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ACC 423 Final Study Guide

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ACC 423 Final Study Guide;Question 1-;Buttercup Corporation issued 330 shares of $10 par value common stock for $4,950. Prepare Buttercup journal entry. (List multiple debit credit from largest to smallest amount e.g. 10,5,2);Description/Amount;Debit;Credit;;;;;;;Question 2-;Wilco Corporation has the following account balances at December 31, 2012;Common Stock $5 par value $551,530;Treasury Stock 99,710;Retained Earnings 2,377,200;Paid in capital in excess of par 1,346,570;Prepare Wilco?s December 31,2012, stockholders equity section;Wilco Corporation;Stockholders Equity;December 31, 2012;;;Less:;;;$;Total stockholder?s equity;Question 3-;Woolford Inc. declared a cash dividend of $1.37 par share on its 2.49 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare the journal entries necessary on those three dates. (If no entry is required, enter no entry as the description and 0 as the amount);Date;Description/ Amount;Debit;Credit;Aug 1;;;;;;Aug 15;;;;;;September 9;;;Question-4;(Preferred Dividends);The outstanding capital stock of Pennington Corporation consists of 2200 shares of $101 par value, 6 % preferred, and, 8400 shares of $56 par value common.;Assuming that the company has retained earnings of $82,000, all of which is to be paid out in dividends, and that preferred dividends was not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following condition;(a);The preferred stock is noncumulative and nonparticipating;Preferred Common;;$ $;(b);The preferred stock is cumulative and nonparticipating;Preferred Common;;$ $;(C)The preferred stock is cumulative and Participating (Round rate of participation is 4 decimal places, e.g. 5.1234. Round final answer to 0 decimal places, e.g. 25,320);Preferred Common;;;;$ $;Question-5;(Preferred Dividends);Martinez Company?s ledger shows the following balances on December31, 2012.;5% preferred stock- $10 par value, outstanding 22,720 shares $227,220;Common stock- $100 par value, outstanding 34,080 shares 3408,000;Retained Earnings 715,680;Assuming that the directors decides to declare total dividend in the amount of $302,176, determine how much each class of stock should receive under each of the conditions stated below. One years dividends are in arrears on the preferred stock.;(a);The preferred stock is cumulative and fully participating;Preferred Common;;$ $;(b);The preferred stock is noncumulative and nonparticipating;Preferred Common;;$;(c) The preferred stock is noncumulative and is participating in distributions in excess of a 7% dividend rate on the common stocks (NOTE: Do not round rate of participation. Round final answers to zero decimal places,e.g. 12,310);Preferred Common;;;$ $;Question-6;On January1,2012, Barwood corporation granted 5,430 options to executives. Each option entitles the holder to purchase one share of Barewood?s $5 par value common stock at $50 per share at any time during next 5 years. The market price of the stock is $68 per share on the date of the grant. The fair value of the options at the grant date is $150,900. The period of benefits is 2 years. Prepare Barewood?s journal entries for January 1, 2012, and December 31,2012 and 2013.(If no entry is required, enter no Entry as the description and 0 as the moment);Date;Description/ Amount;Debit;Credit;Aug 1;;;;;;Aug 15;;;

 

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