Homework Answers
| Shareholders Equity | |||||||||
| Assets | liabilities | common | Retained | ||||||
| stock | Earnings | ||||||||
| Declared and paid a cash dividend to its shareholders | -150 | 0 | 0 | -150 | |||||
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QUESTION 7 Record the transaction below. Shareholders' Equity The following events took place in the first...
QUESTION 8 Record the transaction below. Shareholders' Equity The following events took place in the first...
QUESTION 8 Record the transaction below. Shareholders' Equity The following events took place in the first month of business Assets Liabilities_ Common StockRetained Earnings Adjusted for depreciation TO RECEIVE CREDIT FOR THE QUESTION, AN ANSWER MUST BE SELECTED FOR EACH COLUMN EVEN IF THERE IS NO EFFECT. IF THERE IS NO EFFECT, SELECT "ONO EFFECT." A. 100 Cash B(100) Accumulated Depreciation 100 Equipment Expense D.o No Effect (100) Depreciation Expense Asset - Liabilities Common Stock Retained Earnings
QUESTION 9 Record the transaction below. Shareholders' Equity Assets Liabilities The following events took place in...
QUESTION 9 Record the transaction below. Shareholders' Equity Assets Liabilities The following events took place in the first month of business. Adjusted for the interest owed on the bank loan TO RECEIVE CREDIT FOR THE QUESTION, AN ANSWER MUST BE SELECTED FOR EACH EVEN IF THERE IS NO EFFECT IF THERE IS NO Common StockRetained Earnings EFFECT, SELECT "O NO EFFECT." A 40 Cash B.(40) Note Payable (40) Interest Expense (40) Interest Payable E. O No Effect F40 Interest Payable...
QUESTION 1 Record the transaction below Shareholders' Equity The following events took place in its first...
QUESTION 1 Record the transaction below Shareholders' Equity The following events took place in its first month of business Assets Liabilities Common StockRetained Earnings Issued common stock for cash SELECT AN ANSWER EACH, EVEN IF THERE IS NO EFFECT. IF THERE IS NO EFFECT, SELECT "O NO EFFECT." Assets Liabilities -Common Stock A (15,000) Common Stock B. 15,000 Dividend C. 15,000 Net Income 15.000 Common Stock E. 15,000 Cash r. (15,000) Cash G. 15,000 Sales H. 15,000 Notes Payable Retained...
QUESTION 4 Record the transaction below Shareholders' Equity The following events took place in the month...
QUESTION 4 Record the transaction below Shareholders' Equity The following events took place in the month of April AssetsLiabilities Common Stock Retained Earnings Purchased equipmen AN ANSWER MUST BE SELECTED FOR EACH COLUMN EVEN IF THERE IS NO EFFECT. IF THERE IS NO EFFECT, SELECT "O NO EFFECT." Assets -Liabilities - Common Stock 7,200 Equipment; (7,200) Cash B. 0 No Effect '7,200 Cost of Goods Sold 7,200 Rent Expense 7,200 Prepaid Rent 7,200 Cash (7,200 ) Prepaid Rent (7,200 )...
QUESTION 2 Record the transaction below Shareholders' Equity The following events took place in the company's...
QUESTION 2 Record the transaction below Shareholders' Equity The following events took place in the company's first month of business AssetsLiabilities Com mon Stock Retained Earnings Issued a note for a bank loan TO RECEIVE CREDIT FOR THE QUESTION, AN ANSWER MUST BE SELECTED FOR EACH COLUMN (ASSETS, LIABILITIES, CONTRIBUTED CAPITAL, & RETAINED EARNINGS) EVEN IF THERE IS NO EFFECT. IF THERE IS NO EFFECT, SELECT "O NO EFFECT." 4 Assets -Liabilities -Common Stock A. 0 No Effect S. 8,120...
QUESTION 6 Record the transaction below Shareholders' Equity The following events took place in the first...
QUESTION 6 Record the transaction below Shareholders' Equity The following events took place in the first month of business Assets Liabilities Common Stock Retained Earnings Paid cash at the end of the month to its employees for services performed during the current month TO RECEIVE CREDIT FOR THE QUESTION, AN ANSWER MUST BE SELECTED FOR EACH EVEN IF THERE IS NO EFFECT. IF THERE IS NO EFFECT, SELECT "O NO EFFECT." A. 500 Caslh B. (500) Cash Asset -Liabilities 500...
QUESTION 5 Record the transaction below Shareholders' Equity Assets Liabilities The following events took place in...
QUESTION 5 Record the transaction below Shareholders' Equity Assets Liabilities The following events took place in the first month of business Sold inventory for cash Record both the sale and cost of goods sold. TO RECEIVE CREDIT FOR THE QUESTION, AN ANSWER MUST BE SELECTED FOR EACH COLUMN (ASSETS, LIABILITIES, CONTRIBUTED Co mmon StockRetained Earnings CAPITAL, & RETAINED EARNINGS) EVEN IF THERE IS NO EFFECT. IF THERE IS NO EFFECT, SELECT "O NO EFFECT." -Assets -Liabilities - Common Stock ....
QUESTION 3 Record the transaction below Shareholders' Equity The following events took pla place in Assets...
QUESTION 3 Record the transaction below Shareholders' Equity The following events took pla place in Assets Liabilities the first month of business Paid cash for inventory TO RECEIVE CREDIT FOR THE QUESTION, AN ANSWER MUST BE SELECTED FOR EACH EVEN IF THERE IS NO EFFECT. IF THERE IS NO Common Stock Retained Earnings EFFECT, SELECT "O NO EFFECT." -Assets (3,200) Cash; (3,200) Cost of Goods Sold B. (3,200) Inventory Expense C. 0 No Effect - Liabilities $ Common Stock (3,200)...
Shareholders’ equity accounts are affected by a number of transactions and events, and, in many instances,...
Shareholders’ equity accounts are affected by a number of
transactions and events, and, in many instances, there will be more
than one account affected for one transaction or event.
For the following list of transactions and events, indicate from
the drop-down menus which shareholders’ equity account(s) will be
affected, and how they will be affected (Increased, Decreased, or
Not Applicable). If the transaction or event does not affect a
shareholders’ equity account, indicate that by selecting "Not
Applicable." Where required,...
Question: Please help! The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts...
Question:
Please help!
The balance sheet of Consolidated Paper, Inc., included the
following shareholders' equity accounts at December 31, 2020:
Paid-in capital: Preferred stock,
8.8%, 90,000 shares at $1 par$90,000 Common stock, 364,000 shares
at $1 par 364,000 Paid-in capital—excess of par, preferred
1,437,000 Paid-in capital—excess of par, common 2,574,000 Retained
earnings 9,735,000 Treasury stock, at cost; 4,000 common shares
(44,000)Total shareholders' equity$14,156,000
During 2021, several events and transactions affected the
retained earnings of Consolidated Paper.
Required:
1. Prepare the appropriate...
QUESTION 8 Record the transaction below. Shareholders' Equity The following events took place in the first month of business Assets Liabilities_ Common StockRetained Earnings Adjusted for depreciation TO RECEIVE CREDIT FOR THE QUESTION, AN ANSWER MUST BE SELECTED FOR EACH COLUMN EVEN IF THERE IS NO EFFECT. IF THERE IS NO EFFECT, SELECT "ONO EFFECT." A. 100 Cash B(100) Accumulated Depreciation 100 Equipment Expense D.o No Effect (100) Depreciation Expense Asset - Liabilities Common Stock Retained Earnings
QUESTION 9 Record the transaction below. Shareholders' Equity Assets Liabilities The following events took place in the first month of business. Adjusted for the interest owed on the bank loan TO RECEIVE CREDIT FOR THE QUESTION, AN ANSWER MUST BE SELECTED FOR EACH EVEN IF THERE IS NO EFFECT IF THERE IS NO Common StockRetained Earnings EFFECT, SELECT "O NO EFFECT." A 40 Cash B.(40) Note Payable (40) Interest Expense (40) Interest Payable E. O No Effect F40 Interest Payable...
QUESTION 1 Record the transaction below Shareholders' Equity The following events took place in its first month of business Assets Liabilities Common StockRetained Earnings Issued common stock for cash SELECT AN ANSWER EACH, EVEN IF THERE IS NO EFFECT. IF THERE IS NO EFFECT, SELECT "O NO EFFECT." Assets Liabilities -Common Stock A (15,000) Common Stock B. 15,000 Dividend C. 15,000 Net Income 15.000 Common Stock E. 15,000 Cash r. (15,000) Cash G. 15,000 Sales H. 15,000 Notes Payable Retained...
QUESTION 4 Record the transaction below Shareholders' Equity The following events took place in the month of April AssetsLiabilities Common Stock Retained Earnings Purchased equipmen AN ANSWER MUST BE SELECTED FOR EACH COLUMN EVEN IF THERE IS NO EFFECT. IF THERE IS NO EFFECT, SELECT "O NO EFFECT." Assets -Liabilities - Common Stock 7,200 Equipment; (7,200) Cash B. 0 No Effect '7,200 Cost of Goods Sold 7,200 Rent Expense 7,200 Prepaid Rent 7,200 Cash (7,200 ) Prepaid Rent (7,200 )...
QUESTION 2 Record the transaction below Shareholders' Equity The following events took place in the company's first month of business AssetsLiabilities Com mon Stock Retained Earnings Issued a note for a bank loan TO RECEIVE CREDIT FOR THE QUESTION, AN ANSWER MUST BE SELECTED FOR EACH COLUMN (ASSETS, LIABILITIES, CONTRIBUTED CAPITAL, & RETAINED EARNINGS) EVEN IF THERE IS NO EFFECT. IF THERE IS NO EFFECT, SELECT "O NO EFFECT." 4 Assets -Liabilities -Common Stock A. 0 No Effect S. 8,120...
QUESTION 6 Record the transaction below Shareholders' Equity The following events took place in the first month of business Assets Liabilities Common Stock Retained Earnings Paid cash at the end of the month to its employees for services performed during the current month TO RECEIVE CREDIT FOR THE QUESTION, AN ANSWER MUST BE SELECTED FOR EACH EVEN IF THERE IS NO EFFECT. IF THERE IS NO EFFECT, SELECT "O NO EFFECT." A. 500 Caslh B. (500) Cash Asset -Liabilities 500...
QUESTION 5 Record the transaction below Shareholders' Equity Assets Liabilities The following events took place in the first month of business Sold inventory for cash Record both the sale and cost of goods sold. TO RECEIVE CREDIT FOR THE QUESTION, AN ANSWER MUST BE SELECTED FOR EACH COLUMN (ASSETS, LIABILITIES, CONTRIBUTED Co mmon StockRetained Earnings CAPITAL, & RETAINED EARNINGS) EVEN IF THERE IS NO EFFECT. IF THERE IS NO EFFECT, SELECT "O NO EFFECT." -Assets -Liabilities - Common Stock ....
QUESTION 3 Record the transaction below Shareholders' Equity The following events took pla place in Assets Liabilities the first month of business Paid cash for inventory TO RECEIVE CREDIT FOR THE QUESTION, AN ANSWER MUST BE SELECTED FOR EACH EVEN IF THERE IS NO EFFECT. IF THERE IS NO Common Stock Retained Earnings EFFECT, SELECT "O NO EFFECT." -Assets (3,200) Cash; (3,200) Cost of Goods Sold B. (3,200) Inventory Expense C. 0 No Effect - Liabilities $ Common Stock (3,200)...
Shareholders’ equity accounts are affected by a number of
transactions and events, and, in many instances, there will be more
than one account affected for one transaction or event.
For the following list of transactions and events, indicate from
the drop-down menus which shareholders’ equity account(s) will be
affected, and how they will be affected (Increased, Decreased, or
Not Applicable). If the transaction or event does not affect a
shareholders’ equity account, indicate that by selecting "Not
Applicable." Where required,...
Question:
Please help!
The balance sheet of Consolidated Paper, Inc., included the
following shareholders' equity accounts at December 31, 2020:
Paid-in capital: Preferred stock,
8.8%, 90,000 shares at $1 par$90,000 Common stock, 364,000 shares
at $1 par 364,000 Paid-in capital—excess of par, preferred
1,437,000 Paid-in capital—excess of par, common 2,574,000 Retained
earnings 9,735,000 Treasury stock, at cost; 4,000 common shares
(44,000)Total shareholders' equity$14,156,000
During 2021, several events and transactions affected the
retained earnings of Consolidated Paper.
Required:
1. Prepare the appropriate...
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