Sunland Mining Company declared, on April 20, a dividend of $480,000 payable on June 1. Of this amount, $129,000 is a return of capital. Prepare the April 20 and June 1 entries for Sunland. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Apr. 20 Account Titles and Explanation Deb June 1

Sunland Mining Company declared, on April 20, a dividend of $480,000 payable on June 1. Of this amount, $129,000 is a return of capital. Prepare the April 20 and June 1 entries for Sunland. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Apr. 20 Account Titles and Explanation Deb June 1

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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The trial balance of Sam’s Deli Inc. at October 31, 2020, does not balance: The accounting records contain the following errors: -Recorded a $1,000 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct. -Posted a $1,000 credit to Accounts Payable as $100. -Did not record utilities expense or the related account payable in the amount of $200. -Understated Share Capital by $1,100. -Omitted insurance expense of $1,000 from the trial balance. Q1: Prepare the correct trial balance at October 31, 2020, complete with a heading. Journal entries are not required but will be helpful in correcting the trial balance. Q2: Organize the elements of the trial balance in a way that would assist a bank manager who has to decide whether to loan money to Sam’s Deli.
On January 1, Ivanhoe Corporation purchased a 25% equity in Helbert Corporation for $152,000. At December 31, Helbert declared and paid a $44,700 cash dividend and reported net income of $196,500. (a) Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 1Dec. 31 Jan. 1Dec. 31 (To record dividends received) Jan. 1Dec. 31 (To record equity in Helbert Corporation's net income)
Pharoah Company has a stock portfolio valued at $4,100. Its cost was $3,500. If the Fair Value Adjustment account has a debit balance of $130, prepare the journal entry at year-end. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Debit Credit
The following data were taken from the balance sheet accounts of Sage Corporation on December 31, 2019. Current assets Debt investments (trading) Common stock (par value $10) Paid in capital in excess of par Retained earnings (a) (b) Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) (c) $550.000 685,000 503,000 145,000 861,000 A5% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $35. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. Date A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $93,000 and a fair value of $139,000. Account Titles and Explanation Debit Credit
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Using the picture for reference, why would the capital account result in 66,675 if the data table shows a seperate number?
i More Info Purchased 1,000 shares of Microscape stock, paying $52 per share. The investment represents 45% ownership in Microscape's voting stock and Raider has significant influence over Microscape. Raider intends to hold Jan. 14 the investment for the indefinite future. Aug. 22 Received a cash dividend of $0.28 per share on the Microscape stock. Dec. 31 Microscape's current market value of $50 per share. Dec. 31 Microscape reported net income of $120,000 for the year ended 2018. Print Done
The following data were taken from the balance sheet accounts of Monty Corporation on December 31, 2019. Current assets Debt investments (trading) Common stock (par value $10) Paid-in capital in excess of par Retained earnings (a) $515,000 (b) (c) 640,000 475,000 145,000 Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 796,000 A 4% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $41. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $92,000 and a fair value of $131,000.
Identify whether the following payments and receipts of a resident company result inany franking credit or franking debit entries in its franking account, and state theamount of the credit or debit (if any):1. Payment of income tax of $3002. Payment of a PAYG instalment of $6003. Payment of GST of $1004. Payment of FBT of $5005. Receipt of a $700 dividend which has $100 of franking credits allocated to it
Take me to the text For the following independent transactions, determine the amount of current and long-term liabilites. Do not enter dollar signs or commas in the input boxes. No. Transaction 1 On February 28, 2022, Frederick Flowers borrowed $225,500 from the bank. The entire amount is due on February 27, 2023. NOP Company purchased a small building at a cost of $190,000. The 2 down payment is $90,000. The remaining balance is payable in 5 years with an annual payment of $20,000. A business owner borrowed $11,000 from a close friend for a business 4 expansion. They both signed an agreement that the full payment will be made after 4 years. Chack Current Liability Long-Term Liability 225500 During March 2022, a business owner obtained an interest-free loan from 3 a financing company. The loan amount was $79,000. The agreed terms of 15800 payment are 5 annual installments of $15,800. 20000 0 0 11000 x
MontyCorporation purchased the net assets of Wildhorse Corporation on January 2, 2020 for $ 621,600 and also paid $ 22,200 in direct acquisition costs. Wildhorse's balance sheet on January 1, 2020 was as follows: Accounts receivable-net Inventory Land Building-net Equipment-net Total assets $ 199,800 399,600 44,400 66,600 88,800 $799,200 Current liabilities Long term debt Common stock ($1 par) Paid-in capital Retained earnings Total liab. & equity $ 77,700 177,600 22,200 477,300 44,400 $799,200 Fair values agree with book values except for inventory, land, and equipment, which have fair values of $ 439,600, $ 54,400 and $ 78,800, respectively. Wildhorse has patent rights valued at $ 22,200.
Prepare the July 1 entry for Indigo Corporation to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)