Need homework answers by midnight tonight, accounting, Basic Statistics

first question:
Glaser Services acquired 30% of the outstanding common stock of Nickels Company on January 1, 2008, by paying $864,180 for the 48,010 shares. Nickels declared and paid $0.50 per share cash dividends on March 15, June 15, September 15, and December 15, 2008. Nickels reported net income of $337,500 for the year. At December 31, 2008, the market price of Nickels common stock was $26 per share.
First part:
Prepare the journal entries for Glaser Services for 2008 assuming Glaser cannot exercise significant influence over Nickels. (Use the cost method and assume that Nickels common stock should be classified as a trading security.)
Second part:
Prepare the journal entries for Glaser Services for 2008, assuming Glaser can exercise significant influence over Nickels. Use the equity method.

Second question:
On January 1, 2010, Yadier Inc. had the following stockholders'' equity account balances.

Common Stock, no-par value (549,000 shares issued) $2,745,000
Common Stock Dividends Distributable 248,000
Retained Earnings 637,000
During 2010, the following transactions and events occurred.

Issued 60,390 shares of common stock as a result of a 11 % stock dividend declared on December 15, 2009.
Issued 34,000 shares of common stock for cash at $6 per share.
Corrected an error that had understated the net income for 2008 by $71,000.
Declared and paid a cash dividend of $82,000.
Earned net income of $311,000.

Prepare the stockholders'' equity section of the balance sheet at December 31, 2010.

Final question:
Condensed financial data of Arma Inc. follow.

Comparative Balance Sheets
December 31

Cash $ 89,698 $ 48,775
Accounts receivable 92,105 33,075
Inventories 111,682 101,445
Prepaid expenses 28,666 25,823
Investments 138,310 114,847
Plant assets 269,072 241,462
Accumulated depreciation



Liabilities and Stockholders'' Equity
Accounts payable $111,938 $ 67,029
Accrued expenses payable 16,297 17,388
Bonds payable 120,530 149,070
Common stock 219,380 175,080
Retained earnings



Income Statement
For the Year Ended December 31, 2010
Sales $392,246
Cost of goods sold $134,290
Operating expenses, excluding depreciation 11,729
Depreciation expense 46,322
Income taxes 26,970
Interest expense 4,692
Loss on sale of plant assets

Net income
Additional information:

New plant assets costing $84,600 were purchased for cash during the year.
Old plant assets having an original cost of $56,990 were sold for $1,182 cash.
Bonds matured and were paid off at face value for cash.
A cash dividend of $54,229 was declared and paid during the year.

Prepare a statement of cash flows using the indirect method. (List multiple entries with a positive cash flow first and then the negative cash flow. List amounts from largest to smallest eg 10, 5, 3, 2. If amount decreases cash flow, use either a negative sign preceding the number eg -45 or parentheses eg (45).)

Posted Date: 3/18/2012 10:45:55 AM | Location : United States

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