Chapman Chairs, a family-owned corporation, declared and distributed a property dividend from its overstocked inventory in place of its usual cash dividend. The inventory's book value exceeded its fair value. The excess is:
Chapman Chairs, a family-owned corporation, declared and distributed a property dividend from its overstocked inventory in place of its usual cash dividend. The inventory's book value exceeded its fair value. The excess is:
Multiple Choice
1) Not reported.
2) Reported as other comprehensive income.
3) Reported as a loss.
4) Reported as a direct reduction of shareholders’ equity.
Homework Answers
Add Answer to:
Chapman Chairs, a family-owned corporation, declared and distributed a property dividend from its overstocked inventory in place of its usual cash dividend. The inventory's book value exceeded its fair value. The excess is:
Q-12 Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,200 shares of...
Q-12
Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,200 shares of GE common stock that Adams had purchased in February for $39,600 as an investment. GE's shares had a market value of $31 per share on the declaration date. Prepare the journal entries to record the property dividend on the declaration and payment dates. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list...
Encore Industries owned investment securities with a book value of $45 million on August 12. At that time, Encore’s board of directors declared a property dividend consisting of these securities. The fair value of the securities was as follows: Declarati
Encore Industries owned investment securities with a book value of $45 million on August 12. At that time, Encore’s board of directors declared a property dividend consisting of these securities. The fair value of the securities was as follows:Declaration – August 12 $ 58 million Record date – September 1 62 million Distribution date – September 20 60 million What amount of gain should Encore recognize in earnings in connection with this property dividend?
XYZ Corporation distributed to its shareholders a total of $30,000 in cash plus property that had...
XYZ Corporation distributed to its shareholders a total of $30,000 in cash plus property that had a fair market value of $80,000 and a basis of $60,000. The corporation’s earnings and profits were $100,000 on the last day of the year in which the distribution was made after taking into effect the impact on the corporation’s earning and profits of the gain recognized on the distribution (but before reducing earnings and profits by the fair market value of the distribution)....
($ in eees) $120,000 720,000 990,800 Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2018, the board of directors declared a cash divid...
($ in eees) $120,000 720,000 990,800 Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2018, the board of directors declared a cash dividend of $0.80 per share on its common shares, payable to shareholders of record November 15, to be paid December 1 b. On March 1, 2019, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The...
19. 19. Share issue costs refer to the costs of obtaining the legal, promotional, and accounting...
19. 19. Share issue costs refer to the costs of obtaining the legal, promotional, and accounting services necessary to effect the sale of shares. The costs reduce the net cash proceeds from selling the shares and thus paid-in capital—excess of par, and are: Multiple Choice Not recorded separately. Recorded as an asset. Amortized over time. Recorded as a liability. 20 Corporations are formed in accordance with: Multiple Choice The Model Business Corporation Act. The laws of individual states. Federal statutes....
Softball Corporation reported the following balances at January 1, 20X9: Item Book Value Fair Value Cash...
Softball Corporation reported the following balances at January 1, 20X9: Item Book Value Fair Value Cash $ 55,000 $ 55,000 Accounts Receivable 61,000 61,000 Inventory 115,000 138,000 Buildings and Equipment 306,000 244,000 Less: Accumulated Depreciation (163,000 ) Total Assets $ 374,000 $ 498,000 Accounts Payable $ 56,000 $ 56,000 Common Stock ($9 par value) 82,000 Additional Paid-In Capital 25,000 Retained Earnings 211,000 Total Liabilities and Equities $ 374,000 On January 1, 20X9, Pitcher Corporation purchased 100 percent of Softball's stock....
Stocks that pay relatively large cash dividends on a regular basis are called: Multiple Choice Small...
Stocks that pay relatively large cash dividends on a regular basis are called: Multiple Choice Small capital stocks. Mid capital stocks. Growth stocks. Large capital stocks. Income stocks. The amount of annual cash dividends distributed to common shareholders relative to the common stock's market value is the: Multiple Choice Dividend payout ratio Dividend yield Price-earnings ratio. Current yield Earnings per share. Corporations may buy back their own stock for any of the following reasons except to: Multiple Choice Avoid a...
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate....
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate. (28) in the current year, Acom, Inc., had the following items of income and expense! Sales $500,000 Cost of sales 250,000 Dividends received 25,000 The dividends were received from a corporation of which Acom owns 30%. In Acom's current yoar income tax rotum, what amount should be reported as income before special deductions? A. $525.000 B. $508,750 C. $275,000 D. $250.000 The correct answer...
Questions: For Kroger deposits in transit: What is the account titled Store deposits in-transit (refer to footnote...
Questions: For Kroger deposits in transit: What is
the account titled Store deposits in-transit (refer to footnote 1)?
This is not an account you will find on the majority of company
financial statements. Why does Kroger include this account? Is it
odd that this account is larger than the cash balance? How do you
explain this?
Information Needed to Answer Questions:
Jan. 28, 2017 Jan. 30, 2016 $322 910 1,649 7,852 (1,291) 898 $ 277 923 1,734 7,440 (1,272) 790 9,892...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant "E" slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm...
Q-12
Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,200 shares of GE common stock that Adams had purchased in February for $39,600 as an investment. GE's shares had a market value of $31 per share on the declaration date. Prepare the journal entries to record the property dividend on the declaration and payment dates. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list...
($ in eees) $120,000 720,000 990,800 Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2018, the board of directors declared a cash dividend of $0.80 per share on its common shares, payable to shareholders of record November 15, to be paid December 1 b. On March 1, 2019, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The...
Stocks that pay relatively large cash dividends on a regular basis are called: Multiple Choice Small capital stocks. Mid capital stocks. Growth stocks. Large capital stocks. Income stocks. The amount of annual cash dividends distributed to common shareholders relative to the common stock's market value is the: Multiple Choice Dividend payout ratio Dividend yield Price-earnings ratio. Current yield Earnings per share. Corporations may buy back their own stock for any of the following reasons except to: Multiple Choice Avoid a...
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate. (28) in the current year, Acom, Inc., had the following items of income and expense! Sales $500,000 Cost of sales 250,000 Dividends received 25,000 The dividends were received from a corporation of which Acom owns 30%. In Acom's current yoar income tax rotum, what amount should be reported as income before special deductions? A. $525.000 B. $508,750 C. $275,000 D. $250.000 The correct answer...
Questions: For Kroger deposits in transit: What is
the account titled Store deposits in-transit (refer to footnote 1)?
This is not an account you will find on the majority of company
financial statements. Why does Kroger include this account? Is it
odd that this account is larger than the cash balance? How do you
explain this?
Information Needed to Answer Questions:
Jan. 28, 2017 Jan. 30, 2016 $322 910 1,649 7,852 (1,291) 898 $ 277 923 1,734 7,440 (1,272) 790 9,892...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant "E" slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm...
Most questions answered within 3 hours.
-
You are to assess the biomechanics of a male’s arm using his
bicep to hold a...
asked 9 minutes ago -
What is the maximum number of grams of N-acetyl-p-toluidine can
be prepared from 70. milliliters of...
asked 1 hour ago -
A researcher is using a two-tailed hypothesis test with α =
.05 to evaluate the effect...
asked 3 hours ago -
Two long, straight wires are parallel and 8.5 cm apart. The top
wire carries a current...
asked 4 hours ago -
Three arguments used to promote trade barriers are the national
security argument, the infant-industry argument, and...
asked 4 hours ago -
Question 3:
Percentage of Completion
Method (12 marks) On January 1, 2017, Eagle Construction Ltd.
started...
asked 4 hours ago -
A company purchased a tract of land for its natural resources at
a cost of $2,042,900....
asked 4 hours ago -
1. These financial statement item are
for UPS Company at fiscal year-end, October 31, 2019.
...
asked 4 hours ago -
PYTHON HOMEWORK
When an object is falling because of gravity, the following
formula can be used...
asked 5 hours ago -
Which of the following groups is comprised solely of
chemoheterotrophs?
Click all that apply.
animals
fungi...
asked 5 hours ago -
What is the feminist theory in 100 words or more?
book: Juvenile Justice In America, Clemens...
asked 5 hours ago -
1) What is the probability of a randomly selected value from a
normally distributed population falling...
asked 5 hours ago