Homework Answers
9. Answer is option C. Should be accrued when earned.
10.answer is option D. Both the proportional method or incremental method is acceptable.
11. Answer is option B. Decrease retained earnings but does not change total shareholders equity. Because stock dividend is issued out of retained earnings which is a part of shareholders equity.
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9. A liability for compensated abse ability for compensated absences such as vacations, for which it...
Compensated Absences Matt Broderick Company began operations on January 2, 2016. The following information was provided...
Compensated Absences Matt Broderick Company began operations on January 2, 2016. The following information was provided concerning the company's employees who are paid hourly Number of individuals employed Number of hours worked per day Paid vacation days earned annually by each employee Paid sick days earned annually by each employee 9 employees 8 hours 10 days 6 days Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may...
QUESTION 15 Liability and Equity Analysis Lill Company started 20Y6 with $2,300,000 in total assets. During...
QUESTION 15 Liability and Equity Analysis Lill Company started 20Y6 with $2,300,000 in total assets. During 2/6 the company earned after-tax net income of $300,000 and issued $4.000 in preferred stock dividends. The number of Lill outstanding shares of common and preferred stock did not change during 2016. Additional selected information from the company's 12/31/Y6 balance sheet is as follows: Lill Corporation Balance Sheet (partial) Assets Total current assets $352,000 Total long-term assets 1,908,000 TOTAL ASSETS $2,260,000 Liabilities Total current...
The year-end balance sheet of Ft. Smith Products includes the following stockholders’ equity section (with certain...
The year-end balance sheet of Ft. Smith Products includes the following stockholders’ equity section (with certain details omitted). Stockholders' equity: 7 1/2% cumulative preferred stock, $100 par value, 100,000 shares authorized $ 2,300,000 Common stock, $2 par value, 900,000 shares authorized 900,000 Additional paid-in capital: common stock 8,100,000 Retained earnings 2,595,000 Total stockholders' equity $ 13,895,000 Required: From this information, compute answers to the following questions. a. How many shares of preferred stock have been issued? b. What is the...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
The year-end balance sheet of Ft. Smith Products includes the following stockholders’ equity section (with certain...
The year-end balance sheet of Ft. Smith Products includes the following stockholders’ equity section (with certain details omitted). Stockholders' equity: 7 1/2% cumulative preferred stock, $100 par value, 100,000 shares authorized $ 2,400,000 Common stock, $2 par value, 900,000 shares authorized 900,000 Additional paid-in capital: common stock 7,800,000 Retained earnings 2,595,000 Total stockholders' equity $ 13,695,000 Required: From this information, compute answers to the following questions. a. How many shares of preferred stock have been issued? b. What is the...
The year-end balance sheet of Ft Smith Products includes the following stockholders' equity section (with certain...
The year-end balance sheet of Ft Smith Products includes the following stockholders' equity section (with certain details omitted). Stockholders' equity: 7 1/2 cumulative preferred stock, $100 par value, 100, eee shares authorized Common stock, $2 par value, 9ee, eee shares authorized Additional paid-in capital: common stock Retained earnings Total stockholders' equity $ 2,4ee,eee 900, cee 9,000,000 2.595, e90 $14,895,888 Required: From this information, compute answers to the following questions a. How many shares of preferred stock have been issued? b....
Match each item/event pair below with the indicated change in the item. An individual classification may...
Match each item/event pair below with the indicated change in
the item. An individual classification may be used more than once,
or not at all. For each dividend, assume that both declaration and
payment or distribution has occurred.
Item
Event
Classifications
1.
Par value per share
Stock split
Item
decreasesItem is unchangedDirection of change cannot be
determinedItem increases
2.
Total retained earnings
Stock dividend
Direction of change cannot be determinedItem increasesItem
decreasesItem is unchanged
3.
Total stockholders’ equity
Prior period...
1. Marigold Corp. estimates its annual warranty expense as 3% of annual net sales. The following...
1. Marigold Corp. estimates its annual warranty expense as 3% of
annual net sales. The following data relate to the calendar year
2021:
Net sales
$1506000
Warranty liability account
Balance, Dec. 31, 2020
$13000
debit before adjustment
Balance, Dec. 31, 2021
32180
credit after adjustment
Which one of the following entries was made to record the 2021
estimated warranty expense?
a
Warranty Expense
32180
Warranty Liability
32180
b
Warranty Expense
37635
Retained Earnings (prior-period adjustment)
7545
Warranty Liability
45180
c...
Acc 202 Which of the following does not accurately describe Total Stockholder’s Equity? Represents the portion...
Acc 202 Which of the following does not accurately describe Total Stockholder’s Equity? Represents the portion of business assets not claimed by creditors Represents the value of ownership for stockholders Includes common stock and retained earnings Represents how much capital has been generated through issuance of stock All of the following accurately describe retained earnings except… The portion of total equity that is earned through profitable operations The accumulation of undistributed net income The portion of equity that is generated...
Neill Company purchases 80 percent of the common stock of Stamford Company on January 1, 2017,...
Neill Company purchases 80 percent of the common stock of Stamford Company on January 1, 2017, when Stamford has the following stockholders’ equity accounts: Common stock—40,000 shares outstanding $ 100,000 Additional paid-in capital 75,000 Retained earnings, 1/1/17 540,000 Total stockholders’ equity $ 715,000 To acquire this interest in Stamford, Neill pays a total of $592,000. The acquisition-date fair value of the 20 percent noncontrolling interest was $148,000. Any excess fair value was allocated to goodwill, which has not experienced any...
Compensated Absences Matt Broderick Company began operations on January 2, 2016. The following information was provided concerning the company's employees who are paid hourly Number of individuals employed Number of hours worked per day Paid vacation days earned annually by each employee Paid sick days earned annually by each employee 9 employees 8 hours 10 days 6 days Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may...
QUESTION 15 Liability and Equity Analysis Lill Company started 20Y6 with $2,300,000 in total assets. During 2/6 the company earned after-tax net income of $300,000 and issued $4.000 in preferred stock dividends. The number of Lill outstanding shares of common and preferred stock did not change during 2016. Additional selected information from the company's 12/31/Y6 balance sheet is as follows: Lill Corporation Balance Sheet (partial) Assets Total current assets $352,000 Total long-term assets 1,908,000 TOTAL ASSETS $2,260,000 Liabilities Total current...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
The year-end balance sheet of Ft Smith Products includes the following stockholders' equity section (with certain details omitted). Stockholders' equity: 7 1/2 cumulative preferred stock, $100 par value, 100, eee shares authorized Common stock, $2 par value, 9ee, eee shares authorized Additional paid-in capital: common stock Retained earnings Total stockholders' equity $ 2,4ee,eee 900, cee 9,000,000 2.595, e90 $14,895,888 Required: From this information, compute answers to the following questions a. How many shares of preferred stock have been issued? b....
Match each item/event pair below with the indicated change in
the item. An individual classification may be used more than once,
or not at all. For each dividend, assume that both declaration and
payment or distribution has occurred.
Item
Event
Classifications
1.
Par value per share
Stock split
Item
decreasesItem is unchangedDirection of change cannot be
determinedItem increases
2.
Total retained earnings
Stock dividend
Direction of change cannot be determinedItem increasesItem
decreasesItem is unchanged
3.
Total stockholders’ equity
Prior period...
1. Marigold Corp. estimates its annual warranty expense as 3% of
annual net sales. The following data relate to the calendar year
2021:
Net sales
$1506000
Warranty liability account
Balance, Dec. 31, 2020
$13000
debit before adjustment
Balance, Dec. 31, 2021
32180
credit after adjustment
Which one of the following entries was made to record the 2021
estimated warranty expense?
a
Warranty Expense
32180
Warranty Liability
32180
b
Warranty Expense
37635
Retained Earnings (prior-period adjustment)
7545
Warranty Liability
45180
c...
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