Financial & Managerial Accounting
Financial & Managerial Accounting
18th Edition
ISBN: 9781260006520
Author: williams
Publisher: MCG
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Chapter 11, Problem 4STQ
To determine

Determine which of the given statement is least likely to affect the market price of the company’s preferred stock by the significant amount.

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Bezco Excavation Consultants began the current year with 32,400 common shares outstanding. It issued additional shares of 15,900 and 20,400 on March 1 and July 1, respectively. The company also purchased 3,900 shares of treasury stock on November 1. The firm's year end is December 31. Based on this information, compute the weighted-average number of common shares outstanding for Bezco Excavation Consultants assuming that the company implemented a 8% stock dividend on December 1. (Enter a decrease in shares outstanding with a minus sign or parentheses.) Date Event Number of Shares Outstanding Weight by Number of Months Shares Are Outstanding Weighted-Average Shares Outstanding 1/1 Balance 3/1 New Issue 7/1 New Issue 11/1 Treasury Stock Purchase Subtotal 12/1 8% Stock Dividend 12/31 Balance
Payroll Register and Payroll Journal Entry Mary Losch operates a travel agency called Mary's Luxury Travel. She has five employees, all of whom are paid on a weekly basis. The travel agency uses a payroll register, individual employee earnings records, and a general journal. Mary's Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the text. The payroll data for each employee for the week ended March 22, 20-, are given. Employees are paid 1% times the regular rate for working over 40 hours a week. No. of Marital Total Hours Name Allowances Status Worked Mar. 16-22 Total Earnings Rate Jan. 1-Mar. 15 Bacon, Andrea 4 M 44 $14.00 $6,300.00 Cole, Andrew 1 S 40 15.00 6,150.00 Hicks, Melvin 3 M 44 13.50 5,805.00 Leung, Cara 1 S 36 14.00 5,600.00 Melling, Melissa 2 M 40 14.50 5,945.00 Social Security tax is withheld from the first $128,400 of earnings at the rate of 6.2%. Medicare tax is withheld at the rate of 1.45%, and city earnings tax at the rate of…
Second Thought Products (STP) began operations on January 1, 2021, and adopted the FIFO method of inventory valuation at that time. Management elected to change its inventory method to the average-cost method effective January 1, 2024. The new method more fairly presents the company's financial position and results of operations. The following information is available for the EE (Click the icon to view the income information for both methods.) years ended December 31, 2021, through December 31, 2024. STP is subject to a 40% income tax rate. The company still uses the FIFO method for income tax reporting. Read the requirements. Change in Cost Change in Cost Cumulative Change of Goods Sold Year 2021 Method FIFO Method Pre-Tax of Goods Sold Net of Tax in Cost of Goods Sold Requirement a. Compute the cumulative effect, net of tax, for the 3-year period needed to record a change from the FIFO method to the average-cost method. (Use a minus sign or parentheses for any decreases in income.)…

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Financial & Managerial Accounting

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