Homework Answers
| Question 26) | ||
| Answer = Option B = Common Stock | ||
| Question 27) | ||
| Answer = Option B = Merchandising | ||
| Question 28) | ||
| Answer = Option A = Amortization | ||
| Question 29) | ||
| Answer = Option D = Book Value | ||
| Question 30) | ||
| Answer = Option C = Creditors | ||
| Question 31) | ||
| Answer = | ||
| Outstanding Shares = Issued Shares - Reacquired Shares | ||
| Outstanding Shares = 35,000 Shares - 1,000 Share | ||
| Outstanding Shares = 34,000 Shares | ||
| Answer = Option D = 34,000 Shares | ||
| Question 32) | ||
| Answer = Option D = A Contra - Stockholder's Equity | ||
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Multiple Choices: 26. The claims of the investors in a Corporation is classified properly under: a....
Treasury stock is classified as: A. An asset account B. A contra asset account C. A...
Treasury stock is classified as: A. An asset account B. A contra asset account C. A contra equity account D. A liability account Prior period adjustments are reported in the: A. Multiple-step income statement B. Balance sheet C. Statement of retained earnings D. Statement of cash flows Changes in accounting estimates are: A. Considered accounting errors B. Accounted for with a cumulative "catch-up" adjustment C. Extraordinary items D. Accounted for in current and future periods The Discount on Bonds Payable...
P11-3A The stockholders' equity accounts of Castle Corporation on January 1, 2019, were as follows. Preferred...
P11-3A The stockholders' equity accounts of Castle Corporation on January 1, 2019, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) $ 400,000 Common Stock ($1 stated value, 2,000,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par-Preferred Stock 100,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000 Retained Earnings 1,816,000 Treasury Stock (10,000 common shares) 50,000 During 2019, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000...
Stockholders' Equity: Transactions and Balance Sheet Presentation The stockholders' equity accounts of Willis Corporation at January...
Stockholders' Equity: Transactions and Balance Sheet Presentation The stockholders' equity accounts of Willis Corporation at January 1 appear below: 8 Percent preferred stock, $10 par value, 50,000 shares authorized; 6,800 shares issued and outstanding $68,000 Common stock, $10 par value, 200,000 shares authorized; 50,000 shares issued and outstanding 500,000 Paid-in capital in excess of par value-Preferred stock 68,000 Paid-in capital in excess of par value-Common stock 200,000 Retained earnings 270,000 During the year, the following transactions occurred: Jan. 10 Issued...
The stockholders' equity accounts of Castle Corporation Journalize and post transactions, and prepare stockholders' equity section....
The stockholders' equity accounts of Castle Corporation Journalize and post transactions, and prepare stockholders' equity section. P13.3A (LO 1, 2, 3) Financial Statement on January 1, 2020, were as follows. ( GLS GLS Preferred Stock (8%, $50 par, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par—Preferred Stock Paid-in Capital in Excess of Stated Value—Common Stock Retained Earnings Treasury Stock (10,000 common shares) $ 400,000 1,000,000 100,000 1,450,000 1,816,000 50,000 During 2020,...
please answer the following multiple choice questions 20. The following information is from the balance sheet...
please answer the following multiple choice questions
20. The following information is from the balance sheet of Tudor Corporation as of December 31, 2014 Preferred stock, S100 par Paid-in capital in excess of par preferred Common stock, SI par Paid-in capital in excess of par common Retained earnings Total stockholders' equity What was the average issue price of the common stock shares? A) S1.90 B) $1.00 C) $3.00 D) S13.15 $ 500,000 35,000 190,000 380,000 131.500 SL236.500 21. Dallkin Corporation...
The stockholders’ equity accounts of Ashley Corporation on January 1, 2012, were as follows. Preferred Stock...
The stockholders’ equity accounts of Ashley Corporation on January 1, 2012, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) $ 400,000 Common Stock ($1 stated value, 2,000,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par—Preferred Stock 100,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,450,000 Retained Earnings 1,816,000 Treasury Stock (10,000 common shares) 50,000 During 2012, the corporation had the following transactions and events pertaining to its stock- holders’ equity. Feb. 1 Issued 25,000...
Problem 5 : P13-41A Background: D-Mobile Wireless needed additional capital to expand, so the business incorporated....
Problem 5 : P13-41A Background: D-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes D-Mobile to issue 50,000 shares of 8%, $50 par value cumulative preferred stock and 160,000 shares of $4 par value common stock. D-Mobile entered into the transactions listed in the Transactions section below during October 2018. Assignment: 1) Using the General Journal tab, click Add Transaction to journalize each transaction. Click Post Transaction once you complete...
7. The current ratio and quick ratio analysis can belp creditors can ability to pay its...
7. The current ratio and quick ratio analysis can belp creditors can ability to pay its current liabilities A True B. False creditors evaluate a company's 8. Which of the following is a characteristic of a corporation? A A corporation has a limited life. B. A corporation is not taxed on the corporation's business income. C. The owners of a coronation have limited liability for the corporation D. All of the above ll outstanding 9. Shares of stock that has...
26 HWIT#26: CASH DIVIDENDS PREFERRED STOCK and COMMON STOCK: Listed below we ens found in the...
26 HWIT#26: CASH DIVIDENDS PREFERRED STOCK and COMMON STOCK: Listed below we ens found in the stockholders' equity section of the Garland's Corporation Balance Sheet. The Grand Corporation declared cash dividends of $500.000 on September I payable to stockholders of record on December 1, 2018 8% Preferred stock. $100 par value. cumulative, 50,000 shares authorized 25,00 shares issued and outstanding Common stock, S10 stated value, 400,000 shares authorized, 100,000 issued and outstanding Instructions: Assume each is an independent transaction. a....
EF 212 HANDOUT 13 PI. In January 2014, the Jones Corporation was organized and authorized to...
EF 212 HANDOUT 13 PI. In January 2014, the Jones Corporation was organized and authorized to issue 2,000,000 shares of $1 par common stock. The stock-related transactions for the first year's operations were as follows: Jan. 19 Sold 15,000 shares of the common stock for $31,500 Feb. 7 35,000 shares of common stock for a building that had an appraised value of $89,000 July 15 Issued) 5,000 shares of common stock for $15,000. Declared a cash dividend of $0.15 per...
P11-3A The stockholders' equity accounts of Castle Corporation on January 1, 2019, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) $ 400,000 Common Stock ($1 stated value, 2,000,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par-Preferred Stock 100,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000 Retained Earnings 1,816,000 Treasury Stock (10,000 common shares) 50,000 During 2019, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000...
Stockholders' Equity: Transactions and Balance Sheet Presentation The stockholders' equity accounts of Willis Corporation at January 1 appear below: 8 Percent preferred stock, $10 par value, 50,000 shares authorized; 6,800 shares issued and outstanding $68,000 Common stock, $10 par value, 200,000 shares authorized; 50,000 shares issued and outstanding 500,000 Paid-in capital in excess of par value-Preferred stock 68,000 Paid-in capital in excess of par value-Common stock 200,000 Retained earnings 270,000 During the year, the following transactions occurred: Jan. 10 Issued...
The stockholders' equity accounts of Castle Corporation Journalize and post transactions, and prepare stockholders' equity section. P13.3A (LO 1, 2, 3) Financial Statement on January 1, 2020, were as follows. ( GLS GLS Preferred Stock (8%, $50 par, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par—Preferred Stock Paid-in Capital in Excess of Stated Value—Common Stock Retained Earnings Treasury Stock (10,000 common shares) $ 400,000 1,000,000 100,000 1,450,000 1,816,000 50,000 During 2020,...
please answer the following multiple choice questions
20. The following information is from the balance sheet of Tudor Corporation as of December 31, 2014 Preferred stock, S100 par Paid-in capital in excess of par preferred Common stock, SI par Paid-in capital in excess of par common Retained earnings Total stockholders' equity What was the average issue price of the common stock shares? A) S1.90 B) $1.00 C) $3.00 D) S13.15 $ 500,000 35,000 190,000 380,000 131.500 SL236.500 21. Dallkin Corporation...
7. The current ratio and quick ratio analysis can belp creditors can ability to pay its current liabilities A True B. False creditors evaluate a company's 8. Which of the following is a characteristic of a corporation? A A corporation has a limited life. B. A corporation is not taxed on the corporation's business income. C. The owners of a coronation have limited liability for the corporation D. All of the above ll outstanding 9. Shares of stock that has...
26 HWIT#26: CASH DIVIDENDS PREFERRED STOCK and COMMON STOCK: Listed below we ens found in the stockholders' equity section of the Garland's Corporation Balance Sheet. The Grand Corporation declared cash dividends of $500.000 on September I payable to stockholders of record on December 1, 2018 8% Preferred stock. $100 par value. cumulative, 50,000 shares authorized 25,00 shares issued and outstanding Common stock, S10 stated value, 400,000 shares authorized, 100,000 issued and outstanding Instructions: Assume each is an independent transaction. a....
EF 212 HANDOUT 13 PI. In January 2014, the Jones Corporation was organized and authorized to issue 2,000,000 shares of $1 par common stock. The stock-related transactions for the first year's operations were as follows: Jan. 19 Sold 15,000 shares of the common stock for $31,500 Feb. 7 35,000 shares of common stock for a building that had an appraised value of $89,000 July 15 Issued) 5,000 shares of common stock for $15,000. Declared a cash dividend of $0.15 per...
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