Record each of the following transactions and events of Hertz.Note: Round to nearest whole dollar.Year 1January 1 Acquired 75,000 shares of Thrifty common stock for $531,000 cash. Thrifty has 300,000 shares of commonstock outstanding, and its activities will be significantly influenced by Hertz.August 31 Thrifty declared and paid a cash dividend of $1.70 per share.December 31 Thrifty reported net income for the year of $504,900.Year 2August 31 Thrifty declared and paid a cash dividend of $3.40 per share.December 31 Thrifty reported net income for the year of $730,400.December 31 Hertz sold 9,000 shares of Thrifty for $131,000 cash.View transaction listJournal entry worksheet< 12345 6.Acquired 75,000 shares of Thrifty common stock for $531,000 cash. Thriftyhas 300,000 shares of common stock outstanding, and its activities will besignificantly influenced by Hertz.Note: Enter debits before credits.DateJanuary 1, Year 1General JournalDebitCredit>

Keeping or recording any transactions, whether they are financial or not, in a journal is generally…

Answered: Record each of the following…

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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Salah's net income for the year ended December 31, Year 2 was $196,000. Information from Salah's comparative balance sheets is given below. Compute the cash paid for dividends during Year 2. At December 31 Year 2 Year 1 Common Stock, $5 par value Paid-in capital in excess of par Retained earnings $ 511,000 $ 459,900 959,000 862,900 699,000 591,900
Markus Company’s common stock sold for $1.75 per share at the end of this year. The company paid a common stock dividend of $0.42 per share this year. It also provided the following data excerpts from this year’s financial statements: Ending Balance Beginning Balance Cash $ 27,000 $ 43,800 Accounts receivable $ 48,000 $ 41,300 Inventory $ 45,100 $ 48,000 Current assets $ 120,100 $ 133,100 Total assets $ 312,000 $ 263,800 Current liabilities $ 49,500 $ 34,500 Total liabilities $ 82,000 $ 73,800 Common stock, $1 par value $ 105,000 $ 105,000 Total stockholders’ equity $ 230,000 $ 190,000 Total liabilities and stockholders’ equity $ 312,000 $ 263,800 This Year Sales (all on account) $ 580,000 Cost of goods sold $ 336,400 Gross margin $ 243,600 Net operating income $ 49,500 Interest expense $ 3,000 Net income $ 32,550 4. What is the return on total assets (assuming a 30% tax rate)?
Markus Company’s common stock sold for $5.25 per share at the end of this year. The company paid a common stock dividend of $0.63 per share this year. It also provided the following data excerpts from this year’s financial statements: EndingBalance BeginningBalance Cash $ 49,000 $ 44,200 Accounts receivable $ 92,000 $ 68,700 Inventory $ 76,300 $ 92,000 Current assets $ 217,300 $ 204,900 Total assets $ 801,000 $ 875,400 Current liabilities $ 85,500 $ 90,000 Total liabilities $ 206,000 $ 185,400 Common stock, $1 par value $ 165,000 $ 165,000 Total stockholders’ equity $ 595,000 $ 690,000 Total liabilities and stockholders’ equity $ 801,000 $ 875,400 This Year Sales (all on account) $ 1,095,000 Cost of goods sold $ 635,100 Gross margin $ 459,900 Net operating income $ 313,875 Interest expense $ 15,500 Net income $ 208,862 7. What is the amount of working capital and the current ratio at the end of this year?
Prepare journal entries for each of the following transactions of Telecommunications, Inc. Apr. 15 Declared a dividend of $1.43 per share on 11,000 shares of preferred stock outstanding. May 19 Paid the dividend declared on April 15.
Devers Company strated a stock repurchase plan in current year. Below are the related transactions. Record each transaction in the journal provided. Jun 12 Purchased 5,000 shares of treasury stock for $15 per share. Aug 9 Sold 2,000 shares of treasury stock for $18 per share Nov 7 Sold 1,500 shares of treasury stock for $14 per share
A recent annual report for Malestrom Incorporated disclosed that the company declared and paid dividends on common stock in the amount of $1.80 per share. During the year, Malestrom had 1,017,000,000 authorized shares of common stock and 191,370,000 issued shares. There is no treasury stock. Required: Assume Malestrom declared the entire dividend ($1.80 per share) on February 20 and subsequently paid the dividend on March 1. Prepare the journal entries to record the declaration and payment of dividends. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0). View transaction list Journal entry worksheet
Refer to the following transactions. Sold 2,930 shares of $11 par value preferred stock at $14.00 per share. Declared the annual cash dividend of $2.1 per share on common stock. There were 9,000 shares of $1 par value common stock issued and outstanding throughout the year. Issued 3,400 shares of $9 par value preferred stock in exchange for a building when the market price of preferred stock was $13.5 per share. Purchased 120 shares of preferred stock for the treasury at a price of $14.00 per share. Sold 110 shares of the preferred stock held in treasury (see d) for $18 per share. Declared and issued a 16% stock dividend on the $1 par value common stock (see b) when the market price per share was $38. Prepare the journal entries to record each of the above transactions.
Fiber Corporation declared a dividend of $.90 per share on April 20th to holders of record as of Monday, May1st. The dividend is payable on June 1st. You purchased 100shares of this stock on Wednesday, April 26th. How much dividend income will you receive on June 1st as a result of his declaration? A)$0 B)$2.25 C)$9.00 D)$22.50 E)$90.00
Markus Company’s common stock sold for $1.75 per share at the end of this year. The company paid a common stock dividend of $0.42 per share this year. It also provided the following data excerpts from this year’s financial statements: Ending Balance Beginning Balance Cash $ 27,000 $ 43,800 Accounts receivable $ 48,000 $ 41,300 Inventory $ 45,100 $ 48,000 Current assets $ 120,100 $ 133,100 Total assets $ 312,000 $ 263,800 Current liabilities $ 49,500 $ 34,500 Total liabilities $ 82,000 $ 73,800 Common stock, $1 par value $ 105,000 $ 105,000 Total stockholders’ equity $ 230,000 $ 190,000 Total liabilities and stockholders’ equity $ 312,000 $ 263,800 This Year Sales (all on account) $ 580,000 Cost of goods sold $ 336,400 Gross margin $ 243,600 Net operating income $ 49,500 Interest expense $ 3,000 Net income $ 32,550 7. What are the working capital and current ratio at the end of this year?
The following equity investment transactions were completed by Vintage Company during a recent year: Apr. 10 Purchased 4,400 shares of Delew Company’s common stock for a price of $50 per share plus a brokerage commission of $115. Delew Company has 220,000 shares of common stock outstanding. July 8 Received a quarterly dividend of $0.65 per share on the Delew Company investment. Sept. 10 Sold 1,200 shares for a price of $41 per share less a brokerage commission of $90. Dec. 31 At the end of the accounting period, the fair value of the remaining 3,200 shares of Delew Company’s stock was $49.53 per share.
Markus Company’s common stock sold for $4.75 per share at the end of this year. The company paid preferred stock dividends totaling $4,400 and a common stock dividend of $1.09 per share this year. It also provided the following data excerpts from this year’s financial statements: Ending Balance Beginning Balance Cash $ 44,000 $ 43,200 Accounts receivable $ 92,000 $ 66,200 Inventory $ 73,300 $ 92,000 Current assets $ 209,300 $ 201,400 Total assets $ 750,000 $ 809,000 Current liabilities $ 84,000 $ 87,000 Total liabilities $ 210,000 $ 189,000 Preferred stock $ 50,000 $ 50,000 Common stock, $1 par value $ 108,000 $ 108,000 Total stockholders’ equity $ 540,000 $ 620,000 Total liabilities and stockholders’ equity $ 750,000 $ 809,000 This Year Sales (all on account) $ 1,080,000…
Using the following information for the year ended 30 June, prepare the Retained Earnings Account for Kramer Ltd. Retained earnings as at 1 July $450,000 Transfer from Dividend Equalisation Reserve $200,000 Operating Profit (before income tax expenses $270,000) $900,000 Create a provision for dividend of 15 cents per share. There are 7,500,000 shares issue

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