Subject Financial Accounting: [10 Marks] Glavine Company issues 7,500 shares of its $7 par value common stock having a fair market value of $27 per share and 8,900 shares of its $18 par value preferred stock having a fair market value of $23 per share for a lump sum of $285,000. The are proceeds allocated to the common stock
Q: Hi expert please give me answer general accounting question
A: Step 1: Definition of Total Quality Control Cost Per UnitThe total quality control cost per unit…
Q: Please answer the accounting question not use ai
A: Step 1: Define Price per Share Using P/E MultiplesThe price per share using the P/E multiples…
Q: I don't need ai answer general accounting question
A: Step 1: Definition of Asset Turnover RatioAsset Turnover Ratio: Measures a company's efficiency in…
Q: Please given correct answer
A: Compute the interest expense for 2023 that should appear in the income statement.Interest Expense =…
Q: Financial Accounting
A: We are tasked with finding the Total Return for Hamilton Crowth Fund for the year 2015. The Total…
Q: Kindly help me with accounting questions
A: Step 1: Definition of Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL)…
Q: Answer this Financial Accounting
A: Explanation of Total Assets:Total Assets represent the total economic resources owned by a company,…
Q: Provide correct answer general accounting
A: Step 1: Define Absorption costingAn absorption costing approach includes collecting and distributing…
Q: Provide correct option general accounting
A: We will use the Average Collection Period formula to determine the average time it takes for…
Q: What is the degree of opereting leverage? General accounting
A: The degree of operating leverage (DOL) can be calculated using the following formula: DOL =…
Q: Hello tutor provide correct answer general accounting
A: To calculate the operating income, we need to follow these steps: Calculate the new contribution…
Q: Subject:- General Account
A: Step 1: Since there's no ending inventory, we have to assume that the Inventory, ending balance is…
Q: Pioneer manufacturing provided the following solve this general accounting question
A: Compute the total manufacturing costs.Total manufacturing costs = Direct materials used + Direct…
Q: Accounting question
A: Follow the basic accounting equation to compute the equity.Assets = Liabilities + Equity For the…
Q: I want to correct answer accounting questions
A: Step 1: Definition of Asset Turnover RatioAsset Turnover Ratio: Measures how efficiently a company…
Q: A more traditional budget would emphasize expense categories such as salaries, office supplies, and…
A: Concept of Traditional BudgetA traditional budget focuses on categorizing expenses by their type,…
Q: I won't to this question answer general Accounting
A: This problem involves calculating the current ratio and the acid-test ratio, which are two important…
Q: General Accounting Question please answer
A: Step 1: Define Equivalent Units of ProductionEquivalent units of production measure the work done…
Q: Financial accounting
A: Determine the ending inventory value:According to the LCM rule, inventory is reported at the lower…
Q: I need this question answer general accounting
A: Step 1: Identify the formula for DSO• DSO = Average Accounts Receivable / Average Daily SalesStep 2:…
Q: General Accounting Question please solve this problem
A: Step 1: Define Shareholders' Initial InvestmentThe initial investment by shareholders can be…
Q: Find total assets?
A: Step 1: Information given in the questionReturn on Assets (ROA) = 6.6% or 0.066Profit margin ratio =…
Q: The inventory of 3T Company on December 31, 2014, consists of the following items. Part No. Quantity…
A: To calculate the inventory as of December 31, 2014, using the lower-of-cost-or-market (LCM) method,…
Q: Pinecrest construction worked on five project during
A: To calculate the overhead allocated to Project 503, we use the given overhead allocation rate, which…
Q: Answer? ? Financial accounting
A: The relationship between sales, cost of goods sold, and gross profit is applied to estimate the cost…
Q: Sheldon Inc. is the leading manufacturer of personal computers. In a recent year, it reported the…
A: Step 1: Calculate Average Inventory• Average Inventory = (Beginning Inventory + Ending Inventory) /…
Q: Financial Accounting
A: Step 1: Information givenSales = $3,740,000Cost of goods sold = $2,245,600Selling and administration…
Q: Veer Trucking raised $280 million in new debt and used this to buy back stock. After the recap,…
A: Concept of Debt Financing: Debt financing refers to the process of raising capital by borrowing…
Q: Last year, Stephen Company had 20,000 units in its ending inventory. During the year, Stephen…
A: Key InformationOperating income under variable costing was $9,600 higher than under absorption…
Q: What are the total product costs for the company UNDER VARIABLE COSTING?
A: To calculate the total product costs under variable costing, we consider only the variable costs…
Q: What is company a's net income?
A: To calculate Company A's net income, we follow these steps:Step 1: Identify the Formula for Net…
Q: I want correct answer
A: Explanation of Wages Expense:Wages expense refers to the total amount a company incurs for employee…
Q: Question
A: Explanation: Under First-In, First-Out (FIFO) method, it is assumed that the inventory that is…
Q: Hello tutor please provide this question solution general accounting
A: The asset turnover ratio is calculated using the formula: Asset Turnover Ratio = Net Sales / Average…
Q: Get correct answer accounting questions
A: Step 1: Define Shareholders' EquityShareholders' equity is the owner's fund, which is invested by…
Q: Financial Accounting
A: Equity Premium = Market Rate - Risk-Free Rate Equity Premium = 12.5%-4.1% Equity Premium = 8.40%
Q: If a firm can lower production costs by sharing a resource among one or more of its products, it…
A: The correct answer is: D) economies of scopeExplanation: Economies of scope occur when a firm lowers…
Q: 1. Net income 750 2. Depreciation 86
A: To calculate the total cash from operating activities, we need to adjust the net income based on…
Q: The following reflect the forecast of Viathon Manufacturers for the year 2020 for the only product…
A: Viathon Manufacturers provided the following data for its operations in 2020:Total Production Cost:…
Q: General accounting
A: Step 1: Key InformationNet Income (2013): $350,000Beginning Common Stockholders' Equity (Jan 1,…
Q: Subject: financial accounting
A: Explanation of Price-Earnings (P/E) Ratio: The price-earnings ratio measures how much investors are…
Q: Get correct answer the accounting question
A: Step 1: Define Inventory Turnover RatioThe Inventory Turnover Ratio measures how many times a…
Q: Your company csus inc. is considering
A: The question requires the determination of the cash flows for year 4.Cash flow is the movement of…
Q: Please give solution to this Question
A: Step 1:To calculate the overhead assigned to a unit of output, the predetermined overhead rate based…
Q: What has been your total holding period percentage return on these financial accounting question?
A: To calculate the Total Holding Period Percentage Return, use the formula: Total Holding Period…
Q: general account
A: To calculate the ending inventory, we use the fundamental inventory accounting equation:…
Q: What is this answer?
A: Explanation of FIFO (First-In, First-Out):The FIFO method assumes that the oldest inventory (first…
Q: General Accounting 5
A: Explanation of Total RevenueTotal revenue represents the total income generated from the sales of…
Q: Provide answer general accounting
A: Step 1: Define Capital AssetFirms purchase capital assets to run their business operation and…
Q: Tag. General Account
A: a. Compute Equivalent Units of Production (EUP)Given InformationBeginning Inventory: 52,000 units…
Don't Use Ai
![Subject Financial Accounting: [10 Marks]
Glavine Company issues 7,500 shares of its $7 par value
common stock having a fair market value of $27 per
share and 8,900 shares of its $18 par value preferred
stock having a fair market value of $23 per share for a
lump sum of $285,000.
The
are
proceeds allocated to the common stock](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7c935f2-8663-4bdd-bf02-2138fd8511b4%2F06806d99-8e53-4a2b-bd37-120bf3ce1cf3%2F22xovi_processed.jpeg&w=3840&q=75)
Step by step
Solved in 2 steps
- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, 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. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. Issued 15,000 shares of 20 par common stock at 30, receiving cash. B. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. E. Paid the cash dividends declared in (D). F. Purchased 8,000 shares of treasury common stock at 33 per share. G. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. H. Paid the cash dividends to the preferred stockholders. I. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). J. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. The amortization is determined using the straight-line method. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 20Y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follow were taken from the records of Equinox Products Inc. Income statement data: Advertising expense 150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 Depreciation expenseoffice buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Income tax expense 140,500 Interest expense 21,000 Interest revenue 30,000 Miscellaneous administrative expense 7,500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,313,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Bonds payable, 5%, due in 10 years 500,000 Cash 282,850 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 700,000 Income tax payable 44,000 Interest receivable 1,200 Inventory (December 31, 20Y8),at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4,320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock, 80 par (30,000 shares authorized; 20,000 shares issued) 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 20Y8 8,197,220 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 A. Prepare a multiple-step income statement for the year ended December 31, 20Y8. B. Prepare a retained earnings statement for the year ended December 31, 20Y8. C. Prepare a balance sheet in report form as of December 31, 20Y8.Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
- Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.Brown Corporation issues 800 shares of its 5 par common stock for 20 per share. Prepare the journal entry to record this transaction.Nexis Corp. issues 2,470 shares of $11 par value common stock at $16 per share. When the transaction is recorded, credits are made to a.Common Stock, $12,350 and Retained Earnings, $27,170. b.Common Stock, $12,350 and Paid-In Capital in Excess of Stated Value, $27,170. c.Common Stock, $39,520. d.Common Stock, $27,170, and Paid-In Capital in Excess of Par—Common Stock, $12,350.
- Nexis Corp. issues 1,280 shares of $9 par value common stock at $18 per share. When the transaction is journalized, credit(s) are made to a. Common Stock for $11,520 and Paid-In Capital in Excess of Par—Common Stock for $11,520 b. Common Stock for $23,040 c. Common Stock for $11,520 and Retained Earnings for $11,520 d. Common Stock for $11,520 and Paid-In Capital in Excess of Stated Value for $11,520Nexis Corp. issues 1,110 shares of $9 par value common stock at $17 per share. When the transaction is journalized, credits are made to a.Common Stock, $8,880 and Retained Earnings, $9,990. b.Common Stock, $8,880 and Paid-In Capital in Excess of Stated Value, $9,990. c.Common Stock, $18,870. d.Common Stock, $9,990, and Paid-In Capital in Excess of Par—Common Stock, $8,880.Nexis Corp. issues 1,180 shares of $9 par value common stock at $17 per share. When the transaction is recorded, credits are made to a. Common Stock, $9,440 and Paid-In Capital in Excess of Stated Value, $10,620. Ob. Common Stock, $20,060. Oc. Common Stock, $9,440 and Retained Earnings, $10,620. Od. Common Stock, $10,620, and Paid-In Capital in Excess of Par-Common Stock, $9,440.
- Nexis Corp. issues 1,980 shares of $10 par value common stock at $16 per share. When the transaction is journalized, credits are made to a. Common Stock, $11,880 and Paid-In Capital in Excess of Stated Value, $19,800. b. Common Stock, $19,800, and Paid-In Capital in Excess of Par—Common Stock, $11,880. c. Common Stock, $11,880 and Retained Earnings, $19,800. d. Common Stock, $31,680.Nexis Corp. issues 1,970 shares of $9 par value common stock at $17 per share. When the transaction is recorded, credits are made to a.Common Stock, $15,760 and Retained Earnings, $17,730. b.Common Stock, $15,760 and Paid-In Capital in Excess of Stated Value, $17,730. c.Common Stock, $17,730, and Paid-In Capital in Excess of Par—Common Stock, $15,760. d.Common Stock, $33,490.Nexis Corp. issues 2,870 shares of $8 par value common stock at $17 per share. When the transaction is recorded, what credit entry or entries are made? a.Common Stock $48,790. b.Common Stock $22,960 and Paid-in Capital in Excess of Stated Value $25,830. c.Common Stock $22,960 and Paid-in Capital in Excess of Par Value $25,830. d.Common Stock $25,830 and Retained Earnings $22,960.
