The following accounts appear in the ledger of Concord Corporation, after the books are closed at December 31, 2020. Common Stock, $1 par value, 890,000 shares authorized, 560,000 shares issued Common Stock Dividends Distributable Paid-in Capital in Excess of Par Value-Common Stock Preferred Stock, $100 par value, 9%, 12,000 shares authorized; 5,200 shares issued Retained Earnings Treasury Stock (10,000 common shares) Paid-in Capital in Excess of Par Value-Preferred Stock $560.000 84,000 973,000 520,000 730,000 41,000 70,000 Prepare the stockholders' equity section at December 31, 2020, assuming that part of retained earnings is restricted for plant expansion in the amount of $220,000.
Q: aum Corporation uses the weighted-average department for the most recent month are listed below:…
A: Process costing is used to record cost of various stages of production. Where finished goods of one…
Q: Required information [The following information applies to the questions displayed below.] Golden…
A: Cash flow statement :— It is one of the financial statement that shows change in cash and cash…
Q: Weller Company's budgeted unit sales for the upcoming fiscal year are provided below: Budgeted unit…
A: Selling and expenses budget in which all the expenses related to selling a product are shown. Ex:…
Q: a. Prepare a cash receipts schedule for November and December. Prince Charles Island Company Cash…
A: a.Prince Charles Island companyCash receipts…
Q: Munoz Manufacturing Company has an opportunity to purchase some technologically advanced equipment…
A: Introduction:Internal rate of return (IRR ) of a project is the discount rate which makes net…
Q: The 2013 Income Statement and other selected financial information for Company A, as well as…
A: Free cash flow (FCF) is a financial term that measures a company's operating cash flow after…
Q: Exercise 24-04 As loan analyst for Bramble Bank, you have been presented the following information.…
A: As posted multiple sub parts we are answering only the first three sub parts Kindly repost the…
Q: The following information is for the month ending July 31, 2020. June 30, 2020, cash balance…
A: Cash budget is prepared based on all the esitimated cash movement in a specific period to manage…
Q: Pharoah Corporation has the following cost records for the year ended December 31, 2022: Indirect…
A: Pharoah Corporation Cost of Goods Manufactured Statement Direct materials used $252,400 Direct…
Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…
A: Ending inventory is the amount of inventory that an entity has in hand at the end of the period. It…
Q: Bed & Bath, a retailing company, has two departments-Hardware and Linens. The company's most recent…
A: To determine the financial advantage (disadvantage) of discontinuing the Linens department, firstly…
Q: gerty Company makes two products-titanium Hubs and Sprockets. Data regarding the two products…
A: Activity Rate is the rate used to allocate manufacturing overhead cost under activity based costing…
Q: Calculate the gross profit/ (loss) that should be recognized for 2023, 2024, and 2025 using the…
A: Given in the question 2023 2024 2025 Costs incurred to date $920,625…
Q: The Mexican Peso is quoted at .0482-.0485 US$/Peso spot. 6-month forward contracts are quoted…
A: Arbitrage is the risk free opportunity available which can be done through buying and selling in two…
Q: Required information [The following information applies to the questions displayed below] Carlberg…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: Ivanhoe Company is considering three long-term capital investment proposals. Each investment has a…
A: Net present value and the annual rate of return are the modern methods of capital budgeting that are…
Q: EXERCISE 5 The following information is available for the ABC Co. for the month of January. All…
A: The FIFO method is generally accepted under Generally Accepted Accounting Principles (GAAP) and is…
Q: 5. Refer to the original data. By automating, the company could slash its variable expenses in half.…
A: Contribution Margin: It is the difference between the sales and the Variable Cost of the…
Q: Required: Prepare a statement of cash flows for 2023 that reports the cash inflows and outflows from…
A: Cash Flow Statement :— It is one of the financial statement that shows change in cash and cash…
Q: inventory 42000 long term debt 62500 common stock 30000 accounts payable 220000 cash 66000 buildings…
A: Current assets are short-term assets of a company. These can be converted into cash within a year.…
Q: Required information [The following information applies to the questions displayed below.] The…
A: Cost of goods manufactured is the total cost incurred in the manufacture of goods. The manufacturing…
Q: Windward Chemicals produces a product using a process that allows for substitution between two…
A: Standard costing is one of the methods of costing which focuses on measuring the performance of the…
Q: 1 Jasper Company has 61% of its sales on credit and 39% for cash. All credit sales are collected in…
A: Cash receipts refers to cash inflow. All cash sale is to be recorded in the month of sale and all…
Q: Lynch Company manufactures and sells a single product. The following costs were incurred during the…
A: The income statement can be prepared using various methods as variable and absorption costing. Using…
Q: Drake Manufacturing has the following budgeted data for its two production departments. Assembly…
A: Single plant wide overhead rate is a single rate determined to allocate overhead. It is also known…
Q: The budget committee of Crane Company collects the following data for its San Miguel Store in…
A: The cost of goods sold includes the cost of goods that are sold during the period. The net income is…
Q: Carla Vista Footwear Co. produces high-quality shoes. To prepare for next year's marketing campaign,…
A: Lets understand the basics.Operating income is a income derived from a business operation. It is…
Q: Budgeted Income Statement Pendleton Company, a merchandising company, is developing its master…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Brief Exercise 5-12 Riverbed Beverage Company reported the following items in the most recent year.…
A: Cash flow statement is the financial statement that records all the cash inflow and cash outflow…
Q: STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER: ASSETS Non-current assets Land and buildings…
A: Cash Flow Statement It is the statement shows the flow of cash and cash equivalent in three…
Q: Xaric Industries operates two support departments, Personnel and Accounting, and two producing…
A: Methods of cost allocationThere are various methods of allocating the cost of the service divisions…
Q: EXERCISE 7-10 Sales and Production Budgets [LO2, LO3] The marketing department of Graber Corporation…
A: Cash budget means the statement which shows the expected cash available for distribution including…
Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as…
A: Lets understand the basics.There are various methods are followed for inventory valuation which…
Q: ear 1 n. 1 Paid $22,015 cash plus $1,635 in sales tax for a new delivery truck estimated to have a…
A: Answer:- 1. Straight line depreciation = (Cost of asset - Salvage value) / Number of useful life
Q: Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that…
A: The inventory can be valued using various emthods as FIFO, LIFO and average method. The ending…
Q: Victory Company uses weighted average process costing. The company has two production processes.…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: Prepare an income statement for China Tea Company for the year ended December 31, 2021:
A: Income statement shows company's income and expenses over a period of time.Revenues, Expenses, and…
Q: Tambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile,…
A: Process Costing - It is the method of costing which is used wherein the product is completed through…
Q: Linzee Liners estimates that its manufacturing overhead will be $1,768,700 in Year 1. It further…
A: To allocate the over- or under applied overhead, we first need to calculate the predetermined…
Q: egment Income (Loss) -osta on margin " (@ $ 1,129,000 994,000 135,000 239,000 $ (104,000) S
A: Avoidable fixed cost = $155,350 Loss of contribution margin = $135,000 Financial advantage…
Please do not give solution in image format thanku
Step by step
Solved in 3 steps
- Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
- Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher financial statements.Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Stanley Utilities engaged in the following transactions involving its equity accounts: Sold 3,300 shares of common stock for $15 per share. Sold 1,000 shares of 12%, $100 par preferred stock at $105 per share. Declared and paid cash dividends of $8,000. Repurchased 1,000 shares of treasury stock (common) for $38 per share. Sold 400 of the treasury shares for $42 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $87,000. Prepare a statement of stockholders equity at December 31, 2020.Calculating the Number of Shares Issued Castanet Inc. issued shares of its $1. 50 par value common stock on November 9,2019, for $13 per share. In recording the issuance of the stock, Castanet credited the Additional Paid-In Capital- Common Stock account for $416,300. Required: How many shares were issued on November 9, 2019?
- 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.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.Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?
- Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Haley engaged in the following transactions involving its equity accounts: Sold 5,000 shares of common stock for $19 per share. Sold 1.200 shares of 12%, $50 par preferred stock at $75 per share. Declared and paid cash dividends of $22,000. Repurchased 1,000 shares of treasury stock (common) for $24 per share. Sold 300 of the treasury shares for $26 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $123,700. Prepare a statement of stockholders equity at December 31, 2020.Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018, balance sheet: The following transactions were reported by the company during 2019: 1. Reacquired 200 shares of its preferred stock at 57 per share. 2. Reacquired 500 shares of its common stock at 16 per share. 3. Sold 100 shares of preferred treasury stock at 58 per share. 4. Sold 200 shares of common treasury stock at 17 per share. 5. Sold 100 shares of common treasury stock at 9 per share. 6. Retired the shares of common stock remaining in the treasury. The company maintains separate treasury stock accounts and related additional paid-in capital accounts for each class of stock. Required: 1. Prepare the journal entries required to record the treasury stock transactions using the cost method. 2. Assuming the company earned a net income in 2019 of 30.000 and declared and paid dividends of 10,000, prepare the shareholders equity section of its balance sheet at December 31, 2019.