ACC/557 ACC557 ACC 557 WEEK 8 HOMEWORK ASSIGNMENT Due Week 8 and worth 70 points Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard. Exercises E11-7.Quay Co. had the following transactions during the current period. Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate. June 12 Issued 60,000 shares of $5 par value common stock for cash of $375,000. July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Nov. 28 Purchased 2,000 shares of treasury stock for $80,000. Instructions Journalize the transactions. E11-13.On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 Issued 25,000 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 2,000 additional shares of common stock for $19 per share. 15 Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31. Instructions a) Prepare the entries, if any, on each of the three dividend dates. b) How are dividends and dividends payable reported in the ï¬nancial statements prepared at December 31? â€ƒ E12-8.Presented below are two independent situations. 1. Gambino Cosmetics acquired 10% of the 200,000 shares of common stock of Nevins Fashion at a total cost of $13 per share on March 18, 2015. On June 30, Nevins declared and paid a $60,000 dividend. On December 31, Nevins reported net income of $122,000 for the year. At December 31, the market price of Nevins Fashion was $15 per share. The stock is classiï¬ed as available-for-sale. 2. Kanza, Inc., obtained signiï¬cant inï¬‚uence over Rogan Corporation by buying 40% of Roganâ€™s 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2015. On June 15, Rogan declared and paid a cash dividend of $30,000. On December 31, Rogan reported a net income of $80,000 for the year. Instructions Prepare all the necessary journal entries for 2015 for (a) Gambino Cosmetics and (b) Kanza, Inc. E12-12.Uttinger Company has the following data at December 31, 2015. The available-for-sale securities are held as a long-term investment. Instructions a) Prepare the adjusting entries to report each class of securities at fair value. b) Indicate the statement presentation of each class of securities and the related unrealized gain (loss) accounts. â€ƒ Problems P11-3A.The stockholdersâ€™ equity accounts of Castle Corporation on January 1, 2015, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) $ 400,000 Common Stock ($1 stated value, 2,000,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Parâ€”Preferred Stock 100,000 Paid-in Capital in Excess of Stated Valueâ€”Common Stock 1,450,000 Retained Earnings 1,816,000 Treasury Stock (10,000 common shares) 50,000 During 2015, the corporation had the following transactions and events pertaining to its stockholdersâ€™ equity. Feb. 1 Issued 25,000 shares of common stock for $120,000. Apr. 14 Sold 6,000 shares of treasury stockâ€”common for $33,000. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $35,000. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,000. Dec. 31 Determined that net income for the year was $452,000. No dividends were declared during the year. Instructions a
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