17. Your company sells $43,000 of one-year, 10% bonds for an issue price of $40,500. The...
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17. Your company sells $43,000 of one-year, 10% bonds for an issue price of $40,500. The journal entry to record this transaction will include a credit to Bonds Payable in the amount of: |
a. $44,800.
b. $43,000.
c. $40,500.
d. $47,300.
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23. On October 1, 2013, you borrow $207,000 at 12% interest for 3 years and record the promissory note. On April 1 and October 1 you are required to make semi annual interest payments to your creditor. On December 31, 2013, your adjusting journal entry should: |
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IBM issues 200,000 shares of stock with a par value of $0.04 for $153 per share. Three years later, it repurchases these shares for $83 per share. IBM records the repurchase in which of the following ways? |
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a. Debit Common Stock for $8,000, debit Additional Paid-in Capital for $16,592,000 and credit Cash for $16.60 million. |
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c. Debit Stockholders' Equity for $30.60 million, credit Additional Paid-in Capital for $16.60 million and credit Cash for $16.60 million. |
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d. Debit Common Stock for $8,000, debit Additional Paid-in Capital for $30,592,000 and credit Cash for $30.60 million. |
Homework Answers
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17. Your company sells $43,000 of one-year, 10% bonds for an issue
price of $40,500. The...
2. The following is selected financial information for Cargo company for 2012 and 2013: (10) Retained...
2. The following is selected financial information for Cargo company for 2012 and 2013: (10) Retained earnings, January 1 8 83.000 2013 Det income... January 1 Dividends declared and paid Common stock $53,000 37,000 42,000 15,000 18.000 70,000 Issued 2,000 shares of additional capital stock in 2013 for $20,000. There were no other capital transactions. Prepare a statement of stockholders' equity for the year ended December 31, 2013. WCC Financial Accounting Mid-Term 3. Prepare the closing entries for YORK Company...
Geciarea at the end of the year, and b10 Botional shares of common StoCK ( 10...
Geciarea at the end of the year, and b10 Botional shares of common StoCK ( 10 par value per snarej were issued at the end of the year for $2.440 in cash for a total at the end of the year of 800 shares). These effects are included below. Catena's Marketing Company Adjusted Trial Balance End of the current Year 3.57 points Debit Credit $ 1,660 Seed 1,770 2,950 15,600 2.39 3,770 2,58e Accounts receivable Interest receivable Prepaid insurance Long-ter...
Catena's Marketing Company has the following adjusted trial balance at the end of the current year....
Catena's Marketing Company has the following adjusted trial
balance at the end of the current year. Cash dividends of $630 were
declared at the end of the year, and 600 additional shares of
common stock ($0.10 par value per share) were issued at the end of
the year for $2,400 in cash (for a total at the end of the year of
830 shares). These effects are included below:
Catena's Marketing Company Adjusted Trial Balance End of the Current Year...
On September 1, Sky Mountain Co borrowed $51,000 on a 8% , 9-month note payable to...
On September 1, Sky Mountain Co borrowed $51,000 on a 8% , 9-month note payable to Coast National Bank. Given no previous adjusting entries have been recorded, Sky Mountain's adjusting entry four months later at December 31 would include a Multiple Choice debit to Interest Expense of $4.080 debit to Interest Expense of $1.020 debit to Interest Expense of $3,060 debit to Interest Expense of $1360 Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares...
Problem 10-85A (Algorithmic) Common Dividends Pumpkin Accounting Corp. began 2019 with 1,000,000 authorized and 231,000 issued...
Problem 10-85A (Algorithmic) Common Dividends Pumpkin Accounting Corp. began 2019 with 1,000,000 authorized and 231,000 issued and outstanding $10 par common shares. During 2019, Pumpkin entered into the following transactions: Declared a $0.40 per-share cash dividend on March 10. Paid the $0.40 per-share dividend on April 10. Repurchased 8,000 common shares at a cost of $24 each on May 2. Sold 3,000 unissued common shares for $26 per share on June 9. Declared a $0.55 per-share cash dividend on August...
Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750...
Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 431,514.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,022.00 Interest expense 40,500 41,673.00 Inventories 279,000 288,000 Long-term debt 337,826.00 400,936.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 161,446.00 Retained earnings 306,000 342,000 Sales 639,000 845,609.00 Taxes 24,750 48,007.00 What is...
Your company sells $200,000 of bonds for an issue price of $209,000. Which of the following...
Your company sells $200,000 of bonds for an issue price of $209,000. Which of the following statements is correct? Multiple Choice The bond sold at a price of 52.25, implying a discount of $9,000. The bond sold at a price of 104.50, implying a premium of $9,000. The bond sold at a price of 52.25, implying a premium of $9,000. The bond sold at a price of 104.50, implying a discount of $9,000 Sierra Blanca Co. is required to match...
Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750...
Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 429,664.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,093.00 Interest expense 40,500 41,024.00 Inventories 279,000 288,000 Long-term debt 335,318.00 398,930.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 162,292.00 Retained earnings 306,000 342,000 Sales 639,000 852,300.00 Taxes 24,750 47,203.00 What is...
Catena's Marketing Company has the following adjusted trial balance at the end of the current year....
Catena's Marketing Company has the following adjusted trial
balance at the end of the current year. Cash dividends of $600 were
declared at the end of the year, and 600 additional shares of
common stock ($0.10 par value per share) were issued at the end of
the year for $2,400 in cash (for a total at the end of the year of
830 shares). These effects are included below:
Catena’s Marketing Company
Adjusted Trial Balance
End of the Current Year...
Catena's Marketing Company has the following adjusted trial balance at the end of the current year....
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $650 were declared at the end of the year, and 630 additional shares of common stock (50.10 par value per share) were issued at the end of the year for $2.520 in cash for a total at the end of the year of 810 shares). These effects are included below 1,620 Catena's Marketing Company Adjusted Trial Balance End of the Current...
2. The following is selected financial information for Cargo company for 2012 and 2013: (10) Retained earnings, January 1 8 83.000 2013 Det income... January 1 Dividends declared and paid Common stock $53,000 37,000 42,000 15,000 18.000 70,000 Issued 2,000 shares of additional capital stock in 2013 for $20,000. There were no other capital transactions. Prepare a statement of stockholders' equity for the year ended December 31, 2013. WCC Financial Accounting Mid-Term 3. Prepare the closing entries for YORK Company...
Geciarea at the end of the year, and b10 Botional shares of common StoCK ( 10 par value per snarej were issued at the end of the year for $2.440 in cash for a total at the end of the year of 800 shares). These effects are included below. Catena's Marketing Company Adjusted Trial Balance End of the current Year 3.57 points Debit Credit $ 1,660 Seed 1,770 2,950 15,600 2.39 3,770 2,58e Accounts receivable Interest receivable Prepaid insurance Long-ter...
Catena's Marketing Company has the following adjusted trial
balance at the end of the current year. Cash dividends of $630 were
declared at the end of the year, and 600 additional shares of
common stock ($0.10 par value per share) were issued at the end of
the year for $2,400 in cash (for a total at the end of the year of
830 shares). These effects are included below:
Catena's Marketing Company Adjusted Trial Balance End of the Current Year...
On September 1, Sky Mountain Co borrowed $51,000 on a 8% , 9-month note payable to Coast National Bank. Given no previous adjusting entries have been recorded, Sky Mountain's adjusting entry four months later at December 31 would include a Multiple Choice debit to Interest Expense of $4.080 debit to Interest Expense of $1.020 debit to Interest Expense of $3,060 debit to Interest Expense of $1360 Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares...
Your company sells $200,000 of bonds for an issue price of $209,000. Which of the following statements is correct? Multiple Choice The bond sold at a price of 52.25, implying a discount of $9,000. The bond sold at a price of 104.50, implying a premium of $9,000. The bond sold at a price of 52.25, implying a premium of $9,000. The bond sold at a price of 104.50, implying a discount of $9,000 Sierra Blanca Co. is required to match...
Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 429,664.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,093.00 Interest expense 40,500 41,024.00 Inventories 279,000 288,000 Long-term debt 335,318.00 398,930.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 162,292.00 Retained earnings 306,000 342,000 Sales 639,000 852,300.00 Taxes 24,750 47,203.00 What is...
Catena's Marketing Company has the following adjusted trial
balance at the end of the current year. Cash dividends of $600 were
declared at the end of the year, and 600 additional shares of
common stock ($0.10 par value per share) were issued at the end of
the year for $2,400 in cash (for a total at the end of the year of
830 shares). These effects are included below:
Catena’s Marketing Company
Adjusted Trial Balance
End of the Current Year...
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $650 were declared at the end of the year, and 630 additional shares of common stock (50.10 par value per share) were issued at the end of the year for $2.520 in cash for a total at the end of the year of 810 shares). These effects are included below 1,620 Catena's Marketing Company Adjusted Trial Balance End of the Current...
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