Question

In: Accounting

q15 Milford Corporation had the following transactions and events: Indicate whether each of the below transactions...

q15

Milford Corporation had the following transactions and events:

Indicate whether each of the below transactions would increase, decrease, or have no effect on assets, liabilities, and key categories within shareholders’ equity.

Shareholders’ Equity

Assets

Liabilities

Share Capital

Retained Earnings

Accumulated
Other
Comprehensive
Income

Total
Shareholders’
Equity

(1)

Issued preferred shares for cash.

(2)

Declared a cash dividend on the preferred shares.

(3)

Paid the cash dividend declared in transaction (2).

(4)

Issued common shares for cash.

(5)

Issued common shares for a noncash exchange of assets.

(6)

Completed a 2-for-1 stock split of the common shares.

(7)

Declared a stock dividend on the common shares.

(8)

Distributed the stock dividend declared in transaction (7).

(9)

Restricted retained earnings.

(10)

Reported other comprehensive income from an unrealized gain on investments.

Expert Solution

Answer is given below

ekkarill92 answered 2 years ago

Exercise 12-01 Kiley Corporation had these transactions during 2022. Analyze the transactions and indicate whether each...

Exercise 12-01 Kiley Corporation had these transactions during 2022. Analyze the transactions and indicate whether each transaction is an operating activity, investing activity, financing activity, or noncash investing and financing activity. (a) Purchased a machine for $30,000, giving a long-term note in exchange. select an option Financing ActivitiesInvesting ActivitiesOperating ActivitiesNoncash Investing and Financing Activities (b) Issued $50,000 par value common stock for cash. select an option Operating ActivitiesNoncash Investing and Financing ActivitiesFinancing ActivitiesInvesting Activities (c) Issued $200,000 par value common...

Indicate by a (+), (-), or (0) whether each of the following events would probably cause...

Indicate by a (+), (-), or (0) whether each of the following events would probably cause average annual inventory holdings to rise, fall, or be affected in an indeterminate manner. Also provide an explanation for each event and the affects. (5 pts) a. Our suppliers switch from delivering by train to air freight. b. We change from producing just-in-time to meet seasonal sales to steady, year-round production. c. Competition in the markets in which we sell increases. d. The...

For each of the following events, indicate the accounts affected, whether they would increase or decrease,...

For each of the following events, indicate the accounts affected, whether they would increase or decrease, and the amount by which they would change. Also demonstrate that the accounting equation will remain in balance after these effects are reported. If the event should not to be recorded as a transaction, state so. A. Borrowed $7,000,000 cash, signing a promissory note. B. Bought a factory for $800,000, paying $200,000 in cash and signing a promissory note for $600,000. C. Rented equipment...

For each of the following events, indicate whether it is a demand-side or a supply-side change...

For each of the following events, indicate whether it is a demand-side or a supply-side change and how the event affects that side of the economy. a. Consumers become more pessimistic about the economy. Demand decreases. Demand increases. Supply decreases. Supply increases. b. Technological changes enable workers to be more productive._____ Demand increases. Demand decreases. Supply increases. Supply decreases. c. Manufacturing firms expect steel prices to decrease significantly. ____Demand decreases. Supply decreases. Demand increases. Supply increases. d. The Affordable Care...

For each of the following transactions, indicate the accounts affected and whether the accounts affected are...

For each of the following transactions, indicate the accounts affected and whether the accounts affected are an asset, a liability, an equity, an income or an expense. Also indicate whether the accounts are being increased or decreased and whether the increase or decrease is a debit or credit. Ignore GST. 1. Owner gave their personal computer to the business. 2. Employed a secretary. 3. Purchased supplies on credit. 4. Paid a creditor using an electronic transfer. 5. Invoiced a customer...

Stelling Corporation had the following transactions during 2020. Identify whether each transaction should be considered a...

Stelling Corporation had the following transactions during 2020. Identify whether each transaction should be considered a cash flow from operating, investing, or financing activities, or whether the transaction is a significant non-cash activity. 1. Issued $120,000 worth of preferred shares in exchange for land 2. Exchanged a vehicle worth $30,000 for computer system worth $30,000 3. Received a cash dividend of $40,000. - if ASPE Received a cash dividend of $40,000. - if IFRS 4. Paid $12,000 due to suppliers...

Indicate whether each of the following desired transactions would increase the demand for or the supply...

Indicate whether each of the following desired transactions would increase the demand for or the supply of foreign currency units (FCU) in the FX market and whether it would constitute upward (UP) or downward (DOWN) pressure on the price of the FCU (in USD terms) [Hint: The U.S. is the home country and demand and supply of FCU are relative to the USD] Desired Transaction Increased Demand or Supply of FCU Pressure on Price of FCU (USD/FCU) UK firm, using...

BE3.1 (LO 1) Presented below are a number of transactions. (a) Indicate whether each transaction increased...

BE3.1 (LO 1) Presented below are a number of transactions. (a) Indicate whether each transaction increased (+), decreased (–), or had no effect (NE) on assets, liabilities, and shareholders’ equity. (b) Which of the following are accounting transactions that should be recorded in the accounting records? (1)Purchased equipment for cash. Completed the paperwork to hire a new employee; (2) the employee will start work next week. Fired the CEO. (3)Performed services on account. (4)A potential customer called to inquire about...

Listed below are several transactions. For each transaction, indicate by letter whether the cash effect ofeach...

Listed below are several transactions. For each transaction, indicate by letter whether the cash effect ofeach transaction is reported in a statement of cash flows as an operating (O), investing (I), financing (F), ornoncash (NC) activity. Also, indicate whether the transaction is a cash inflow (+), cash outflow (-), orhas no effect on cash (N). The first answer is provided as an example. 1. Purhcased equipment with cash 2. Re-sold treasury stock 3. Paid the State of California franchise taxes...

Indicate whether each of the following statements is true or false. 1. The corporation is an...

Indicate whether each of the following statements is true or false. 1. The corporation is an entity separate and distinct from its owners. 2. The liability of stockholders is normally limited to their investment in the corporation. 3. The relative lack of government regulation is an advantage of the corporate form of business. 4. There is no journal entry to record the authorization of capital stock. 5. No-par value stock is quite rare today.