During its first year of operations, Cullumber Corporation had these transactions pertaining to its common stock.Jan. 10Issued 27,400 shares for cash at $5 per share.July 1 Issued 62,000 shares for cash at $8 per share.(a)Prepare a tabular summary to record the transactions, assuming that the common stock has a par value of $5 per share. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of theamount entered for the particular Asset, Liability or Equity item that was reduced.)Jan, 10 $July 1AssetsCasheTextbook and Media$Liabilities+$Common StockPaid-in-Capital+ PIC in Excess of Par Value Com.$+$RevenueStockholders' Equity$ExpenseRetained Earnings$DividendCommon stockDividendsInterest expensePaid-in-capital in excess of common stockPaid-in-capital in excess of preferred stockPreferred stock

The Accounting Equation is calculated using the following equation -Assets = Liabilities +…

Answered: During its first year of operations,…

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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Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $660 were declared at the end of the year, and 500 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $3,240 in cash (for a total at the end of the year of 920 shares). These effects are included below: Catena’s Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $1,560 Accounts receivable 2,320 Interest receivable 124 Prepaid insurance 1,720 Long-term notes receivable 3,400 Equipment 16,490 Accumulated depreciation $3,240 Accounts payable 2,640 Dividends payable 660 Accrued expenses payable 4,040 Income taxes payable 1,824 Unearned rent revenue 560 Common Stock (920 shares) 92 Additional paid-in capital 3,740 Retained earnings 1,640 Sales revenue 41,260 Rent revenue 860 Interest revenue 124 Wages expense…
For the two independent cases that follow, determine the missing amount for each letter. (Hint: You might not be able to calculate them in the order in which they appear.) Case 1 Revenues Expenses Netincome Dividends declared during the year Retained earnings: Beginning Ending Total assets: Beginning Ending Total Liabilities: Beginning Ending Common shares: Begianing Ending Proceeds from issuing additional common shares during the year Case 2 A $ 857,000 549,000 223, 000 107,000 B 975.000 1,957.000 2, 258, 000 859, 000 860, 000 D E 245, 000 355, 000 108,000
ni.3
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $660 were declared at the end of the year, and 500 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $3,240 in cash (for a total at the end of the year of 920 shares). These effects are included below: Catena’s Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $1,560 Accounts receivable 2,320 Interest receivable 124 Prepaid insurance 1,720 Long-term notes receivable 3,400 Equipment 16,490 Accumulated depreciation $3,240 Accounts payable 2,640 Dividends payable 660 Accrued expenses payable 4,040 Income taxes payable 1,824 Unearned rent revenue 560 Common Stock (920 shares) 92 Additional paid-in capital 3,740 Retained earnings 1,640 Sales revenue 41,260 Rent revenue 860 Interest revenue 124 Wages expense…
At the beginning of the year Vanuary 1), the Company
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $680 were declared at the end of the year, and 500 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $3,320 in cash (for a total at the end of the year of 960 shares). These effects are included below: Catena’s Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $1,580 Accounts receivable 2,360 Interest receivable 132 Prepaid insurance 1,760 Long-term notes receivable 3,600 Equipment 16,890 Accumulated depreciation $3,320 Accounts payable 2,720 Dividends payable 680 Accrued expenses payable 4,080 Income taxes payable 1,872 Unearned rent revenue 580 Common Stock (960 shares) 96 Additional paid-in capital 3,780 Retained earnings 1,720 Sales revenue 42,180 Rent revenue 880 Interest revenue 132 Wages expense…
At the beginning of the year (January 1), Wild Horses Drilling has $12,000 of common stock outstanding and retained earnings of $7,100. During the year, Wild Horses reports net income of $7,400 and pays dividends of $2,100. In addition, Wild Horses issues additional common stock for $6,900. Required: Prepare the statement of stockholders' equity at the end of the year (December 31).
The following is a partial trial balance for the Green Star Corporation as of December 31, 2021: Account Title Sales revenue Debits Credits 2,050,000 48,000 68,000 Interest revenue Gain on sale of investments Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense 870,000 250, 000 93,000 58,000 148,000 There were 150,000 shares of common stock outstanding throughout 2021. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income statement for 2021, including EPS disclosures. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a multiple-step Income statement for 2021, including EPS disclosures. (Amounts to be deducted should be Indicated with a minus sign. Round EPS answer to 2 decimal places.) GREEN STAR CORPORATION Income Statement For the Year Ended December 31, 2021
Sagar
The assets and liabilities of Skittles Company at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was $119,500 and the retained earnings was $56,500 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,800 in stock. Use this information the answer the questions that follow. Accounts payable $ 1,800 Miscellaneous expense $ 1,020 Accounts receivable 10,600 Office expense 1,260 Cash 18,430 Supplies 1,670 Fees earned 71,570 Wages expense 22,450 Land 46,300 Dividends 15,540 Building 156,900 Prepare a balance sheet for the current year ended March 31. Skittles Company Balance Sheet [ Select ] Assets [ Select ] [ Select ] [ Select ] [ Select 1 %24
Below are incomplete financial statements for Cyclone, Inc.Required: Calculate the missing amounts.
As of December 31, Year 1, Flowers Company had total assets of $150,000, total liabilities of $45,000, and common stock of $75,000. The company's Year 1 income statement contained revenue of $26,000 and expenses of $16,000. The Year 1 statement of changes in stockholders' equity stated that $2,500 of dividends were paid to investors. Required a. Determine the before-closing balance in the Retained Earnings account on December 31, Year 1. b. Determine the after-closing balance in the Retained Earnings account on December 31, Year 1. c. Determine the before-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 1. d. Determine the after-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 1. f. On January 1, Year 2, Flowers Company raised $45,000 by issuing additional common stock. Immediately after the additional capital was raised, Flowers reported total stockholders' equity of $150,000. Are the stockholders of Flowers in a…

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