Homework Answers
Correct answer----------$304,000
Working
| Capital stock | $ 200,000.00 |
| Contributed capital in excess of par | $ 15,000.00 |
| Retained earnings , Dec 31 2015 | $ 106,000.00 |
| Less: Treasury stock | $ (17,000.00) |
| Total Stockholder's equity | $ 304,000.00 |
.
| Retained earnings, Beginning | $ 80,000.00 |
| Add: Net Income | $ 56,000.00 |
| Less: Cash dividend | $ (30,000.00) |
| Retained earnings, Ending | $ 106,000.00 |
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Before closing entries were recorded at the end of the accounting period (December 31, 2015), the...
On December 31, 2018, Ditka Inc. had Retained Earnings of $283,800 before its closing entries were...
On December 31, 2018, Ditka Inc. had Retained Earnings of $283,800 before its closing entries were prepared and posted. During 2018, the company had service revenue of $184,100 and interest revenue of $89,300. The company used supplies in the amount of $95,900, advertising expenses were $18,000, salaries and wages totaled $20,700, and income tax expense was calculated as $16,900. During the year, the company declared and paid dividends of $7,600. Prepare the closing entries dated December 31, 2018. Prepare T-account...
The stockholders' equity section on the December 31, 2014, balance sheet of American Corporation follows: Stockholders'...
The stockholders' equity section on the December 31, 2014, balance sheet of American Corporation follows: Stockholders' Equity Contributed capital Preferred stock (par $28; authorized 17,000 shares, ? issued, $196,000 of which 1,000 shares are held as treasury stock) Common stock (no-par, authorized 20,000 shares, issued and outstanding 7,000 shares) Contributed capital (includes $2,300 from treasury 574,000 stock transactions) Retained earnings Cost of treasury stock, preferred 16,300 41,000 (21,000) 6. How much did the treasury stock held cost per share? (Round...
8. Slate Corporation had the following balances in its stockholders' equity accounts at December 31, 2015:...
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Udall Corporation's post-closing trial balance at December 31, 2019, was as follows: Debit Credit Accounts Payable...
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On December 31, 2018, Ditka Inc. had Retained Earnings of $278,800 before its closing entries were...
On December 31, 2018, Ditka Inc. had Retained Earnings of $278,800 before its closing entries were prepared and posted During 2018, the company had service revenue of $179,100 and interest revenue of $86,800. The company used supplies in the amount of $93.400, advertising expenses were $17.500, salaries and wages totaled $19,950, and income tax expense was calculated as $15.900. During the year, the company declared and paid dividends of $7100. Required: a. Prepare the closing entries dated December 31, 2018...
Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section:...
Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section: Jacobi Company Balance Sheet (Shareholders' Equity) December 31, 2015 1 Contributed Capital: 2 Preferred stock, 6%, $100 par $200,000.00 3 Additional paid-in capital on preferred stock 12,000.00 $212,000.00 4 Common stock, $5 par $150,000.00 5 Additional paid-in capital on common stock 240,000.00 390,000.00 6 Total contributed capital $602,000.00 7 Retained earnings 627,000.00 8 Accumulated other comprehensive income (loss): 9 Unrealized decrease in value of...
On December 31, 2016, Ditka Inc. had Retained Earnings of $274,800 before its closing entries were...
On December 31, 2016, Ditka Inc. had Retained Earnings of $274,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $175,100 and interest revenue of $84,800. The company used supplies in the amount of $91,400, advertising expenses were $17,100, salaries and wages totaled $19,350, and income tax expense was calculated as $15,100. During the year, the company declared and paid dividends of $6,700. Required: Prepare the closing entries dated December 31, 2016. (If...
2. The post-closing trial balance of Harmon Corporation as of December 31, 2020, contains the following...
2. The post-closing trial balance of Harmon Corporation as of December 31, 2020, contains the following stockholders' equity accounts. $ Preferred Stock (15,000 shares issued) Common Stock (250,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings 750,000 2,500,000 250,000 400,000 250,000 ??? The following items were revealed during a review of the accounting records. a. No errors were made during the recording of 2020 transactions of...
The post-closing trial balance of Harmon Corporation as of December 31, 2020, contains the following stockholders’...
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Holanna Company reported the following balances related to common stock as of December 31, 2014 The...
Holanna Company reported the following balances related to
common stock as of December 31, 2014
The company purchased and immediately retired 180,000 shares at
$19 on August 1, 2015, and 32,000 shares at $9 on December 31,
2015. Make the entries to record the acquisition and retirement of
the common stock. (Assume all shares were originally sold at the
same price.)
Common stock $1 par, 200,000 shares issued and outstanding ..... Paid-in capital in excess of par ...... $ 200,000...
The stockholders' equity section on the December 31, 2014, balance sheet of American Corporation follows: Stockholders' Equity Contributed capital Preferred stock (par $28; authorized 17,000 shares, ? issued, $196,000 of which 1,000 shares are held as treasury stock) Common stock (no-par, authorized 20,000 shares, issued and outstanding 7,000 shares) Contributed capital (includes $2,300 from treasury 574,000 stock transactions) Retained earnings Cost of treasury stock, preferred 16,300 41,000 (21,000) 6. How much did the treasury stock held cost per share? (Round...
8. Slate Corporation had the following balances in its stockholders' equity accounts at December 31, 2015: $200,000 Common Stock, $10 par, 500,000 shares authorized, 20,000 shares issued Paid-in Capital in Excess of Par Value, Common Retained Earnings Treasury Stock, 1.000 shares Total stockholders' equity 250,000 500,000 (20,000) $930,000 The following transactions occurred during 2016: February 3 Sold and issued 2,000 shares of common stock for $22 per share. May 10 Declared a $0.50 per share dividend on common stock October...
Udall Corporation's post-closing trial balance at December 31, 2019, was as follows: Debit Credit Accounts Payable $290,000 Accounts Receivable $550,000 Accumulated Depreciation-Building and Equipment 200,000 Additional Paid-in Capital-on Common Stock 1,560,000 Additional Paid-in Capital from Treasury Stock 250,000 Allowance for Doubtful Accounts 30,000 Bonds Payable 400,000 Building and Equipment 1,100,000 Cash 220,000 Common Stock ($1 par value) 150,000 Dividends Payable on Preferred Stock 4,000 Inventories 620,000 Land 380,000 Available-for-Sale Investments 285,000 Trading Investments 215,000 Preferred Stock ($50 par value) 500,000...
On December 31, 2018, Ditka Inc. had Retained Earnings of $278,800 before its closing entries were prepared and posted During 2018, the company had service revenue of $179,100 and interest revenue of $86,800. The company used supplies in the amount of $93.400, advertising expenses were $17.500, salaries and wages totaled $19,950, and income tax expense was calculated as $15.900. During the year, the company declared and paid dividends of $7100. Required: a. Prepare the closing entries dated December 31, 2018...
On December 31, 2016, Ditka Inc. had Retained Earnings of $274,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $175,100 and interest revenue of $84,800. The company used supplies in the amount of $91,400, advertising expenses were $17,100, salaries and wages totaled $19,350, and income tax expense was calculated as $15,100. During the year, the company declared and paid dividends of $6,700. Required: Prepare the closing entries dated December 31, 2016. (If...
2. The post-closing trial balance of Harmon Corporation as of December 31, 2020, contains the following stockholders' equity accounts. $ Preferred Stock (15,000 shares issued) Common Stock (250,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings 750,000 2,500,000 250,000 400,000 250,000 ??? The following items were revealed during a review of the accounting records. a. No errors were made during the recording of 2020 transactions of...
Holanna Company reported the following balances related to
common stock as of December 31, 2014
The company purchased and immediately retired 180,000 shares at
$19 on August 1, 2015, and 32,000 shares at $9 on December 31,
2015. Make the entries to record the acquisition and retirement of
the common stock. (Assume all shares were originally sold at the
same price.)
Common stock $1 par, 200,000 shares issued and outstanding ..... Paid-in capital in excess of par ...... $ 200,000...
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