x
Info
x
Warning
x
Danger

Accounting Expert Answers & Study Resources : Page 148

The vast field of accounting contributes to one of the largest subjects in our study resources. Accounting flashcards, homework answers for textbooks & other learning aids can increase your competency in this domain instantly. Become a top student with our support. Search Now…

Expert Answers

Ask an Expert

Our Experts can answer your tough homework and study questions.

Answers in as fast as 15 minutes
Post a Question
150245 Resources
0 Students Benefited

  Match the following. A) retained earnings B) declaration date of dividend C) stock dividend D) stock split E) reverse stock split 57) An account whose balance is the cumulative, lifetime earnings of a company less its cumulative losses and dividends              58) An increase in the number of outstanding shares coupled with a proportionate reduction in the.

Homework Answers
23 Views
  •   Match the following. A) retained earnings B) declaration date of dividend C) stock
  • Accounting
Homework Answers
View Answer

7) The book value of preferred shares is equal to: A) liquidation value minus any dividends in arrears B) liquidation value plus any dividends in arrears C) market value minus any dividends in arrears D) market value plus any dividends in arrears Table 13-4   The shareholders' equity section of the balance sheet of Cresco Corporation follows:                              .

Homework Answers
31 Views
  • 7) The book value of preferred shares equal to: A) liquidation
  • Accounting
Homework Answers
View Answer

53) Lindall Corporation reported the following income statement items for the year ended December 31, 2014: Discontinued operations: Operating income6,000  Loss on disposal(50,000) Prior-period correction40,000 All items above are shown before tax effects. Lindall Corporation is subject to a 25% tax rate. Assume income from continuing operations is $396,000. Show the correct presentation of these.

Homework Answers
47 Views
  • 53) Lindall Corporation reported the following income statement items for
  • Accounting
Homework Answers
View Answer

65) EverClean Corporation reported the following shareholders' equity on January 1, 2014: Contributed capital Preferred shares, $2.50, cumulative, 30,000 shares authorized, 7,500 shares issued $  393,750 Common shares, 200,000 shares authorized, 135,000 shares issued   607,500   Total contributed capital1,001,250 Retained earnings   218,500         Total shareholders' equity$1,219,750 a) On June 15, 2014, the board of directors declared a.

Homework Answers
33 Views
  • 65) EverClean Corporation reported the following shareholders' equity January 1,
  • Accounting
Homework Answers
View Answer

  A) record date B) dividend C) declaration date of dividend D) cumulative preferred shares E) payment date of dividend 40) Distribution of equity to the corporation's shareholders 41) The date with respect to a cash dividend that determines which shareholder will be receiving the dividend 42) The date with respect to a cash dividend where the liability.

Homework Answers
17 Views
  •   A) record date B) dividend C) declaration date of dividend D) cumulative preferred
  • Accounting
Homework Answers
View Answer

  Table 13-10 Samson Ltd. reported the figures shown below for 2013 and 2014: 2013 2014 Income statement:   Interest expense $     13,000 $     14,000   Net income 176,000 182,000 Balance sheet:   Total assets 897,000 952,000   Preferred shares, $2.00,  cumulative, $80 liquidation value,   1,500 shares outstanding 112,500 112,500   Common shares, 25,000 outstanding 488,000 524,000   Retained earnings 65,000 85,000 Dividends on the preferred share have not been declared for 2013 and 2014. 11).

Homework Answers
30 Views
  •   Table 13-10 Samson Ltd. reported the figures shown below for 2013
  • Accounting
Homework Answers
View Answer

6) Increases in contributed capital and in retained earnings come from producing revenue. 7) Convertible preferred shares must be converted into common shares when the corporation declares the conversion. 8) If a company has both preferred and common shares outstanding, the preferred shareholders have the first claim to shareholders' equity. 9) Convertible preferred.

Homework Answers
25 Views
  • 6) Increases in contributed capital and in retained earnings come
  • Accounting
Homework Answers
View Answer

  Table 13-11 The following accounts and related balances of ETH Engineering Ltd. are as at December 31, 2014 prior to the closing journal entries. Trademark, net $     17,000 Preferred Shares, $2.50, 20,000 authorized and issued 200,000 Cash 320,000 Accounts Receivable, net 265,000 Accrued Liabilities 42,000 Long-term Note Payable 500,000 Inventory 350,000 Retained Earnings/(Deficit) (1,197,000) Accounts Payable 75,000 Interest Expense 35,000 Property, Plant, and Equipment, net 2,800,000 Common Shares, 300,000 shares authorized; 175,000 shares.

Homework Answers
28 Views
  •   Table 13-11 The following accounts and related balances of ETH Engineering
  • Accounting
Homework Answers
View Answer

  Table 13-11 The following accounts and related balances of ETH Engineering Ltd. are as at December 31, 2014 prior to the closing journal entries. Trademark, net $     17,000 Preferred Shares, $2.50, 20,000 authorized and issued 200,000 Cash 320,000 Accounts Receivable, net 265,000 Accrued Liabilities 42,000 Long-term Note Payable 500,000 Inventory 350,000 Retained Earnings/(Deficit) (1,197,000) Accounts Payable 75,000 Interest Expense 35,000 Property, Plant, and Equipment, net 2,800,000 Common Shares, 300,000 shares authorized; 175,000 shares.

Homework Answers
25 Views
  •   Table 13-11 The following accounts and related balances of ETH Engineering
  • Accounting
Homework Answers
View Answer

  A) relevant and reliable B) revenue recognition and matching C) other comprehensive income 5) Income disclosure required by IFRS but not ASPE 6) IFRS criteria for allowing changes in accounting policy 7) What is the impact of IFRS on the income statement and statement of shareholders' equity? 1) Sampson Corporation reports the following transactions for 2013: Jan..

Homework Answers
26 Views
  •   A) relevant and reliable B) revenue recognition and matching C) other comprehensive
  • Accounting
Homework Answers
View Answer

3) An appropriation of retained earnings involves setting cash aside for a specific purpose. 4) An appropriation of retained earnings requires a journal entry. 5) Under Accounting Standards for Private Enterprises (ASPE) a change in accounting policy should be applied retrospectively by adjusting period financial statements. 6) Changing an estimate, such as the.

Homework Answers
28 Views
  • 3) An appropriation of retained earnings involves setting cash aside
  • Accounting
Homework Answers
View Answer

33) Narrow Corporation began 2014 with the following account balances: Retained earnings950,000 In  2014, Arrow Corporation reported the following transactions: Jan. 10Reacquired 5,000 of its own shares for $20 per share.   Mar20Reacquired 2,000 of its own shares for $25 per share. 30Sold 4,000 of the reacquired shares for $22 per share. Record journal entries for.

Homework Answers
33 Views
  • 33) Narrow Corporation began 2014 with the following account balances: Retained
  • Accounting
Homework Answers
View Answer

  Table 13-11 The following accounts and related balances of ETH Engineering Ltd. are as at December 31, 2014 prior to the closing journal entries. Trademark, net $     17,000 Preferred Shares, $2.50, 20,000 authorized and issued 200,000 Cash 320,000 Accounts Receivable, net 265,000 Accrued Liabilities 42,000 Long-term Note Payable 500,000 Inventory 350,000 Retained Earnings/(Deficit) (1,197,000) Accounts Payable 75,000 Interest Expense 35,000 Property, Plant, and Equipment, net 2,800,000 Common Shares, 300,000 shares authorized; 175,000 shares.

Homework Answers
23 Views
  •   Table 13-11 The following accounts and related balances of ETH Engineering
  • Accounting
Homework Answers
View Answer

31) A stock dividend will: A) reduce assets B) reduce shareholders' equity C) increase liabilities D) have no effect on total assets, shareholders' equity, or liabilities 32) Common stock dividend distributable is a: A) contra liability account B) shareholders' equity account C) liability account D) contra equity account 33) The common stock dividend distributable account will appear on the balance.

Homework Answers
28 Views
  • 31) A stock dividend will: A) reduce assets B) reduce shareholders' equity C)
  • Accounting
Homework Answers
View Answer

  Table 14-6 Following is the shareholders' equity section of the balance sheet of Thomson Corporation: Contributed capital          Preferred shares, $6, cumulative,  25,000 shares                authorized, 7,000 shares issued $    700,000          Common shares, 1,000,000 shares authorized, 500,000                shares issued 2,500,000                Total contributed capital 3,200,000 Retained earnings 990,000         Total shareholders' equity $4,190,000 The preferred shares are currently selling for.

Homework Answers
60 Views
  •   Table 14-6 Following the shareholders' equity section of the balance sheet
  • Accounting
Homework Answers
View Answer

Can't find what you're looking for ?

Ask our exprts a study questions, on us.
Get free Homework Help*