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Description / Instructions: Complete the following Week 4 Assignment in WileyPLUS: * Do It! 11-1 * Exercise 11-5 * Exercise 11-07 * BYP 11-1 * BYP 11-2 * Problem 11-5A * Problem 11-8A;Do It! Review 11-1;Question 1;Indicate whether each of the following statements is true or false.;1. The corporation is an entity separate and distinct from its owners.;2. The liability of stockholders is normally limited to their investment in the corporation.;3. The relative lack of government regulation is an advantage of the corporate form of business.;4. There is no journal entry to record the authorization of capital stock.;5. No-par value stock is quite rare today.;Warning;Don't show me this message again for the assignment Ok Cancel;Exercise 11-5;Question 2;Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation?s capital stock.;May 2 Cash 104,000;Capital Stock 104,000;(Issued 8,000 shares of $10 par value common stock at $13 per share);10 Cash 530,000;Capital Stock 530,000;(Issued 10,000 shares of $20 par value preferred stock at $53 per share);15 Capital Stock 7,200;Cash 7,200;(Purchased 600 shares of common stock for the treasury at $12 per share);On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.);Date Account Titles and Explanation Debit Credit;Warning;Don't show me this message again for the assignment Ok Cancel;Exercise 11-7;Question 3;On October 31, the stockholders? equity section of Pele Company?s balance sheet consists of common stock $648,000 and retained earnings $400,000.;Pele is considering the following two courses of action;(1) Declaring a 5% stock dividend on the 81,000 $8 par value shares outstanding;(2) Effecting a 2-for-1 stock split that will reduce par value to $4 per share.;The current market price is $17 per share.;Prepare a tabular summary of the effects of the alternative actions on the company?s stockholders? equity and outstanding shares.;Pele Company?s;Balance Sheet;Before Action After Stock Dividend After Stock Split;Stockholders? equity;Paid-in capital $ $ $;Retained earnings;Total stockholders? equity $ $ $;Outstanding shares;Warning;Don't show me this message again for the assignment Ok Cancel;Broadening Your Perspective 11-1;Question 4;The stockholders? equity section of Tootsie Roll Industries? balance sheet is shown in the Consolidated Statement of Financial Position. (Note that Tootsie Roll has two classes of common stock. To answer the following questions, add the two classes of stock together.);TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES;CONSOLIDATED STATEMENTS OF;Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data);For the year ended December 31;2011 2010 2009;Net product sales $528,369 $517,149 $495,592;Rental and royalty revenue 4,136 4,299 3,739;Total revenue 532,505 521,448 499,331;Product cost of goods sold 365,225 349,334 319,775;Rental and royalty cost 1,038 1,088 852;Total costs 366,263 350,422 320,627;Product gross margin 163,144 167,815 175,817;Rental and royalty gross margin 3,098 3,211 2,887;Total gross margin 166,242 171,026 178,704;Selling, marketing and administrative expenses 108,276 106,316 103,755;Impairment charges ? ? 14,000;Earnings from operations 57,966 64,710 60,949;Other income (expense), net 2,946 8,358 2,100;Earnings before income taxes 60,912 73,068 63,049;Provision for income taxes 16,974 20,005 9,892;Net earnings $43,938 $53,063 $53,157;Net earnings $43,938 $53,063 $53,157;Other comprehensive earnings (loss) (8,740 ) 1,183 2,845;Comprehensive earnings $35,198 $54,246 $56,002;Retained earnings at beginning of year. $135,866 $147,687 $144,949;Net earnings 43,938 53,063 53,157;Cash dividends (18,360 ) (18,078 ) (17,790 );Stock dividends (47,175 ) (46,806 ) (32,629 );Retained earnings at end of year $114,269 $135,866 $147,687;Earnings per share $0.76 $0.90 $0.89;Average Common and Class B Common shares outstanding 57,892 58,685 59,425;(The accompanying notes are an integral part of these statements.);CONSOLIDATED STATEMENTS OF;Financial Position;TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data);Assets December 31;2011 2010;CURRENT ASSETS;Cash and cash equivalents $78,612 $115,976;Investments 10,895 7,996;Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394;Other receivables 3,391 9,961;Inventories


Paper#80527 | Written in 18-Jul-2015

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