Homework Answers
| Net income | 100 | |
| Less: Purchase of Debt Securities | -7 | |
| Less: Amortization of Premium on Bonds payable | -4 | |
| Less: Purchase of Treasury Stock | -5 | |
| Less: Dividends paid | -10 | =(100-92)+2 |
| Change in Cash | 74 | |
| Option A $74 is correct |
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The Divirgil Company Net Income is $100. Given the following items: Purchase of debt securities (trading)...
The Divirgil Company Net Income is $100. Given the following items: • Purchase of debt securities...
The Divirgil Company Net Income is $100. Given the following items: • Purchase of debt securities (trading) 57 Amortization of Premium on Bond investment 54 Purchase of Treasury Stock 55 Decrease in Dividends Payable $2 Increase in Retained Earnings $92 • Change in Cash for the year is: Select one: o a. 574 b. $92 oc$82 d. 584 e $78
(#8) Trading Securities On July 1, 2018, Wolfpack Corporation purchased securities which it intends to buy...
(#8) Trading Securities On July 1, 2018, Wolfpack Corporation purchased securities which it intends to buy and sell frequently. These securities consisted of (a) Todd Corporation 10%, 5-year bonds with a face value of $20,000 which were purchased for $18,500 and (b) 400 shares of Cornett Company common stock which were purchased at $40 per share. Assume that on December 31, 2018, Wolfpack received interest on the Todd Corporation bonds as well as a $2 dividend per share interest on...
Accounting for Debt Securities—Trading Gressens Company had the following transactions and adjustments related to a bon...
Accounting for Debt Securities—Trading Gressens Company had the following transactions and adjustments related to a bond investment: 2016 Oct. Purchased $500,000 face value of Skyline, Inc.'s 7 percent bonds at 97 plus a brokerage commission of $1,000. The bonds pay interest on September 30 and March 31 and mature in 20 years. Gressens 1 expects to sell the bonds in the near future. Dec. 31 Made the adjusting entry to record interest earned on investment in the Skyline bonds. Dec....
Statement of Cash Flows The following is a list of the items to be included in the preparation of Warrick Company’s 2016 statement of cash flows: Net income, $41,600 Payment for purchase of building,...
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IFRS treats the purchase of treasury stock as any of the following except A) a decrease...
IFRS treats the purchase of treasury stock as any of the following except A) a decrease to share premium. B) an increase to a contra equity account. C) a decrease to retained earnings D) a decrease to share capital.
The comparative balance sheets for 2021 and 2020 and the income statement for 2021 are given...
The comparative balance sheets for 2021 and 2020 and the income statement for 2021 are given below for Arduous Company. Additional Information from Arduous's accounting records is provided also. ARDUOUS COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 2020 Assets Cash Accounts receivable Investment revenue receivable Inventory Prepaid insurance Long-term investment Land Buildings and equipment Less: Accumulated depreciation Patent $ 126 201 17 219 15 189 219 430 (107) 42 $1,351 $ 92 216 15...
(#9) Trading Securities On July 1, 2018, Wolfpack Corporation purchased securities which it intends to buy...
(#9) Trading Securities On July 1, 2018, Wolfpack Corporation purchased securities which it intends to buy and sell frequently. These securities consisted of (a) Todd Corporation 10%, 5-year bonds with a face value of $20,000 which were purchased for $18,500 and (b) 400 shares of Cornett Company common stock which were purchased at $40 per share. Assume that on December 31, 2018, the investment in Todd Corporation bonds has a market value of $22,000, and the investment in Cornett Company...
Harding Financial Services Company holds a large portfolio of debt and stock securities f debt and...
Harding Financial Services Company holds a large portfolio of debt
and stock securities
f debt and stock securities Ethics Case BYP12-7 Harding Financial Services Company holds a large portfolio of debt and stock se as an investment. The total fair value of the portfolio at December 31, 2015, is greater cost. Some securities have increased in value and others have decreased. Ann Bales the vice president, and Kim Reeble, the controller, are in the process of classifying for the first...
Which of the following items could not impact the balance in Retained Earnings? A) Net Income...
Which of the following items could not impact the balance in Retained Earnings? A) Net Income B) Net Loss C) Declaration of dividends D) Treasury Stock sold at or above cost
The following is a summary of all relevant transactions of Sage Corporation since it was organized...
The following is a summary of all relevant transactions of Sage Corporation since it was organized in 2020. In 2020, 15,300 shares were authorized and 6,900 shares of common stock ($60 par value) were issued at a price of $67. In 2021, 900 shares were issued as a stock dividend when the stock was selling for $70.290 shares of common stock were bought in 2022 at a cost of $74 per share. These 290 shares are still in the company...
The Divirgil Company Net Income is $100. Given the following items: • Purchase of debt securities (trading) 57 Amortization of Premium on Bond investment 54 Purchase of Treasury Stock 55 Decrease in Dividends Payable $2 Increase in Retained Earnings $92 • Change in Cash for the year is: Select one: o a. 574 b. $92 oc$82 d. 584 e $78
Accounting for Debt Securities—Trading Gressens Company had the following transactions and adjustments related to a bond investment: 2016 Oct. Purchased $500,000 face value of Skyline, Inc.'s 7 percent bonds at 97 plus a brokerage commission of $1,000. The bonds pay interest on September 30 and March 31 and mature in 20 years. Gressens 1 expects to sell the bonds in the near future. Dec. 31 Made the adjusting entry to record interest earned on investment in the Skyline bonds. Dec....
The comparative balance sheets for 2021 and 2020 and the income statement for 2021 are given below for Arduous Company. Additional Information from Arduous's accounting records is provided also. ARDUOUS COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 2020 Assets Cash Accounts receivable Investment revenue receivable Inventory Prepaid insurance Long-term investment Land Buildings and equipment Less: Accumulated depreciation Patent $ 126 201 17 219 15 189 219 430 (107) 42 $1,351 $ 92 216 15...
Harding Financial Services Company holds a large portfolio of debt
and stock securities
f debt and stock securities Ethics Case BYP12-7 Harding Financial Services Company holds a large portfolio of debt and stock se as an investment. The total fair value of the portfolio at December 31, 2015, is greater cost. Some securities have increased in value and others have decreased. Ann Bales the vice president, and Kim Reeble, the controller, are in the process of classifying for the first...
The following is a summary of all relevant transactions of Sage Corporation since it was organized in 2020. In 2020, 15,300 shares were authorized and 6,900 shares of common stock ($60 par value) were issued at a price of $67. In 2021, 900 shares were issued as a stock dividend when the stock was selling for $70.290 shares of common stock were bought in 2022 at a cost of $74 per share. These 290 shares are still in the company...
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