Burton Inc. has two classes of stock, 6% $100 par cumulative Preferred Shares and $1 par Common Shares. The equity section shows: Common stock, $1 par value, 1,000,000 shares authorized and shares issued.......... $470,000 Paid in capital in excess of par value...... At what average price was the common shares issued? Respond rounded to TWO DECIMALS, without a dollar sign and without commas. Your Answer: Answer $238,000
Q: Paradise Corporation budgets on an annual basis for its fiscal year. The following beginning and…
A: The units to be manufactured are calculated as sum of budgeted sales units and ending inventory and…
Q: During 2019, Brooke sold to its subsidiary, Cabana, land with a book value of $507,000. The selling…
A: In the pre-consolidation accounting records, the parent entity should recognize the profit on every…
Q: Championship Sports Inc. operates two divisions—the Winter Sports Division and the Summer Sports…
A: The cost incurred by support departments are allocated to the operating department in order to…
Q: Compute Sheridan' break-even point in units. Break-even point in units eTextbook and Media Prepare a…
A: Cost volume profit analysis is the technique used by management for decision making. The methods…
Q: At the beginning of the current fiscal year, the balance sheet of Cummings Company showed…
A: Net income is the amount of money earned by the entity after deducting the expenses from the…
Q: At the beginning of the current period, Coronado Industries had balances in Accounts Receivable of…
A: Sales are made on cash and credit basis. The amount to be collected from sales made on credit basis…
Q: After three years in the cake shop business, Gloria has decided she can now afford to advertise. An…
A: Breakeven is the point at which an entity is in a situation of no profit and no loss. At this point,…
Q: Rock Solid Bank and Trust (RSB&T) offers only checking accounts. Customers can write checks and use…
A: Under activity based costing method, the cost is allocated to each activity based on its…
Q: Armstrong Valley Bicycles uses a standard part in the manufacture of several of its bikes. The cost…
A: Variable cost means the cost which vary with the level of output and fixed cost means the cost which…
Q: 18. 19. The Maxit Corporation has a standard costing system in which variable manufacturing overhead…
A: The variance is the difference between the actual and standard cost of production data. Total…
Q: What does the term is Audit risk mean?
A: Audit: It refers to the examination, analysis, evaluation, or review of the company's financial…
Q: Ryan has a suspense
A: Note 1] What is double-entry bookkeeping? Double-entry bookkeeping is a method of recording…
Q: By chance do you know the answer for the financing activities?
A: Cash flow statement has 3 parts :Cash flow from Operating ActivitiesCash flow from Investing…
Q: Lana Long, age 32, chief executive officer of News America borrows $100,000 from her employer as a…
A: The formula for calculating the imputed interest income is:(AFR-loan interest rate) * loan amount
Q: Cullumber Warehouse distributes hardback books to retail stores and extends credit terms of 2/10,…
A: Journal entries are the records of the transactions entered into by the organization during the…
Q: Required information [The following information applies to the questions displayed below.] At the…
A: DEPRECIATION EXPENSEDepreciation means gradual decrease in value of assets due to normal wear and…
Q: Hessel Corporation has two operating departments (Domestic and Global) and three service…
A: Reciprocal method of Service Department Cost AllocationThe reciprocal approach is a cost-allocation…
Q: TransPacific Airlines (TPA) budgeted 165 million passenger miles, or 5% of the total market for the…
A: The sales variances are computed as sales price variance and sales volume variance as follows: -
Q: Best Jam Inc. manufactures jam products. It makes a mixed fruit and berry jam by blending…
A: Material yield variance= (Standard qty for actual output - Revised actual quantity for actual…
Q: Give Me More Credit uses the aging method to calculate its "Allowance for Expected Credit Losses".…
A: Accounts receivables means those customer accounts to whom credit sales has been made by business,…
Q: Which of the following is a valid alternative action for an organization to take to minimize credit…
A: Accounts receivables refer to the amount that is yet to be received from the customers to whom goods…
Q: Adjustments to reconcile net income to net cash provided by operations: Income statement items not…
A: Lets understand the basics.Cash flow statement is the financial statement which reports the inflows…
Q: PT corp makes 300 units of A per year. At this level, the cost per unit includes $360 in direct…
A: The fixed cost remains the same within the relevant range of production. The fixed cost per unit…
Q: On November 10 of year 1, Javier purchased a building, including the land it was on, to assemble his…
A: Depreciation refers to the cost of assets expensed each year over the useful life of the asset. It…
Q: ABC Company produces joint products X and Y, each of which incurs separable production costs after…
A: Joint cost refers to costs that have expenses for producing more than one product. Generally, every…
Q: Victor Mineli, the new controller of Sunland Company, has reviewed the expected useful lives and…
A: It is the amount of reuction in the value of a tangible fixed asset due to tear and wear,…
Q: Use T-accounts to describe what happens in the following instances: 1.The Bank of Japan sells ¥10…
A: AssetLiabilitySecuritiesReserves-¥10 billion-¥10 billion
Q: Gamma Corporation had a balance in its Allowance for Doubtful Accounts of $30,000 at January 1, 2020…
A: Bad debt expense using the percentage of accounts receivable method is an estimate of the portion of…
Q: Fill in the missing amounts. (Enter your answers in thousands of dollars. Cash deficiencies and…
A: Cash Budget is that budget which helps every organisation to maintain a cash balance for day to…
Q: Penultimate Company uses a perpetual inventory system and has a December 31 year-end. Its records…
A: A company's ending inventory is the amount of items it has on hand at the conclusion of an…
Q: how much interesr paid may be deduct
A: If you are self-employed and use your car for business purposes, you can deduct the interest you pay…
Q: Under IFRS, what inventory accounting method(s) / cost flow assumption(s) is/are Island Solutions…
A: IFRS aims to promote transparency, consistency, and accuracy in financial reporting, enhancing the…
Q: ! Required information [The following information applies to the questions displayed below.]…
A: PRODUCTION BUDGET Production Budget is a Forecast of the Production for the Budgeted Period of an…
Q: The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the…
A: The income statement is an essential part of the financial statements of the company. It Indicates…
Q: ILLUSTRATION 2 NXE Manufacturing Concern furnishes the following information: Material for 70 kg…
A: Material usage variance = (Actual quantity - Standard quantity) * Standard priceMaterial price…
Q: im and Mary Jean are ma
A: You may be able to claim the child and dependent care credit if you paid expenses for the care of a…
Q: Ravena Labs., Incorporated makes a single product which has the following standards: Direct…
A: Labor Efficiency Variance measures the difference between the actual hours worked and the standard…
Q: Oriole Company has gathered the following information for one model of its hiking boots: Variable…
A: Desired ROI per unit is calculated by dividing desired ROI amount by number of units produced.…
Q: Required information [The following information applies to the questions displayed below.] Henrich…
A: The taxable income refers amount or portion of income that is subject to ordinary tax. The tax is…
Q: Championship Sports Inc. operates two divisions—the Winter Sports Division and the Summer Sports…
A: An income statement stands for the statement that shows profits and loss of the firm, its revenue…
Q: 2020 a. July 1 b. December 31 2021 c. July 1 d. July 1 Loaned $62,000 to employees of the company…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Express Delivery is a rapidly growing delivery service. Last year, 80% of its revenue came from the…
A: Break even point :— It is the point of production where total cost is equal to total revenue. At…
Q: Question 11 Mrs. Butler sold stock with a $79,600 basis to her daughter for $60,000 cash. Two years…
A: Stock describes the ownership of the company in which a certain person can hold sone shares which…
Q: The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when…
A: Depreciation Expenses is an expense incurred on the fixed assets of the company. It is charged to…
Q: During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,000…
A: Accounting equation:Assets = Liabilities + Stockholders' equity
Q: During the first year of operation, Year 1, McGinnis Appliance recognized $370,000 of service…
A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…
Q: ! Required information [The following information applies to the questions displayed below.] Kinnear…
A: TOTAL COSTTotal Cost is the cost incurred to manufacturing a product.Total Cost Includes Cost of Raw…
Q: On January 1, 2015 ,Pub Corporation made a significant acquisition, purchasing 75 percent of Sub…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Required information SB Exercise E8-5 to E8-10 [The following information applies to the questions…
A: For both internal and external stakeholders, operating income is a crucial indicator of how…
Q: The accumulated earnings tax, which is imposed on corporations for the accumulation of earnings in…
A: A corporation must show the IRS that it has a genuine business reason for keeping its revenues.…
Step by step
Solved in 4 steps
- Alert Companys shareholders equity prior to any of the following events is as follows: The company is considering the following alternative items: 1. An 8% stock dividend on the common stock when it is selling for 30 per share. 2. A 30% stock dividend on the common stock when it is selling for 32 per share. 3. A special stock dividend to common shareholders consisting of 1 share of preferred stock for every 100 shares of common stock. The preferred stock and common stock are selling for 123 and 31 per share, respectively. 4. A 2-for-1 stock split on the common stock, reducing the par value to 5 per share (assume the same date for declaration and issuance). The market price is 30 per share on the common stock. 5. A property dividend to common shareholders consisting of 100 bonds issued by West Company. These bonds are carried on the Alert Company books as an available-for sale investment at a fair value of 48,000 (which is also its cost); it has a current value of 54,000. 6. A cash dividend, consisting of a normal dividend and a liquidating dividend, on both the preferred and the common stock. The 10% preferred dividend includes a 2% liquidating dividend, and the 2.30 per share common dividend includes a 0.30 per share liquidating dividend (separate liquidating dividend contra accounts should be used). Required: For each of the preceding alternative items: 1. Record (a) the journal entry at the date of declaration and (b) the journal entry at the date of issuance. 2. Compute the balances in the shareholders equity accounts immediately after the issuance (any gains or losses are to be reflected in the retained earnings balance; ignore income taxes).The balance sheet caption for common stock is the following: Common stock, $2 par value, 2,070,000 shares authorized, 1,310, 000 shares issued, 1,050,000 shares outstanding $? Required: a. Calculate the dollar amount that will be presented opposite this caption. b. Calculate the total amount of a cash dividend of $0.27 per share. c. What accounts for the difference between issued shares and outstanding shares? a. Amount b. Cash dividend c. Difference between issued shares and outstanding sharesThe balance sheet caption for common stock is: Common stock, $10 par value, 7,000,000 shares authorized, 5,700,000 shares issued, and 5,500,000 shares outstanding. a. Calculate the dollar amount that will be presented opposite of this caption. b. Calculate the total amount of a cash dividend of $1.00 per share.c. What accounts for the difference between issued shares and outstanding shares?
- Loudoun Corporation's balance sheet reflected the following information. Common stock, $2 par Paid-in capital in excess of par - Common Required: Assuming all the stock was issued in a single transaction, what was the issue price per share of the stock? Note: Round your answer to 2 decimal places. Issue price $153,000 212,000 per shareThe balance sheet caption for common stock is the following: Common stock without par value, 3,800,000 shares authorized, 820,000 shares issued, and 720,000 shares outstanding $ 3,400,000 Required: Calculate the average price at which the shares were issued. If these shares had been assigned a stated value of $1 each, show how the caption here would be different. If a cash dividend of $0.20 per share were declared, calculate the total amount of cash that would be paid to stockholders. What accounts for the difference between issued shares and outstanding shares?Beacon Corporation issued a 5 percent stock dividend on 39,500 shares of its $7 par common stock. At the time of the dividend, the market value of the stock was $27 per share. Required: a. Compute the amount of the stock dividend. b. Show the effects of the stock dividend on the financial statements using a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount of the stock dividend. Stock dividend
- The stockholders' equity section of Rakusin Corp. reflected the following in the capital stock subsection (all stock was issued on the same date): Common stock, par $10 $60,000 Additional paid-in-capital 15,000 What was the per-share selling price of the stock? $ _________Seacrest Company has 15,000 shares of cumulative preferred 1% stock, $50 par and 50,000 shares of $25 par common stock. The following amounts were distributed as dividends: 20Y1 $18,800 20Y2 3,000 20Y3 22,500 Determine the dividends per share for preferred and common stock for each year. Round all answers to two decimal places. If an answer is zero, enter '0'. Preferred Stock (dividends per share) 20Y1 20Y2 20Y3 Common Stock (dividends per share)Sandpiper Company has 20,000 shares of cumulative preferred 3% stock, $50 par and 50,000 shares of $15 par common stock. The following amounts were distributed as dividends: 20Y1 $60,000 20Y2 24,000 20Y3 90,000 Determine the dividends per share for preferred and common stock for each year. Round all answers to two decimal places. If an answer is zero, enter '0'. Preferred Stock(dividends per share) Common Stock(dividends per share) 20Y1 fill in the blank fill in the blank 20Y2 fill in the blank fill in the blank 20Y3 fill in the blank fill in the blank
- Your answer is partially correct. Try again. The stockholders' equity section of Bonita Corporation consists of common stock ($10 par) $2,400,000 and retained earnings $527,000. A 10% stock dividend (24,000 shares) is declared when the market price per share is $14. Show the before-and-after effects of the dividend on the following. (a) The components of stockholders' equity. (b) Shares outstanding. (c) Par value per share. Stockholders' equity Outstanding shares. Par value per share x ✓ Before Dividend 2927000 After DividendBurton Inc. has two classes of stock, 5% $100 par cumulative Preferred Shares and $3 par Common Shares. The equity section shows: Common stock, $3 par value, 1,000,000 shares authorized and issued.........$595,000 Paid in capital in excess of par value........... How many shares of common are issued? Respond rounded to whole dollars, without a dollar sign and without commas. Your Answer: Answer shares $207,000Windborn Company has 30,000 shares of cumulative preferred 3% stock, $100 par and 50,000 shares of $20 par common stock. The following amounts were distributed as dividends: 20Y1 $135,000 20Y2 72,000 20Y3 270,000 Determine the dividends per share for preferred and common stock for each year. Round all answers to two decimal places. If an answer is zero, enter '0'. Preferred Stock(dividends per share) Common Stock(dividends per share) 20Y1 $ $ 20Y2 $ $ 20Y3