Missing amounts from balance sheet and income statement dataOne item is omitted in each of the following summaries of balance sheet and income statement data for the following four different corporamDetermine the missing amounts.Hint: First determine the amount of increase or decrease in stockholders' equity during the year.HeywardJonesBeginning of the year:Assets*LiabilitiesEnd of the year:Assets .LiabilitiesDuring the year:Additional common stock issuedDividendsRevenueExpensesFreeman$382,100229,300473,800206,30026,700126,10068,800$431,800224,500604,500190,00086,40025,900Print Item112,300$179,600136,500161,600143,70018,000206,400220,900Ramirez$214,900444,200243,60071,600105,100200,600229,200

The accounting equation states that assets are equal to the sum of the liabilities and equity. The…

Answered: Missing amounts from balance sheet and…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 20E

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Which of the following is not reported in the statement of changes in shareholders' equity? a. Profit for the yearb. Undistributed dividends declared during the year.c. Interest expensed. Ordinary shares issued at more than par value
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Access the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ). Determine the specific citation for accounting for each of the following items: 1. Initial measurement of stock options. 2. The measurement date for share-based payments classified as liabilities. 3. The formula to calculate diluted earnings per share. 4. The way stock dividends or stock splits in the current year affect the presentation of EPS in the income statement.
Which of the following statements regarding earnings per share is false? It is reported on the income statement. It increases when net income increases. It is calculated using the average number of common shares outstanding during the period. It would not be affected by additional shares of common stock issued during the year.
Financial Statements from the End-of-Period Spreadsheet Demo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end-of-period spreadsheet was prepared for the year ended August 31, 20V9: Demo Consulting End-of-Period Spreadsheet For the Year Ended August 31, 20Y9 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,710 10,710 Accounts Receivable 25,500 25,500 Supplies 2,700 2,270 430 Land 22,190 22,190 Office Equipment 20,910 20,910 Accumulated Depreciation 2,830 1,350 4,180 Accounts Payable 6,890 6,890 Salaries Payable 330 330 Common Stock 8,600 8,600 Retained Earnings 17,410 17,410 Dividends 3,320 3,320 Fees Earned 70,770 70,770 Salary Expense 19,130 330 19,460 Supplies Expense 2,270 2,270 Depreciation Expense 1,350 1,350 Miscellaneous Expense 2,040 2,040 106,500 106,500 3,950 3,950 108,180 108,180 Based on the preceding spreadsheet, prepare an income statement for Demo Consulting. Demo Consulting…
A company has cumulative preferred stock. When computing earnings per share, the current year's dividends not declared on the preferred stock should be: A. Deducted from earnings for the year. B. Deducted, net of tax effect, from earnings for the year. C. Added to earnings for the year. D. Ignored.
In computations of weighted average of shares outstanding, when a stock dividend or stock split occurs, the additional shares are a. considered outstanding at the beginning of the reporting period b. weighted by the number of months outstanding. c. considered outstanding at the payment date. d. weighted by the number of days outstanding.
hich of the following is not true about the stockholders' equity section of a balance sheet? a. Stock characteristics are indicated. b. Preferred stock subscriptions receivable, common stock subscriptions receivable, and treasury stock are subtracted from the total of paid - in capital and retained earnings. c. Contra equity accounts are shown at the beginning of the stockholders' equity section of a balance sheet. d. Retained earnings is listed after all paid - in capital.
1. It represents the cumulative balance of periodic earnings, dividend distributions, prior period adjustments and other capital adjustments. a. Income summaryb. net incomec.dividends d. accumulated profits 2. The date on which liability for dividends must be recorded a. Date of recordb.Date of issuance c.Date of payment d. Declaration date 3. The amount attributable to every share of ordinary share capital outstanding during the period. a. Par value b. Stated value c. Carrying value d. Bookvalue 4. The date which determines who gets the dividend a. Date of payment b. Date of declaration c. Date of record d. Date of issuance 5. How is the treasury share account presented in the Statement of Financial Position? a. deducted from accumulated profitsb. deducted from shareholders’ equityc. part of reservesd. current asset
The following are 10 technical accounting terms introduced or emphasized in Chapters 11 and 12:P/e ratio Treasury stock Discontinued operationsStock dividend Extraordinary item Prior period adjustmentBasic earnings per share Additional paid-in capital Diluted earnings per shareComprehensive incomeEach of the following statements may (or may not) describe one of these technical terms. Foreach statement, indicate the term described, or answer “None” if the statement does not correctlydescribe any of the terms.a. A gain or loss that is unusual in nature and not expected to recur in the foreseeable future.b. The asset represented by shares of capital stock that have not yet been issued.c. A distribution of additional shares of stock that reduces retained earnings but causes no changein total stockholders’ equity.d. The amount received when stock is sold in excess of par value.e. An adjustment to the beginning balance of retained earnings to correct an error previouslymade in the…
Indicate the effect of each of the following transactions on (1) the current ratio, (2) working capital, (3) stockholders’ equity, (4) book value per share of common stock, and (5) retained earnings. Assume that the current ratio is greater than 1:1. (Indicate the effect of each transactions by selecting "+" for increase, "–" for decrease, and "NC" for no change.) Collected account receivable. Wrote off account receivable. Converted a short-term note payable to a long-term note payable. Purchased inventory on account. Declared cash dividend. Sold merchandise on account at a profit. Issued stock dividend. Paid account payable. Sold building at a loss. Current RatioWorking CapitalStockholders' EquityBook ValueRetained Earnings a. b. c. d. e. f. g. h. i.
Under IFRS, share dividends declared after the statement of financial position date but before the end of the subsequent events period are:(a) accounted for similar to errors as a prior period adjustment.(b) adjusted subsequent events, because they are paid from prior year earnings.(c) not adjusted in the current year’s financial statements.(d) recognized on a prospective basis from the date of declaration.

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