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Santacruz

ACCT 2011 Final Exam

Santacruz

ACCT 2011 Final Exam

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http://www.homeworkarena.com/acct-2011-final-time-test

 

 

 

            BE15-1

 

           

Buttercup Corporation issued 300 shares of $10 par value common stock for $4,500. Prepare Buttercup's journal entry. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

             

 

BE15-2

 

           

Swarten Corporation issued 600 shares of no-par common stock for $8,200. Prepare Swarten's journal entry if (a) the stock has no stated value, and (b) the stock has a stated value of $2 per share. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

BE15-3

 

           

Wilco Corporation has the following account balances at December 31, 2012.

            Common stock, $5 par value   $510,000

            Treasury stock 90,000

            Retained earnings        2,340,000

            Paid-in capital in excess of par            1,320,000

Prepare Wilco's December 31, 2012, stockholders' equity section.

 

 

            BE15-4

 

           

Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lump sum of $13,500. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share. Prepare the journal entry to record the issuance. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

             

 

 

BE15-5

 

           

On February 1, 2012, Buffalo Corporation issued 3,000 shares of its $5 par value common stock for land worth $31,000. Prepare the February 1, 2012, journal entry. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

 

BE15-6

 

           

Moonwalker Corporation issued 2,000 shares of its $10 par value common stock for $60,000. Moonwalker also incurred $1,500 of costs associated with issuing the stock. Prepare Moonwalker's journal entry to record the issuance of the company's stock. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

 

            BE15-7

 

           

Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 100 shares at $87 per share. On September 1, Sprinkle reissued 60 shares at $90 per share. On November 1, Sprinkle reissued 40 shares at $83 per share. Prepare Sprinkle's journal entries to record these transactions using the cost method. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

             

 

BE15-8

 

           

Arantxa Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2012, Arantxa reacquired 200 shares at $80 per share. On November 1, Arantxa reissued the 200 shares at $70 per share. Arantxa had no previous treasury stock transactions. Prepare Arantxa' journal entries to record these transactions using the cost method. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

 

BE15-9

 

           

Hinges Corporation issued 500 shares of $100 par value preferred stock for $61,500. Prepare Hinges's journal entry. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

 

           

Woolford Inc. declared a cash dividend of $1.00 per share on its 2 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare the journal entries necessary on those three dates. (If no entry is required, enter No Entry as the Description and 0 as the amount.)

             

 

            BE15-11

 

           

Cole Inc. owns shares of Marlin Corporation stock classified as available-for-sale securities. At December 31, 2012, the available-for-sale securities were carried in Cole's accounting records at their cost of $875,000, which equals their fair value. On September 21, 2013, when the fair value of the securities was $1,200,000, Cole declared a property dividend whereby the Marlin securities are to be distributed on October 23, 2013, to stockholders of record on October 8, 2013. Prepare the journal entries necessary on those three dates. (If no entry is required, enter No Entry as the description and 0 as the amount.)

             

 

            BE15-12

 

           

Graves Mining Company declared, on April 20, a dividend of $500,000 payable on June 1. Of this amount, $125,000 is a return of capital. Prepare the April 20 and June 1 entries for Graves. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

 

             

 

 

BE15-13

 

           

Green Day Corporation has outstanding 400,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $65 per share. Prepare the journal entries for Green Day Corporation for both the date of declaration and the date of distribution. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

BE15-14

 

           

Green Day Corporation has outstanding 400,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $65 per share. Prepare the journal entries for Green Day Corporation for both the date of declaration and the date of distribution.

 

BE15-15

 

           

Nottebart Corporation has outstanding 10,000 shares of $100 par value, 6% preferred stock and 60,000 shares of $10 par value common stock. The preferred stock was issued in January 2012, and no dividends were declared in 2012 or 2013. In 2014, Nottebart declares a cash dividend of $300,000.

           

(Effect of Treasury Stock Transactions on Financials)

Sanborn Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Sanborn then entered into the following transactions.

1.         Purchased 5,000 treasury shares at $45 per share.

2.         Resold 500 of the treasury shares at $40 per share.

3.         Resold 2,000 of the treasury shares at $49 per share.

Use the following code to indicate the effect each of the four transactions has on the financial statement categories listed in the table below, assuming Sanborn Company uses the cost method: (I =Increase; D =Decrease; NE =No effect).

             

 

E15-10

 

           

(Analysis of Equity Data and Equity Section Preparation)

For a recent 2-year period, the balance sheet of Franklin Company showed the following stockholders' equity data at December 31 in millions.

                         

            E15-12

 

           

(Cash Dividend and Liquidating Dividend)

Addison Corporation has ten million shares of common stock issued and outstanding. On June 1 the board of directors voted an 60 cents per share cash dividend to stockholders of record as of June 14, payable June 30.

(a)        Prepare the journal entry for the dates above assuming the dividend represents a distribution of earnings. (If no entry is required, enter No Entry as the description and 0 as the amount.)

 

 (b)       What account would be debited on the date of declaration if this were a liquidating dividend?

             

                         

 

 

E15-15

 

           

(Dividend Entries)

The following data were taken from the balance sheet accounts of Wickham Corporation on December 31, 2012.

           

Prepare the required journal entries for the following unrelated items.  (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. If no entry is required, enter No Entry as the description and 0 for the amount.)

(a)        A 5% stock dividend is declared and distributed at a time when the market price of the shares is $39 per share.

 

             

(b)        The par value of the capital stock is reduced to $2 with a 5-for-1 stock split.

 

 (c)       A dividend is declared January 5, 2013, and paid January 25, 2013, in bonds held as an investment. The bonds have a book value of $90,000 and a fair market value of $125,000.

 

E15-16

 

           

 

E15-17

 

           

(Stockholders' Equity Section)

Teller Corporation's post-closing trial balance at December 31, 2012, was as follows.

 

TELLER CORPORATION

POST-CLOSING TRIAL BALANCE

DECEMBER 31, 2012

            E15-24

 

           

(Computation of Book Value per Share)

Johnstone Inc. began operations in January 2011 and reported the following results for each of its 3 years of operations.

 (a)       Compute the book value of the common stock at December 31, 2013.

             

            $ 1.41

(b)        Compute the book value of the common stock at December 31, 2013, assuming that the preferred stock has a liquidating value of $106 per share.

             

            $ 1.37

             

 

P15-1

            (Equity Transactions and Statement Preparation)

On January 5, 2012, Phelps Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 50,000 shares of $10 par value common stock. It then completed these transactions.

             

           

Record the journal entries for the transactions listed above. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

             

             

           

Prepare the stockholders' equity section of Phelps Corporation's balance sheet as of December 31, 2012.

             

                         

 

            P15-9

 

           

(Stockholders' Equity Section of Balance Sheet)

The following is a summary of all relevant transactions of Vicari Corporation since it was organized in 2012.

      In 2012, 15,000 shares were authorized and 7,000 shares of common stock ($50 par value) were issued at a price of $57. In 2013, 1,000 shares were issued as a stock dividend when the stock was selling for $60. Three hundred shares of common stock were bought in 2014 at a cost of $64 per share. These 300 shares are still in the company treasury.

      In 2013, 10,000 preferred shares were authorized and the company issued 5,000 of them ($100 par value) at $113. Some of the preferred stock was reacquired by the company and later reissued for $4,700 more than it cost the company.

The corporation has earned a total of $610,000 in net income after income taxes and paid out a total of $312,600 in cash dividends since incorporation.

Prepare the stockholders' equity section of the balance sheet in proper form for Vicario Corporation as of December 31, 2014. Account for treasury stock using the cost method. (List multiple entries from the largest to the smallest amount, e.g. 10, 5, 2. Enter all amounts as positive amounts and subtract where necessary.)

 

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