Homework Answers
1. In the books of Foley Corporation:
| Transaction / Event | Account Titles | Debit | Credit |
| $ | $ | ||
| 1. | Retained Earnings | 90,000 | |
| Dividends Payable: Preferred Stock ( 300,000 x 4 % ) | 12,000 | ||
| Dividends Payable: Common Stock | 78,000 | ||
| 2. | Retained Earnings ( 36,000 x 15 % x $ 22 ) | 118,800 | |
| Common Stock | 54,000 | ||
| Paid-in Capital in Excess of Par | 64,800 | ||
| 3. | Income Summary | 140,000 | |
| Retained Earnings | 140,000 | ||
| Retained Earnings | 69,000 | ||
| Retained Earnings Appropriated for Plant Expansion | 69,000 |
2.
| Foley
Corporation Balance Sheet ( Partial ) |
|
| Stockholders' Equity | |
| 4 % Preferred Stock | $ 300,000 |
| Common Stock, $ 10 par, 41,400 issued and outstanding | 414,000 |
| Paid-in Capital in Excess of Par | 174,800 |
| Total Paid-in Capital | 888,800 |
| Retained Earnings, unrestricted | 299,200 |
| Retained Earnings, restricted for plant expansion | 69,000 |
| Total Stockholders' Equity | $ 1,257,000 |
Add Answer to:
please show work
Foley Corporation has the following capital structure at the beginning of the year:...
In. Foley Corporation has the following capital sin Ollowing capital structure at the beginning of the year: $ 300,000...
In. Foley Corporation has the following capital sin Ollowing capital structure at the beginning of the year: $ 300,000 5% Preferred stock, $50 par erred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding common stock, $10 par value. 60.000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity 400,000 110,000 810,000 440,000 $1,250,000 Instructions (a) Record the following transactions which occurred consecutively (show all...
Maggie Corporation has the following capital structure at the beginning of the year: 4% Preferred stock,...
Maggie Corporation has the following capital structure at the beginning of the year: 4% Preferred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding $300,000 Common stock, $10 par value, 60,000 shares authorized, 35,000 shares issued and outstanding 350,000 Paid-in capital in excess of par 103,000 Total paid-in capital 753,000 Retained earnings 430,000 Total stockholders' equity $1,183,000 (a) Partially correct answer iconYour answer is partially correct. Record the following transactions which occurred consecutively. (Credit account titles are...
Skysong Company reported the following amounts in the stockholders' equity section of its December 31, 2019,...
Skysong Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (101,500 shares authorized, 20,300 shares issued) 101,500 Additional paid-in capital 130,000 Retained earnings 486,000 $897,500 Total During 2020, Skysong took part in the following transactions concerning stockholders' equity. Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend on...
Premierline, Inc. reported the following shareholders' equity section as of the beginning of the current year...
Premierline, Inc. reported the following shareholders' equity section as of the beginning of the current year (Click the icon to view the data.) During the current year, Premierline engaged in the following transactions affecting the stockholders' equity section of its current balance sheet. Prepare all journal entries required to record the following transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) 1. Issued 200,000 shares of its 51 par value common stock at $35 per share. The...
Premierline, Inc. reported the following shareholders' equity section as of the beginning of the current year...
Premierline, Inc. reported the following shareholders' equity section as of the beginning of the current year (Click the icon to view the data.) During the current year, Premierline engaged in the following transactions affecting the stockholders' equity section of its current balance sheet. Prepare all journal entries required to record the following transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) 1. Issued 200,000 shares of its 51 par value common stock at $35 per share. The...
Nash Company reported the following amounts in the stockholders' equity section of its December 31, 2019,...
Nash Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 10%. $100 par (10,000 shares authorized, 2.000 shares issued) $200.000 Common stock, $5 par (108,000 shares authorized, 21,600 shares issued) 108,000 Additional paid-in capital 119,000 Retained earnings 419,000 Total $846,000 During 2020, Nash took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $10 per share dividend on preferred stock and a $2 per share dividend...
The Russell Corporation stockholder's equity consisted of the following on 1/1/20: Stockholder's Equity Paid in Capital...
The Russell Corporation stockholder's equity consisted of the following on 1/1/20: Stockholder's Equity Paid in Capital 8% Preferred Stock, $100 par value, cumulative, 50.000 shares authorized, 30,000 shares issued and outstanding $ 3,000,000 In excess of par on preferred stock $ 300,000 Total Paid-in-Capital from Preferred Stock $ 3,300,000 Common Stock, no par, $25 stated value, 1,000,000 shares authorized 400.000 shares issued and outstanding 10,000,000 In excess of stated value on common stock $ 600.000 Total Paid-in-Capital from Common Stock...
please show work Problem 15-03 Cheyenne Company has two classes of capital stock outstanding: 8%, $20...
please show work
Problem 15-03 Cheyenne Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders' equity. Preferred Stock, 152,800 shares Common Stock, 1998,000 shares Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings $3,056,000 9,990,000 200,000 26,724,000 4,571,000 The following transactions affected stockholders' equity during 2021. 2 Jan. 1 Feb. 1 June 1 July 1...
please help me finish this Sarasota Company reported the following amounts in the stockholders' equity section...
please help me finish this
Sarasota Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance shee Preferred stock, 10 % , $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stack, $5 par (108,000 shares authorized, 21,600 shares issued) Additional paid-in capital 108,000 119,000 Retained earnings 419,000 Total $846,000 During 2020, Sarasota took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $10 per share dividend on preferred...
The Stockholders' Equity section of the balance sheets for Klee Corporation on December 31, 2018, and...
The Stockholders' Equity section of the balance sheets for Klee Corporation on December 31, 2018, and December 31, 2019. along with other selected account balances on the two dates is provided below. (Certain information is missing from the statements.) In 2019, the following transactions affecting equity occurred: a. Additional shares of common stock were issued in April. No other common stock was issued during the year. b. A cash dividend of $1 per share was declared and paid on common...
In. Foley Corporation has the following capital sin Ollowing capital structure at the beginning of the year: $ 300,000 5% Preferred stock, $50 par erred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding common stock, $10 par value. 60.000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity 400,000 110,000 810,000 440,000 $1,250,000 Instructions (a) Record the following transactions which occurred consecutively (show all...
Skysong Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (101,500 shares authorized, 20,300 shares issued) 101,500 Additional paid-in capital 130,000 Retained earnings 486,000 $897,500 Total During 2020, Skysong took part in the following transactions concerning stockholders' equity. Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend on...
Premierline, Inc. reported the following shareholders' equity section as of the beginning of the current year (Click the icon to view the data.) During the current year, Premierline engaged in the following transactions affecting the stockholders' equity section of its current balance sheet. Prepare all journal entries required to record the following transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) 1. Issued 200,000 shares of its 51 par value common stock at $35 per share. The...
Premierline, Inc. reported the following shareholders' equity section as of the beginning of the current year (Click the icon to view the data.) During the current year, Premierline engaged in the following transactions affecting the stockholders' equity section of its current balance sheet. Prepare all journal entries required to record the following transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) 1. Issued 200,000 shares of its 51 par value common stock at $35 per share. The...
Nash Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 10%. $100 par (10,000 shares authorized, 2.000 shares issued) $200.000 Common stock, $5 par (108,000 shares authorized, 21,600 shares issued) 108,000 Additional paid-in capital 119,000 Retained earnings 419,000 Total $846,000 During 2020, Nash took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $10 per share dividend on preferred stock and a $2 per share dividend...
The Russell Corporation stockholder's equity consisted of the following on 1/1/20: Stockholder's Equity Paid in Capital 8% Preferred Stock, $100 par value, cumulative, 50.000 shares authorized, 30,000 shares issued and outstanding $ 3,000,000 In excess of par on preferred stock $ 300,000 Total Paid-in-Capital from Preferred Stock $ 3,300,000 Common Stock, no par, $25 stated value, 1,000,000 shares authorized 400.000 shares issued and outstanding 10,000,000 In excess of stated value on common stock $ 600.000 Total Paid-in-Capital from Common Stock...
please show work
Problem 15-03 Cheyenne Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders' equity. Preferred Stock, 152,800 shares Common Stock, 1998,000 shares Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings $3,056,000 9,990,000 200,000 26,724,000 4,571,000 The following transactions affected stockholders' equity during 2021. 2 Jan. 1 Feb. 1 June 1 July 1...
please help me finish this
Sarasota Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance shee Preferred stock, 10 % , $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stack, $5 par (108,000 shares authorized, 21,600 shares issued) Additional paid-in capital 108,000 119,000 Retained earnings 419,000 Total $846,000 During 2020, Sarasota took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $10 per share dividend on preferred...
The Stockholders' Equity section of the balance sheets for Klee Corporation on December 31, 2018, and December 31, 2019. along with other selected account balances on the two dates is provided below. (Certain information is missing from the statements.) In 2019, the following transactions affecting equity occurred: a. Additional shares of common stock were issued in April. No other common stock was issued during the year. b. A cash dividend of $1 per share was declared and paid on common...
Most questions answered within 3 hours.
-
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 1 hour ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 3 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 3 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 5 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 6 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 5 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 6 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 6 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 6 hours ago -
Pattern Corporation acquired all of Science
Company's outstanding stock on January 1, 2016 for $600,000 cash....
asked 6 hours ago -
Here are all accounts Tyler Co. maintains.
Tax expenses $4,750
Common stocks $48,840
SG&A expenses $2,500...
asked 7 hours ago -
Lis
out the types and equation of wind profile and the respective
variables in the fds...
asked 7 hours ago