Question
In: Accounting
The following data were taken from the balance sheet accounts of Splish Corporation on December 31,...
The following data were taken from the balance sheet accounts of Splish Corporation on December 31, 2016.
Current assets $515,000
Debt investments 640,000
Common stock (par value $10) 475,000
Paid-in capital in excess of par 145,000
Retained earnings 796,000
Prepare the required journal entries for the following unrelated items.
(a) A 4% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $41.
(b) The par value of the common stock is reduced to $2 with a 5-for-1 stock split.
(c) A dividend is declared January 5, 2017, and paid January 25, 2017, in bonds held as an investment. The bonds have a book value of $92,000 and a fair value of $131,000. ( To record change in value of bonds and to record declaration of dividends)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The following data were taken from the balance sheet accounts of Sunland Corporation on December 31,...
The following data were taken from the balance sheet accounts of
Sunland Corporation on December 31, 2016.
Current assets
$530,000
Debt investments
651,000
Common stock (par value $10)
502,000
Paid-in capital in excess of par
152,000
Retained earnings
826,000
Prepare the required journal entries for the following unrelated
items. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the...
The following data were taken from the balance sheet accounts of Masefield Corporation on December 31,...
The following data were taken from the balance sheet
accounts of Masefield Corporation on December 31, 2016.
Current assets
$540,000
Debt investments (trading)
624,000
Common stock (par value $10)
500,000
Paid-in capital in excess of par
150,000
Retained earnings
840,000
Instructions
Prepare the required journal entries for the following
unrelated items.
(a)
A 30% stock dividend is declared and distributed at a
time when the market price per share is $39.
(b)
The par value of the common stock is...
The following data were taken from the SFP accounts of Bramble Corporation on December 31, 2020:...
The following data were taken from the SFP accounts of Bramble
Corporation on December 31, 2020:
Current assets
$
1,035,000
FV-NI investments
842,000
Common shares (unlimited authorized, 590,000 shares issued and
outstanding)
6,490,000
Contributed surplus
360,000
Retained earnings
1,790,000
A 8% stock dividend is declared at their fair value and
distributed at a time when the shares’ fair value is $51 per share.
Prepare the required journal entries. (Credit account
titles are automatically indented when the amount is entered. Do...
The data listed below are taken from a balance sheet of Trident Corporation at December 31,...
The data listed below are taken from a balance sheet of Trident
Corporation at December 31, 2018.
Required:
1. Determine the missing amounts.
2. Prepare Trident's classified balance sheet.
Determine the missing amounts. (Enter the answers in thousands
of dollars.)
($ in 000s)
Cash and cash equivalents
$255,286
Short-term investments
370,700
Accounts receivable (net of
allowance)
521,944
Inventories
Prepaid expenses (current)
100,259
Total current assets
1,764,927
Long-term receivables
127,800
Property and equipment (net)
Total assets
Notes payable and short-term debt...
The data listed below are taken from a balance sheet of Trident Corporation at December 31,...
The data listed below are taken from a balance sheet of Trident
Corporation at December 31, 2021.
Required:
1. Determine the missing amounts.
2. Prepare Trident's classified balance sheet.
Determine the missing amounts. (Enter the answers in thousands
of dollars.)
($ in 000s)
Cash and cash equivalents
$258,286
Short-term investments
373,700
Accounts receivable
524,944
Inventory
Prepaid expenses (current)
103,259
Total current assets
1,794,927
Long-term receivables
130,800
Equipment (net)
Total assets
Notes payable (current)
51,116
Accounts payable
Accrued liabilities
441,772
Other...
The data listed below are taken from a balance sheet of Trident Corporation at December 31,...
The data listed below are taken from a balance sheet of Trident
Corporation at December 31, 2021.
Required:
1. Determine the missing amounts.
2. Prepare Trident's classified balance sheet.
Complete this question by entering your answers
in the tabs below.
Required 1
Required 2
Determine the missing amounts. (Enter the answers in thousands
of dollars.)
($ in 000s)
Cash and cash equivalents
$258,286
Short-term investments
373,700
Accounts receivable
524,944
Inventory
Prepaid expenses (current)
103,259
Total current assets
1,794,927
Long-term receivables...
The data listed below are taken from a balance sheet of Trident Corporation at December 31,...
The data listed below are taken from a balance sheet of
Trident Corporation at December 31, 2021.
Required:
1. Determine the missing amounts.
2. Prepare Trident's classified balance sheet.
Determine the missing amounts. (Enter the answers in thousands
of dollars.)
($ in 000s)
Cash and cash equivalents
$248,286
Short-term investments
363,700
Accounts receivable
514,944
Inventory
Prepaid expenses (current)
93,259
Total current assets
1,694,927
Long-term receivables
120,800
Equipment (net)
Total assets
Notes payable (current)
41,116
Accounts payable
Accrued liabilities
431,772
Other...
The data listed below are taken from a balance sheet of Trident Corporation at December 31,...
The data listed below are taken from a balance sheet of Trident
Corporation at December 31, 2018. Required:
1. Determine the missing amounts. 2. Prepare Trident's
classified balance sheet.
($ in 000s)
Cash and cash equivalents
$244,286
Short-term investments
359,700
Accounts receivable (net of
allowance)
510,944
Inventories
Prepaid expenses (current)
89,259
Total current assets
1,654,927
Long-term receivables
116,800
Property and equipment (net)
Total assets
Notes payable and short-term debt
37,116
Accounts payable
Accrued liabilities
427,772
Other current liabilities
187,604
Total...
The data listed below are taken from a balance sheet of Trident Corporation at December 31,...
The data listed below are taken from a balance sheet of Trident
Corporation at December 31, 2018.
Required:
1. Determine the missing amounts.
2. Prepare Trident's classified balance
sheet.
Determine the missing amounts. (Enter the answers in thousands
of dollars.)
($ in 000s)
Cash and
cash equivalents
$250,286
Short-term investments
365,700
Accounts
receivable (net of allowance)
516,944
Inventories
Prepaid
expenses (current)
95,259
Total
current assets
1,714,927
Long-term
receivables
122,800
Property
and equipment (net)
Total
assets
Notes
payable and short-term...
The following list of accounts is taken from the December 31, 2020, unadjusted trial balance of...
The following list of accounts is taken from the December 31,
2020, unadjusted trial balance of Perdu Sales, a business that is
owned by Eldon Perdu.
Debit
Credit
Cash
$
8,000
Merchandise inventory
9,800
Prepaid selling expense
8,000
Store equipment
40,000
Accumulated depreciation, store equipment
$
9,800
Accounts payable
14,840
Salaries payable
0
Eldon Perdu, capital
25,360
Eldon Perdu, withdrawals
3,600
Sales
858,000
Sales returns and allowances
33,000
Sales discounts
8,000
Cost of goods sold
431,000
Sales salaries expense
94,000...
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