Create journal entries to record the transactions

Assignment Help Accounting Basics
Reference no: EM131783469

Assignment

Instructions:

Carlyon Company listed the following items in its December 31, 2015, financial statements:

Investment in Man Company bonds

$25,000

Dividends payable: preferred

4,000

Dividends payable: common

40,000

Preferred stock, 8%, $100 par

100,000

Common stock, $10 par

400,000

Additional paid-in capital on preferred stock

20,000

Additional paid-in capital on common stock

210,000

Retained earnings

270,000

During 2016, the following transactions occurred:

Feb.

2

Paid the semiannual dividends declared on December 15, 2015.

Mar.

5

Declared a property dividend, payable to common shareholders on April 5 in Man Company bonds being held to maturity. The bonds (which have a book value of $25,000) have a current market value of $31,000.

Apr.

5

Paid the property dividend.

July

6

Declared a $4 per share semiannual cash dividend on preferred stock and a $1.10 per share semiannual dividend on common stock, to be paid on August 17.

Aug.

17

Paid the cash dividends.

Oct.

15

Declared a 2% stock dividend on common stock to be issued on December 3. The current market price is $22 per share.

Dec.

3

Issued the stock dividend.


28

Declared a $4 and $1.20 per share semiannual cash dividend on preferred and common stock, respectively, to be paid on February 15, 2017.

Required:

Next Level Prepare journal entries to record the preceding transactions.

CHART OF ACCOUNTS

Carlyon Company

General Ledger


ASSETS

111

Cash

121

Accounts Receivable

141

Inventory

152

Prepaid Insurance

181

Equipment

189

Accumulated Depreciation

191

Investment in Bonds


LIABILITIES

211

Accounts Payable

231

Salaries Payable

250

Unearned Revenue

261

Income Taxes Payable

272

Property Dividends Payable

273

Dividends Payable: Preferred

274

Dividends Payable: Common


EQUITY

311

Common Stock

315

Common Stock to be Distributed

324

Additional Paid-in Capital from Stock Dividend

331

Retained Earnings


Prepare journal entries to record the 2016 transactions.

Reference no: EM131783469

Questions Cloud

Determine the modal matrix p : Determine the modal matrix P and the weighted modal matrix P? for the system shown in Figure and diagonalize the stiffness matrix.
Discuss the company employs as few factory workers : Maverick's factory is highly automated, using the latest in robotic technology. To keep costs low, the company employs as few factory workers as possible
What were the firm budgeted collections for june : If sales for April, May, and June were $60,000, $80,000, and $70,000, recpectively, what were the firm's budgeted collections for June
Why is the corporate form seen to be best : When forming a company, the options are sole proprietor, partnership, and corporation. Most choose corporation. Why is the corporate form seen to be best?
Create journal entries to record the transactions : Next Level Prepare journal entries to record the preceding transactions. Create journal entries to record the 2016 transactions.
Determine the flexibility matrix for the spring-rn ass : Determine the flexibility matrix for the spring-rn ass system of three DOF shown in Figure and write its equation of motion in matrix form.
Prepare a pension spreadsheet : Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances
What is the cost of abnormal loss : Waykita Foods manufactures corn meal in a continous, mass production process. What is the cost of abnormal loss? How is this cost treated in May
Determine the modal matrix p and the weighted modal matrix : Determine the modal matrix P and the weighted modal matrix P? for the system shown in Figure. Show that P or P? will diagonalize the stiffness matrix.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd