User Account

All Pages

Prepare journal entries to account for the transactions

Assignment Help Financial Accounting
Reference no: EM132711236

XYZ Corporation had the following balances in its equity accounts at December 31, 20

Common Shares , unlimited shares authorised 25000 shares issued and outstanding $200,000

Retained earning 235,000

During 2015, the following equity transactions occurred:

a. April 24 : The board of directors declared a 3:1 share split on this date.

b. September 15 : A 10% share dividend was declared when the market value was $15 per share, to be paid on December 17.

c. December 17 : Date of distribution regarding the 10% share dividend.

d. December 31 : Closed the dividend account.

e. December 31 : Closed the Income summary account. A net income of $30,000 was recorded.

Your solution was:

Problem a) Prepare journal entries to account for the transactions during 2015. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan).

Problem b) Prepare the company's statement of changes in equity for the year ended December 31, 2015. Please make sure your final answer(s) are accurate to the nearest whole number.

Problem c) Prepare the company's equity section of the balance sheet for the year ended December 31, 2015. Please make sure your final answer(s) are accurate to the nearest whole number.

Reference no: EM132711236

Questions Cloud

Differentiate IT General with IT Application Controls : Accounting Information System Question - Ethics, Fraud and Internal Control - Differentiate IT General Controls with IT Application Controls
Pros and cons related to collaborating on curriculum team : Reflect on the different roles in this process, discussing the pros and cons related to collaborating on a curriculum team.
Discuss competing principles of responsible lending : Discuss competing principles of responsible lending as well as social equity regarding subprime mortgages. Issues to be considered should they be offered?
What is numerical taxonomy about : What is numerical taxonomy about? Please also explain all important details.
Prepare journal entries to account for the transactions : Prepare journal entries to account for the transactions during 2015. Enter an appropriate description when entering the transactions in the journal.
How does horizontal agarose gel electrophoresis work : How does horizontal agarose gel electrophoresis work? On what basis does it separate molecules?
Curriculum and leadership alignment : Discuss one or two challenges and benefits for teaching and learning associated with the curriculum design and alignment process.
Learn about the eutrophication labster experiment : Tell me your experiences and learningsWhat did you learn about the eutrophication labster experiment?
Prepare appropriate journal entries to record transaction : Feb. 13 Issued 49,000 common shares to attorneys in exchange for legal services. Prepare appropriate journal entries to record transaction

Reviews

Write a Review

Financial Accounting Questions & Answers

  What amount of personnel costs allocated to assembly will be

What The amount of personnel costs allocated to Assembly using the direct method will be? Ellis Manufacturing Company has two production departments

  How record the journal entryto set up the lease on january

How Record the journal entries to set up the lease on January 1 on the books of lessor, Dallas.On January 1, Dallas Corp. leases a truck they have manufactured

  What is the depreciation charge for the fourth year

Use depreciation by linear function of use. A machine costs $30,000 and will produce 10,000 units and be sold for $6,000. Up to the end of the third year it produced 50,000 units and during the fourth year it produced 10,000 units. What is the deprec..

  Compute what is the required rate of return on the market

Mulherin's stock has a beta of 1.44, its required return is 9.90%, and the risk-free rate is 2.35%. What is the required rate of return on the market?

  System requires an initial investment in net working capital

Kolby’s Korndogs is looking at a new sausage system with an installed cost of $910,000. This cost will be depreciated straight-line to zero over the project’s seven-year life, at the end of which the sausage system can be scrapped for $105,000.

  What amount of assets was reported in consolidate balance

Balance sheet immediately after the acquisition; what amount of assets was reported in the consolidate balance sheet immediately after the acquisition?

  Uses job order costing system to account for projects

Crenshaw uses a job order costing system to account for projects. It applies manufacturing overhead to jobs on the basis of direct labor hours and pays its direct labor workers $25 per hour. Prepare the journal entry to record: The purchase of direct..

  How would consolidation process process be affected

How would the consolidation process be affected if these transfers were downstream? How would consolidation process process be affected if these transfers were upstream?

  Increase the cash flow from assets for tax-paying firm

Which one of the following will increase the cash flow from assets for a tax-paying firm, all else constant? Dockside Warehouse has net working capital of $42,400, total assets of $519,300, and net fixed assets of $380,200. What is the value of the c..

  Prepare a worksheet to consolidate these two companies

The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for $7.70 per share on January 1, 2014. The remaining 20 percent of Devine’s shares also traded actively at $7.70 per share before and after Holtz’s a..

  What ending equity was

Sigma Co had a net income of $150, paid $17 in dividends, and sold new stock for $40. Beginning equity for the year was $650. Ending equity was

  Where will the consolidate financial statements be prepared

In 1998 Chrysler Corp (U.S.) and Daimler Benz (Germany) merged at a cost of $36 billion. Daimler was one of the world’s most profitable automakers. Chrysler was one of America’s big three automakers. Both companies had solid reputations, in their res..

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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