what is the…
A: The contribution margin is calculated as difference between sales and variable costs. The break even…
Q: K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The…
A: In contrast to net pay, which is the amount an employee actually receives as take-home pay, gross…
Q: Mr. Li is employed by BDF Incorporated. Assume that in the year 2023, the Social Security base…
A: The current tax rate for social security is 6.2% and The current rate for Medicare is 1.45%
Q: On January 1 of Year 1, Stealth Company sold a machine (classified as inventory) that had a list…
A:
Q: Calculate the maximum amount that Megan can deduct for contributions to a defined contribution Keogh…
A: Keogh plan are tax deferred tax plans and it's based on Defined Contribution or Defined Benefit for…
Q: Media Bias Incorporated issued bonds 10 years ago at $1,000 per bond. These bonds had a 40-year life…
A: Price of the Bond=Present Value of Face Value+Present Value of Interest Payment
Q: Returned supplies for $1500.
A: Supplies - Supplies is the Current assets purchased by the company to be used in the normal working…
Q: Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are…
A: Production Budget :— This budget is prepared to estimate the units to be produced during the period…
Q: Garcia Company owns equipment that cost $76,800, with accumulated depreciation of $40,800. Record…
A: Journal entry is the primary step to record the transaction in the books of accounts. The increase…
Q: Alpha and Beta companies produce the same product with different technology. The selling price (T)…
A: Break-Even Point: The Break-even point is the point of sale at which an organization does not earn…
Q: You are thinking about opening an oil change business. Fixed costs are $5,610 a month. You will…
A: Break Even Point (BEP) :— It is the point at which total cost is equal to total revenue. At this…
Q: Michelle exchanges land in Illinois with a FMV of $100,000 and an adjusted basis of $60,000 for land…
A: Fair market value refers to the current price that an interested buyer in the open market is willing…
Q: Question 6 Pemiagaan Kompani manufactured 100,000 units wooden crafts in 2020 and reported the…
A: The cost of goods sold for 2021. The amount of prime costs added to production during 2021. The…
33. Help me selecting the right answer. Thank you
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Cash dividends on the 10 par value common stock of Garrett Company were as follows: The 4th-quarter cash dividend was declared on December 21, 2019, to shareholders of record on December 31, 2019. Payment of the 4th-quarter cash dividend was made on January 18, 2020. In addition, Garrett declared a 5% stock dividend on its 10 par value common stock on December 3, 2019, when there were 300,000 shares issued and outstanding and the market value of the common stock was 20 per share. The shares were issued on December 24, 2019. What was the effect on Garretts shareholders equity accounts as a result of the preceding transactions?Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
- Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.
- Bentley Corporation received cash from issuing 13,000 shares of common stock at par on January 1, 2024. The stock has a par value of $0.05 per share. Which is the correct journal entry to record this transaction? CZTEED OA Cash is credited for $13,000 and Common Stock-$0.05 Par Value is debited for $13,000 OB. Cash is debited for $650, and Common Stock-$0.05 Par Value is credited for $650 OC, Cash is debited for $13,000, Common Stock-$0.05 Par Value is credited for $650, and Paid-In Capital in Excess of Par-Common credited for $12,350 OD. Paid-In Capital in Excess of Par-Common is debited for $12,350, and Common Stock-$0.05 Par Value is credited for $12,350Bentiey Corporation received oash from issuing 12,000 shares of common stock at par on January 1, 2018. The stock has a par value of $0.02 per share. Which is the comect journal entry to record this transaction? O A. Cash is credited for $12,000 and Common Stock-$0.02 Par Value is debited for $12.000. O B. Paid - In Capital in Excess of Par-Common is debited for $11,760, and Common Stock-S0.02 Par Value is credited for $11,700. O C. Cash is debited for $240, and Common Stock-$0.02 Par Value is credited for $240. OD. Cash is debited for $12,000, Common Stock-$0.02 Par Value is oredited for $240, and Pald - in Capital in txcens of Par- Common credited for $11,760Allridge Corporation received cash from issuing 26,000 shares of common stock at $5 per share on January 1, 2018. The stock has a par value of $1 per share. Which is the correct journal entry to record this transaction? A. Common Stock $1 Par Value Paid - in Capital in Excess of Par Cash B. Common Stock $1 Par Value Paid - in Capital in Excess of Par Cash C. Cash - O D. Cash Common Common Stock $1 Par Value Paid - in Capital in Excess of Par Common Common Stock $1 Par Value Paid - in Capital in Excess of Par Common Common 104,000 26,000 26,000 104,000 130,000 130,000 130,000 130,000 104,000 26,000 26,000 104,000
- Allridge Corporation received cash from issuing 38,000 shares of common stock at $4 per share on January 1, 2018. The stock has a par value of $1 per share. Which is the correct journal entry to record this transaction? O A. Common Stock - $1 Par Value Paid-in Capital in Excess of Par - Common Cash O B. Cash Common Stock $1 Par Value Paid-in Capital in Excess of Par - Common OC. Cash Common Stock - $1 Par Value Paid-in Capital in Excess of Par $1 Par Value Paid-in Capital in Excess of Par Cash OD. Common Stock - ID Common Common 4 38,000 114,000 152,000 152,000 114,000 38,000 152,000 38,000 114,000 114,000 38,000 152,000Butler, Inc. had the following treasury stock transactions in 2024: July 8 Purchased 1,000 shares of the company's $5 par value common stock as treasury stock, paying cash of $12 per share. Sold 400 shares of the treasury stock for cash of $18 per share. Sold 100 shares of the treasury stock for cash at $10 per share. July 12 July 20 Journalize these transactions. Include the date. Explanations are required.Haney Corporation issued 20,000 shares of common stock on January 1, 2018. The stock has par value of $1.00 per share and was sold at $30 per share. Which of the following is the correct journal entry to record this transaction? a. Debit Cash $600,000, credit Common stock $20,000, and credit Paid-in capital $580,000. b. Debit Cash $600,000 and credit Paid-in capital $600,000. c. Credit Cash $600,000, debit Common stock $20,000, and debit Paid-in capital $580,000. d. Debit Cash $600,000 and credit Common stock $600,000.