Current assets Debt investments (trading) Common stock (par value $10) Paid in capital in excess of par Retained earnings Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) (a) (b) (c) $550.000 685,000 503.000 145,000 861,000 A5% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $35. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $93,000 and a fair value of $139,000. Date Account Titles and Explanation Debit Credit

Current assets Debt investments (trading) Common stock (par value $10) Paid in capital in excess of par Retained earnings Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) (a) (b) (c) $550.000 685,000 503.000 145,000 861,000 A5% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $35. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $93,000 and a fair value of $139,000. Date Account Titles and Explanation Debit Credit

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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Q2. The following information has been extracted from the draft financial statements of Moba limited.. MOBA LIMITED STATEMENTS OF FINANCIAL POSITION AS AT 31 JUNE 2021 2022 Non-current assets Current assets Inventory Trade receivables Bank Total assets Equity and liabilities Equity Ordinary share capital Share premium Retained earnings Non-current liabilities 10% Loan note (redeemable 31 June 2022) Current liabilities Trade payables Taxation Bank overdraft Operating profit Interest payable Profit before taxation K'000 Taxation 450 180 58 580 360 0 K'000 Κ'000 4,600 940 5.540 3,500 300 1,052 4,852 0 688 5.540 Additional information (a) The statement of profit or loss for the year ended 31 June 2022 shows the following. 500 230 170 K'000 Profit for financial year (b) During the year dividends paid were K270,000. (c) Profit before taxation had been arrived at after charging K700,000 for depreciation on DANCON assets. (d) During the year non-current assets with a net book value of K200,000…
C5.3
Problem 2 You are the controller for 21" Century Technologies. Your staff has prepared an income statement for the current year and has developed the following additional information by analyzing changes in the company's balance sheet accounts. 21 Century Technologies Income Statement For the year ended December 31, 2009 Revenue: Net Sales Interest Revenue Gain on sales of marketable securities Costs and expenses: Costs of goods sold Operating expenses (including depreciation of $225 000) Interest expense Income tax expense Loss on sales of plant assets Net Income 4,800,000 60,000 $1,000 2,430,000 1,860,000 63,000 150,000 18,000 390,000 Additional information: 1. Accounts receivable increased by $90 000 2. Accrued interest receivable decreased by $3 000 3. Inventory decreased by $90 000 and accounts payable to suppliers of merchandise decreased by $24 000 4. Short-term prepayments of operating expenses increased by $9 000 and accrued liabilities for operating expenses decreased by $12…
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1. Refer to additional information (b) only Prepare the following general ledger accounts for the year ended 31 July 2022: •Bank •Application and allotment •Share Capital- Class A •Non Current Liability- Class C 2. Refer to additional information (c) Calculate the number of Class B shares in issue at the beginning of the financial year. 3. Refer to additional information (d) Prepare the dividends and shareholders for dividends accounts as it would appear in the general ledger for the year ended 31 July 2022
Prepare the journal entries on January 1, 2025, and December 31, 2026, assuming that Marigold issued 4,400 shares of restricted stock units instead of 4,400 shares of restricted stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date Jan. 1, 2025 Dec. 31, 2026 Account Titles and Explanation Debit Credit
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Sarasota Company's balance sheet shows: Common stock, $20 par Paid-in capital in excess of par Retained earnings Record the following transactions by the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) (a) (b) (c) $3,100,000 1,100,000 760,000 (a) Bought 8,200 shares of its common stock at $30 a share. Sold 4,200 treasury shares at $31 a share. Sold 1,800 shares of treasury stock at $26 a share. No. Account Titles and Explanation Debit Credit
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