Required Information[The following information applies to the questions displayed below.]Refer to the following transactions.a. Sold 4,700 previously unissued shares of $2 par value common stock for $17 per share.b. Issued 2,000 shares of previously unissued 5% cumulative preferred stock, $30 par value, in exchange for land and abuilding appraised at $60,000.c. Declared and paid the annual cash dividend on the preferred stock issued in transaction b.d. Purchased 250 shares of common stock for the treasury at a total cost of $4,250.e. Declared a cash dividend of $0.14 per share on the common stock outstanding.f. Sold 120 shares of the treasury stock purchased in transaction d at a price of $33 per share.g. Declared and issued a 3% stock dividend on the common stock issued when the market value per share of commonstock was $26.h. Split the common stock 3-for-1.Required:Show the effect (if any) of each of the above transactions on each financial statement category by selecting a plus (+) or minus (-) andthe amount in the appropriate column. Do not show items that affect net income in the retained earnings column. You should assumethat the transactions occurred in this chronological sequence and that 42,000 shares of previously issued common stock remainoutstanding. (Hint: Remember to consider appropriate effects of previous transactions.)Liabilities Paid-in Capital Retained Earnings Treasury Stock Net IncomeTransactiona.b.C.d.e.f.9.h.CashOther Assets !Required Information[The following information applies to the questions displayed below.]Refer to the following transactions.a. Sold 4.700 previously unissued shares of $2 par value common stock for $17 per share.b. Issued 2,000 shares of previously unissued 5% cumulative preferred stock, $30 par value, in exchange for land and abuilding appraised at $60,000.c. Declared and paid the annual cash dividend on the preferred stock issued in transaction b.d. Purchased 250 shares of common stock for the treasury at a total cost of $4,250.e. Declared a cash dividend of $0.14 per share on the common stock outstanding.f. Sold 120 shares of the treasury stock purchased in transaction d at a price of $33 per share.g. Declared and issued a 3% stock dividend on the common stock issued when the market value per share of commonstock was $26.h. Split the common stock 3-for-1.Prepare the journal entries to record each of the above transactions. You should assume that the transactions occurred in thischronological sequence and that 42,000 shares of previously issued common stock remain outstanding. (Hint: Remember to considerappropriate effects of previous transactions.) (If no entry is required for a transaction/event, select "No Journal entry required" In thefirst account field.)View transaction listJournal entry worksheet<1 2 3 4 5 6 7 8Record the sale of 4,700 previously unissued shares of $2 par value commonstock for $17 per share.Note: Enter debits before credits.Transactiona.Record entryGeneral JournalClear entryDebitCreditView general journal

Shareholders' equity, often referred to as stockholders' equity, is the remaining claim on a…

Answered: Required: Show the effect (if any) of…

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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Compute the missing amounts on the company’s financial statements. (Hint: What’s the difference between the acid-test ratio and the current ratio?)13. Total liabilities14. Common stock capital15. Total stockholders' equity
Help with financial statements please? A. Prepare a multiple-step income statement for the year ended December 31, Year 1, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were $100,000. Enter all amounts as positive numbers EXCEPT in the Other income and expenses. In that section only, enter amounts that represent other expenses as negative numbers using a minus sign. (Round earnings per share to the nearest cent.) B. Prepare a retained earnings statement for the year ended December 31, Year 1.* C. Prepare a balance sheet in report form as of December 31, Year 1.* Income Statement data: Advertising expense $150,000 Cost of merchandise sold 3,700,000 Delivery expense 30,000 Depreciation expense-office buildings and equipment 30,000 Depreciation expense-store buildings and equipment 100,000 Dividend revenue 4,500…
Identify the financial statements on which each of the following items (titles, date descriptions, and accounts) appears by selecting "X" in the appropriate column. If an item appears on more than one statement, select "X" in every applicable column. Item Financing activities Ending common stock Interest expense As of (date) Land Beginning cash balance Notes payable Beginning common stock Service revenue Utility expense Stock issued Operating activities For the Period Ended (Date) Net income Investing activities Net loss Ending cash balance Salary expense Consulting revenue Cash payments for dividends Income Statement Statement of Changes in Stockholders' Equity Balance Sheet Statement of Cash Flows
i) prepare a summorized income statement for the current year ii) prepare a statement of stockholders'equity for the current year iii) prepare a balance sheet for the current year Don't give answer in image format
Financial Statements from the End-of-Period Spreadsheet Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended April 30, 20Y3: During the year ended April 30, 20Y3, common stock of $5,000 vwas issued. Triton Consulting End-of-Period Spreadsheet For the Year Ended April 30, 20Y3 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 21,500 21,500 Accounts Receivable 51,150 51,150 Supplies 2,400 1,650 750 Office Equipment 32,000 32,000 Accumulated Depreciation 4,500 900 5,400 Accounts Payable 3,350 3,350 Salaries Payable 2,000 2,000 Common Stock 20,000 20,000 Retained Earnings 52,200 52,200 Dividends 10,000 10,000 Fees Earned 279,000 279,000 Salary Expense 240,000 2,000 242,000 Supplies Expense 1,650 1,650 Depreciation Expense 900 900 Miscellaneous Expense 2,000 2,000 359,050 359,050 4,550 4,550 361,950 361,950
Sheridan Company provides you with the following condensed balance sheet information: Current assets Equity investments Equipment (net) Intangibles Total assets Current and long-term liabilities Stockholders' equity Common stock ($5 par) Paid-in capital in excess of par Retained earnings Total liabilities and stockholders' equity (1) (2) (3) (4) Liabilities and Stockholders' Equity (5) Assets Total assets For each of the following transactions, indicate the dollar impact (if any) on the following five items: (1) total assets, (2) common stock, (3) paid-in capital in excess of par, (4) retained earnings, and (5) stockholders' equity. (Each situation is independent.) a. Sheridan declares and pays a $0.50 per share cash dividend. Common stock Paid-in capital in excess of par Retained earnings $20,200 Total stockholders' equity 120,300 154,200 decrease no effect no effect decrease decrease < $41,300 < 59,400 248,300 55,000 $404,000 $109,300 294,700 $404,000 $ LA tA LA LA
The declaration, record, and payment dates in connection with a cash dividend of $108,000 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.
Indicate the effect of each of the following transactions on total assets, total liabilities, and total stockholders' equity. Select + for increase, for decrease, or No Effect. The first transaction is provided as an illustration. - a. Borrowed cash on a bank loan b. Paid an account payable c. Sold common stock d. Purchased merchandise inventory on account e. Declared and paid dividends f. Collected an account receivable g. Sold merchandise inventory on account at a profit h. Paid operating expenses in cash i. Repaid principal and interest on a bank loan Assets + Liabilities + Stockholders' Equity No Effect
For each transaction, indicate the change, if any, in total assets and total equity. If equity changes, indicate whether the change was reflected as a component of net income, or directly within the stockholders' equity portion of the balance sheet. Remember that the change in total assets must agree with the change in total equity. How would I complete the table?
Démó 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 10,250 10,250 Accounts Receivable 24,400 24,400 Supplies 2,590 2,170 420 Land 20,980 20,980 Office Equipment 19,760 19,760 Accumulated Depreciation 2,710 1,290 4,000 Accounts Payable 6,590 6,590 Salaries Payable 320 320 Common Stock 8,200 8,200 Retained Earnings 16,690 16,690 Dividends 3,170 3,170 Fees Earned 66,970 66,970 Salary Expense 18,060 320 18,380 Supplies Expense 2,170 2,170 Depreciation Expense 1,290 1,290 Miscellaneous Expense 1,950 1,950 101,160 101,160 3,780 3,780 102,770 102,770
Financial statements for Rundle Company follow. Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net) Land Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable Total current liabilities Noncurrent liabilities Bonds payable Other Total noncurrent liabilities. Total liabilities Stockholders' equity. Preferred stock, (par value $10, 4% cumulative, non-participating; 7,000 shares authorized and issued) Common stock (no par; 50,000 shares authorized; 10,000 shares issued) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Revenues Sales (net) Other revenues RUNDLE COMPANY Statements of Income and Retained Earnings For the Years Ended December 31 Total revenues Expenses Cost of goods sold RUNDLE COMPANY Balance Sheets As of December 31 Selling, general, and administrative Interest expense…
Problem 1: Prepare a classified balance sheet for Sandpiper Corporation as of December 31, 2019 using columns 2 and 3 of the accounting paper supplied. Parenthetically show common shares authorized, issued, and outstanding. Use pencil only, place the units, tens, hundreds, thousands, etc. in the proper mini column, and leave the pennies blank. No commas are necessary when you use the accounting paper properly. Dollars signs used at the top of the column and after a total line. Use columns 2 for detail and column 3 for netting, totals, and grand totals. Leave column 1 and 4 blank. This balance sheet balances with these numbers. Bracketed notes are for the preparer and parathetical notes are for the reader of the financials. You are the preparer. Accounts Payable 13,580 47,280 15,740 1,595 Accounts Receivable Accumulated Depreciation Allowance for Doubtful Accounts Bonds Payable Cash and Cash Equivalents Common Stock at par $2 (authorized 100,000 shares, issued xxXXx shares, and XXXX…

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