User Account

All Pages

Prepare the closing entry for net income

Assignment Help Financial Management
Reference no: EM132318649

Question

At the end of its first year of operation, Blue Spruce Corp. has $1,250,000 of common stock and net income of $234,000.

Prepare the closing entry for net income.

(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Prepare the stockholders' equity section at year-end.

Reference no: EM132318649

Questions Cloud

Journalize the issuance of the stock : On May 10, Wildhorse Co. issues 2,800 shares of $10 par value common stock for cash at $20 per share. Journalize the issuance of the stock.
Journalize the issuance of the stock in acquiring the land : Riverbed Inc.'s $10 par value common stock is actively traded at a market price of $15 per share. Riverbed issues 5,200 shares to purchase land advertised.
Journalize the issuance of the preferred stock : Skysong, Inc. issues 5,250 shares of $115 par value preferred stock for cash at $145 per share. Journalize the issuance of the preferred stock.
Whats the stated annual rate of interest on the bonds : Tambien Corporation issued 10,000 $1,000 bonds on January 1, 2018. They have a 10-year term and pay interest semiannually.
Prepare the closing entry for net income : At the end of its first year of operation, Blue Spruce Corp. has $1,250,000 of common stock and net income of $234,000.Prepare the closing entry for net income.
Prepare the entries on the appropriate dates to record : Skysong, Inc. has 73,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 to stockholders of record.
How you plan on addressing each health disparity : Determine what success will look like if you are given $1,000,000 and how long are you anticipating the money will last? 6 months, 1 year? 3 years
Explain all the materials needed for network design : Explain all the materials needed for its construction for your network design & functionality. Network devices, OS, computer & Network hardware specifications
Internet of things in healthcare : Assignment - Internet of Things in Healthcare - What can you leam about your personal self from this chart - How does the chart help someone monitor, control

Reviews

Write a Review

Financial Management Questions & Answers

  What is the opportunity cost of accepting the special order

Flexright industries manufactures glass globes for light fixtures. Their production costs for each case are as follows: Direct materials $30.00 Direct labor $20.00 Variable overhead $5.00 Fixed overhead $20.00 Total $75.00 Regular sales price $150.00..

  What is the price of a ZCB maturing in two years

The current one-year and two-year libor rates are 1.1% and 1.2%, What is the price of a ZCB maturing in 2 years?

  Provide investors with same effective yield as par bonds

Inc. is planning to issue two types of 25-year, non-callable bonds to raise a total of $6 million, $3 million from each type of bond. First, 3,000 bonds with a 10% semi-annual coupon will be sold at their $1,000 par value to raise $3,000,000. The OID..

  Should rental payments be tax deductible

Mortgage interest on your personal residence is tax deductible but rental payments are not. Is this fair to renters? Should rental payments be tax deductible? Or should mortgage interest be non-deductible?

  CAPM method-DCF method-Bond-yield-plus-risk-premium method

The text identifies three methods for estimating the cost of common stock from reinvested earnings (not newly issued stock): CAPM method, DCF method, and Bond-yield-plus-risk-premium method. Since we cannot be sure that the estimate obtained with any..

  Firm valuation-apple

Apple has initiated new models of ipad pro recently. Investors eager to figure out the fair market value of Apple Inc.

  The appropriate rate of return on the stock

The appropriate rate of return on the stock is 11 percent, compounded quarterly. What is the current stock price?

  Invest and is looking for long-term return

As a long-time investment expert, you have come to firmly believe in the following rules: If a person is age thirty-five or younger, and is married, then he or she should invest in securities. If a person has less than $20,000 to invest and is lookin..

  What coupon rate should the company set on new bonds

Pembroke Co. wants to issue new 16-year bonds for some much-needed expansion projects. The company currently has 7 percent coupon bonds on the market that sell for $1,035, make semiannual payments, and mature in 16 years. What coupon rate should the ..

  What is total value for liabilities and capital

From the accounts listed, what is Sierra's total value for liabilities and capital?

  Issue of preferred stock-current stock price

E-Eyes.com has a new issue of preferred stock it calls 20/20 preferred. The stock will pay a $20 dividend per year, but the first dividend will not be paid until 20 years from today. If you require a return of 10.75 percent on this stock, how much sh..

  Perform NPV calculation

Jane is unhappy with her current salary and is considering doing a two-year MBA. Perform NPV calculation.

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