Van Beek Corporation reported the following transactions for 2019: 1. Sold equipment for $21,000. The original...
Van Beek Corporation reported the following transactions for 2019: 1. Sold equipment for $21,000. The original cost was $45,000; the book value is $18,000 2. Issued 2,000 shares of $15 par value common stock for $36 per share 3. Paid $9,000 for an Insurance policy which goes into effect in January 2020 4. Recognized $6,000 in Interest expense on Dec 31, 2019 - to be paid on April 30, 2020 5. Received $24,000 as collections from customers for 2018 sales, and $54,000 for 2019 sales 6. Reacquired 300 shares of its own common stock at $60 per share 7. Received $6,000 in dividends on stock held as available for sale 8. Recorded depreciation expense for $15,000 9. Paid $3,000 of dividends to common stockholders 10. Purchased equipment costing $195,000, by making a cash down payment of $60,000 and signing a note for the remaining $135,000. 11. Acquired a building with a market value of $750,000 by issuing 20,000 shares of common stock. 12. Paid salaries of $54,000 13. Cash received from sale of available for sale securities $18,000 14. Repaid a loan, which included $15,000 of the principal and $3,000 in interest Van Beek Corporation uses the direct method for preparing the 2019 Statement of Cash Flows. The net cash flow from operating activities is: Group of answer choices $3,000 ($24,000) $18,000 $12,000
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Van Beek Corporation reported the following transactions for
2019: 1. Sold equipment for $21,000. The original...
The Carpet Company’s 2019 and 2020 balance sheets included the following items: December 31 2020 2019 De...
The Carpet Company’s 2019 and 2020 balance sheets included the following items: December 31 2020 2019 Debits Cash $10,500 $ 4,000 Accounts receivable 8,000 9,000 Merchandise inventory 21,000 18,000 Equipment 18,000 15,000 Totals $57,500 $46,000 Credits Accumulated depreciation, equipment $ 4,000 $ 3,000 Accounts payable 7,000 5,000 Taxes payable 1,000 2,000 Dividends payable 1,500 0 Common stock, $10 par value 27,000 25,000 Contributed capital in excess of par, common stock 6,000 5,000 Retained earnings 11,000 6,000 ...
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...
On January 1, 2016, a corporation had 10,380 shares of common stock outstanding, and on June...
On January 1, 2016, a corporation had 10,380 shares of common stock outstanding, and on June 1, it reacquired 6,000 shares. Despite a net loss for the year of $180,000, the company declared and paid cash dividends of $24,000 and $28,000 on common and preferred stock, respectively. What was the earnings per share for 2016? (33.72) (18.60) (30.23) (22.10)
Following are the transactions of JonesSpa Corporation, for the month of January. a. Borrowed $25,000 from...
Following are the transactions of JonesSpa Corporation, for the month of January. a. Borrowed $25,000 from a local bank. b. Lent $8,400 to an affiliate; accepted a note due in one year. c. Sold to investors 100 additional shares of stock with a par value of $0.10 per share and a market price of $25 per share; received cash. d. Purchased $24,000 of equipment, paying $4,700 cash and signing a note for the rest due in one year. e. Declared...
Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois....
Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $200 par (70,000 shares authorized, 35,000 $7,000,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock 1,400,000 Common Stock, $20 par (800,000 shares authorized, 260,000 5,200,000 shares issued) Paid-In Capital in Excess of Par-Common Stock 680,000 Retained Earnings 30,274,000 During the...
Selected Stock Transactions A Corporation sells and services pipe welding equipment. The following selected accounts appear...
Selected Stock Transactions A Corporation sells and services pipe welding equipment. The following selected accounts appear in the ledger of the corporation at the beginning of the current year: Preferred 2% Stock, $100 par (50,000 shares authorized, 25,000 shares issued) $2,500,000 Paid-In Capital in Excess of Par—Preferred Stock 300,000 Common Stock, $15 par (800,000 shares authorized, 260,000 shares issued) 3,900,000 Paid-In Capital in Excess of Par—Common Stock 510,000 Retained Earnings 15,285,000 During the year, the corporation completed a number of...
Following are the transactions of JonesSpa Corporation, for the month of January a. Borrowed $21,000 from...
Following are the transactions of JonesSpa Corporation, for the month of January a. Borrowed $21,000 from a local bank. b. Lent $7,700 to an affiliate; accepted a note due in one year. c. Sold to investors 110 additional shares of stock with a par value of $0.10 per share and a market price of $30 per share; received cash. d. Purchased $20,000 of equipment, paying $5,300 cash and signing a note for the rest due in one year. e. Declared...
Webber Corporation reported the following alphabetical items for the year ended December 31, 2019 (some of...
Webber Corporation reported the following alphabetical items for the year ended December 31, 2019 (some of Webber's balance sheet accounts have been omitted). Accumulated Depreciation Accumulated Other Comprehensive Income Available for Sale Securities Common Stock, $10 par Cost of Goods Sold (condensed) Dividends Declared ($3,000 for Preferred and $29,000 for Common) Dividend Revenue Gain on Sale of Equipment Interest Expense Loss from Discontinued Operations Net Sales Operating Expenses (condensed) Paid in Capital in Excess of Par - Common Preferred Stock,...
Problem V (12 points) The following financial information is available for the Fountain City Corporation: 2...
Problem V (12 points) The following financial information is available for the Fountain City Corporation: 2 3 1 s 5 6 Net Income i S 2019 2020 Average Common Stockholders' Equity s 1,800,000 1,900,000 Dividends paid to common stockholders 90,000 70,000 Dividends paid to preferred stockholders 10,000 15,000 230,000 180,000 Market price of common stock $ 20 25 The weighted number of shares of common stock outstanding was 180,000 for 2019 and 150,000 for 2020, Calculate the earnings per share...
eBook Show Me How Calculator Print Item Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells...
eBook Show Me How Calculator Print Item Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Tilinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $175 par (70,000 shares authorized, 35,000 shares issued) $6,125,000 Paid-In Capital in Excess of Par-Preferred Stock 980,000 Common Stock, $20 par (800,000 shares authorized, 250,000 shares issued) 5,000,000 Paid-in Capital in Excess of Par-Common...
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...
Following are the transactions of JonesSpa Corporation, for the month of January. a. Borrowed $25,000 from a local bank. b. Lent $8,400 to an affiliate; accepted a note due in one year. c. Sold to investors 100 additional shares of stock with a par value of $0.10 per share and a market price of $25 per share; received cash. d. Purchased $24,000 of equipment, paying $4,700 cash and signing a note for the rest due in one year. e. Declared...
Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $200 par (70,000 shares authorized, 35,000 $7,000,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock 1,400,000 Common Stock, $20 par (800,000 shares authorized, 260,000 5,200,000 shares issued) Paid-In Capital in Excess of Par-Common Stock 680,000 Retained Earnings 30,274,000 During the...
Following are the transactions of JonesSpa Corporation, for the month of January a. Borrowed $21,000 from a local bank. b. Lent $7,700 to an affiliate; accepted a note due in one year. c. Sold to investors 110 additional shares of stock with a par value of $0.10 per share and a market price of $30 per share; received cash. d. Purchased $20,000 of equipment, paying $5,300 cash and signing a note for the rest due in one year. e. Declared...
Webber Corporation reported the following alphabetical items for the year ended December 31, 2019 (some of Webber's balance sheet accounts have been omitted). Accumulated Depreciation Accumulated Other Comprehensive Income Available for Sale Securities Common Stock, $10 par Cost of Goods Sold (condensed) Dividends Declared ($3,000 for Preferred and $29,000 for Common) Dividend Revenue Gain on Sale of Equipment Interest Expense Loss from Discontinued Operations Net Sales Operating Expenses (condensed) Paid in Capital in Excess of Par - Common Preferred Stock,...
Problem V (12 points) The following financial information is available for the Fountain City Corporation: 2 3 1 s 5 6 Net Income i S 2019 2020 Average Common Stockholders' Equity s 1,800,000 1,900,000 Dividends paid to common stockholders 90,000 70,000 Dividends paid to preferred stockholders 10,000 15,000 230,000 180,000 Market price of common stock $ 20 25 The weighted number of shares of common stock outstanding was 180,000 for 2019 and 150,000 for 2020, Calculate the earnings per share...
eBook Show Me How Calculator Print Item Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Tilinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $175 par (70,000 shares authorized, 35,000 shares issued) $6,125,000 Paid-In Capital in Excess of Par-Preferred Stock 980,000 Common Stock, $20 par (800,000 shares authorized, 250,000 shares issued) 5,000,000 Paid-in Capital in Excess of Par-Common...
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