Homework Answers
| Date | particular | Debit | Credit |
| A | |||
| April15 |
Cash a/c. Dr To,share premium To, Common stock (Being share issued to public for a premium of $1.5 recorded) |
11000000 - - - |
300000 800000 |
| July 4 |
Cash ac Dr. To share premium To common stock (Being 175000 shares issued at a premium of 1.75 per share.) |
1006250 |
306250 700000 |
| B | |||
|
Treasury stock ac Dr To cash (Being repurchase of 3500 share@ $ 8 recorded) |
28000 | 28000 | |
|
Cash ac Dr. To Treasury stock (2000*8) To Additional paid in capital(Treasury stock) (2000*2) (Being recorded sale of 2000 shares of Treasury stock @10) |
20000 |
16000 4000 |
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J&s Trucking -(ALL ENTRIES FOR J&S ONLY) KEY for Accounting Component Assets A Journal Entry =...
Given the information provided: Record all the journal entries for Destiny Calling’s transactions listed above. Taking...
Given the information provided:
Record all the journal entries for Destiny Calling’s
transactions listed above.
Taking into account all of the information and all of the
transactions above, prepare a Statement of Stockholders’ Equity for
Destiny Calling for the period ended December 31, 2020. Use the
format used in the pre-recorded lecture videos and also provided in
your e-text, Illustration 10-20. Assume net income for
2020 was $19,080.
Calculate the number of shares of Common Stock that would be
outstanding...
no lavour Analysis Component: Calculate the net assets of able or unfavourable? Explain. component: Calculat...
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Record journal entries for transactions (a) through (j). (If no entry is required for a transaction/event,...
Record journal entries for transactions (a)
through (j).
(If no entry is required for a transaction/event, select "No
Journal Entry Required" in the first account field. Enter your
answers in thousands of dollars.)
Transactions and events during 2018 (summarized in thousands
of dollars) follow:
a. Borrowed $13 cash on March 1 using a short-term note.
b. Purchased land on March 2 for future building site; paid
cash, $7.
c. Issued additional shares of common stock on April 3 for
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1.) Presented below is information related to Wally Company: Prepare the general journal entries necessary to record the...
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A. Record the journal entries for the December transactions.** Must show formulas in cells. Record the...
A. Record the journal entries for the December transactions.** Must show formulas in cells. Record the following entries in general journal form for December, 2020: December 1: Recorded sales on account of $100,000, 2/10, net 30. Cost of inventory was 63,500. Company uses the net method for accounting for sales. December 2: Purchased Land for a future building site for $700,000, paying $200,000 down and signed a 5%, 90-day note for the balance. December 3: Bought back 1000 shares of...
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...
Intermediate Accounting II Homework Problems Chapter 16 1. The stockholders’ equity section of Whaler Inc. at...
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Answer questions J through S. Thank you. k. Plant assets to long-term debt. (Round your answers...
Answer questions J through S.
Thank you.
k. Plant assets to long-term debt. (Round your answers to 2 decimal places.) L Net margin (Round your answers to 2 decimal places.) m. Turnover of assets. (Round your answers to 2 decimal places.) n. Return on investment. (Round your answers to 2 decimal places.) o Return on equity (Round your answers to 2 decimal places.) p. Earnings per share. (Round your answers to 2 decimal places) Q. Book value per share of...
Accountancy
As a recently hired accountant for a small business, SMC, Inc., you are provided with last year’s balance sheet, income statement, and post-closing trial balance to familiarize yourself with the business.SMC, Inc.Balance sheetDecember 31, 2019Assets $34,500Cash $25,000Accounts receivable $10,000Supplies $200Total assets $69,700Liabilities and stockholders equityLiabilities:Accounts payable $12,000Salaries payable $1,000Income taxes payable $3,675Total liabilities $16,675Stockholders equity:Capital stock (10,000 shares outstanding) $25,000Retained earnings $28,025Total stockholders equity $53,025Total liabilities and stockholders equity $69,700SMC, Inc.Income statementFor the year ended December 31, 2019Sales revenue $110,000Rent...
Assets The comparative balance sheet of Cookies Coffee Creations Inc. at October 31, 2020 for the...
Assets The comparative balance sheet of Cookies Coffee Creations Inc. at October 31, 2020 for the years 2020 and 2019, and the income statements for the years ended October 31, 2019 and 2020, are presented below. COOKIE & COFFEE CREATIONS INC Balance Sheet October 31 2020 2019 Cash $22,324 $5,550 Accounts receivable 2,710 Inventory 7,097 7,450 Prepaid expenses 5,800 6,050 Equipment 102,000 75,500 Accumulated depreciation (25,200) (9.100) Total assets $116,071 $88,160 Liabilities and Stockholders' Equity Accounts payable $1,150 $2,450 Income...
Given the information provided:
Record all the journal entries for Destiny Calling’s
transactions listed above.
Taking into account all of the information and all of the
transactions above, prepare a Statement of Stockholders’ Equity for
Destiny Calling for the period ended December 31, 2020. Use the
format used in the pre-recorded lecture videos and also provided in
your e-text, Illustration 10-20. Assume net income for
2020 was $19,080.
Calculate the number of shares of Common Stock that would be
outstanding...
no lavour Analysis Component: Calculate the net assets of able or unfavourable? Explain. component: Calculate the net assets of Labtech Inc. for 2016, 2017), Problem 12-8B Share transactions, CHECK FIGURES: 2. Retained earnings, Dec. 31, - Share transactions, dividends, statement of changes the unty LO2, 3, 4, 5, 6 GURES: 2. Retained earnings, Dec 31, 2020 = $754,500; 3. Equity. 020 = $4,345,500 ace Oil & Gas Corp. began operations in 2018. Its balance sheet reported wing components of en...
Record journal entries for transactions (a)
through (j).
(If no entry is required for a transaction/event, select "No
Journal Entry Required" in the first account field. Enter your
answers in thousands of dollars.)
Transactions and events during 2018 (summarized in thousands
of dollars) follow:
a. Borrowed $13 cash on March 1 using a short-term note.
b. Purchased land on March 2 for future building site; paid
cash, $7.
c. Issued additional shares of common stock on April 3 for
$25....
A. Record the journal entries for the December transactions.** Must show formulas in cells. Record the following entries in general journal form for December, 2020: December 1: Recorded sales on account of $100,000, 2/10, net 30. Cost of inventory was 63,500. Company uses the net method for accounting for sales. December 2: Purchased Land for a future building site for $700,000, paying $200,000 down and signed a 5%, 90-day note for the balance. December 3: Bought back 1000 shares of...
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...
Answer questions J through S.
Thank you.
k. Plant assets to long-term debt. (Round your answers to 2 decimal places.) L Net margin (Round your answers to 2 decimal places.) m. Turnover of assets. (Round your answers to 2 decimal places.) n. Return on investment. (Round your answers to 2 decimal places.) o Return on equity (Round your answers to 2 decimal places.) p. Earnings per share. (Round your answers to 2 decimal places) Q. Book value per share of...
Assets The comparative balance sheet of Cookies Coffee Creations Inc. at October 31, 2020 for the years 2020 and 2019, and the income statements for the years ended October 31, 2019 and 2020, are presented below. COOKIE & COFFEE CREATIONS INC Balance Sheet October 31 2020 2019 Cash $22,324 $5,550 Accounts receivable 2,710 Inventory 7,097 7,450 Prepaid expenses 5,800 6,050 Equipment 102,000 75,500 Accumulated depreciation (25,200) (9.100) Total assets $116,071 $88,160 Liabilities and Stockholders' Equity Accounts payable $1,150 $2,450 Income...
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