Answered: 1- Shem Creek Corp. has $52,000 of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1- Shem Creek Corp. has $52,000 of common stock outstanding and $15,000 of treasury stock. If the corporation has $24,000 of common stock not issued, calculate the following a. Dollar value of shares issued b. Dollar value of shares authorized to issue 2- Burns’ Alley has $16,700 of common stock issued to shareholders. The company holds $4,200 in treasury stock. What is the dollar value of the common stock outstanding? If the company also has $4,300 of stock not yet issued, what is the dollar value of the common stock the corporation has authorized? 3- Apple Tree Corp. has $2,400 of treasury stock currently and $25,000 of common stock outstanding. If the company has $37,000 authorized, how much is not issued to shareholders? 4- On September 5, 2022, Olive Oils Corp. issued 4,000 shares of $20 par preferred stock and 25,000 shares of $5 par common stock at par for cash. Prepare the journal entry to record the stock issue. 5- Tortoise Cleaning Corp. issued 15,000 shares of $3 par preferred stock, 20,000 of $2 par preferred stock, and 10,000 shares of $5 par common stock at par for cash on March 20, 2015. Prepare the journal entry to record the stock issue. 6- On March 16, 2022, a corporation issued 3,000 shares of no-par common stock for $3 per share and 4,000 shares of no-par preferred stock for $5 per share. Prepare the journal entry to record the transaction. 7- On September 5, 2022, Olive Oils Corp. issued 4,000 shares of $20 par preferred stock and 25,000 shares of $5 par common stock at par for cash. Prepare the journal entry to record the stock issue. 8- On September 5, 2015,Olive Oils Corp. issued 4,000 shares of $20 par preferred stock and 25,000 shares of $5 par common stock at par for cash. Assume the corporation issued the preferred stock for $25 and the common stock for land with a current market value of $200,000. Prepare the journal entry to record the stock issue. 9- Tortoise Cleaning Corp. issued 15,000 shares of $3 par preferred stock, 20,000 of $2 par preferred stock, and 10,000 shares of $5 par common stock at par for cash on March 20, 2015. Prepare the journal entry to record the stock issue. 10- On January 31,2005, East Branch of Lyle Company, prepared the following journal entry to record shipment of merchandise from the home office Inventories 10,000 Home Office 10,000 Then, the home office should prepare the following journal entry…. 11- The appropriate journal entry that should be prepared by the branch to recognize the parent purchase of equipment for $1,000 to be used in the branch and carried in the home office accounting records is… 12- Upon formation on May 12, 2015, Big Zero issued 3,000 shares each of $10 par preferred stock and $8 par common stock at par. Assume , Big Zero issued 3,000 shares each of the preferred and common stock for $12 per share. Prepare the journal entry to record the stock issue. 13- If there are Credit sales by Mason Branch amounted to $80,000; the branch’s cost of the merchandise sold was $45,000. The journal entries for the branch and the home office should be… 14- The closing entries for the branch at the end of the year in case of attaining revenue are as follows… 15- On December 31, 2021, the Momentum Company had 150,000 shares of common stock issued and outstanding. On April 1, 2022, an additional 30,000 shares of common stock were issued. Momentum’s net income for the year ended December 31, 2022, was $517,500. During 2022, Momentum declared and paid $300,000 in cash dividends on its nonconvertible preferred stock and $100,000 on its common stock. The basic earnings per common share, rounded to the nearest cent, for the year ended December 31, 2022, should be what? 16- The appropriate journal entry for the home office to recognize the branch expenditure of $1,000for equipment to be carried in the home office accounting record is… 17- On September 1 2019 Pasadena Company established a branch in San Marino. Following are two transactions between the home office and the branch of Pasadena Company: Sept. 1 home office sent $10000 to the branch for an imprest bank account Sept. 3 branch acquired office equipment for $3,000 to be carried in the home office accounting record Prepare the journal entries for the foregoing transactions: a) In the accounting records of the home office b) In the accounting records of the San Marino branch 20- On September 1 2019 western company established the eastern branch. Separate accounting records were set up for the branch. Among the intracompany transactions were the following: Sept 1 home office mailed a check for $50,000 to the branch. The check was received by the branch on September 3 Sept 11 the branch acquired a truck for $34,200. The home office maintains the plant assets of the branch in its accounting records. Prepare journal entries for the foregoing intracompany transactions in the accounting records of (a) the home office (b) the eastern branch Answer the following Questions 1- Distinguish between corporation and partnerships in terms of the following characteristics: a) owners liability b) transferability of ownership interest c) continuity of existence 2- What is authorized capital stock? 3- What is issued capital stock? 4- What is paid in capital stock? 5- What is the par value? 6- What is the liquidation value? 7- What is the issued value?

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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