It's the end of the month, and the owner is concerned about unlimited liability being a sole proprietorship. Therefore, the company is converting to a corporation. The owner will receive 1,000 shares of $75 par common stock for the original investment. Do the required entry and post to the general ledger using the excel templates provided.
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- Please create the Retained earnings transactions table and add separately how it is shown in the journal 4.The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020. In addition, E&B Comic Bookstore Company’s charter will authorize 1,200,000 shares of common stock (to be divided into two classes (700,000 shares class A -voting rights and 500,000 shares class B -nonvoting rights) and 400,000, $X par value (see info below), 5% cumulative preferred stock. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity based on the following information. Prepare the journal entries with narrations to record the following: • The issuances of stock. • Close out net income to retained earnings. • Dividend declared. • Close out dividend to retained earnings a. Issued _50%…You are an accountant working for a company that has recently decided to incorporate. The company has incurred $4,300 for attorneys fees, promotion costs, and filing fees with the state of incorporation as a part of organizing the corporate entity. What is the journal entry to record these costs on March 13, assuming they are paid in cash?You are an accountant working for a manufacturing company that makes personal care products and has recently decided to incorporate. The company incurred a total of $7,900 for attorneys fees, promotion costs, and filing fees with the state of incorporation as a part of organizing the corporate entity. What is the journal entry to record these costs on February 28, assuming they are paid in cash?
- Situation You are the assistant accountant for Tyler Corporation. It is mid-January 2020 and you are helping to prepare Tylers balance sheet for December 31, 2019. Tyler will publish this balance sheet on March 1, 2020, after the auditors have completed their work. Tyler has a 100,000 note payable that was issued in 2018 and that is due March 6, 2020. On January 5, 2020, Tyler sold 2,000 shares of its 10 par common stock for 80,000. Its intent is to use these proceeds (plus 20,000 cash it already has on hand) to repay the note payable on March 6. The head accountant says Im not sure how to classify the 100,000 note payable on the December 31, 2019, balance sheet. Check this out for me. Directions Research the related generally accepted accounting principles and prepare a short memo to the head accountant that explains how Tyler should report the 100,000 note payable on its December 31, 2019, balance sheet.Please create the statement of owners equity and Journal.If you can not do both .Do statement of owners equity please 4.The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020. In addition, E&B Comic Bookstore Company’s charter will authorize 1,200,000 shares of common stock (to be divided into two classes (700,000 shares class A -voting rights and 500,000 shares class B -nonvoting rights) and 400,000, $X par value (see info below), 5% cumulative preferred stock. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity based on the following information. Prepare the journal entries with narrations to record the following: • The issuances of stock. • Close out net income to retained earnings. • Dividend declared. • Close out dividend to retained earnings a. Issued…Thomas Company issues spck to new investors, $32,000. Required: What is the effect of this transaction on individual asset accounts, individual liability accounts, the Capital Stock account, and the Retained Eamings account? Check all that apply. An asset account increase An asset account decreases. Aliability account increases. OA liablity account decreases.O Capital Stock increases. Capital Stock decreames. Retained Earnings increase. Retained Eamings decrease. Clear Undo Help Next I don't know
- The beginning balance sheet of Desk Source Co. included a $700,000 investment in Est stock (25% ownership, Desk has significant influence over Est). During the year, Desk Source completed the following investment transactions: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the transactions for the year of Desk Source. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Mar. 3: Purchased 9,000 shares at $8 per share of Rast Software common stock as a long-term equity investment, representing 2% ownership, no signifi Date Accounts and Explanation Credit Mar. 3 Requirements Debit 1. Journalize the transactions for the year of Desk Source. 2. Post transactions to T-accounts to determine the December 31, 2024, balances related to the investment and…You are an accountant working for a company that has recently decided to incorporate. The company has incurred $4,500 for attorney's fees, promotion costs, and filing fees with the state of incorporation as a part of organizing the corporate entity. What is the journal entry to record these costs on March 13, assuming they are paid in cash? If an amount box does not require an entry, leave it blank. Mar. 13The right side of the balance sheet shows the firm's liabilities and stockholders' equity. Which of the following best describes shareholders' equity? O Equity is the difference between the company's assets and liabilities. O Equity is the initial claim on value of the assets before the firm pays off its liabilities. NOW Inc. released its annual results and financial statements. Grace is reading the summary in the business pages of today's paper. In its annual report this year, NOW Inc. reported a net income of $116 million. Last year, the company reported a retained earnings balance of $595 million, whereas this year it increased to $700 million. How much was paid out in dividends this year? O $221 million O $6 million O $11 million O $60 million
- On September 30, 20x4, Daenerys Targaryen and Jon Snow formed a corporation called Snow Dragon, Inc. Following a successful first year, the Board of Directors for Snow Dragon Inc. decides to share some of the company's earnings with the shareholders. Prepare the required journal entries to record the following transactions for Snow Dragon, Inc. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) September October October 18 Snow Dragon, Inc. declared a cash dividend payable to common stockholders of $169,000. 14 Date of record is October 14 for the cash dividend declared on September 18. 31 Snow Dragon Inc. pays the dividend declared on September 18. View transaction list Journal entry worksheet Date Sept 18 2 Snow Dragon, Inc. declared a cash dividend payable to common stockholders of $169,000. 3 4 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit > View general journala. a. Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. b. C. Required information [The following information applies to the questions displayed below.] C. a. On March 22, purchased 880 shares of RPI Company stock at $24 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $3 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 440 shares of RPI stock for $34 per share. Assets = = = = = = Liabilities + + + + + + EquityNewly formed S&J Iron Corporation has 53,000 shares of $3 par common stock authorized. On March 1, Year 1, S&J Iron issued 12,000 shares of the stock for $10 per share. On May 2, the company issued an additional 23,500 shares for $21 per share. S&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Complete this question by entering your answers in the tabs below. Req A…