Homework Answers
- No entry
- Cash a/c Dr. 15600000
To Equity Share Capital a/c 15549000
To Expenses a/c 51000
- Cash a/c Dr 6370000
To Share subscription money a/c 6370000
- Professional Fees 35000
To Equity share capital 35000
- Building a/c dr 728000
To Mortgage 364000
To Equity share capital 364000
- Cash a/c dr 2730000
To Share subscription money 2730000
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Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: To record authorization of shares by board of directors (memorandum). Issued 90,000 shares at $60; collected cash in full and issued the shares. Share issue costs amounted to $46,000. Treat this amount as a reduction of the common share account. Received subscriptions for 45,000 shares at $70 per share; collected 80% of the subscription price. The shares will not be issued until...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 280,000 shares at $70; collected cash in full and issued the shares. Share issue costs amounted to $56,000. Treat this amount as a reduction of the common share account. C. Received subscriptions for 140,000 shares at $80 per share; collected 60% of the subscription price. The shares will not...
Riverbed Corporation had the following shareholders’ equity on December 31, 2019: Common shares, 1,320,000 shares authorized,...
Riverbed Corporation had the following shareholders’ equity on December 31, 2019: Common shares, 1,320,000 shares authorized, issued and outstanding $7,920,000 Contributed surplus (Common Shares) 81,000 Retained earnings 10,500,000 Total shareholders’ equity $18,501,000 The following transactions occurred, in the order given, during 2020: (a) 1,210 subscriptions were sold for common shares. Each subscription entitled the purchaser to purchase 10 shares in the company at a price of $8 per share. According to the subscriptions contracts, a payment of $17 per subscription...
Monty Corporation’s charter authorized 1 million shares of $13 par value common shares, and 400,000 shares...
Monty Corporation’s charter authorized 1 million shares of $13 par value common shares, and 400,000 shares of 6% cumulative and non-participating preferred shares, with a par value of $100 per share. The corporation made the following share transactions through December 31, 2020: 270,000 common shares were issued for $3.78 million and 10,000 preferred shares were issued for machinery valued at $1,411,000. Subscriptions for 10,500 common shares have been taken, and 25% of the subscription price of $19 per share has...
Exercise 15-15 Marigold Corporation’s charter authorized 1 million shares of $11 par value common shares, and...
Exercise 15-15
Marigold Corporation’s charter authorized 1 million shares of
$11 par value common shares, and 400,000 shares of 8% cumulative
and non-participating preferred shares, with a par value of $100
per share. The corporation made the following share transactions
through December 31, 2020: 270,000 common shares were issued for
$3.24 million and 9,000 preferred shares were issued for machinery
valued at $1,287,000. Subscriptions for 10,000 common shares have
been taken, and 40% of the subscription price of $15 per...
Berry Corporation has 50,000 shares of P10 par ordinary shares authorized. The following transactions took place...
Berry Corporation has 50,000 shares of P10 par ordinary shares authorized. The following transactions took place during 2020, the first year of the corporation’s existence: Sold 5,000 ordinary shares for P18 per share. Issued 5,000 ordinary shares in exchange for an equipment valued at P100,000. At the end of the Berry’s first year, total contributed capital amounted to?
Stellar Corp. had the following shareholders' equity on January 1, 2020: Common shares, unlimited number authorized,...
Stellar Corp. had the following shareholders' equity on January 1, 2020: Common shares, unlimited number authorized, 100,000 shares issued and outstanding $ 280,000 Contributed surplus 302,000 Retained earnings 2,430,000 Total shareholders' equity $3,012,000 The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares. Stellar prepares financial statements in accordance with ASPE. The following transactions occurred, in the order given, during 2020. 1. Subscriptions were sold for 12,200 common shares at $22 per...
Journalize Entries 38 Points: 30 Minutes stock authorized. During Rowlands Corporation has 100,000 shares of $10 par value it had the following transactions related to its preferred stock. E...
Journalize Entries 38 Points: 30 Minutes stock authorized. During Rowlands Corporation has 100,000 shares of $10 par value it had the following transactions related to its preferred stock. Exercise 1 DATE a) issued 20,000 shares at $55 per share. a) issued 10,000 shares for equipment having a $850,000 asking price. The stock hada of $75 per share Journalize the transactions in the following page On January 1, 2019, the stockholders' stock (S5 par value) $1,500,000; paid-in capital in excess of...
a. Record journal entries for the following transactions for FY 2017. Make any computations to the...
a. Record journal entries for the following
transactions for FY 2017. Make any computations to the nearest
dollar. Journal entry explanations are not required. Use control
accounts for revenues, expenditures and budgetary accounts. It is
not necessary to reflect subsidiary ledger entries.
(1) Encumbrances of $ 17,000 for purchase orders outstanding at
the end of 2016 were re-established.
(2) The January 1, 2017, balance in Deferred Inflows – Property
Taxes relates to the amount of the 2016 levy that was...
Create General Journal Entries for the following entries. Here is what it should look like in Ex...
Create General Journal Entries for the following entries.
Here is what it should look like in Excel (as an example):
As for the previous month's entries, here they are with the
General Journal I made.
BEACON LUMBER, MONTH OF DECEMBER Dec Beacon purchases a general liability insurance policy for $1,200, paying cash. The term of the policy is one year, from Dec 1, 2009 through Nov 30, 2010. Dec Beacon purchases a forklift for S10,000, paying half in cash and...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 280,000 shares at $70; collected cash in full and issued the shares. Share issue costs amounted to $56,000. Treat this amount as a reduction of the common share account. C. Received subscriptions for 140,000 shares at $80 per share; collected 60% of the subscription price. The shares will not...
Exercise 15-15
Marigold Corporation’s charter authorized 1 million shares of
$11 par value common shares, and 400,000 shares of 8% cumulative
and non-participating preferred shares, with a par value of $100
per share. The corporation made the following share transactions
through December 31, 2020: 270,000 common shares were issued for
$3.24 million and 9,000 preferred shares were issued for machinery
valued at $1,287,000. Subscriptions for 10,000 common shares have
been taken, and 40% of the subscription price of $15 per...
Stellar Corp. had the following shareholders' equity on January 1, 2020: Common shares, unlimited number authorized, 100,000 shares issued and outstanding $ 280,000 Contributed surplus 302,000 Retained earnings 2,430,000 Total shareholders' equity $3,012,000 The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares. Stellar prepares financial statements in accordance with ASPE. The following transactions occurred, in the order given, during 2020. 1. Subscriptions were sold for 12,200 common shares at $22 per...
Journalize Entries 38 Points: 30 Minutes stock authorized. During Rowlands Corporation has 100,000 shares of $10 par value it had the following transactions related to its preferred stock. Exercise 1 DATE a) issued 20,000 shares at $55 per share. a) issued 10,000 shares for equipment having a $850,000 asking price. The stock hada of $75 per share Journalize the transactions in the following page On January 1, 2019, the stockholders' stock (S5 par value) $1,500,000; paid-in capital in excess of...
a. Record journal entries for the following
transactions for FY 2017. Make any computations to the nearest
dollar. Journal entry explanations are not required. Use control
accounts for revenues, expenditures and budgetary accounts. It is
not necessary to reflect subsidiary ledger entries.
(1) Encumbrances of $ 17,000 for purchase orders outstanding at
the end of 2016 were re-established.
(2) The January 1, 2017, balance in Deferred Inflows – Property
Taxes relates to the amount of the 2016 levy that was...
Create General Journal Entries for the following entries.
Here is what it should look like in Excel (as an example):
As for the previous month's entries, here they are with the
General Journal I made.
BEACON LUMBER, MONTH OF DECEMBER Dec Beacon purchases a general liability insurance policy for $1,200, paying cash. The term of the policy is one year, from Dec 1, 2009 through Nov 30, 2010. Dec Beacon purchases a forklift for S10,000, paying half in cash and...
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S&P 500
Stock Price
2014
1,692
$68.00
2015
1,978
$102.00
2016
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2017...
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