Allowance for doubtful accounts2,250Interest payable1,500Cash14,500Treasury stock (at cost)1,150Dividends payable14,750Additional paid-in capital on preferred stock2,150Notes payable (due 1/1/22)8,000Income taxes payable (current)6,000Accumulated depreciation: equipment4,250Required:Prepare a properly classified balance sheet for McCrery Company on December 31, 2020. McCrery Company's balance sheet accounts as of December 31, 2020 are listed below in random order.Land$70,500Sinking fund for bond retirement8,400Discount on bonds payable8,900Equipment24,000Preferred stock, $100 par5,000Accumulated depreciation: buildings5,500Investment in bonds held to maturity24,500Accrued wages3,950Additional paid-in capital on common stock3,500Buildings117,500Bonds payable (due 2022)113,000Office supplies1,750Retained earnings17,400Inventory18,900Accounts receivable17,650Accounts payable15,650Prepaid insurance1,900Common stock, $10 par106,750

1. Balance Sheet - A Balance Sheet is a statement that shows assets, liabilities, and equities held…

Answered: McCrery Company's balance sheet…

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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Marcellus Corp. provided the following information for calendar 2018: Marcellus adheres to ASPE. Proceeds from issuing bonds. 200,000 Purchase of inventories .380,000 Purchase of long-term investment 280,000 Dividends paid to preferred shareholders . 40,000 Proceeds from issuing preferred shares 160,000 Proceeds from sale of equipment . 40,000 The cash provided by (used in) investing activities during 2018 is a) $40,000. b) S(240,000). c) $(400,000). d) S(440,000).
Detroit Inc reported the following ($ in thousands) as of December 31, 2021. All accounts have normal balances. Deficit (debit balance in retained earnings) $ 2,500 Common stock 3,400 Paid-in capital—share repurchase 1,900 Treasury stock (at cost) 220 Paid-in capital—excess of par 30,300 During 2022 ($ in thousands), net income was $9,100; 25% of the treasury stock was resold for $510; cash dividends declared were $700; cash dividends paid were $450. What ($ in thousands) was shareholders' equity as of December 31, 2022?
Current Attempt in Progress Oriole Corporation reported the following information (in thousands) at December 31, 2024 : Dividends payable Bank loan payable - current portion Bank loan payable - non-current portion Common shares Retained earnings 2024 $15 280 420 640 700 2023 $5 280 300 440 530 Additional information: 1. 2. 3. The bank loan was increased by additional borrowings of $330 to partially finance the purchase of new equipment that cost $700. The bank loan was decreased by repayments. Common shares were issued during the year. None were repurchased. The company paid dividends during the year. Net income for the year was $420. B SUPPORT Prepare the financing activities section of Oriole's statement of cash flows for the year.
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Financial Accounting & Reporting: Dividend Distribution
Balance Sheet for Dex Company and Ed Company on December 31, 2023 are as follows: Dex Company Ed Company Cash P850,000 P75,000 Other Assets 2,200,000 425,000 Total Assets P3,050,000 P500,000 Liabilities P1,200,000 P100,000 Common Stock, P50 par 2,000,000 - Common Stock, P10 par - 250,000 Additional Paid-in Capital 500,000 - Retained Earnings (600,000) 150,000 Total Liabilities and Equity P3,050,000 P500,000 On this date, Dex Company acquired 80% of the stock of Ed Company. Instructions: Prepare a consolidated balance sheet and the eliminating entries as of December 31, 2023, under each set of conditions listed below. Subsidiary stock is acquired in exchange for 5,000 shares of the parent company stock, and the investment accounts is recorded at P300,000, the current market value of the shares issued. The difference between the investment balance an the book value of the interest acquired is…
Rancho Cucamonga, Inc. presents the following excerpts from its December 31, 2020 balance sheet: Long-Term Liabilities: Note payable, 8% $200,000 Bonds payable, 10% 1,000,000 Shareholders’ Equity Common stock, par 50,000 Additional paid-in-capital, common stock 350,000 Total contributed capital 400,000 Retained earnings 250,000 Total shareholders’ equity 650,000 The accounting department also conveys the following information: Risk-free rate of return - 3% Risk premium - 4.05% Tax rate – 30% Requirement: Compute Rancho Cucamonga’s weighted average cost of capital.
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Comprehensive Isanti Inc. finances its capital needs approximately one-third from long-term debt and two-thirds from equity. At December 31, 2018, Isanti had the following liability and equity items: 11% debenture bonds payable, face amount $5,000,000 Premium on bonds payable 352,400 Common stock 8,000,000 Additional paid-in capital 2,295,000 Retained earnings 2,465,000 Treasury stock, at cost 325,000 Transactions during 2019 and other information relating to Isanti's liabilities and equity accounts were as follows: The debenture bonds were issued on December 31, 2016, for $5,378,000 to yield 10%. The bonds mature on December 31, 2028. Interest is payable annually on December 31. Isanti uses the interest method to amortize bond premium. Isanti's common stock shares are traded on the over-the-counter market. At December 31, 2018, Isanti had 2,000,000 authorized shares of $10 par common stock. On January 15, 2019, Isanti reissued 15,000 of its 25,000 shares of…
Amy Dyken, controller at Shamrock Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for Shamrock’s financial statements. Below is selected financial information for the fiscal year ended June 30, 2020. Long-term debt Notes payable, 10% $990,000 9% convertible bonds payable 5,040,000 10% bonds payable 6,080,000 Total long-term debt $12,110,000 Shareholders’ equity Preferred stock, 5% cumulative, $50 par value, 104,000 shares authorized, 26,000 shares issued and outstanding $1,300,000 Common stock, $1 par, 10,000,000 shares authorized, 1,000,000 shares issued and outstanding 1,000,000 Additional paid-in capital 3,990,000 Retained earnings 6,090,000 Total shareholders’ equity $12,380,000 The following transactions have also occurred at Shamrock. 1. Options were granted on July 1, 2019, to purchase 180,000 shares at $15…

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