Please answer the matching question below to the best of your knowledge. Thank you in advance for your participation.
Matching questions   

Treasury stock

Stock split

Record date

Outstanding stock

Retained earnings

Publicly held corporation

Preferred stock

Legal capital

Cumulative dividend

Par value stock

 
1-  Net income that is retained in the business.
2- The amount per share of stock that must be retained in the business for the protection of corporate creditors.   

 Capital stock that has contractual preferences over common stock in certain areas.   

  A corporation that may have thousands of stockholders and whose stock is regularly traded on  a national securities market.      

 Capital stock that has been issued and is being held by stockholders.      

Capital stock that has been assigned a value per share in the corporate charter.    

 A corporation's own stock that has been issued,  fully paid for, and reacquired by the corporation but not retired.

The issuance of additional shares of stock to stockholders accompanied by a reduction in the par or stated value per share.  

 9.   The date when ownership of outstanding shares is determined for dividend  purposes.      

A feature of preferred stock entitling the stockholder to receive current and unpaid prior-year dividends before                                                           common stockholders receive any dividends.                  

Agee Storage issued 35 million shares of its $1 common stock at $16 a share on July 1, 2006

Agee reacquired to retire 1 million shares at $14 a share on September 12, 2006.

Agee reacquired 4 million shares as treasury stock at $11 a share on October 7, 2006

Agee issued 3 million shares of treasury stock at $8.50 a share on November 1, 2006

Record all of the applicable general journal entries and post to T-Accounts

(check figure: after all entries have been recorded - APIC account = (510,000,000) & Treasury Stock = 11,000,000)

When originally purchased, a vehicle had an estimated useful life of 8 years. The vehicle cost $25,000 and its estimated residual value is $3,000. After 3 years of straight-line depreciation, the asset’s total estimated useful life was revised from 8 years to 5 years and there was no change in the estimated residual value. The depreciation expense in year 4 is:

The core business of Green Apple Ltd involves the sale of anti-virus software. The following took place during the financial year ended 30 June. The company earned $25 000 000 from the sale of software; $3 000 000 from update downloads; and $50 000 in interest from investing on the short-term money market. The company also received a $2000 discount arising out of the early settlement of a liability; and issued shares in exchange for $500 000 cash during the year. Page 3 of 7 HC1010 Accounting for Business Discuss whether the foregoing five financial items would meet the definition of income to the company during the year? Give reasons for your answer. Which, if any, of the items would meet the definition of revenue to the company for the year? Give reasons for your answer.

Paul Swanson has an opportunity to acquire a franchise from The Yogurt Place, Inc., to dispense frozen yogurt products under The Yogurt Place name. Mr. Swanson has assembled the following information relating to the franchise:

1. A suitable location in a large shopping mall can be rented for $4,200 per month.
2. Remodeling and necessary equipment would cost $360,000. The equipment would have a 15-year life and a $24,000 salvage value. Straight-line depreciation would be used, and the salvage value would be considered in computing depreciation.
3. Based on similar outlets elsewhere, Mr. Swanson estimates that sales would total $450,000 per year. Ingredients would cost 20% of sales.
4. Operating costs would include $85,000 per year for salaries, $5,000 per year for insurance, and $42,000 per year for utilities. In addition, Mr. Swanson would have to pay a commission to The Yogurt Place, Inc., of 15.0% of sales.

Required:

1. Prepare a contribution format income statement that shows the expected net operating income each year from the franchise outlet.

2-a. Compute the simple rate of return promised by the outlet.

2-b. If Mr. Swanson requires a simple rate of return of at least 21%, should he acquire the franchise?

3-a. Compute the payback period on the outlet.

3-b. If Mr. Swanson wants a payback of three years or less, will he acquire the franchise?

1. The issuance of convertible bonds. 2. The conversion of convertible bonds. 3. The issuance of convertible preferred stock. 4. The conversion of convertible preferred stock. 5. The issuance of bonds with detachable stock warrants. 6. The issuance of bonds with nondetachable stock warrants. 7. The grant of employee stock options. 8. The exercise of employee stock options. 9. The expiration of employee stock options. 10. The reissuance of treasury shares at a price less than the cost of the shares. 11. The reissuance of treasury shares at a price greater than the cost of the shares. 12. The redemption of bonds at a price less than their carrying value. 13. The redemption of bonds at a price greater than their carrying value. 14. The amortization of a bond discount. 15. The amortization of a bond premium.

Required—For each transaction, indicate its effect on the financial statement totals displayed below by entering one of the following codes in the table cell: INC = Increase DEC = Decrease N = None

Transaction Total Assets Total Liabilities Total Stockholders’ Equity Net Income

Sweeter Enterprises Inc. has cash flows from operating activities of $438,000. Cash flows used for investments in property, plant, and equipment totaled $92,000, of which 70% of this investment was used to replace existing capacity. a. Determine the free cash flow for Sweeter Enterprises Inc. $ b. How might a lender use free cash flow to determine whether or not to give Sweeter Enterprises Inc. a loan? Free cash flow is often used to measure the financial strength of a business. The free cash flow that a business has, the easier it will be for the company to pay the interest on the loan and repay the loan principal. Sweeter’s free cash flow is $ , which is very .

Using the Microsoft Excel, kindly prepare a cost production report under the FIFO Method.

Paper Needs Inc, has the following production data for the month of June 20xx.

			DEPARTMENT I		DEPARTMENT II
QUANTITY SCHEDULE			Units	Percentage of completion	Units	Percentage of completion
Work-in process, beginning			15,000	2/3 complete	9,000	1/3 complete
Transferred to next department			30,000		?
Work-in process, end			5,000	2/5 complete	8,000	7/8 complete
COST ANALYSIS			DEPARTMENT I		DEPARTMENT II
Work-in process, beginning
	Cost from preceding department
	Costs from this department
		Materials	₱16,290		₱7,992
		Labor	6,630		3,996
		Overhead	2,100		2,664
Costs added this month
		Materials	₱21,720		₱61,272
		Labor	14,618		46,620
		Overhead	5,068		31,080

In Department I, all materials are added at the start of the process, while labor and overhead are applied evenly throughout the process.

In Department II, 50% of materials are added at the start of the process and the balance is added when the process is ¾ completed. Conversion costs are applied uniformly to the process.

Auditing
Please answer with example
A) What is the limitations of external audit.
B) What is the five fundamental principles as well as threats.? You should be able to explain not just writing in points else no full marks

DEF Company incorporated on January 1, 2018 after receiving authorization to issue 5,000 shares of $100 par value preferred stock and 500,000 shares of $10 par value common, with the former having a 10% cumulative dividend feature. During fiscal 2018, the company engaged in the following equity transactions: January 1 Issued 500 shares of preferred stock for $120 each. January 1 Issued 10,000 shares of common stock for $25 each. June 30 Bought 1,000 shares of common stock for the treasury at $30 each. December 31 Declared the preferred stock dividend and a $1.00 per-share dividend on the common. DEF’s fiscal 2018 comprehensive income consisted of the following: sales revenue of $2,500,000, cost of goods sold of $1,600,000, operating expenses of $300,000, income taxes of $215,000, and $40,000 of other comprehensive income from a transaction not subject to income tax.

Required—Prepare in good form each of the following: DEF’s fiscal 2018 statement of stockholders’ equity.

Exercise 16-22 Net operating loss carryback and carryforward [LO16-7]

Wynn Sheet Metal reported an operating loss of $180,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40%. Taxable income, tax rates, and income taxes paid in Wynn’s first four years of operation were as follows:

	Taxable Income			Tax Rates			Income Taxes Paid
2014	$	70,000		30	%		$	21,000
2015		80,000		30				24,000
2016		90,000		40				36,000
2017		70,000		45				31,500

Required:
1. Complete the following table given below and prepare the journal entry to recognize the income tax benefit of the operating loss. Wynn elects the carryback option.
2. Show the lower portion of the 2018 income statement that reports the income tax benefit of the operating loss.

Dove Company charged various expenditures made during 2018 to an account called "Repairs and Maintenance Expense." You have been asked by the internal audit committee to review each expenditure to determine whether (or not) each should be included in the Repairs and Maintenance Expense account. Here are the items currently included in the R & M Expense account: 1. Yearly engine tune-up and oil change for the company's 6 delivery trucks, $660. 2. Rearrangement of the machinery on the main production line, $10,000. (This type of rearrangement is done every four years.) 3. Installation of new aluminum siding on the manufacturing plant, $52,000. (This siding replaces wood siding and is expected to last 20 years.) 4. Purchase of two new forklifts to be used in the storeroom and loading dock, $13,500. (Each has a useful life of 10 years.) 5. Repairs on the air conditioning system, $3,450 that will not last more than the current year. (Dove plans to put in a new system in early 2019.) Required: a. For each of the expenditures listed above, indicate whether the expenditure is properly charged to the repair and maintenance account. If so, write "Properly charged to R & M Expense" next to the item number. If not, indicate where the item should be charged and why. b. Cite all textbook (and other) sources you used in making your decision. You should have a source listed for each of the five items, including page numbers.

Which of the following is NOT a method used by firms to speed up cash collection? Question 5 options: Using lockboxes to collect payments. Move funds to the primary bank using electronic depository transfer. Use wire transfers. Use remote disbursement, that is third parties pay Accounts Payable.

Bonita, Inc. had the following equity investment portfolio at January 1, 2017.

Evers Company		960 shares @ $14 each		$13,440
Rogers Company		880 shares @ $20 each		17,600
Chance Company		520 shares @ $10 each		5,200
Equity investments @ cost				36,240
Fair value adjustment				(7,300	)
Equity investments @ fair value				$28,940

During 2017, the following transactions took place.

1.		On March 1, Rogers Company paid a $2 per share dividend.
2.		On April 30, Bonita, Inc. sold 320 shares of Chance Company for $11 per share.
3.		On May 15, Bonita, Inc. purchased 100 more shares of Evers Company stock at $17 per share.
4.		At December 31, 2017, the stocks had the following price per share values: Evers $18, Rogers $19, and Chance $9.

During 2018, the following transactions took place.

5.		On February 1, Bonita, Inc. sold the remaining Chance shares for $9 per share.
6.		On March 1, Rogers Company paid a $2 per share dividend.
7.		On December 21, Evers Company declared a cash dividend of $3 per share to be paid in the next month.
8.		At December 31, 2018, the stocks had the following price per share values: Evers $20 and Rogers $21.

Prepare journal entries for each of the above transactions.

Kingsport Containers Company makes a single product that is subject to wide seasonal variations in demand. The company uses a job-order costing system and computes plantwide predetermined overhead rates on a quarterly basis using the number of units to be produced as the allocation base. Its estimated costs, by quarter, for the coming year are given below:

   

	Quarter
	First			Second			Third			Fourth
Direct materials	$	320,000		$	160,000		$	80,000		$	240,000
Direct labor		160,000			80,000			40,000			120,000
Manufacturing overhead		230,000			206,000			194,000			?
Total manufacturing costs (a)	$	710,000		$	446,000		$	314,000		$	?
Number of units to be produced (b)		120,000			60,000			30,000			90,000
Estimated unit product cost (a) ÷ (b)	$	5.92		$	7.43		$	10.47		$	?

Management finds the variation in quarterly unit product costs to be confusing and difficult to work with. It has been suggested that the problem lies with manufacturing overhead because it is the largest element of total manufacturing cost. Accordingly, you have been asked to find a more appropriate way of assigning manufacturing overhead cost to units of product.

Required:

1. Assuming the estimated variable manufacturing overhead cost per unit is $0.40, what must be the estimated total fixed manufacturing overhead cost per quarter?

2. Assuming the assumptions about cost behavior from the first three quarters hold constant, what is the estimated unit product cost for the fourth quarter?

3. What is causing the estimated unit product cost to fluctuate from one quarter to the next?

4. Assuming the company computes one predetermined overhead rate for the year rather than computing quarterly overhead rates, calculate the unit product cost for all units produced during the year.