Question
In: Accounting
Niles Corporation completed the following selected transactions during the current year: Mar. 3 Distributed a 10%...
Niles Corporation completed the following selected transactions during the current year: Mar. 3 Distributed a 10% stock dividend on the 90,000 common shares outstanding. The market price of the common shares was $25 per share. May 16 Declared a cash dividend on the $5 preferred shares (5,000 shares outstanding). 30 Paid the cash dividends. Dec. 8 Issued 1,500 common shares for $27 per share. 19 Issued 10,000 common shares for $28 per share. Requirement Analyze each transaction in terms of its effect (in dollars) on the accounting equation of Niles Corporation.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Transactions and T Accounts The following selected transactions were completed during March of the current year:...
Transactions and T Accounts
The following selected transactions were completed during March
of the current year:
Billed customers for fees earned, $50,700.
Purchased supplies on account, $2,180.
Received cash from customers on account, $47,660.
Paid creditors on account, $1,320.
a. Journalize the transactions in a two-column
journal, using the appropriate number to identify the
transactions.
(1)
(2)
(3)
(4)
b. Post the entries prepared in (a) to the
following T accounts: Cash, Supplies, Accounts Receivable, Accounts
Payable, Fees Earned. To...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during...
Purchase-Related Transactions Using Perpetual Inventory
System
The following selected transactions were completed by Niles Co.
during March of the current year:
Mar. 1.
Purchased merchandise from Haas Co., $18,200, terms FOB
shipping point, 2/10, n/eom. Prepaid freight of $450 was added to
the invoice.
5.
Purchased merchandise from Whitman Co., $16,400, terms FOB
destination, n/30.
10.
Paid Haas Co. for invoice of March 1.
13.
Purchased merchandise from Jost Co., $5,700, terms FOB
destination, 1/10, n/30.
14.
Issued debit memo...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during...
Purchase-Related Transactions Using Perpetual Inventory
System
The following selected transactions were completed by Niles Co.
during March of the current year:
Mar. 1.
Purchased merchandise from Haas Co., $18,400, terms FOB
shipping point, 2/10, n/eom. Prepaid freight of $150 was added to
the invoice.
5.
Purchased merchandise from Whitman Co., $15,400, terms FOB
destination, n/30.
10.
Paid Haas Co. for invoice of March 1.
13.
Purchased merchandise from Jost Co., $7,600, terms FOB
destination, 1/10, n/30.
14.
Issued debit memo...
Purchase-Related Transactions Using Periodic Inventory System The following selected transactions were completed by Niles Co. during...
Purchase-Related Transactions Using Periodic Inventory
System
The following selected transactions were completed by Niles Co.
during March of the current year:
Mar. 1.
Purchased merchandise from Haas Co., $43,250, terms FOB
shipping point, 2/10, n/eom. Prepaid freight of $650 was added to
the invoice.
5.
Purchased merchandise from Whitman Co., $19,175, terms FOB
destination, n/30.
10.
Paid Haas Co. for invoice of March 1.
13.
Purchased merchandise from Jost Co., $15,550, terms FOB
destination, 2/10, n/30.
14.
Issued debit memo...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during...
Purchase-Related Transactions Using Perpetual Inventory
System
The following selected transactions were completed by Niles Co.
during March of the current year:
Mar. 1.
Purchased merchandise from Haas Co., $18,800, terms FOB
shipping point, 2/10, n/eom. Prepaid freight of $525 was added to
the invoice.
5.
Purchased merchandise from Whitman Co., $15,350, terms FOB
destination, n/30.
10.
Paid Haas Co. for invoice of March 1.
13.
Purchased merchandise from Jost Co., $4,900, terms FOB
destination, 1/10, n/30.
14.
Issued debit memo...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during...
Purchase-Related Transactions Using Perpetual Inventory
System
The following selected transactions were completed by Niles Co.
during March of the current year:
Mar. 1.
Purchased merchandise from Haas Co., $17,600, terms FOB
shipping point, 2/10, n/eom. Prepaid freight of $575 was added to
the invoice.
5.
Purchased merchandise from Whitman Co., $14,150, terms FOB
destination, n/30.
10.
Paid Haas Co. for invoice of March 1.
13.
Purchased merchandise from Jost Co., $9,900, terms FOB
destination, 1/10, n/30.
14.
Issued debit memo...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during...
Purchase-Related Transactions Using Perpetual Inventory
System
The following selected transactions were completed by Niles Co.
during March of the current year:
Mar. 1.
Purchased merchandise from Haas Co., $18,500, terms FOB
shipping point, 2/10, n/eom. Prepaid freight of $525 was added to
the invoice.
5.
Purchased merchandise from Whitman Co., $11,350, terms FOB
destination, n/30.
10.
Paid Haas Co. for invoice of March 1.
13.
Purchased merchandise from Jost Co., $4,000, terms FOB
destination, 1/10, n/30.
14.
Issued debit memo...
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan....
Selected transactions completed by ATV Discount Corporation
during the current fiscal year are as follows:
Jan.
5.
Split the common stock 3 for 1 and
reduced the par from $75 to $25 per share. After the split, there
were 1,279,500 common shares outstanding.
Mar.
10.
Purchased 39,200 shares of the
corporation’s own common stock at $27, recording the stock at
cost.
Apr.
30.
Declared semiannual dividends of
$0.90 on 75,000 shares of preferred stock and $0.15 on the common
stock...
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan....
Selected transactions completed by ATV Discount Corporation
during the current fiscal year are as follows:
Jan.
5.
Split the common
stock 4 for 1 and reduced the par from $20 to $5 per share. After
the split, there were 4,000,000 common shares outstanding.
Mar.
10.
Purchased 100,000
shares of the corporation’s own common stock at $30, recording the
stock at cost.
Apr.
30.
Declared semiannual
dividends of $0.25 on 30,000 shares of preferred stock and $0.08 on
the common stock...
Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Jan....
Selected transactions completed by Primo Discount Corporation
during the current fiscal year are as follows:
Jan.
9
Split the common stock 3 for 1 and
reduced the par from $75 to $25 per share. After the split, there
were 1,170,000 common shares outstanding.
Feb.
28
Purchased 39,000 shares of the
corporation’s own common stock at $28, recording the stock at
cost.
May
1
Declared semiannual dividends of
$0.85 on 72,300 shares of preferred stock and $0.10 on the common
stock...
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