Culver Corporation had the following stockholders’ equity accounts on January 1, 2020: Common Stock ($5 par) $550,000, Paid-in Capital in Excess of Par—Common Stock $195,000, and Retained Earnings $120,000. In 2020, the company had the following treasury stock transactions. Mar. 1 Purchased 5,500 shares at $8 per share. June 1 Sold 1,500 shares at $13 per share. Sept. 1 Sold...
record journal entries using the accounts for these
transactions
Week-1 Basic Journal Entries Mason Yachts, a boat manufacturing company, begins business on 1/1/2017. Mason specializes in selling and repairing yachts. A listing of all of Mason trial balance accounts can be found in "trial balance tab below. For the transactions below, please record the necessary journal entries in the Journal...
Revenue Recognition Indicate which of the following transactions or events gives rise to the recognition of revenue in 2015 under the accrual basis of accounting. If revenue is not recognized, what account, if any, is credited? (a) On December 15, 2015, Howe Company received $20,000 as rent revenue for the six-month period beginning January 1, 2016. (b) Monroe Tractor Co.,...
Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $90 million of 6% bonds, dated January 1, on January 1, 2018. Management has the positive intent and ability to hold the bonds until maturity. For bonds of similar risk and maturity the market yield was 8%. The price paid for the bonds was $73 million. Interest is received semiannually on...
Ag Bio Tech (ABT) was organized on January 1 by four friends. Each organizer invested $13,750 in the company and, in turn, was issued 11,000 shares of common stock. To date, they are the only stockholders. During the first month (January), the company had the following five events: Collected a total of $55,000 from the organizers and, in turn, issued...
(a) On January 1, 2010, Fishbone Corporation sold a building that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbonereceived as consideration a $240,000 noninterest-bearing note due on January 1, 2013. There was no established exchange price for the building, and the note had noready market. The prevailing rate of interest for a note...
Exercise 18-7 Buffalo Biotech enters into a licensing agreement with Pang Pharmaceutical for a drug under development. Buffalo will receive a payment of $10,900,000 if the drug receives regulatory approval. Based on prior experience in the drug-approval process, Buffalo determines it is 75% likely that the drug will gain approval and a 25% chance of denial. Determine the transaction price...
Ο 2019t0-ACG-3024-ZZZ-0470-ㄙ x ㄨ Chapter Homework 8 Homework Eastport Inc, was organized on June 5. 2018. It was authorized to issue 300 000 shares of $10 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to Eastport inc....
Assume that you own 14,000 shares of Briant Inc.'s common stock and that you currently receive cash dividends of $168 per share per year Required: af Briant Inc, declared a 5% stock dividend, how many shares of common stock would you receive as a dividend? b. Calculate the cash dividend per share amount to be paid after the stock dividend...
MESSAGE MY INSTRUCTOR STANDARD VIEW PRINTER VERSION BACK NEXT Problem 9-4 Swifty Corp, has the following securities (all purchased in 2020) in its investment portfolio on December 31, 2020: 2,570 Anderson Corp. common shares, which cost $48,650; 11,100 Munter Ltd, common shares, which cost $580,300; and 6,340 King Corp. preferred shares, which cost $255,200. Their fair values at the end...