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Homework Answers
| Answer C : As per Your requirement specially Yello | |||
| Answer C | Paticulars | Debit | Credit |
| Entry S and A combined | |||
| Preferred stock smith | $ 21,40,000 | ||
| Common stock smith | $ 41,40,000 | ||
| Retained Earnings, 1/1/18 (Smith) | $ 1,01,40,000 | ||
| Franchises | $ 50,000 | ||
| Investment in Smith | $ 1,43,30,000 | ||
| Noncontrolling Interest in Smith, Inc | $ 21,40,000 | ||
| Equity income of subsidiary | $ 4,81,750 | ||
| Investment in Smith | $ 4,81,750 | ||
| ($590000-$107000-$1250 | |||
| Equity accrual (income remaining for common stock after preferred stock dividend) (590000-107000) | |||
| Annual amortization =50000/40=$1250 | |||
| Investment in Smith | $ 3,93,000 | ||
| Dividends Paid | $ 3,93,000 | ||
| Amortization Expense | $ 1,250 | ||
| Franchises | $ 1,250 | ||
| Please Like ( Positive rating ) | |||
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Please help with the problem that is wrong
Smith, Inc., has the following stockholders' equity accounts...
Smith, Inc., has the following stockholders’ equity accounts as of January 1, 2018: Preferred stock—$150 par,...
Smith, Inc., has the following stockholders’ equity accounts as of January 1, 2018: Preferred stock—$150 par, nonvoting and nonparticipating, 7% cumulative dividend $ 2,130,000 Common stock—$25 par value 4,130,000 Retained earnings 10,130,000 Haried Company purchases all of Smith's common stock on January 1, 2018, for $14,320,000. The preferred stock remains in the hands of outside parties. Any excess acquisition-date fair value will be assigned to franchise contracts with a 40-year remaining life. During 2018, Smith reports earning $580,000 in net...
3. Thomas Inc. had the following stockholders' equity accounts as of January 1, 2013: $ Preferred...
3. Thomas Inc. had the following stockholders' equity accounts as of January 1, 2013: $ Preferred stock-$90 par value, nonvoting and nonparticipating: 9% cumulative dividend Common stock - $25 par value Retained earnings 2,700,000 5,600,000 14,000,000 Kuried Co. acquired all of the voting common stock of Thomas on January 1, 2013, for $20,656,000. The preferred stock remained in the hands of outside parties and had a fair value of $3,060,000. A database valued at $656,000 was recognized and amortized over...
The stockholders' equity section of Joshua Company shows the following on December 31, 2019 Preferred stock,...
The stockholders' equity section of Joshua Company shows the following on December 31, 2019 Preferred stock, 6%, 50 par value, 5.000 shares outstanding Common stock, 55 par value, 80,000 shares outstanding Paid-in capital in excess of par, common stock Retained earnings $250.000 00000 200,000 Total stockholders' equity 210.000 $1.060.000 Required: Assume that the corporation has determined to pay out $90,000 in dividends at December 31, 2019. The last time that dividends were paid was on December 31, 2017. Calculate the...
The year-end balance sheet of Ft. Smith Products includes the following stockholders’ equity section (with certain...
The year-end balance sheet of Ft. Smith Products includes the following stockholders’ equity section (with certain details omitted). Stockholders' equity: 7 1/2% cumulative preferred stock, $100 par value, 100,000 shares authorized $ 2,300,000 Common stock, $2 par value, 900,000 shares authorized 900,000 Additional paid-in capital: common stock 8,100,000 Retained earnings 2,595,000 Total stockholders' equity $ 13,895,000 Required: From this information, compute answers to the following questions. a. How many shares of preferred stock have been issued? b. What is the...
11. Thurman Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June...
11. Thurman Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June 30, 2018: (Click the icon to view the partial balance sheet.) Read the requirements Requirement 1. Identify the different classes of stock that Thurman Comfort Specialists has outstanding. Thurman has preferred stock and common stock outstanding. Requirement 2. What is the par value per share of Thurman Comfort Specialists' preferred stock? The par value of preferred stock is $ 5 per share. Requirement 3....
The year-end balance sheet of Ft Smith Products includes the following stockholders' equity section (with certain...
The year-end balance sheet of Ft Smith Products includes the following stockholders' equity section (with certain details omitted). Stockholders' equity: 7 1/2 cumulative preferred stock, $100 par value, 100, eee shares authorized Common stock, $2 par value, 9ee, eee shares authorized Additional paid-in capital: common stock Retained earnings Total stockholders' equity $ 2,4ee,eee 900, cee 9,000,000 2.595, e90 $14,895,888 Required: From this information, compute answers to the following questions a. How many shares of preferred stock have been issued? b....
The year-end balance sheet of Ft. Smith Products includes the following stockholders’ equity section (with certain...
The year-end balance sheet of Ft. Smith Products includes the following stockholders’ equity section (with certain details omitted). Stockholders' equity: 7 1/2% cumulative preferred stock, $100 par value, 100,000 shares authorized $ 2,400,000 Common stock, $2 par value, 900,000 shares authorized 900,000 Additional paid-in capital: common stock 7,800,000 Retained earnings 2,595,000 Total stockholders' equity $ 13,695,000 Required: From this information, compute answers to the following questions. a. How many shares of preferred stock have been issued? b. What is the...
Stockholders’ Equity Transactions, Journal Entries, and T-Accounts The stockholders’ equity of Fremantle Corporation at January 1...
Stockholders’ Equity Transactions, Journal Entries, and
T-Accounts
The stockholders’ equity of Fremantle Corporation at January 1
follows:
8 Percent preferred stock, $110 par value, 20,000 shares
authorized; 4,000 shares issued and outstanding
$440,000
Common stock, $4 par value, 10,000 shares
authorized; 40,000 shares issued and outstanding
160,000
Paid-in capital in excess of par value-Preferred stock
200,000
Paid-in capital in excess of par value-Common stock
800,000
Retained earnings
550,000
Total Stockholders' Equity
$2,150,000
The following transactions, among others, occurred during the...
please show work The stockholders' equity section of Lemay Corporation shows the following on December 31,...
please show work
The stockholders' equity section of Lemay Corporation shows the following on December 31, 2018: $500,000 Preferred stock-5%, $100 par, 5,000 shares outstanding 590,000 Common stock-$10 par, 59,000 shares outstanding 180,000 Paid-in capital in excess of par 123,100 Retained earnings $1,393,100 Total stockholders' equity Assuming that all of the company's retained earnings are to be paid out in dividends on 12/31/18 and that preferred dividends were last paid on 12/31/16, show how much the preferred and common stockholders...
P14-2A The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows. Preferred...
P14-2A The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows. Preferred Stock, 6%, $50 par $600,000 Common Stock, $5 par 800,000 Paid-in Capital in Excess of Par-Preferred Stock 200,000 Paid-in Capital in Excess of Par—Common Stock 300,000 Retained Earnings 800,000 There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions and events. July 1 Declared a $0.60 cash dividend per share on common stock. Aug. 1 Discovered $25,000...
3. Thomas Inc. had the following stockholders' equity accounts as of January 1, 2013: $ Preferred stock-$90 par value, nonvoting and nonparticipating: 9% cumulative dividend Common stock - $25 par value Retained earnings 2,700,000 5,600,000 14,000,000 Kuried Co. acquired all of the voting common stock of Thomas on January 1, 2013, for $20,656,000. The preferred stock remained in the hands of outside parties and had a fair value of $3,060,000. A database valued at $656,000 was recognized and amortized over...
The stockholders' equity section of Joshua Company shows the following on December 31, 2019 Preferred stock, 6%, 50 par value, 5.000 shares outstanding Common stock, 55 par value, 80,000 shares outstanding Paid-in capital in excess of par, common stock Retained earnings $250.000 00000 200,000 Total stockholders' equity 210.000 $1.060.000 Required: Assume that the corporation has determined to pay out $90,000 in dividends at December 31, 2019. The last time that dividends were paid was on December 31, 2017. Calculate the...
11. Thurman Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June 30, 2018: (Click the icon to view the partial balance sheet.) Read the requirements Requirement 1. Identify the different classes of stock that Thurman Comfort Specialists has outstanding. Thurman has preferred stock and common stock outstanding. Requirement 2. What is the par value per share of Thurman Comfort Specialists' preferred stock? The par value of preferred stock is $ 5 per share. Requirement 3....
The year-end balance sheet of Ft Smith Products includes the following stockholders' equity section (with certain details omitted). Stockholders' equity: 7 1/2 cumulative preferred stock, $100 par value, 100, eee shares authorized Common stock, $2 par value, 9ee, eee shares authorized Additional paid-in capital: common stock Retained earnings Total stockholders' equity $ 2,4ee,eee 900, cee 9,000,000 2.595, e90 $14,895,888 Required: From this information, compute answers to the following questions a. How many shares of preferred stock have been issued? b....
Stockholders’ Equity Transactions, Journal Entries, and
T-Accounts
The stockholders’ equity of Fremantle Corporation at January 1
follows:
8 Percent preferred stock, $110 par value, 20,000 shares
authorized; 4,000 shares issued and outstanding
$440,000
Common stock, $4 par value, 10,000 shares
authorized; 40,000 shares issued and outstanding
160,000
Paid-in capital in excess of par value-Preferred stock
200,000
Paid-in capital in excess of par value-Common stock
800,000
Retained earnings
550,000
Total Stockholders' Equity
$2,150,000
The following transactions, among others, occurred during the...
please show work
The stockholders' equity section of Lemay Corporation shows the following on December 31, 2018: $500,000 Preferred stock-5%, $100 par, 5,000 shares outstanding 590,000 Common stock-$10 par, 59,000 shares outstanding 180,000 Paid-in capital in excess of par 123,100 Retained earnings $1,393,100 Total stockholders' equity Assuming that all of the company's retained earnings are to be paid out in dividends on 12/31/18 and that preferred dividends were last paid on 12/31/16, show how much the preferred and common stockholders...
P14-2A The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows. Preferred Stock, 6%, $50 par $600,000 Common Stock, $5 par 800,000 Paid-in Capital in Excess of Par-Preferred Stock 200,000 Paid-in Capital in Excess of Par—Common Stock 300,000 Retained Earnings 800,000 There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions and events. July 1 Declared a $0.60 cash dividend per share on common stock. Aug. 1 Discovered $25,000...
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