Reference no: EM131267744
Carter Corporation reports the following information in its January 1, Year XXX1, balance sheet: Stockholders’ equity Common stock, $10 par value, 50,000 shares authorized, 30,000 shares issued and outstanding $300,000
Paid-in-capital in excess of par value 150,000
Retained earnings 100,000
Total Stockholders’ equity $550,000
During the Year XXX1, Carter was affected by the following accounting events:
(i) Purchased 1,000 shares of treasury stock at $20 per share
(ii) Reissued 600 shares of treasury stock at $22 per share
(iii) Earned $64,000 of cash service revenues.
(iv) Paid $38,000 of cash operating expenses Required:
Prepare the stockholders’ equity section of the year-end balance sheet as of December 31, Year XXX1.
|
Principal and interest are repaid by making annual payments
: On January 1, Year XXX1, Fleming Company borrowed $160,000 cash from the First Trust Bank by issuing a five-year 8 % term note. The principal and interest are repaid by making annual payments beginning on December 31, Year XXX1. The annual payment on..
|
|
Treasury stock should be shown on the balance sheet
: Treasury stock should be shown on the balance sheet as a(n) _______________. Malloy Company issued its own $10,000, 90-day, non-interest-bearing note to a bank. The only payment Malloy will ever make to the bank will be for $10,000 at the maturity da..
|
|
Compute the revenue effect of price recovery
: In 2011, Monarch Aircraft Company sold 36,000 jet panels at $8,000 per panel. In 2012, Monarch lowered the price per panel as a result of unforeseen market forces to $6,000 but sold an equal number of panels. Compute the revenue effect of price recov..
|
|
The current ratio for volkan company
: Volkan Company has cash of $10,000, Accounts Payable of $24,000, inventory of $16,000, and, equipment of $40,000. The company has short-term loan of $10,000, Accounts Receivable of $14,000, Salary Payable of $6,000 and Long-term loan of $10,000. The ..
|
|
Stockholders equity section of year-end balance sheet
: Carter Corporation reports the following information in its January 1, Year XXX1, balance sheet: Stockholders’ equity Common stock, $10 par value, 50,000 shares authorized, 30,000 shares issued and outstanding $300,000. Prepare the stockholders’ equi..
|
|
Compute maya overhead rate for next year
: Maya Jewelry is a not-for-profit firm in Miami that employs recent immigrants from Guatemala to produce Mayan-style jewelry that is sold exclusively in the United States. Compute Maya’s overhead rate for next year. During the first week of the next y..
|
|
Calculate value of note payable reported in balance sheet
: The following transactions apply to Sumit Corporation for the year XXX1, its first year of operations: (i) Received $100,000 cash in exchange for issuance of common stock on January 1, Year XXX1. (ii) On January 1, Year XXX1, Sumit Co. secured a $200..
|
|
Operating activities section of statement of cash flow
: During November of Year XXXX, Cooper Company sold 120 units of a product for $375 each. Selling and administrative expenses for the year were $14,000. All transactions were cash transactions. The following information is also available about Cooper's..
|
|
Dollar value of ending inventory-fifo lifo weighted average
: Stewart Company sold 180 units @ $320 each on October 31, Year XXX1. Cash selling and administrative expenses were $15,000. Determine the amount of cost of goods sold using: FIFO LIFO Weighted Average. Determine the dollar value of ending inventory u..
|