Reference no: EM13915903
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Accounts
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Amount
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Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
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$1,000,000
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Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
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$1,000,000
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Paid-in Capital in Excess of par, Common
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150,000
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Retained Earnings
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700,000
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The following events occurred during 2014 and were not recorded:
a. On January 1, Flimsy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Flimsy reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Flimsy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Flimsy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Flimsy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Flimsy split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
1. Prepare journal entries for the transactions listed above.
2. Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014
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Enforce in this environment
: Betty's Bakery is a start-up bakery that employs Betty, the owner, as well as one sales clerk, and one baker. Which cash receipt controls may be hardest to enforce in this environment
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Miscellaneous itemized deductions
: Rich and Shauna Nielson file a joint tax return, and they itemize deductions. Assume their marginal tax rate on ordinary income is 25 percent. The Nielsons incur $2,400 in miscellaneous itemized deductions, excluding investment expenses.
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Prepare the adjusting entries
: 2. Supplies on hand total $900.The equipment depreciates $200 per month.During March, services were performed for two-fifths of the unearned service revenue.Prepare the adjusting entries for the month of March.
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Musical instrument
: Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone
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Stockholders section of a classified balance sheet
: Prepare journal entries for the transactions listed above.2. Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014
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Statement of cash flows for the year ended
: Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flimsy Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.Prepare Flimsy Company's st..
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Margin and total asset
: A company had net income of $49,000, net sales of $390,000, and average total assets of $290,000. Its profit margin and total asset turnover were respectively:
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Shares of samson
: Amount at which the shares of Samson could be sold -Fair value of Samson's identifiable net assets excluding goodwill.
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Operating budget contained in exhibit
: Refer to Carroll Clinic's 2011 operating budget contained in Exhibit 8.3, Instead of the actual results reported in Exhibit 8.4, assume the results reported below: Carroll Clinic: New 2011 Results Volume: A. FFS 34,000 visits B. Capitated lives 30,00..
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