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Answer : Transaction 1
as
Expropriation is not a routine process such event happens in years or never so t will be considered as unusual or infrequent transaction
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Question 10 Damron Inc. has the following transactions reported in the financial statements: 1. Recognized a...
Quiz 10 Accounting 220 Name: 1. The annual report for Malibu Beachwear reported the following transactions...
Quiz 10 Accounting 220 Name: 1. The annual report for Malibu Beachwear reported the following transactions affecting stockholder's equity: Purchased $350,000 of common stock now held in treasury a. b. Declared cash dividends in the amount of $260,000. Paid the dividends in (b). C. d. Issued 100,000 new shares of $0.10 par value common shares for $2 per share. Closed the Dividends account. e. 2. Prepare journal entries to record each of these events.
Journal entries, financial statements, and closing entries for a Capital Projects Fund The following transactions occurred...
Journal entries, financial statements, and closing entries for a Capital Projects Fund The following transactions occurred during the fiscal year July 1, 2018 to June 30, 2019: 1. The City of Spainville approved the construction of a city hall complex for a total cost of $120,000,000. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. The buildings will be financed by a federal expenditure driven grant of $25,000,000 and...
Question 2: At the beginning of its 2020 calendar-year accounting period, Clay, Inc. had retained earnings...
Question 2: At the beginning of its 2020 calendar-year accounting period, Clay, Inc. had retained earnings of $6,500,000. During 2020, Clay reported income from continuing operations before taxes of $1,100,000. The following additional transactions occurred in 2020 but were not included in the $1,100,000. Assume all of the following were material. 1. Clay had a restructuring charge of $16,000 (pre-tax). 2. Clay had an uninsured flood loss of $20,000 (pre-tax) which was considered to be both unusual and infrequent. 3....
E2-5 Determining Financial Statement Effects of Several Transactions LO2-3 FootCovers, Inc., with headquarters in Beaverton, Oregon,...
E2-5 Determining Financial Statement Effects of Several
Transactions LO2-3
FootCovers, Inc., with headquarters in Beaverton, Oregon, is one
of the world’s leading manufacturers of athletic shoes and sports
apparel. The following activities occurred during a recent year.
The amounts are rounded to millions.
Purchased additional buildings for $184 and equipment for $270;
paid $402 in cash and signed a long-term note for the rest.
Issued 100 shares of $2 par value common stock for $355
cash.
Declared $145 in dividends...
SHORT ANSWER. (10 Points) Write the word or phrase that best completes each statement or answers...
SHORT ANSWER. (10 Points) Write the word or phrase that best completes each statement or answers the question 11) Earnings per share-basic and diluted Greenwich Corporation had net income of $1,712,500 in 2018. The company had 300,000 shares of $4 par value common stock and 25,000 shares of 8%, s100 par, preferred stock outstanding throughout the year. Each share of preferred stock is both cumulative and convertible. Each share of preferred stock is convertible into four shares of common stock....
Transactions and Financial statements Van Jordan established an insurance agency on March 1, 20Y5, and completed...
Transactions and Financial statements Van Jordan established an insurance agency on March 1, 20Y5, and completed the following transactions during March. a. Opened a business bank account in the name of Jordan Insurance Inc. with a deposit of $50,000 in exchange for capital stock. b. Borrowing $25,000 by issuing a note payable. c. Received cash from fees earned, $28,000. d. Paid rent on office and equipment for the month, $3,000. e. Paid automobile expenses for the month, $1,800, and miscellaneous...
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December...
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2017 Common shares, unlimited shares authorized 20,900 shares issued and outstanding Retained earnings $377,000 225,000 Total equity $602,000 In 2018, Umi had the following transactions affecting shareholders and the equity accounts Jan. 5 The directors declared a $4.10 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record Feb. 28 Paid the dividend declared on January 5 July...
Singh Company started business on January 1, 2020. The following transactions occurred in 2020: 1. On...
Singh Company started business on January 1, 2020. The following transactions occurred in 2020: 1. On January 1, the company issued 9,500 common shares for $237,500. 2. On January 2, the company borrowed $54,000 from the bank. 3. On January 3, the company purchased land and a building for a total of $200,000 cash. The land was recently appraised at a fair market value of $60,000. (Note: Because the building will be depreciated in the future and the land will...
Chesterfield County had the following transactions. a. A budget is passed for all ongoing activities. Revenue...
Chesterfield County had the following transactions. a. A budget is passed for all ongoing activities. Revenue is anticipated to be $1,026,750 with approved spending of $638,000 and operating transfers out of $335,000. b. A contract is signed with a construction company to build a new central office building for the government at a cost of $8,500,000. A budget for this project has previously been recorded. c. Bonds are sold for $8,500,000 (face value) to finance construction of the new office...
Question 3 Sedoya Corp. reported the following information on its 2015 and 2014 financial statements: 2015...
Question 3 Sedoya Corp. reported the following information on its 2015 and 2014 financial statements: 2015 2014 Change Cash Accounts Receivable Investments Property & Equipment Accumulated Depreciation Total Assets 67,000 181,000 52,000 298,000 (106,000) 492,000 78,000 185,000 74,000 240,000 (89,000) 488,000 (11,000) (4,000) (22,000) 58,000 (17,000) (16,000) Current Liabilities Capital Stock Retained Earnings Total Liabilities and Equity 135,000 160,000 197,000 492,000 151,000 160,000 177,000 488,000 20,000 Sedoya reported net income for 2015 of $60,000, including a gain on investments of...
Quiz 10 Accounting 220 Name: 1. The annual report for Malibu Beachwear reported the following transactions affecting stockholder's equity: Purchased $350,000 of common stock now held in treasury a. b. Declared cash dividends in the amount of $260,000. Paid the dividends in (b). C. d. Issued 100,000 new shares of $0.10 par value common shares for $2 per share. Closed the Dividends account. e. 2. Prepare journal entries to record each of these events.
Journal entries, financial statements, and closing entries for a Capital Projects Fund The following transactions occurred during the fiscal year July 1, 2018 to June 30, 2019: 1. The City of Spainville approved the construction of a city hall complex for a total cost of $120,000,000. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. The buildings will be financed by a federal expenditure driven grant of $25,000,000 and...
Question 2: At the beginning of its 2020 calendar-year accounting period, Clay, Inc. had retained earnings of $6,500,000. During 2020, Clay reported income from continuing operations before taxes of $1,100,000. The following additional transactions occurred in 2020 but were not included in the $1,100,000. Assume all of the following were material. 1. Clay had a restructuring charge of $16,000 (pre-tax). 2. Clay had an uninsured flood loss of $20,000 (pre-tax) which was considered to be both unusual and infrequent. 3....
E2-5 Determining Financial Statement Effects of Several
Transactions LO2-3
FootCovers, Inc., with headquarters in Beaverton, Oregon, is one
of the world’s leading manufacturers of athletic shoes and sports
apparel. The following activities occurred during a recent year.
The amounts are rounded to millions.
Purchased additional buildings for $184 and equipment for $270;
paid $402 in cash and signed a long-term note for the rest.
Issued 100 shares of $2 par value common stock for $355
cash.
Declared $145 in dividends...
SHORT ANSWER. (10 Points) Write the word or phrase that best completes each statement or answers the question 11) Earnings per share-basic and diluted Greenwich Corporation had net income of $1,712,500 in 2018. The company had 300,000 shares of $4 par value common stock and 25,000 shares of 8%, s100 par, preferred stock outstanding throughout the year. Each share of preferred stock is both cumulative and convertible. Each share of preferred stock is convertible into four shares of common stock....
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2017 Common shares, unlimited shares authorized 20,900 shares issued and outstanding Retained earnings $377,000 225,000 Total equity $602,000 In 2018, Umi had the following transactions affecting shareholders and the equity accounts Jan. 5 The directors declared a $4.10 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record Feb. 28 Paid the dividend declared on January 5 July...
Chesterfield County had the following transactions. a. A budget is passed for all ongoing activities. Revenue is anticipated to be $1,026,750 with approved spending of $638,000 and operating transfers out of $335,000. b. A contract is signed with a construction company to build a new central office building for the government at a cost of $8,500,000. A budget for this project has previously been recorded. c. Bonds are sold for $8,500,000 (face value) to finance construction of the new office...
Question 3 Sedoya Corp. reported the following information on its 2015 and 2014 financial statements: 2015 2014 Change Cash Accounts Receivable Investments Property & Equipment Accumulated Depreciation Total Assets 67,000 181,000 52,000 298,000 (106,000) 492,000 78,000 185,000 74,000 240,000 (89,000) 488,000 (11,000) (4,000) (22,000) 58,000 (17,000) (16,000) Current Liabilities Capital Stock Retained Earnings Total Liabilities and Equity 135,000 160,000 197,000 492,000 151,000 160,000 177,000 488,000 20,000 Sedoya reported net income for 2015 of $60,000, including a gain on investments of...
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