Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 15, Problem 15.14BE
To determine
The change in stockholders’ equity.
Given information:
Common stock at par value is $1,000,000.
Additional paid-in capital is $15,500,000
Net income on year end is $9,452,000.
Dividends declared on year end are $324,600.
Unrecorded expenses are of $975,000.
Tax rate is 35%
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Financial Statements from the End-of-Period Spreadsheet
Demo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end-of-period spreadsheet was prepared for the year ended August 31, 20V9:
Demo 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
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10,710
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25,500
Supplies
2,700
2,270
430
Land
22,190
22,190
Office Equipment
20,910
20,910
Accumulated Depreciation
2,830
1,350
4,180
Accounts Payable
6,890
6,890
Salaries Payable
330
330
Common Stock
8,600
8,600
Retained Earnings
17,410
17,410
Dividends
3,320
3,320
Fees Earned
70,770
70,770
Salary Expense
19,130
330
19,460
Supplies Expense
2,270
2,270
Depreciation Expense
1,350
1,350
Miscellaneous Expense
2,040
2,040
106,500
106,500
3,950
3,950
108,180
108,180
Based on the preceding spreadsheet, prepare an income statement for Demo Consulting.
Demo Consulting…
Question-based on, "equity section".
I have got the red boxes outlined wrong.
Thanks for the help.
The stockyholder's section of the balance sheet contains such as the following
. Common stock
. Preferred stock
.Additional paid in capital
. Other accumulated comprehensive income
.retained earnings
It is important to understand how changes in the accounts impact the balance sheet and the financial positions.
Ginseng inc. Has $200, 000 of 5%, $10 par value preferred and $450,000 of $5 par value common stock issued outstanding on Dec.31, 2021.
There were no stock issuance, stock splits or dividends for 2021. The organization's calender year end is Dec. 31, 2021. The preferred stock did not receive any dividends for 2019 or 2020 because the company did not have adequate cash reserves to pay out dividends.
The preferred stock has a mix characteristics.
. 10% of the preferred stock is noncumulative, nonparticipating
. 20% of the preferred stock is cumulatuve , nonparticipating
.20% of the preferred stock is nonculative, participating
.50% of the preferred stock is cumulatuve,…
Chapter 15 Solutions
Intermediate Accounting (2nd Edition)
Ch. 15 - Prob. 15.1QCh. 15 - What are the retained earnings of a firm?Ch. 15 - Prob. 15.3QCh. 15 - Prob. 15.4QCh. 15 - Does an entity have to legally dissolve treasury...Ch. 15 - Prob. 15.6QCh. 15 - Prob. 15.7QCh. 15 - Prob. 15.8QCh. 15 - Prob. 15.9QCh. 15 - Prob. 15.10Q
Ch. 15 - Prob. 15.11QCh. 15 - Do firms often use stock dividends to avoid...Ch. 15 - Prob. 15.13QCh. 15 - What is included in other comprehensive income?Ch. 15 - Is a specific format required for reporting...Ch. 15 - Prob. 15.16QCh. 15 - Boone Corporations outstanding capital stock on...Ch. 15 - Prob. 15.2MCCh. 15 - Prob. 15.3MCCh. 15 - Prob. 15.4MCCh. 15 - Prob. 15.5MCCh. 15 - Prob. 15.6MCCh. 15 - Prob. 15.7MCCh. 15 - Prob. 15.1BECh. 15 - Stockholders Equity Terminology, U.S. GAAP, IFRS....Ch. 15 - Common Stock Issuance, No Par Value. Perdido...Ch. 15 - Prob. 15.4BECh. 15 - Prob. 15.5BECh. 15 - Prob. 15.6BECh. 15 - Prob. 15.7BECh. 15 - Prob. 15.8BECh. 15 - Treasury Stock Transactions. Ginger Spice...Ch. 15 - Treasury Stock Transactions. On March 15, Chief...Ch. 15 - Treasury Stock Transactions, Retirement. Using the...Ch. 15 - Prob. 15.12BECh. 15 - Prob. 15.13BECh. 15 - Prob. 15.14BECh. 15 - Common Stock Issuance, Stated Value, Issue Costs....Ch. 15 - Common Stock Issuance. Par Value, Issue Costs,...Ch. 15 - Prob. 15.3ECh. 15 - Prob. 15.4ECh. 15 - Prob. 15.5ECh. 15 - Treasury Stock Transactions, Retirement,...Ch. 15 - Treasury Stock Transactions, Disclosure. The...Ch. 15 - Treasury Stock Transactions. Several years ago,...Ch. 15 - Prob. 15.9ECh. 15 - Prob. 15.10ECh. 15 - Prob. 15.11ECh. 15 - Prob. 15.12ECh. 15 - Preferred Stock Issuance Dividends, Disclosure....Ch. 15 - Prob. 15.14ECh. 15 - Prob. 15.15ECh. 15 - Prob. 15.16ECh. 15 - Prob. 15.17ECh. 15 - Prob. 15.18ECh. 15 - Prob. 15.19ECh. 15 - Prob. 15.20ECh. 15 - Prob. 15.21ECh. 15 - Prob. 15.22ECh. 15 - Prob. 15.1PCh. 15 - Prob. 15.2PCh. 15 - Prob. 15.3PCh. 15 - Prob. 15.4PCh. 15 - Prob. 15.5PCh. 15 - Common Stock Issuance, Treasury Stock, Dividends,...Ch. 15 - Prob. 15.7PCh. 15 - Prob. 15.8PCh. 15 - Prob. 15.9PCh. 15 - Prob. 1JCCh. 15 - Judgment Case 2: Impact of Judgment in Accounting...Ch. 15 - Surfing the Standards Cases Surfing the Standards...Ch. 15 - Prob. 1BCCCh. 15 - Prob. 2BCC
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