At the beginning of this year your company issued stock. At the end of the year, your company declared a cash dividend. Provide the information about both of these events so that another student can record the journal entries.
Q: Consider some of the consumer behavior topics for business-to-consumer (B2C) marketing. How might…
A: Business to customer [B2C] is a model in which the retailers (businesses) sell goods and services to…
Q: ritique the following claim: External auditors independence would be strengthened if company…
A: Auditor is a person who is entrusted to verify the accuracy of records and authorised to review the…
Q: Which of the following statements are true? Holding cash is costly when banks offer high interest…
A: The correct answer for the above question is given in the following steps for your reference.
Q: X invited Y to a partnership interest in his business. Accounts in the ledger of X on January 1,…
A: Introduction Partnership is the association of two or more persons who have agreed to share profit…
Q: AB CO paid CU3,000,000,000 for 80% ownership of XY CO on January 1 19X8. The book value and fair…
A: Book value: The book value refers to the difference between the value of an organization's common…
Q: calculate common size INCOME STATEMENT 2021 2022 Total sales Cost of goods sold Administrative…
A: Common Size balance sheet and common size income statement are a statement which shows numerical…
Q: Jack made monthly contributions of $200 to his son's RESP for The contributions as well as the CESG…
A: Tax refers to the compulsory payment made to the government on the income by an individual or a…
Q: 5) The First cost of a passenger bus is P800,000. Its estimated life is 4 years with no salvage…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Background: Execu Jet is a luxury airline charter company. Execu Jet has 14 Gulf Stream jets that…
A: Fixed assets Fixed assets are those assets that provide long term benefits to a corporation. These…
Q: Wilson Johnson, a childhood, friend has asked you to assist with his personal finances. Single and…
A: Personal Cash flow statement reflects the cash inflows and outflows of an individual in order to…
Q: Question 9.2 Vision Limited manufactures a product that has the following costs: Per unit Per…
A: Under Absorption costing, all manufacturing costs (both Fixed and Variable) are included in product…
Q: Sydney Ltd repaired a customers' washing machine and charged the customer $500 which the customer…
A: Cash is received immediately so cash will be debited. Income is generated so income will be…
Q: please answer part iv v vi
A: Given: Budgeted Variable overheads - Rs 8,00,000 Budgeted fixed overheads - Rs 5,00,000 Budgeted…
Q: Explain How is the impairment model of IFRS 9 different from impairment model of I
A: IFRS 9 IS FINANCIAL INSTRUMENTS. IFRS 9 SPECIFY HOW ENTITY SHOULD CLASSIFY THE FINANCIAL ASSETS AND…
Q: Determine by graphical method the rate of return on this cash flow. Try i = 2% and i = 10%
A: Year Cash Flow 0 -80 1 -30 2 -20 3 150
Q: Service revenue (from camping fees) $171,600 Dividends $11,700 Sales revenue (from general store)…
A: Introduction: The money a corporation receives through the selling of goods or the supply of…
Q: e. Prepare a schedule of cash payments for materials, by month and in total, for the second quarter…
A: Production Requirement Budget for Quarter 2,2019 Particulars April…
Q: Please record the entries for the inventory transactions below (Perpetual Inventory System) 1) Oct1…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Maggie’s Muffins Bakery generated $5 million in sales during 2019, and its year-end total assets…
A: Self-supporting Growth Rate- The term self-supporting growth rate refers to the growth rate at which…
Q: Rotorua Products Ltd. of New Zealand markets agricultural products for the burgeoning Asian consumer…
A: Solution Trend percentage allows you compare various financial information i.e cost of good sold…
Q: You are the Senior Financial Accountant of Smarties (Pty) Ltd – a distributor of party foods and…
A: IFRS is International Financial Reporting Standards.
Q: At the beginning of the year, ABC Inc. budgeted the following: Units 10,000u; Sales P100,000; Total…
A: Prime cost means the addition of direct material and direct labor and other direct expenses.…
Q: Q7: What is the value of a perpetuity of P100 per year if the discount rate is 5%, 7%, 11%? Answer:…
A: An unlimited string of identical cash flows is referred to as the perpetuity notion. In order to…
Q: nd Company prepares monthly cash budgets. Relevant data from operating budgets January February es…
A: Schedule of Expected Collection from Customers The budget includes a schedule of estimated cash…
Q: SkyChefs, Incorporated, prepares in-flight meals for a number of major airlines. One of the…
A: A spending variance is the difference between an expense's actual and expected (or budgeted) amount.…
Q: Exercise 9-1 (Algo) Classifying llabilitles LO C1 The following items appear on the balance sheet of…
A: Liability means the amount which is to be paid to an outsider by business. It is the present…
Q: Roscoe Construction Company (RCC) is a company specializing in building roads and highways. As a…
A:
Q: ast year, Nikkola Company had net sales of P2,299,500, and cost of goods sold of P1,755,000. Nikkola…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: In 2014, Apple reported profits of more than $50 billion on sales of $182 billion. For that same…
A: Return on investment (ROI) is a performance indicator that may be used to evaluate the efficiency or…
Q: Soledad decides to save P2,700 at the end of every 6 months, which is the amount paid into her…
A: Future Value = P x [{(1 + r)^n} - 1] / r Here, P = Periodic Payment i.e. P2700 r = Periodic Interest…
Q: The following are facts about a company's activities: Cash flows from operating activities was…
A: Introduction: Statement of cash flows: All cash in and out flows are shown in cash flow statements.…
Q: Which of the following statements is TRUE? * A business should credit Revenue when the business…
A: Some key concepts on accounting: • Donations are not in the nature of revenue to a business with…
Q: During 2021, Odyssey Company is the defendant in a patent infringement lawsuit. The entity's lawyers…
A: As per IAS 37, provisions are created when it is most likely probably to occur. Once a provision is…
Q: Flint Company’s income statement for the year ended December 31, 2020, contained the following…
A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…
Q: Newton Company is involved in litigation regarding a faulty The entity has consulted with an…
A: Litigation expenses: The amount of charges incurred by the defending party while involving in a…
Q: In gööd förm, please record journal entries for the following transactions for the month of…
A: Answer:
Q: Partners W, X, Y and Z are partners of WXYZ Partnership who shares profits and losses in the ratio…
A: Answer: Partner Z will not receive any bonus because the net income after deducting the interest,…
Q: ABC and XYZ establish a joint arrangement using a separate vehicle. The legal forn of the separate…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: Required information Problem 2-1A (Algo) Computing job costs and overhead rate; assigning costs to…
A: The question is based on the concept of Cost Accounting.
Q: Question 20
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: tatic Budget versus Flexible Budget The production supervisor of the Machining Department for…
A: The budget is prepared on the basis of estimated results for the business. The budget helps to plan…
Q: Last year Sanderson, Inc. had sales of $3.4 million. The firm's cost of goods sold came to $2.2…
A: Tax Liability: Tax liability is the amount of obligation levied on the taxpayer's income with…
Q: Addison Corporation is currently going through a L Chapter 11 bankruptcy reorganization. The company…
A: The income statement represents the net income or net loss that is calculated by deducting the…
Q: Calculate the revenue, cost of goods sold and gross profit to be recognized in each year. Čalculate…
A: Degree of completion (%) = [(costs incurred + estimated cost)/ total estimates cost] * 100…
Q: Issue 5,000 shares of 4% PS (Par $100, MV $110, 50k authorized) to MX Co., convertible to 28,000 CS…
A: Common stock: Common stock is a type of stock issued by an entity to it ordinary stockholders either…
Q: Pepare entries for the following: V. Levy a prop tax of 90; expect to only collect 62 W. Place an…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: The First cost of a passenger bus is ₽800,000. Its estimated life is 4 years with no salvage value.…
A: Solution Day wise Yearly Days of operation 300 Tires 24000 Gasoline 900 270000…
Q: Weighted Average Method, Journal Entries Muskoge Company uses a process-costing system. The company…
A: 1 A) Physical flow schedule for M department Particular Amount Units to accounts for Units…
Q: An accountant has debited an asset account for $1,000 and credited a liability account for $500.…
A: Every transaction must satisfy the accounting equation. The accounting equation states that: Assets…
Q: Amount (in Normal balances) Account Titles Cash on hand and in bank P 239,186 353,700 Short-term…
A: Answer 1) Calculation of Inventories Inventories = Total Current Assets – Cash on hand and in Bank –…
Note: This company can be made up. The amounts can be made up as long as they make sense. PLEASE DO NOT FORGET TO ADD THESE ITEMS.
At the beginning of this year your company issued stock. At the end of the year, your company declared a cash dividend. Provide the information about both of these events so that another student can record the
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…Robin Smith is considering buying shares in Mah Company. The company has reported an increase in net income this year. On careful reading of the notes to the financial statements, Robin learns that the company had a LIFO liquidation this year. Robin understands what caused the liquidation but has asked you for advice about how to interpret it. Required: 1. Prepare a short memo to Robin to answer the question.Maria Cruz formed the Kiddies Jade on October 1, 2020. She deposited 250,000 in BDO bank under the name of the new business entity. During October 2020, the following transactions occurred: Required: Do its Journal Entry
- Prepare journal entries for the following transactions. Make sure to observe the proper format of journal entries. Use EXCEL in presenting your answers. Mr. Panatag opened the Panatag Security Services. The following financial transactions and other arrangements took place from July 01 to August, 2019: July 01 Mr. Panatag invested his savings in the business amounting to P895,000, and his old car with market value of P545,000. July 02 Mr. Panatag signed a lease contract to be used as the office of his business. In accordance with the lease contract, Mr. Panatag paid the advance rental for three months amounting to P60,000. July 03 The owner purchased furniture amounting to P50,00. Paid 70% cash and the balance will be paid after 30 days. July 04 Mr. Panatag conducted interviews of security guards, and hired 10 security guards with a monthly salary of P13,000 per month. July 05 The owner secured a loan from the bank amounting to P250,000 payable over the…P1-70B. (Learning Objectives 2, 3, 4: Apply underlying accounting concepts; evaluatebusiness operations; construct a balance sheet) Hudson Alvarez is a realtor. He organizedhis business as a corporation on June 16, 2019. The business received $75,000 from Alvarezand issued common stock. Consider these facts as of June 30, 2019.a. Alvarez has $17,000 in his personal bank account and $44,000 in the business bankaccount.b. Alvarez owes $6,500 on a personal charge account with a local department store.c. Alvarez acquired business furniture for $17,600 on June 24. Of this amount, the business owes $9,000 on accounts payable at June 30.d. Office supplies on hand at the real estate office total $4,000.e. Alvarez’s business owes $102,000 on a note payable for some land acquired for a totalprice of $162,000.f. Alvarez’s business spent $16,000 for a Realty Experience franchise, which entitles himto represent himself as an agent. Realty Experience is a national affiliation of independent real…1. A newly founded business performed in their first days of operations, the six transactions that you can find below. The business was founded on the 20th of July, by a young entrepreneur, Mr Grey, who wanted to provide typing, copying, and printing services to the university students in his home city: a) 20/07/2019: In exchange for his investment of $200,000 cash, the business issued to Mr Grey 1,000 shares of capital stock. b) 21/07/2019: Purchased a small building and land for $450,000, paying $165,000 cash and signing a note payable for the balance. The building $210,000 and the land was considered to be worth $240,000. c) 22/07/2019: Purchased office equipment for $30,000 from Office Furniture Co. Paid $17,000 cash and agreed to pay the balance within 60 days. d) 26/7/2019: Purchased from Auto Ltd. a motorcycle on credit for $3,400 to be used for making deliveries to customers. Mr Grey agreed to make payment to Auto Ltd. within 10 days. e) 27/7/2019 Signed a note payable due in…
- Procedures: 1. Analyze the following business transactions below. For the month of December 2022, Mr. Mira Shikigami had the following transactions: Dec. Mr. Mira Shikigami invested P1,200,000 to start the business, Shikigami Accounting Firm 1 1 The firm obtained a note from Solar Bank amounting to P300,000. The note bears a 6% annual interest payable every June 1 of the following year. The principal is payable in two (2) equal annual installments. 1 The firm paid P15,000 for the necessary permits and licenses for its operation. 1 The firm paid P180,000 for the annual rent of the office space. The lease contract will expire on June 1 of the following year and will be renewed yearly. 3 The firm rendered service to Kyubi Realties, Inc. worth P250,000 on credit. 3 The firm purchased supplies worth P50,000. 9 The firm purchased a laptop in cash, P50,000. The laptop has an estimated useful life of three (3) years with no residual value. The company treats purchases during the first half of…On September 30, 20x4, Daenerys Targaryen and Jon Snow formed a corporation called Snow Dragon, Inc. Following a successful first year, the Board of Directors for Snow Dragon Inc. decides to share some of the company's earnings with the shareholders. Prepare the required journal entries to record the following transactions for Snow Dragon, Inc. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) September October October 18 Snow Dragon, Inc. declared a cash dividend payable to common stockholders of $169,000. 14 Date of record is October 14 for the cash dividend declared on September 18. 31 Snow Dragon Inc. pays the dividend declared on September 18. View transaction list Journal entry worksheet Date Sept 18 2 Snow Dragon, Inc. declared a cash dividend payable to common stockholders of $169,000. 3 4 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit > View general journalChuckwagon Company went into business on July 1, 2020. During 2020, Chuckwagon had the following transactions: July 1 - Issued 150 shares of stock to stockholders for a total of $15,000 in cash. July 1 - Borrowed $15,000 from the bank. Chuckwagon will pay nothing until July 1, 2025, and then the company will pay $21,000. July 15 - Bought land for $10,000 in cash. Aug. 1 - Bought equipment for $12,000 in cash. The equipment has an expected useful life of four years and no salvage value. Sep. 1- Paid $1,200 for six months of insurance. Sep. 30 - Bought inventory for $8,000, one-half in cash and one-half on account. Oct. 8 - Sold half of the inventory for $7,000 in cash. Nov. 25 - Sold one-half of land for $4,500 in cash. Dec. 1 - Received $1,000 for work that will be performed in January, 2021. Dec. 16 - Sold $1,000 of inventory for $2,000 on account. Dec. 30 - Received a utility bill for $300, which will be paid in January 2021. • Dec. 31 - Paid a dividend of $200 in cash. How much did…
- Chuckwagon Company went into business on July 1, 2020. During 2020, following are some of the company's transactions: July 1 - Issued 150 shares of stock to stockholders for a total of $15,000 in cash. July 1 - Borrowed $15,000 from the bank. Chuckwagon will pay nothing until July 1, 2025, and then the company will pay $21,000. July 15 - Bought land for $10,000 in cash. Aug. 1 - Bought equipment for $12,000 in cash. The equipment has an expected useful life of four years and no salvage value. Sep. 1- Paid $1,200 for six months of insurance. Sep. 30 - Bought inventory for $8,000, one-half in cash and one-half on account. Oct. 8 - Sold half of the inventory for $7,000 in cash. Nov. 25 - Sold one-half of land for $4,500 in cash. • Dec. 1 - Received $1,000 for work that will be performed in January, 2021. Dec. 31 - Paid a dividend of $200 in cash. What was the balance in Chuckwagon's cash account at December 31, 2020? $15,100 $15,600 $14,800 O $15,300 None of the aboveChuckwagon Company went into business on July 1, 2020. During 2020, following are some of the company's transactions: July 1 - Issued 150 shares of stock to stockholders for a total of $15,000 in cash. July 1 - Borrowed $15,000 from the bank. Chuckwagon will pay nothing until July 1, 2025, and then the company will pay $21,000. July 15 - Bought land for $10,000 in cash. Aug. 1 - Bought equipment for $12,000 in cash. The equipment has an expected useful life of four years and no salvage value. Sep. 30 - Bought inventory for $8,000, one-half in cash and one-half on account. • Nov. 25 - Sold one-half of land for $4,500 in cash. Dec. 31 - Paid a dividend of $200 in cash. How much were financing cash flows for Chuckwagon during 2020? $29,200 O $29,400 $29,800 O $30,000 None of the aboveSelect a public company that interests you. Obtain the company's most recent annual report on Form 10-K. The Form 10-K is a company's annually required filing with the Securities and Exchange Commission (SEC). It includes the company's financial statements and accompanying notes. The Form 10-K can be obtained from (a) the company's investor relations section of the company's website, (b) the search feature of the SEC's EDGAR database service or (c) searching using your search engine (Google, Bing, etc.) Based on the information in the company's most recent annual report, answer the following questions: 1) What amount of total assets does the company report on its balance sheet? 2) What amount of total liabilities does the company report on its balance sheet? 3) Using the accounting equation, determine the company's stockholders' equity. Compare this amount to the amount of stockholder's equity reported on the company's balance sheet. Do the figures match? 4) How many years of…