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Accounting Expert Answers & Study Resources : Page 37

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12.Prepare in proper form the stockholders' equity section of the balance sheet from the following selected accounts and balances taken from the adjusted trial balance of Pathway Corporation on June 30, 20xx. Partial Adjusted Trial Balance AccountDebitCredit Common Stock—$10 stated value, 50,000 shares authorized, 45,000 shares outstanding450,000 Preferred Stock—$100 par value, 8 percent cumulative convertible, 3,000.

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  • 12.Prepare in proper form the stockholders' equity section of the
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51.When a subsidiary has borrowed cash from the parent company, the related receivable and payable are eliminated in preparing a consolidated balance sheet so that a.stockholders' equity will not be understated. b.stockholders' equity will not be overstated. c.assets and liabilities will not be understated. d.assets and liabilities will not be overstated. 52.When a parent company.

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  • 51.When a subsidiary has borrowed cash from the parent company,
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11.A corporation has a.government regulations. b.a limited existence. c.unlimited liability. d.no tax liability. 12.Par value a.is established for a share of stock after it is issued. b.is the legal capital established for a share of stock. c.represents what a share of stock is worth. d.represents the original selling price for a share of stock. 13.A good measure of confidence in.

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  • 11.A corporation has a.government regulations. b.a limited existence. c.unlimited liability. d.no tax liability. 12.Par value a.is
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3.Distinguish between the financial statement presentation of unrealized gains and losses related to trading securities and the financial statement presentation of unrealized gains and losses related to available-for-sale securities. 4.Discuss the financial statement presentation of the account Allowance to Adjust Short-Term Investments to Market, distinguishing between the effect of a debit.

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  • 3.Distinguish between the financial statement presentation of unrealized gains and
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41.If Willis Corporation has 80,000 shares of common stock authorized,  50,000 shares of common stock issued, and holds 12,000 shares of common stock as treasury stock, the total number of outstanding shares of Willis Corporation amounts to a.22,000. b.68,000. c.38,000. d.26,000. 42.Outstanding shares of stock are a.authorized shares that have not yet been issued. b.also called treasury.

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  • 41.If Willis Corporation has 80,000 shares of common stock authorized, 
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41.In preparing consolidated financial statements, intercompany receivables and payables must be eliminated because they do not represent amounts due to or receivable from parties outside the consolidated entity. 42.When a parent company and a 100 percent owned subsidiary company are consolidated using the purchase method, only the stockholders' equity of the.

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  • 41.In preparing consolidated financial statements, intercompany receivables and payables must
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39.Prepare in proper form the stockholders' equity section of the balance sheet from the following selected accounts and balances taken from the adjusted trial balance of Waller Corporation as of December 31, 20xx. Partial Adjusted Trial Balance AccountDebitCredit Common Stock—$10 par value, 90,000 shares authorized, 40,000 shares issued and outstanding400,000 Preferred Stock—$100 par value, 7.

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  • 39.Prepare in proper form the stockholders' equity section of the
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81.A company purchases 400 shares of its $50 par value common stock at $55 per share. It then reissues 60 shares at $58 per share. The entry upon reissue of the stock would be: a.Cash 3,480 Treasury Stock-Common  3,300 Paid-in Capital, Treasury Stock     180 b.Cash 3,480 Treasury Stock-Common  3,480 c.Cash 3,480 Paid-in Capital, Treasury Stock  3,480 d.Cash.

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  • 81.A company purchases 400 shares of its $50 par value
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21.Rapp Corporation has invested in the stock of two other corporations, Hart Corporation and Hilker Corporation. Rapp does not own a controlling interest or exercise significant influence over either corporation. Rapp's accountant is preparing financial statements and has compiled the following information: Stock nameNo. of sharesCostMarket Hart1,000$23,000$24,000 Hilker500$27,500$25,500 What should be the balance in.

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  • 21.Rapp Corporation has invested in the stock of two other
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  MULTIPLE CHOICE 1.The price/earnings (P/E) ratio is measured in terms of a.dollars. b.a percentage. c.times. d.days. 2.Dividends yield equals a.market price per share divided by dividends per share. b.net income divided by dividends per share. c.dividends per share divided by net income. d.dividends per share divided by market price per share. 3.Return on equity is measured in terms of a.days. b.times. c.a percentage. d.dollars. 4.A disadvantage.

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  •   MULTIPLE CHOICE 1.The price/earnings (P/E) ratio measured in terms of a.dollars. b.a percentage. c.times. d.days. 2.Dividends
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  SHORT ANSWER 1.Match each of the following terms with their descriptions below by inserting the correct letter. A. Marketable securitiesE. Available-for-sale securities B. Held-to-maturity securitiesF. Control C. Significant influenceG. Trading securities D. Insider tradingH. Noninfluential and noncontrolling ___ 1. Ownership of more than 50 percent of another company's voting stock ___ 2. Debt and equity investments that.

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  •   SHORT ANSWER 1.Match each of the following terms with their descriptions
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31.The number of shares of issued stock equals a.unissued shares minus authorized shares. b.outstanding shares plus treasury shares. c.subscribed shares plus outstanding shares. d.authorized shares minus treasury shares. 32.Treasury shares plus outstanding shares equal a.unissued shares. b.subscribed shares. c.authorized shares. d.issued shares. 33.The contributed capital of a corporation does not include a.additional paid-in capital. b.preferred stock. c.the stated value of common stock issued. d.retained.

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  • 31.The number of shares of issued stock equals a.unissued shares minus
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  MULTIPLE CHOICE 1.The cash amounts of purchases and sales of investments appear in which section of the statement of cash flows? a.Operating activities b.Investing activities c.Financing activities d.Noncash investing and financing activities 2.Which of the following is not a category of investments? a.Held-to-maturity securities b.Trading securities c.Collateral securities d.Available-for-sale securities 3.All of the following are conditions that could affect the valuation.

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  •   MULTIPLE CHOICE 1.The cash amounts of purchases and sales of investments
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15.Briefly explain, what are the consolidated financial statements, and how is the consolidation accomplished? 16.McDuff Company owns 100 percent of the stock of Goode Company. The separate income statements for the two companies for the year ended December 31, 2010, are as follows: McDuff CompanyGoode Company Sales$800,000$500,000 Cost of goods sold650,000396,000 Gross margin$150,000$104,000 Operating expenses, including.

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  • 15.Briefly explain, what the consolidated financial statements, and how the
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31.The entry required to record start-up and organization costs will cause a decrease in net income for the period. 32.The stockholders' equity in a corporation consists of capital contributed by stockholders and retained earnings. 33.The number of authorized shares should always equal or exceed the number of outstanding shares. 34.Stockholders who own preferred.

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  • 31.The entry required to record start-up and organization costs will
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35.Use the following information to obtain the ratios requested below. Where necessary, carry answers to one decimal place. Dividends per share: $.76 Market price per share: $40 Net income: $64,000 Stockholders' equity, beginning of year: $500,000 Stockholders' equity, end of year: $530,000 Earnings per share: $1.75 a. Dividends yield = _____________% b. Return on equity = _____________% c. Price/earnings.

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  • 35.Use the following information to obtain the ratios requested below.
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41.Dividends in arrears are disclosed as liabilities of a corporation. 42.Dividends in arrears pertain to noncumulative preferred stock. 43.Dividends on cumulative preferred stock do not become a liability of the corporation until they are declared by the board of directors. 44.Callable preferred stock is preferred stock that may be redeemed or retired at.

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  • 41.Dividends in arrears disclosed as liabilities of a corporation. 42.Dividends in
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41.The information that follows pertains to stockholders' equity data of the Keswick Corporation on December 31, 20xx. Compute the amount of each item indicated by a letter in the listing below. Round answers to two decimal places. Par value per common share$        20 Balance of Common Stock account$          a No. of shares authorized20,000 No..

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  • 41.The information that follows pertains to stockholders' equity data of
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18.In the journal provided, prepare the entries for the transactions described below. (Omit explanations.) May5Purchased 120-day Treasury bills for $78,000. This investment will be held to maturity. Sept.2Treasury bills matured; $80,000 received. (No prior entries were made to recognize revenue.) General JournalPage 1 Date DescriptionPost. Ref. Debit Credit 19.In the journal provided, prepare the entries for the transactions described.

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  • 18.In the journal provided, prepare the entries for the transactions
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51.Dividends in arrears are dividends on a.noncumulative preferred stock that have not been declared for some specified period of time. b.common stock that may never be declared. c.cumulative preferred stock that have been declared but not yet paid. d.cumulative preferred stock that have not been declared for some specified period of time. 52.Honig Corporation had.

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  • 51.Dividends in arrears dividends on a.noncumulative preferred stock that have not
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  1.Use the following information to obtain the ratios requested below. Where necessary, carry answers to one decimal place. Dividends per share: $.54 Market price per share: $30 Net income: $88,000 Average stockholders' equity: $625,000 Earnings per share: $1.25 a. Dividends yield = _____________% b. Return on equity = _____________% c. Price/earnings (P/E) ratio = __________times a. 1.8% b. 14.1% c. 24.

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  •   1.Use the following information to obtain the ratios requested below.
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61.Dividends in arrears cannot exist in conjunction with a.callable preferred stock. b.convertible preferred stock. c.noncumulative preferred stock. d.cumulative preferred stock. 62.Which of the following would not be an account in the general ledger of a corporation? a.Dividends Payable b.Retained Earnings c.Additional Paid-in Capital d.Dividends in Arrears 63.When callable preferred stock is called and surrendered, the shareholder is entitled to all.

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  • 61.Dividends in arrears cannot exist in conjunction with a.callable preferred stock. b.convertible
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61.Perri Company buys 80 percent of the stock of McGrath Company for $150,000. McGrath Company has contributed capital of $100,000 and retained earnings of $60,000. The eliminating entry that would appear on the work sheet for consolidating the balance sheets of two companies is: a.Common Stock(McGrath) 100,000 Retained Earnings(McGrath)   60,000 Goodwill  22,000 Investment.

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  • 61.Perri Company buys 80 percent of the stock of McGrath
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11.In the United States, insider trading is considered a.unethical, but not illegal. b.neither unethical nor illegal. c.both unethical and illegal. d.illegal, but not unethical. 12.Which of the following statements is true about investments categorized as trading securities? a.They are valued on the balance sheet at cost. b.They can consist of debt, but not equity, securities. c.They are purchased.

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  • 11.In the United States, insider trading considered a.unethical, but not illegal. b.neither
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