E11.3 (LO 2), AP During its first year of operations, Mona Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 30,000 shares for cash at $5 per share. Issued 60,000 shares for cash at $7 per share. July 1 Instructions a. Journalize the transactions, assuming that the common stock has a par value of $5 per share. b. Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. Journalize issuance of common stock.
Q: EMathews, Inc. generated $200,000 in sales revenues and incurred fixed costs of $30,000. If the…
A: The margin of safety is the gap between predicted profitability and the point of break-even. The…
Q: The labor bonus for the production in June is: The total net savings to the company for the month…
A: Bonus is the reward given to employees for their good performance. It can be given in term of cash…
Q: Elmo, Incorporated is a U.S. corporation with a branch office in foreign country Z. During the…
A: ANSWER:- a. Given that the following information about Elmo Inc. is a U.S. corporation with a…
Q: Current Attempt in Progress On January 1, 2024, Headlands Ltd., a private company reporting under…
A: INTRODUCTION: Journal entries are the essential building blocks for solutions to these and other…
Q: A candidate for presidency, during one of his rallies, claimed that his main platform is to help the…
A: A tax exemption is the legal privilege to have all or a portion of your income excluded from taxes…
Q: Cari Pump (CP) Company is considering either upgrading or replacing its production equipment. The…
A: To take the decision whether to upgrade the equipment or replace it, one should calculate the total…
Q: Prepare the monthly cash budget of Tox Ltd for the period January- March 201 (Please show me…
A: Cash budget provides details about cash inflows and outflows in the company.Cash budget starts with…
Q: A mortgage balance of $26,000 is to be repaid over a 12-year term by equal monthly payments at 5.1%…
A: The following information is given in the question, Mortgage balance= $26,000 Term= 12 years Rate of…
Q: The following information relates to Oriole Co. for the year 2022. Owner's capital, January 1, 2022…
A: The income statement is one of the important financial statements of the business. The income…
Q: What is the major difference between a for-profit and a not-for-profit organization?
A: Organization is considered to a be setting under which the group of people comes together and these…
Q: HH Aaron Company is planning to sell Product X for $80 per unit. Variable costs are $50 a unit and…
A: Break-even point (BEP): Breakeven is the point where total expenses are equal to total revenue. at…
Q: Critically evaluate the importance of auditor independence in adding value to the financial…
A: Auditor independence is important in adding value to the financial statements for a number of…
Q: Under the periodic inventory system, which of the following is a correct closing entry? A) Income…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Prepare a schedule of total standard manufacturing costs for the 24000 productions of windows in…
A: Particulars Calculation Amount in $ Direct materials 24000 x 0.5 x 12 144000 Direct…
Q: The McCarthy and Mars (IM) Company purchased a new machine on January 1, 2020 for a list price of…
A: The term depreciation refers to an accounting method used to allocate the cost of a tangible asset…
Q: Benjamin is working on next year's budget. Given the following information, calculate the budgeted…
A: Budgeted revenue seems to be an estimate of the revenue you expect to collect in the coming year.…
Q: Which of the following items distinguishes an accounts receivable from a note receivable? Due date…
A: The account receivables and note receivable are the assets of the business. The account receivables…
Q: Prepare the journal entries at December 31, 2020, to record pension expense and related pension…
A: Pension is the amount of money that an individual saves for his or her retirement. It is a…
Q: Lone Psychic Experience is a sole proprietorship established this year. Alice Lone established the…
A: Equity account refers to the representation of the financial ownership in an organization. These are…
Q: 1. Explain how a management accountant can help their supply chain colleagues. explain the answer…
A: Supply chain management is the handling of entire product flow starting from purchase of raw…
Q: James deposited $500 in his bank at 4.5% for 90 days. Use the simple interest formula to calculate…
A: Introduction: In simple interest, interest is paid only on the initial investment amount i.e. no…
Q: Tobias is a 50% partner in Solomon LLC, which does not invest in real estate. On January 1, Tobias's…
A: A capital loss that was incurred in the current or previous year but will not be eligible for…
Q: Leno Corporation operates in three different industries each of which is appropriately regarded as a…
A: Operating profit refers to the earnings that are made by a business from its day-to-day business…
Q: Management is often faced with the alternative of continuing to make a product or component…
A: The decision related to producing a good internally or arranging it from an external source is a…
Q: 1. What is a work sheet?
A: DISCLAIMER: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: Help fill in rest of chart
A: Accounting Equation - Formula - Assets = Liabilities + Equity An accounting Equation is a horizontal…
Q: Breeze Inc. is an event company. Below is a Balance Sheet of Breeze Inc. as of April 30, 2018: Gamma…
A: In this question, we need to prepare: Pass journal entries for the May month transactions Prepare…
Q: r Containers sold marketable equity securities, land, and common stock for $40.0 million, $13.5…
A: Answer : Net cash flow (Outflow) from financing activities : ($ in million) Cash flow from…
Q: Deciding a firm's capital structure can be understood as: a. a capital budgeting decision b. a…
A: 1. Capital budgeting decision: In Simple terms, A capital budgeting decision is both a financial…
Q: eived a statement from the daycare provider showing she paid $5,980 for Marcus’ care for the year.…
A: A tax credit is basically a sum that can be offset against a tax liability.tax incentive which…
Q: Amy has long-term capital gains (LTCGS) taxed at different tax rates, 15%, 25% and 28% She also has…
A: Capital gains and losses can be classified into two groups, namely, long-term and short-term. The…
Q: Jumper, Incorporated, which has a 21 percent tax rate, owns 40 percent of the stock of a CFC. At the…
A: It is the payment or allowance made to the participant or shareholders of a company which is not…
Q: Varsity Supplies & Things is a family-owned store. The business is now approaching the end of…
A: Trade Receivables: Trade receivables are the amount that the customer owes due to credit sales in a…
Q: ABC Limited has the following info Receipts CBA - Business Loan 4500 Cash Sales Banked 1000 Credit…
A: Accessible income is not just your regular income from salary or business but any income one can…
Q: 4. Classify each of the following as a current asset, a fixed asset, a current liability, or a…
A: Whenever it comes to a company's financial performance or long-term health, both assets, as well as…
Q: Current Attempt in Progress The following are a series of unrelated situations. Answer the questions…
A: BAD DEBT EXPENSES Bad debt Expenses is a Amount which is uncollectible from the Customer due to…
Q: arisian Cosmetics Company is planning a one-month campaign for September to promote sales of one of…
A: Differential analysis refers to a technique that is helpful in decision-making after examining the…
Q: ich ONE of the following should be carried
A: Accepting an engagement as auditor is a job of responsibiity. So before accepting…
Q: Each of the following is included in the MD&A section of a public company's Form 10-K except Oa.…
A: The MD&A is one of the parts of form 10-K. The MD&A is just one of many sections required by…
Q: Dolly's Dream Homes, Inc. manufactures doll houses in a continuous process. Various customizing…
A: Stakeholders A stakeholder is any individual, group, or aspect of society that has an interest in…
Q: What is meant by bond issue cost and how do we account for such bond
A: As per the guidelines, only one question is allowed to be answered. Please resubmit the remaining…
Q: 3. Marigold Co. provides for doubtful accounts based on 3% of gross accounts receivable. The…
A: The allowance for doubtful accounts has the credit balance. The allowance for doubtful accounts is…
Q: Freight-in on purchases Purchase returns Net markups Net markdowns Net sales 35 Estimated ending…
A: Inventory is one of the current assets that is owned by the business. Finished goods, work in…
Q: 3. Scott purchased a house for $375,000. She made a down payment of 20.00% of the value of the house…
A: a. Amount of loan = Purchase price of loan x (1 - Downpayment) = $375,000 x (1 -20%) = $300,000 Rate…
Q: UTF-8"Ch X Book 4.xlsx X Bb Signature EX E UTF-8"Lece X Connect O Question 2 Chapter 7 E X 3 BUS 214…
A: Lets understand the basics. When employer gives employee a some fixed pay and variable pay on the…
Q: The following information relates to Vice Versa Ventures for calendar year 20XX, the company’s first…
A: An income statement is the profit and loss statement created to determine the net profit and loss a…
Q: in its first year (2021), Barsky Corporation made charitable contributions totaling $70,000. The…
A: Charitable contributions refer to the deductions that are made for non-profit organizations. These…
Q: In 2022, Zach is single with no dependents. He is not claimed as a dependent on another's return.…
A: Tax credits are sums of money that taxpayers can immediately deduct from their tax liabilities. Tax…
Q: When services are delivered by performing more than one act, revenue should be recognized as the…
A: Revenue is the amount which is earned by the entity and it is recorded in the income statement. It…
Q: In a 30 days period, a restaurant was open for nine hours per day. Costsincurred during the period…
A: Given data: Period=nine hours per day for 30 days Costs incurred in the period=GH¢65,124 Number of…
Trending now
This is a popular solution!
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.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.
- The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.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.A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the transaction would include which of the following? A. debit of $4,000 to common stock B. credit of $20,000 to common stock C. credit of $40 to common stock D. debit of $20,000 to common stock
- Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.Selected stock transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 200,000 shares of common stock at 12, receiving cash. b. Issued 8,000 shares of preferred 2% stock at 115. c. Purchased 175,000 shares of treasury common for 10 per share. d. Sold 110,000 shares of treasury common for 14 per share. e. Sold 30,000 shares of treasury common for 8 per share. f. Declared cash dividends of 1.25 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?