Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| Jan. 10 | Cash (1020000 x $2) | 2040000 | |
| Common shares | 2040000 | ||
| Mar. 1 | Cash (20000 x $50) | 1000000 | |
| Preferred shares | 1000000 | ||
| May. 1 | Cash (255000 x $3) | 765000 | |
| Common shares | 765000 | ||
| Jun. 1 | Common shares (10000 x $2.20) | 22000 | |
| Cash (10000 x $2) | 20000 | ||
| Contributed surplus | 2000 | ||
| Jul. 24 | Cash | 130000 | |
| Equipment | 7200 | ||
| Common shares (34300 x $4) | 137200 | ||
| Sept. 4 | Cash (10000 x $5) | 50000 | |
| Common shares | 50000 | ||
| Nov. 1 | Cash (3900 x $50) | 195000 | |
| Preferred shares | 195000 | ||
| Nov. 20 | Common shares (16000 x $2.27) | 36320 | |
| Contributed surplus | 2000 | ||
| Retained earnings (Balance amount) | 25680 | ||
| Cash (16000 x $4) | 64000 | ||
| Dec. 14 | Dividends declared | 79000 | |
| Dividends payable | 79000 |
Closing entries:
| Date | Account Titles and Explanation | Debit | Credit |
| Dec. 31 | Retained earnings | 79000 | |
| Dividends declared | 79000 | ||
| (To close cash dividends) | |||
| Dec. 31 | Income summary | 1390000 | |
| Retained earnings | 1390000 | ||
| (To close profit) |
Working:
Jun. 1: Average cost of reacquired share = ($2040000 + $765000)/(1020000 + 255000) = $2805000/1275000 = $2.20
| Date | No. of Common shares | Cost $ |
| Jan. 10 | 1020000 | 2040000 |
| May. 1 | 255000 | 765000 |
| Jun. 1 | -10000 | -22000 |
| Jul. 24 | 34300 | 137200 |
| Sept. 4 | 10000 | 50000 |
| 1309300 | 2970200 | |
| Avg. cost | 2.27 | |
T-accounts:
| Preferred Shares | |||
| Mar. 1 | 1000000 | ||
| Nov. 1 | 195000 | ||
| Dec. 31 Bal. | 1195000 | ||
| Common Shares | |||
| Jun. 1 | 22000 | Jan. 10 | 2040000 |
| Nov. 20 | 36320 | May. 1 | 765000 |
| Jul. 24 | 137200 | ||
| Sept. 4 | 50000 | ||
| Dec. 31 Bal. | 2933880 | ||
| Contributed Surplus | |||
| Nov. 20 | 2000 | Jun. 1 | 2000 |
| Dividends Declared | |||
| Dec. 14 | 79000 | Dec. 31 CE | 79000 |
| Dec. 31 Bal. | 0 | ||
| Retained Earnings | |||
| Nov. 20 | 25680 | Dec. 31 CE | 1390000 |
| Dec. 31 CE | 79000 | ||
| Dec. 31 Bal. | 1285320 | ||
| DUFFYDOG CORPORATION | |
| Statement of Financial Position (Partial) | |
| December 31, 2018 | |
| Shareholders' Equity | |
| Share Capital | |
| Preferred shares | 1195000 |
| Common shares | 2933880 |
| Total share capital | 4128880 |
| Retained earnings | 1285320 |
| Total shareholders' equity | 5414200 |
Add Answer to:
* Question 2 Duffy Dog Corporation, a publicly traded company, was organized on January 1, 2018....
* Question 2 Greencastle Corporation, a publicly traded company, was organized on January 1, 2018. It...
* Question 2 Greencastle Corporation, a publicly traded company, was organized on January 1, 2018. It is authorized to issue an unlimited number of $3 noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the company's first year of operations: Jan. 10 Issued 940,000 common shares for $2 per share. Mar. 1 Issued 18,000 preferred shares for $50 per share. May 1 Issued 235,000 common shares for $3 per share. June 1...
Tarjee Corporation, a publicly traded company, was organized on January 1, 2018. It is authorized to...
Tarjee Corporation, a publicly traded company, was organized on January 1, 2018. It is authorized to issue an unlimited number of $3 noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the company's first year of operations: Jan. 10 Issued 1,000,000 common shares for $2 per share. Mar. 1 Issued 22,000 preferred shares for $50 per share. May 1 Issued 250,000 common shares for $3 per share. June 1 Reacquired and retired...
P11-2A Remmers Corporation, a publicly traded company, was organized on January 1, 2018. It is authorized...
P11-2A Remmers Corporation, a publicly traded company, was organized on January 1, 2018. It is authorized to issue an unlimited number of $3 noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the company's first year of operations: Jan. 10 Issued 1,000,000 common shares for $2 per share. Mar. 1 Issued 20,000 preferred shares for $50 per share. May 1 Issued 250,000 common shares for $3 per share. June 1 Reacquired and...
Richetti Corporation, a publicly traded company, is authorized to issue 219,000 $4 cumulative preferred shares and...
Richetti Corporation, a publicly traded company, is authorized to issue 219,000 $4 cumulative preferred shares and an unlimited number of common shares. On January 1, 2018, the general ledger contained the following shareholders' equity accounts: Preferred shares (8,600 shares issued) $473,000 Common shares (72,800 shares issued) 1,092,000 Contributed surplus 24,300 Retained earnings 788,000 Accumulated other comprehensive income 10,400 The following equity transactions occurred in 2018: Feb. 6 Issued 9,200 preferred shares for $561,200. Apr. 6 Issued 20,800 common shares for...
Golden Valley Corporation, a publicly-traded company, is authorized to issue 206,000 $4 cumulative preferred shares and...
Golden Valley Corporation, a publicly-traded company, is
authorized to issue 206,000 $4 cumulative preferred shares and an
unlimited number of common shares. On January 1, 2018, the general
ledger contained the following shareholders’ equity accounts:
Record the above transactions, including any entries required to
close dividends and net income. (Credit account titles
are automatically indented when the amount is entered. Do not
indent manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for...
Please fill the spot in red and show how to calculate the answer. Thanks! Duffy Dog...
Please
fill the spot in red and show how to calculate the answer.
Thanks!
Duffy Dog Corporation, a publicly traded company, is authorized to issue 190,000 $4 cumulative preferred shares and an unlimited number of common shares. On January 1, 2018, the general ledger contained the following shareholders' equity accounts: Preferred shares (7,800 shares issued) $421,200 Common shares (77,000 shares issued) 1,078,000 Contributed surplus 23.100 Retained earnings 864,000 Accumulated other comprehensive income 10,100 The following equity transactions occurred in 2018:...
The general ledger of Duffy Dog Corporation, a publicly traded company, contained the following shareholders' equity...
The general ledger of Duffy Dog Corporation, a publicly traded company, contained the following shareholders' equity accounts in 2018: December 31 January 1 $480,000 $1,060,000 Preferred shares (9,600 and 21,200 shares issued, respectively) Common shares (311,000 and 386,000 shares issued, respectively) 2,488,000 3,988,000 Stock dividends distributable 0 424,600 Retained earnings 3,026,400 2,716,000 Areview of the accounting records for the year ended December 31, 2018, reveals the following information: 1. On January 1, 11,600 additional $5 noncumulative preferred shares were issued...
I have posted the question and I need help with the T accounts for the 5...
I have posted the question and I need help with the T
accounts for the 5 headings.
I'm sorry I forgot the journal entries....I have
provided all information now.
Question 1 Kokomo corporation, a publicly traded company, was organized on January 1, 2018. It is authorized to issue an unlimited number of noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the company srst year of operations Jar. 10 issued 980,000 common...
On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred...
On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.70 million issued Retained earnings $2,700,000 3,940,000 The following selected transactions occurred during 2018: Jan. 2 Issued 180,000 preferred shares at $25 per share. Feb. 8 Issued 90,000 common shares in exchange for land. On this date, the current value of the land was $184,000. The common shares have not recently...
On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred...
On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.06 million issued Retained earnings $2,860,000 3,470,000 The following selected transactions occurred during 2018: Jan. 2 Issued 210,000 preferred shares at $25 per share. Feb. 8 Issued 100,000 common shares in exchange for land. On this date, the current value of the land was $210,000. The common shares have not recently...
* Question 2 Greencastle Corporation, a publicly traded company, was organized on January 1, 2018. It is authorized to issue an unlimited number of $3 noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the company's first year of operations: Jan. 10 Issued 940,000 common shares for $2 per share. Mar. 1 Issued 18,000 preferred shares for $50 per share. May 1 Issued 235,000 common shares for $3 per share. June 1...
Tarjee Corporation, a publicly traded company, was organized on January 1, 2018. It is authorized to issue an unlimited number of $3 noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the company's first year of operations: Jan. 10 Issued 1,000,000 common shares for $2 per share. Mar. 1 Issued 22,000 preferred shares for $50 per share. May 1 Issued 250,000 common shares for $3 per share. June 1 Reacquired and retired...
P11-2A Remmers Corporation, a publicly traded company, was organized on January 1, 2018. It is authorized to issue an unlimited number of $3 noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the company's first year of operations: Jan. 10 Issued 1,000,000 common shares for $2 per share. Mar. 1 Issued 20,000 preferred shares for $50 per share. May 1 Issued 250,000 common shares for $3 per share. June 1 Reacquired and...
Richetti Corporation, a publicly traded company, is authorized to issue 219,000 $4 cumulative preferred shares and an unlimited number of common shares. On January 1, 2018, the general ledger contained the following shareholders' equity accounts: Preferred shares (8,600 shares issued) $473,000 Common shares (72,800 shares issued) 1,092,000 Contributed surplus 24,300 Retained earnings 788,000 Accumulated other comprehensive income 10,400 The following equity transactions occurred in 2018: Feb. 6 Issued 9,200 preferred shares for $561,200. Apr. 6 Issued 20,800 common shares for...
Golden Valley Corporation, a publicly-traded company, is
authorized to issue 206,000 $4 cumulative preferred shares and an
unlimited number of common shares. On January 1, 2018, the general
ledger contained the following shareholders’ equity accounts:
Record the above transactions, including any entries required to
close dividends and net income. (Credit account titles
are automatically indented when the amount is entered. Do not
indent manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for...
Please
fill the spot in red and show how to calculate the answer.
Thanks!
Duffy Dog Corporation, a publicly traded company, is authorized to issue 190,000 $4 cumulative preferred shares and an unlimited number of common shares. On January 1, 2018, the general ledger contained the following shareholders' equity accounts: Preferred shares (7,800 shares issued) $421,200 Common shares (77,000 shares issued) 1,078,000 Contributed surplus 23.100 Retained earnings 864,000 Accumulated other comprehensive income 10,100 The following equity transactions occurred in 2018:...
The general ledger of Duffy Dog Corporation, a publicly traded company, contained the following shareholders' equity accounts in 2018: December 31 January 1 $480,000 $1,060,000 Preferred shares (9,600 and 21,200 shares issued, respectively) Common shares (311,000 and 386,000 shares issued, respectively) 2,488,000 3,988,000 Stock dividends distributable 0 424,600 Retained earnings 3,026,400 2,716,000 Areview of the accounting records for the year ended December 31, 2018, reveals the following information: 1. On January 1, 11,600 additional $5 noncumulative preferred shares were issued...
I have posted the question and I need help with the T
accounts for the 5 headings.
I'm sorry I forgot the journal entries....I have
provided all information now.
Question 1 Kokomo corporation, a publicly traded company, was organized on January 1, 2018. It is authorized to issue an unlimited number of noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the company srst year of operations Jar. 10 issued 980,000 common...
On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.70 million issued Retained earnings $2,700,000 3,940,000 The following selected transactions occurred during 2018: Jan. 2 Issued 180,000 preferred shares at $25 per share. Feb. 8 Issued 90,000 common shares in exchange for land. On this date, the current value of the land was $184,000. The common shares have not recently...
On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.06 million issued Retained earnings $2,860,000 3,470,000 The following selected transactions occurred during 2018: Jan. 2 Issued 210,000 preferred shares at $25 per share. Feb. 8 Issued 100,000 common shares in exchange for land. On this date, the current value of the land was $210,000. The common shares have not recently...
Most questions answered within 3 hours.
-
Problem 1: Present entries to record the selected transactions
described below:
(a)
Issued $2,790,000 of 5-year,...
asked 2 minutes ago -
Using technology to support HR activities increases:
a.
the efficiency of the administrative HR functions.
b....
asked 3 minutes ago -
1. List the features used to classify leaf
types.
2. List some characteristics that are shared...
asked 8 minutes ago -
The three elements of Value Proposition, Key Customers, and
Capabilities operate within an environment. Which of...
asked 10 minutes ago -
Katelynn, a physician, earns $200,000 from her medical practice
in the current year. She receives $45,000...
asked 18 minutes ago -
Each row of the table below describes an aqueous solution at
25°C
.
The second column...
asked 22 minutes ago -
A horizontal wire is at y = 0. Current travels in the +x
direction. The magnetic...
asked 23 minutes ago -
Let X be a continuous random variable whose PDF is Let X be a
continuous random...
asked 44 minutes ago -
Martinez Company’s relevant range of production is 7,500 units
to 12,500 units. When it produces and...
asked 42 minutes ago -
A football with a mass of 1.2 kg is kicked from ground level to
a height...
asked 48 minutes ago -
Remember: Changes in supply determinants shift supply, and
changes in demand determinants shift demand. We say...
asked 46 minutes ago -
Why is the answer b), for this question? I came up with C) for
my incorrect...
asked 52 minutes ago