EQUITY TRANSACTIONS JOURNAL ENTRIESUse the following stock and equity transactions to record journals and prepare apartial Balance Sheet:HINT: you will need to keep track of the various equity accounts. I will give you two ofthe accounts you will need: CS, Par and APIC, but there are a few others.You may use a schedule/table, T accounts, or your own method.1. Equity Financing Inc (EFI) is formed on Jan 1, 2020 and establishes 50,000 sharesof common stock authorized with a par value of $.50 per share.2. EFI issues 4000 shares of CS to the founding owner in exchange for land with aFMV of $5000 AND cash of $10,000.3. On January 31, EFI sells 2000 shares of Common Stock for cash at $15 per share.4. On March 31, EFI completes a 1 for 2 FORWARD stock split.5. On June 15th EFI repurchases 1,000 shares of its own stock for $10 per share.6. On November 15th, EFI declares a cash dividend payable in the next accountingperiod of $1 per share outstanding.7. Net income for the accounting period was $26,000**Required**Prepare the journal entries needed for the transactions above. The next question willask for the balance sheet presentation.EQUITY Cont'dBased on the EFI transactions...Prepare the Equity section of the Balance sheet, in proper format. Include in yourPDF uploadSince this will require manual grading on my part, enter the amount you came up withfor total equity

Financial transactions are recorded via journal entries. You record the details of a transaction into your company's books to make a journal entry. Your journal entries are entered into the general ledger in the second step of the accounting cycle.1. There should be an entry authored shares that have not been issued to shareholders. They define the maximum no. of shares the company is allowed to issue. So there shall not be any journal entry. 2. Land A/c Dr. $5000 Cash A/c Dr. $10000 To Share Capital (4000*.50) $ 2000 To Profit $ 13000 3 Cash A/c Dr. (2000*15) 30000 To Share Capital 30000

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EQUITY TRANSACTIONS JOURNAL ENTRIES Use the following stock and equity transactions to record journal: partial Balance Sheet: HINT: you will need to keep track of the various equity accounts. I the accounts you will need: CS, Par and APIC, but there are a few c You may use a schedule/table, T accounts, or your own method. 1. Equity Financing Inc (EFI) is formed on Jan 1, 2020 and establis

EQUITY TRANSACTIONS JOURNAL ENTRIES Use the following stock and equity transactions to record journal: partial Balance Sheet: HINT: you will need to keep track of the various equity accounts. I the accounts you will need: CS, Par and APIC, but there are a few c You may use a schedule/table, T accounts, or your own method. 1. Equity Financing Inc (EFI) is formed on Jan 1, 2020 and establis

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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For the Year Ended December 31, 2019: $ 30,200 11,300 6,000 $ 12,900 3,200 Net revenues Cost of services provided Depreciation expense Operating income Interest expense Вook Income tax expense 3,500 Net income $ 6,200 At December 31, 2019: Print Assets $ 3,200 9,500 83,400 Cash and short-term investments Accounts receivable, net Property, plant, and equipment, net rences Total assets $ 96,100 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Notes payable (long term) Paid-in capital Retained earnings $ 1,600 1,700 49,400 14,000 29,400 Total liabilities and stockholders' equity $ 96,100
For an accessible version, see the Excel spreadsheet. Locate the formula in the textbook and calculate the 2022 Debt to Assets Ratio (Solvency). Fill in the numerator and denominator using the financial statements provided (no symbols/ or commas) and the answer should be in a XX.XX% format: Blank 1; ÷ Blank 2; = Blank 3 % Blank 1 Blank 2 Blank 3 Add your answer https://multimedia.phoenix.edu/cms/202337987 Add your answer Add your answer
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You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2024. Your accounting group provided you the following Information on the company's debt Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) 1. On July 1, 2024, Moonlight Bay Issued bonds with a face amount of $2,700,000. The bonds mature in 15 years and Interest of 11% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield Investors 12%. Moonlight Bay records Interest at the effective rate. 2. At December 31, 2023, Moonlight Bay had a 10% Installment note payable to Third Mercantile Bank with a balance of $700,000. The annual payment is $160,000, payable each June 30. 3. On January 1, 2024, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $85,000 beginning January 1, 2024.…
Which account number range usually identifies equity accounts? Multiple Choice 20000 to 29999 30000 to 39999 40000 to 49999 50000 to 59999
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Use following attachment of Westfield to answer this a) Compute each of the following ratios for both JDS and MLS: 1. Price-to-bookratio2 Total-debt-to-equityratio3 Fixed-asset-utilization(turnover) b) Select the company that better meets Westfield's criteria.
You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2024. Your accounting group provided you the following information on the company's debt:Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)1. On July 1, 2024, Moonlight Bay issued bonds with a face amount of $ 1,000,000. The bonds mature in 20 years and interest of 7% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 8% Moonlight Bay records interest at the effective rate.2. At December 31, 2023, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $580,000. The annual payment is $100, 000, payable each June 30.3. On January 1, 2024, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $65,000beginning January 1, 2024.…
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…
1. Find the Ratio of FIxed Assets to long term liabilities 2. Find the ratio of liabilities to stockholders equity Look at the pictures, then answer the question please! thank you in adavance.
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