Accounting Pronghorn Corp Problem
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Problem 4-13 Pronghorn Corp. is a public company and has 100,000 common shares outstanding. In 2020,...
Problem 4-13 Pronghorn Corp. is a public company and has 100,000 common shares outstanding. In 2020, the company reported income from continuing operations before income tax of $2,926,800. Additional transactions not considered in the $2,926,800 are as follows: 1. In 2020, Pronghorn Corp. sold equipment for $151,200. The machine had originally cost $86,400 and had accumulated depreciation to date of $38,880. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $313,200...
Problem 7-8A Pronghorn Corp prepares monthly cash budgets. Here are relevant data from operating budgets for...
Problem 7-8A Pronghorn Corp prepares monthly cash budgets. Here are relevant data from operating budgets for 2017. Sales Purchases January $360,300 121,200 84,500 70,000 79,900 February $400,300 131,200 81,700 73,400 87,900 Salaries Administrative expenses Selling expenses All sales and purchases are on account. Budgeted collections and disbursement data are given below. All other expenses are paid in the month incurred except for administrative expenses, which include $1,200 of depreciation per month. Other data. 1. Collections from customers: January $332,300; February...
Pronghorn Corp. was organized on January 1, 2022. It is authorized to issue 19,800 shares of...
Pronghorn Corp. was organized on January 1, 2022. It is authorized to issue 19,800 shares of 7%, $50 par value preferred stock and 462,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 71,000 shares of common stock for cash at $5 per share. Mar. 1 Issued 1,220 shares of preferred stock for cash at $56 per share. May 1 Issued 116,000 shares...
Current Attempt in Progress The ledger of Pronghorn Corp at December 31, 2022, after the books...
Current Attempt in Progress The ledger of Pronghorn Corp at December 31, 2022, after the books have been closed, contains the following stockholders' equity accounts. Preferred Stock (11,200 shares issued) $1,153,600 Common Stock (302,000 shares issued) 2,114,000 Paid-in Capital in Excess of Par Value-Preferred Stock 165,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,620,000 Retained Earnings 2,710,500 Areview of the accounting records reveals this information: Preferred stock is 9%, $103 par value, noncumulative. Since January 1, 202 1, 11,200...
At Pronghorn Corp., prepaid costs are debited to expense when cash is paid and unearned revenues...
At Pronghorn Corp., prepaid costs are debited to expense when cash is paid and unearned revenues are credited to revenue when the cash is received. During January of the current year, the following transactions occurred. Jan. 2 Received $10,100 for services to be performed in the future. Paid $3,672 for casualty insurance protection for the year. Paid $4,650 for supplies. 10 On January 31, it is determined that $3,460 of the service revenue has been earned and that there is...
Pronghorn Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating...
Pronghorn Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pronghorn Corp's purchases of EZslide snowboards during September. During the same month, 100 EZslide snowboards were sold. Pronghorn Corp uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory $115 $ 1,495 Sept. 12 Purchases 118 5,782 Sept. 19 Purchases 54 1196,426 Sept. 26 Purchases 24 120 2,880 Totals $16,583 (a) Compute the ending inventory at September 30...
Pronghorn Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating...
Pronghorn Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pronghorn Corp’s purchases of EZslide snowboards during September. During the same month, 100 EZslide snowboards were sold. Pronghorn Corp uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $115 $ 1,495 Sept. 12 Purchases 49 118 5,782 Sept. 19 Purchases 54 119 6,426 Sept. 26 Purchases 24 120 2,880 Totals 140 $16,583 (a) Compute the ending...
Pronghorn Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating...
Pronghorn Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pronghorn Corp's purchases of EZslide snowboards during September. During the same month, 101 EZslide snowboards were sold. Units 13 Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 44 Explanation Inventory Purchases Purchases Purchases Totals Unit Cost $115 118 119 120 Total Cost $1,495 5,192 5,831 3,000 $15,518 49 25 131 Additional data regarding the company's sales of EZslide snowboards are provided below....
Pronghorn Corp was started on April 1 by F. L. Wright and associates. The following selected...
Pronghorn Corp was started on April 1 by F. L. Wright and
associates. The following selected events and transactions occurred
during April.
Pronghorn Corp was started on April 1 by F. L. Wright and associates. The following selected events and transactions occurred during April. Apr. 1 Shareholders invested €48,896 cash in the business in exchange for ordinary shares. 4 Purchased land costing €30,401 for cash. 8 Incurred advertising expense of €1,705 on account. 11 Paid salaries to employees €1,579. 12...
The stockholders’ equity accounts of Pronghorn Corp. on January 1, 2017, were as follows. Preferred Stock...
The stockholders’ equity accounts of Pronghorn Corp. on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,250 shares authorized) $255,000 Common Stock ($3 stated value, 350,000 shares authorized) 875,000 Paid-in Capital in Excess of Par Value—Preferred Stock 12,750 Paid-in Capital in Excess of Stated Value—Common Stock 560,000 Retained Earnings 686,000 Treasury Stock (4,250 common shares) 34,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 5,440 shares...
Problem 7-8A Pronghorn Corp prepares monthly cash budgets. Here are relevant data from operating budgets for 2017. Sales Purchases January $360,300 121,200 84,500 70,000 79,900 February $400,300 131,200 81,700 73,400 87,900 Salaries Administrative expenses Selling expenses All sales and purchases are on account. Budgeted collections and disbursement data are given below. All other expenses are paid in the month incurred except for administrative expenses, which include $1,200 of depreciation per month. Other data. 1. Collections from customers: January $332,300; February...
Current Attempt in Progress The ledger of Pronghorn Corp at December 31, 2022, after the books have been closed, contains the following stockholders' equity accounts. Preferred Stock (11,200 shares issued) $1,153,600 Common Stock (302,000 shares issued) 2,114,000 Paid-in Capital in Excess of Par Value-Preferred Stock 165,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,620,000 Retained Earnings 2,710,500 Areview of the accounting records reveals this information: Preferred stock is 9%, $103 par value, noncumulative. Since January 1, 202 1, 11,200...
At Pronghorn Corp., prepaid costs are debited to expense when cash is paid and unearned revenues are credited to revenue when the cash is received. During January of the current year, the following transactions occurred. Jan. 2 Received $10,100 for services to be performed in the future. Paid $3,672 for casualty insurance protection for the year. Paid $4,650 for supplies. 10 On January 31, it is determined that $3,460 of the service revenue has been earned and that there is...
Pronghorn Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pronghorn Corp's purchases of EZslide snowboards during September. During the same month, 100 EZslide snowboards were sold. Pronghorn Corp uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory $115 $ 1,495 Sept. 12 Purchases 118 5,782 Sept. 19 Purchases 54 1196,426 Sept. 26 Purchases 24 120 2,880 Totals $16,583 (a) Compute the ending inventory at September 30...
Pronghorn Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pronghorn Corp's purchases of EZslide snowboards during September. During the same month, 101 EZslide snowboards were sold. Units 13 Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 44 Explanation Inventory Purchases Purchases Purchases Totals Unit Cost $115 118 119 120 Total Cost $1,495 5,192 5,831 3,000 $15,518 49 25 131 Additional data regarding the company's sales of EZslide snowboards are provided below....
Pronghorn Corp was started on April 1 by F. L. Wright and
associates. The following selected events and transactions occurred
during April.
Pronghorn Corp was started on April 1 by F. L. Wright and associates. The following selected events and transactions occurred during April. Apr. 1 Shareholders invested €48,896 cash in the business in exchange for ordinary shares. 4 Purchased land costing €30,401 for cash. 8 Incurred advertising expense of €1,705 on account. 11 Paid salaries to employees €1,579. 12...
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