User Account

All Pages

Prepare the Equity section of Moose Valley Makeup Company

Assignment Help Accounting Basics
Reference no: EM132514043

Question - Moose Valley Makeup Company has a December 31 year-end and has been in operation for 10 years. On January 1, 2019, the equity section of the company is:

Contributed capital:

Common Shares, unlimited shares authorized 8,000 shares, issued and outstanding $ 240,000.00

Retained earnings 78,000.00

Total Equity $ 318,000.00

Step 1: Moose Valley decides to repurchase and retire 1000 shares on May 1 and purchases the shares for $25 that day. Prepare the appropriate journal entry to record this transaction.

Step 2: On October 10, the Board of Directors decides to declare a 10% share dividend to shareholders of record on October 20, to be paid on October 31. The market price for the shares is $12.00 on October 10, 13.50 on October 20 and $12.50 on October 31. Prepare required journal entries for these transactions.

Step 3: The Net income after taxes of the company for 2019 is $46,000. Recognizing this and the stock dividend, prepare the Equity section of Moose Valley Makeup Company on December 31, 2019.

Step 4: Calculate the earnings per share.

Reference no: EM132514043

Questions Cloud

Determine what is the effective yield to maturity : What is the effective yield to maturity if we assume the bond is currently priced at $896.64 and additionally informed that coupons are paid semi-annually?
How educators can support families in promoting resiliency : How educators can support families in promoting resiliency in young children as they grow and develop. At least 2-3 scholarly citations that support your.
Locate an article on clinical decision support system : Locate an article on Clinical Decision Support System (CDSS) to obtain a current state of technology in healthcare.
Would advice to tom be different if instead of having : Would your advice to Tom be different if instead of having $600,000, Tom only had $500.00, and instead of operating from a warehouse.
Prepare the Equity section of Moose Valley Makeup Company : Recognizing this and the stock dividend, prepare the Equity section of Moose Valley Makeup Company on December 31, 2019
Personal pages that reveal information about the owner : Research a social networking site and identify personal pages that reveal information about the owner that could make them a target for burglary.
How lessons should be applied to modern-day organizations : Consider this horrific crash to be a metaphor for leadership in the turbulent modern economic marketplace. Briefly examine at least eight impediments that.
Trends affecting demand in the sound bar market : Using evidence from the case study identify the trends affecting demand in the sound bar market? what risks does it face by entering the soundbar market?
Emergence of future healthcare ethical issues : Who or what will direct the emergence of future healthcare ethical issues in America and Worldwide?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the forecasted interest income

Assume the common stock and paid in capital will stay same for the coming year. What is the forecasted Interest Income for year 2011

  What will be the cost per unit for each type of pillow

Abdullah and Rahman Corporation produces and sells two types of sofa pillow: What will be the cost per unit for each type of pillow under traditional costing

  Prepare any journal entry necessary to correct the error

Prepare any journal entry necessary to correct the error as of January 1, 2011, so that prior years' financial statements can be restated.

  Compound journal entry to record provision for taxes

On January 1, 2009, Mania Enterprises issued 12% bonds dated January 1, 2009, with a face amount of $20 million. The bonds mature in 2018 (10 years).

  Effective to reduce exposure to a computer virus

Jim Chan decided to Christmas shop online. He linked to Amazon.com, found a perfect gift for his daughter, registered, and placed his order. It was only later that he noticed that the Web site's URL was actually Amazom.com. Jim was a victim of

  Axel telecommunications has a target capital structure that

axel telecommunications has a target capital structure that consists of 75 of debt and 25 of equity. the company

  Compute the net cash from operating activities

Glitter Girl, Inc. recognized net income of $150,000 including $26,000 in depreciation expense.

  Compute the estimated cost of tb nelson company

The cost of goods purchased during June amounted to $90,000. The estimated cost of TB Nelson Company's inventory on June 30 is

  Snipe company has been purchasing a component part q for

snipe company has been purchasing a component part q for 19.20 a unit. snipe is currently operating at 70 of capacity

  Descriptions of the components of he statement of cash flows

Include in your discussion brief descriptions of the three components of the statement of cash flows

  Discussing the elements and importance of internal control

They recognize the need to establish a system of internal control. Compose a letter to the client discussing the elements and importance of internal control

  Determine the amount of steven company inventory

From the information above, determine the amount of Steven Company inventory

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