User Account

All Pages

Prepare journal entries to record each of these events

Assignment Help Accounting Basics
Reference no: EM13867071

The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity:

a. Purchased $ 350,000 of common stock now held in treasury.

b. Declared cash dividends in the amount of $ 260,000.

c. Paid the dividends in (b).

d. Issued 100,000 new shares of $ 0.10 par value common shares for $ 2 per share.

e. Closed the Dividends account.

Required:

1. Indicate the effect (increase, decrease, or no effect) of each of these transactions on total assets, liabilities, and stockholders' equity.

2. Prepare journal entries to record each of these events.

3. Prepare a statement of stockholders' equity, assuming the following opening balances: Common Stock, $ 12,500; Additional Paid-In Capital, $ 190,000; Retained Earnings, $ 150,000; and Treasury Stock, $ 0. Net income for the current year was $ 270,000. 

Reference no: EM13867071

Questions Cloud

Create a op.laedger of the debtors : Management also decided to Created a provision on Doubtful Debts @10% on total Debtors. Create a Op.Laedger of the Debtors & Passed the necessary Journal Entries.
The lease provides for eight equal annual payments : On December 31, 2009, Port Co. sold six-month-old equipment at fair value and leased it back. There was a loss on the sale. Port pays all insurance, maintenance, and taxes on the equipment.
Standards for small and medium-sized entities : do you think there should be a separate set of international accounting standards for small and medium-sized entities? Why or why not?
Estimate fuel consumption for intermediate armored vehicles : You are estimating the fuel consumption (gallons per mile) for intermediate armored vehicles based on the horsepower of the vehicle. The vehicle for which you are estimating has 4.77 hundred horsepower.
Prepare journal entries to record each of these events : Indicate the effect (increase, decrease, or no effect) of each of these transactions on total assets, liabilities, and stockholders’ equity. Prepare journal entries to record each of these events. Prepare a statement of stockholders’ equity, assuming..
Determine the initial density : Determine the initial density (kg/m3) of nitrogen gas that existed in section  B.
Describe a way to manage dead inventory : Dead inventory refers to product for which there are no sales during a 12-month period. Describe a way to manage dead inventory
Write a recursive function named summer : Write a recursive function named summer that takes two parameters - an array of doubles and the size of the array - and returns the sum of the values in the array.  The size parameter does not have to be the actual size of the array.  It will be at t..
In what ways can inventory turnover provide important : In what ways can inventory turnover provide important insights about an organization's competitiveness and efficiency

Reviews

Write a Review

Accounting Basics Questions & Answers

  Angies blooms purchased a delivery van for 30000 the

angies blooms purchased a delivery van for 30000. the company was given a 3000 cash discount by the dealer and paid

  Whisker clean company spent 8000 to produce product 89

whisker clean company spent 8000 to produce product 89 which can be sold as is for 10000 or processed further incurring

  Explain concept behind homestakes disclosure of deferred tax

Explain the concept behind Homestakes disclosure of gross deferred tax liabilities (future taxable amounts) and gross deferred tax assets (future deductible amounts).

  Recently kim has become disenchanted with the location of

1. jason a single parent lives in an apartment with his three minor children whom he supports. jason earned 27400

  Amount of ordinary business income

a. What amount of ordinary business income is allocated to Jane? b. What is the amount and character of seperately stated items allocated to Jane? c. What is Jane's basis in her XYZ corp. stock at the end of the year?

  Inglewood inc obtained all of the outstanding common shares

jernigan corp. had the following account balancesreceivables 96000inventory 240000land 720000building 600000liabilities

  What is the total reservation cost

What is the total reservation cost if 200,000 passengers take the trip next month?

  Jackson company is trying to determine the optimal price to

jackson company is trying to determine the optimal price to charge for its punch model. jackson has fixed costs of

  Findings and recommendations to manager

You will write a short email explaining your findings and recommendations to your manager. Your manager will use your email to present your findings at his 9am meeting. Your manager will only have 5 minutes prior to the scheduled meeting to prep s..

  This segment uses the term toll to describe a level of

this segment uses the term toll to describe a level of dissatisfaction as expressed by ceos defined in terms of survey

  What are the relevant costs

In addition, some of CJP's facilities could be rented to a third party for $15,000 per year. What are the relevant costs for the "make" alternative?

  Determine the simple interest rate at which 1500 will grow

determine the simple interest rate at which 1500 will grow to 1550 in the 8 months. round your answers to the nearest

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd