Rodriguez Corporation issues 16,000 shares of its common stock for $163,100 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $8 par value. 2. The stock has neither par nor stated value. 3. The stock has a $4 stated value. View transaction list Journal entry worksheet A B C Record the issue of 16,000 shares of $8 par value common stock for $163,100
Q: P17-13 General Fund Entries [AICPA Adapted] The following information was abstracted from the…
A: Journal Entries are a part of double entry bookkeeping. Journal Entries are used to record the…
Q: The allwardt trust is a simple trust that correctly uses the calander year for tax purposes. It's…
A: Trust is a financial relationship between two parties called the trustor and the trustee. The…
Q: Does net debt ratio provide useful information to the investor? Are the NonGAAP measures, ROCE and…
A: Investors are the resources who bring their capital to the company with an intention to earn the…
Q: The prepaid insurance account had a beginning balance of $3,420 and was debited for $6,460 of…
A: The adjustment entries are required at the year end to adjust the deferral and accruals for the…
Q: A company reports the following: Cost of merchandise sold $1,861,500 Average merchandise inventory…
A: analysing of the ratio is considered to be very important part both in finance and an accounts…
Q: Sarasota Inc. had beginning inventory of $23,000 at cost and $31,000 at retail. Net purchases were…
A: Ending inventory is the resulting amount after deducting the cost of goods sold from the cost of…
Q: Walsh Company manufactures and sells one product. The following information pertains to each of the…
A: The variable manufacturing costs are included in the product cost under variable costing. The fixed…
Q: 16. A three-year project requires an initial investment of £100,000 and will produce positive net…
A: Sensitivity analysis is used to determine the most sensitive element or factor which influences the…
Q: Chuck recently purchased brand new equipment for his sign making business. He received an invoice…
A: 1. Here credit term 4/10, 2/20, n/60 refers to The vendor has provided a credit period of 60days to…
Q: A company makes three products, details of which are as follows Product P £ £ £ 8.00 18.00 22.00…
A: Production plan is determined by the maximum profit per hour.
Q: Give an example of an error that occurs on one of the financial statements and the error flows…
A: Financial statements are prepared at the end of the period by every company to determine the profits…
Q: Company X has trade credit policy 1/10 N45. If you can borrow from a bank at 9,5% annual rate, would…
A: 1/10 net 45: 1/10 net 45 is a trade credit extended to the buyer from the seller which means the…
Q: The government facilitates two financial tools for retirement, OAS and CPP. They do have some…
A: OAS is the old age security pension plan where individuals above a certain old age limit would…
Q: Question 6 The A&J Company has the following information regarding their operations for the month of…
A: The difference between actual and applied overhead cost is termed as overapplied or underapplied.…
Q: Rotorua Products, Limited, of New Zealand markets agricultural products for the burgeoning Asian…
A: You are able to analyze several pieces of financial information, such as net sales, cost of goods…
Q: Government‐wide statements are on a full accrual basis; fund statements are on a modified accrual…
A: 2) Expenditure due on accrual basis : No entry on modified accrual basis 3) Expenditure due on…
Q: Thornton, Inc. has budgeted sales for the months of September and October at $305,000 and $283,000,…
A: The cash collection schedule is prepared to estimate the cash collected from the customers during…
Q: On October 1, 2022, BFAR Corporation issued 20,000 shares of its P100 par ordinary shares to MJE…
A: When assets are acquired in exchange for shares, the assets are recorded at the fair value of the…
Q: For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation…
A: Depreciation is the amount which is to be reduced from value of assets to recognise the normal…
Q: The following transactions were taken from BFAR Corporation: Authorized Ordinary share capital of…
A: The company's share capital is composed of a small part, and each part of the capital is called a…
Q: Revenues Costs: Variable cost of goods sold Differential Analysis Continue Cups (Alt. 1) or…
A: Differential analysis is a technique which helps in making the decision between two options and…
Q: Prior to the subscription of MJE, the accounting equation of BFAR Corporation is Assets Liabilities…
A: The general fairness of a enterprise is derived with the aid of using subtracting its liabilities…
Q: Hygeia Health expects to sell 410 units of Product A and 390 units of Product B each day at an…
A: Cost of goods sold is the amount of cost incurred on the making of the goods that are sold by the…
Q: he following information was drawn from the year-end balance sheets of Thornton River, Inc. Account…
A: The cash flow statement is prepared to record the cash flow from various activities during the. The…
Q: The Long-Term Debt section of Chesapeake's Balance Sheet at December 31, 2022 showed the following:…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: These documents do not need to be disclosed Question 9 options: A) documents that are not notarized…
A: Disclosure of documents Disclosing documents means producing the documents before any authority or…
Q: Compute PPE turnover for fiscal year ended April 30, 2019. Round answer to one decimal place. Answer…
A: PPE Turnover = Net sales (÷) Average Total property, Plant and equipment = 7916.4 ÷ [ (1975.2 +…
Q: Johnny's personal-use classic Ford Mustang, for which he paid $12,000 seven years ago but now worth…
A: Taxpayer can deduct casualty and theft losses relating to home, household items, and vehicles on…
Q: The Central Valley Company is a manufacturing firm that produces and sells a single product. The…
A: The high low method is used to separate the fixed and variable costs from the mixed costs of…
Q: Corporate Accounting 1 A... Depreciation on venicie Depreciation Depreciation on Furniture on Plant…
A: Comment - Multiple Questions Asked. Question -1 Partnership - A partnership is a type of business…
Q: On January 1, 2020, Urban Inc. issued 10,000 shares of $1 par common stock for $10 per share. On…
A: Reacquired stock is shares that the issuing entity has purchased back from investors. These shares…
Q: Cost of direct materials used in production Direct labor Factory overhead Work in process inventory,…
A: Cost of goods manufactured and cost of Goods sold
Q: Guihua Company opened a new store in February this year. During the first year of operations, the…
A: Assume Guihua uses a moving average perpetual Method. Calculation of Cost of goods sold, Cost of…
Q: The average sale period. (The inventory at the beginning of last year totaled$1,920,000.) f. The…
A: Financial ratios establish relationships between two or more financial statement elements. It…
Q: Federal Income Tax Withholding Bob Wolfe's weekly gross earnings for the present week were $2,870.…
A: The time period withholding tax refers back to the cash that an organization deducts from a worker’s…
Q: Bob, a CPA, earns $200,000 from his accounting practice in the current year. He receives $25,000 in…
A: Adjusted gross income is the amount on which the tax liability of the taxpayer is determined after…
Q: Journalize the transaction for the purchase of a truck on April 4 for $72,680, paying $5,800 c If an…
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: Louis wins the Lottery and, after taxes, gets to keep $3 million. He quits his job, buys a house and…
A: Bankruptcy refers to the legal procedure through which the person or entities who could not repay…
Q: Sunshine Electronics Ltd records its inventory of Smile Luminous backpacks by using a perpetual…
A: The inventory is one of the types of current assets listed on the balance sheet of a company. These…
Q: Presented below is the 2021 income statement and comparative balance sheet information for Tiger…
A: Cash Flow Statement :— It is one of the financial statement that shows change in cash and cash…
Q: You are currently on work experience at CMAS Co-operative Ltd and the General Manager has asked your…
A: Impairment loss is the amount that represents a difference between the recoverable value of an asset…
Q: A company reports the following income statement and balance sheet information for the current year:…
A: Return on total assets: Return on total assets measures the company's ability to generate the…
Q: Great Outdoors Company makes two types of camping tents. Making a standard camping tent requires 4…
A: Clearing the concept in this question: Manufacturing cost is allocated to the products based on the…
Q: 6 A self-employed contractor designs residences in Hawaii. During the tax year, the taxpayer's…
A: The Schedule C (Form 1040) is a federal tax return to report income or loss from a business operated…
Q: Journalize the following merchandise transactions. Refer to the chart of accounts for the exact…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: and Rebecca have AGI of $446,000. They have twin daughters, Ashley and Amy, ages 5. What amount of…
A: There are child tax credit available and can be claimed during the year and tax credit can be…
Q: Milligan's Millworks pays its employees weekly. Use the wage-bracket tables from Appendix C to…
A: salary dropped to at least $ 830 but less than $ 854 and exemption = 4. salary falls at least $ 1178…
Q: Question Content Area Dividends Per Share Seventy-Two Inc., a developer of radiology equipment, has…
A: DIVIDEND A Dividend is a Distribution of Profits by a Corporation to its Shareholders.…
Q: 1. Georgiou operates a marginal costing system. The business makes three different types of felt…
A: Sales volume variance = (Actual volume - Budgeted Volume) * Budgeted price Sales Price variance=…
Q: Beauty Beyond Words Salon uses an activity-based costing system to determine the cost of services.…
A: Solution... Total cost assigned = Activity rate * actual activity consumed
please answer
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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.Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.Stockholders' Equity section of balance sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Prepare the Stockholders Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 9,000 shares have been reacquired.
- Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.Brown Corporation issues 800 shares of its 5 par common stock for 20 per share. Prepare the journal entry to record this transaction.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.
- Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 7% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par value common stock. In its first year, the corporation 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.Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
- 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.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.