123.45.NOSold land (cost $11,200) for $14,700.Issued common stock at par for $20,000.Recorded depreciation on buildings for $16,200.Pald salarles of $8,200.Issued 1,100 shares of $1 par value common stock for equipment worth $8,800.Sold equipment (cost $9,000, accumulated depreciation $6,300) for $1,080.For each transaction above, prepare the Journal entry. (Credit account titles are automatically indented when amount is entered. Donot Indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries beforecredit entries)iction Account Titles and ExplanationDebitCredit

Journal entry is the procedure for initially documenting commercial transactions in the books of…

Answered: 2 3. 4. 5. 6. (a) Issued common stock…

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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A company issues 50,000 shares of common stock to retire 15-year bonds payable. This transaction would be reported on the statement of cash flows in O a. the cash flows from investing activities section O b. the cash flows from operating activities section O c. a separate section at the bottom O d. the cash flows from financing activities section
Complete the following balance sheet based on the information provided ASSETS LIABILITIES & SHAREHOLDERS' EQUITY %$4 Question 2 Accounts payable Cash $63,000 Common stock Accounts receivable %$4 Retained earnings %24 Inventory %24 Plant and equipment, net $56,000 Total liabilities and s135,000 $135,000 Total assets shareholders' equity The values of selected ratios are as follows: Quick ratio 1.40 Average collection period Debt ratio 38 days 0.38 (Asset) Turnover ratio [Answer: Cash = 37,386, AR = 34,434, Inventory = 7,180, AP = 51,300, RE = 20,700] 2.45 %3D %3D %3D %3D
5. Magenta Corporation declared $0.70 per share cash dividends on September 18. The dividends were recorded and paid on September 23 and September 29, respectively. Magenta Corporation had 50,000 shares outstanding with par value of $1. The journal entry to record the transaction on September 29 is … a. Cash Dividends $35,000 Dividends Payable $35,000 b. No journal entry required on this date c. Retained Earnings $50,000 Cash Dividends $50,000 d. Dividends Payable $35,000 Cash $35,000
1a-6 please!
The total debt to total assets of the Monroe Company was.65. The total of Monroe's assets was $255,000. The amount of total debt is: O a. $392,703 O b. $165,750 Oc. $392,307 Od.$165,570 A Moving to another question will save this response. K Sho 2 Informative Top..docx acBook/
please answer part d,e
MC Qu. 11-183 A company reported net income... Brandies, Inc. reported net income of $10.32 million. At the beginning of the year, 4.2 million shares of common stock were outstanding and at the end of the year, 4.4 million shares were outstanding. No dividends were declared. The EPS is approximately: Multiple Choice $2.40. $2.35. $2.46. $1.20.
The following selected data were taken from the financial statements of Vidahill Inc. for December 31, 20Y7, 20Y6, and 20Y5: December 31 20Υ7 20Y6 20Υ5 Total assets $192,000 $173,000 $154,000 Notes payable (8% interest) 60,000 60,000 60,000 Common stock 24,000 24,000 24,000 Preferred 4% stock, $100 par 12.000 12,000 12,000 (no change during year) Retained earnings 70,415 45,870 36,000 The 20Y7 net income was $25,025, and the 20Y6 net income was $10,350. No dividends on common stock were declared between 20Y5 and 20Y7. Preferred dividends were declared and paid in full in 20Y6 and 20Y7. a. Determine the return on total assets, the return on stockholders' equity, and the return on common stockholders' equity for the years 20Y6 and 20Y7. Round percentages to one decimal place. 20Y7 20Υ6 Return on total assets % Return on stockholders' equity Return on common stockholders' equity % b. The profitability ratios indicate that the company's profitability has Since the rate of return on total…
The following selected data were taken from the financial statements of Vidahill Inc. for December 31, 20Y7, 20Y6, and 20Y5: December 31 20Y7 20Y6 20Y5 Total assets $174,000 $157,000 $140,000 Notes payable (8% interest) 60,000 60,000 60,000 Common stock 24,000 24,000 24,000 Preferred 6% stock, $100 par 12,000 12,000 12,000 (no change during year) Retained earnings 63,550 47,100 36,000 The 20Y7 net income was $17,170, and the 20Y6 net income was $11,820. No dividends on common stock were declared between 20Y5 and 20Y7. Preferred dividends were declared and paid in full in 20Y6 and 20Y7. a. Determine the return on total assets, the return on stockholders' equity, and the return on common stockholders’ equity for the years 20Y6 and 20Y7. When required, round to one decimal place. 20Y7 20Y6 Return on total assets fill in the blank 1 % fill in the blank 2 % Return on stockholders’ equity fill in the blank 3 % fill…
s
The following information was taken from the books and records of Cullumber, Inc.: 1. Net Income $391,400 2. Capital structure: a. Convertible 6% bonds. Each of the 290, $1,000 bonds is convertible into 50 shares of common stock at the present date and for the next 10 years. 290,000 b. $10 par common stock, 190,000 shares issued and outstanding during the entire year. 1,900,000 c. Stock warrants outstanding to buy 15,040 shares of common stock at $20 per share. 3. Other information: a. Bonds converted during the year None b. Income tax rate 30% c. Convertible debt was outstanding the entire year d. Average market price per share of common stock during the year $32 e. Warrants were outstanding the entire year f. Warrants exercised during the year Compute diluted earnings per share

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