Roman Company had the following stockholders’ equity as of January 1, 2010.
Common Stock, $2 par value, 50,000 shares issued $100,000
Paid-in capital in excess of par $300,000
Paid-in capital Treasury Stock $ 1,000
Retained earnings $319,000
Total stockholder’s equity $720,000
During 2010, the following transactions occurred:
Jan 31 Roman issued 5,000 shares of common stock at $10 per share.
Feb 25 Roman repurchased 1,900 shares of treasury stock at a price of $18 per share.
Mar 2 1,200 shares of treasury stock repurchased above were reissued at $16 per share.
Apr 22 500 shares of treasury stock repurchased above were reissued at $25 per share.
Apr 24 A 5% stock dividend was declared (the market price of the stock was $14)
Apr 25 The 5% stock dividend was distributed ( market price of the stock was still $14)
Required:
Prepare the journal entries to record the stock transactions in 2010, assuming Roman uses the cost method to account for treasury stock.
How many shares of common stock were outstanding as of April 30, 2010?
In: Accounting
| WEYERHAEUSER COMPANY* | |||
| CONSOLIDATED STATEMENT OF OPERATIONS | |||
| for the three-year ended December 31, 2010 | |||
| DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES | |||
| 2010 | 2009 | 2008 | |
| Net sales and revenues | $ 6,552 | $ 5,528 | $ 8,100 |
| Cost of products sold | $ 5,392 | $ 5,127 | $ 7,508 |
| Gross margin | $ 1,160 | $ 401 | $ 592 |
| Selling, general and administrative expenses | $ 677 | $ 709 | $ 996 |
| Research and development expenses | $ 34 | $ 51 | $ 66 |
| Alternative fuel mixture credits (Note 21) | $ - | $ (344) | $ - |
| Charges for restructuring, closures and impairments (Note 19) | $ 149 | $ 698 | $ 2,118 |
| Other operating costs (income), net (Note 20) | $ (168) | $ (266) | $ 13 |
| Operating income (loss) | $ 468 | $ (447) | $ (2,601) |
| Interest income and other | $ 83 | $ 74 | $ 366 |
| Impairment of investments and other related charges (Note 19) | $ (3) | $ (7) | $ (160) |
| Interest expense, net of capitalized interest | $ (452) | $ (462) | $ (414) |
| Earnings (loss) from continuing operations before income taxes | $ 96 | $ (842) | $ (2,809) |
| Income tax benefit (Note 21) | $ 1,187 | $ 274 | $ 900 |
| Earnings (loss) from continuing operations | $ 1,283 | $ (568) | $ (1,909) |
| Earnings from discontinued operations, net of income taxes (Note 4) | $ - | $ - | $ 667 |
| Net earnings (loss) | $ 1,283 | $ (568) | $ (1,242) |
| Less: net (earnings) loss attributable to noncontrolling interests | $ (2) | $ 23 | $ 66 |
| Net earnings (loss) attributable to Weyerhaeuser common shareholders | $ 1,281 | $ (545) | $ (1,176) |
| Basic earnings (loss) per share attributable to Weyerhaeuser common shareholders (Note 5): | |||
| Continuing operations | $ 4.00 | $ (2.58) | $ (8.72) |
| Discontinued operations | $ - | $ - | $ 3.15 |
| Net earnings (loss) per share | $ 4.00 | $ (2.58) | $ (5.57) |
| Diluted earnings (loss) per share attributable to Weyerhaeuser common shareholders (Note 5): | |||
| Continuing operations | $ 3.99 | $ (2.58) | $ (8.72) |
| Discontinued operations | $ - | $ - | $ 3.15 |
| Net earnings (loss) per share | $ 3.99 | $ (2.58) | $ (5.57) |
| Dividends paid per share (Note 2) | $ 26.61 | $ 0.60 | $ 2.40 |
| Weighted average shares outstanding (in thousands) (Note 5) | |||
| Basic | 319,976 | 211,342 | 211,258 |
| Diluted | 321,096 | 211,342 | 211,258 |
| CONSOLIDATED BALANCE SHEET (In Part) | |||
| LIABILITIES AND EQUITY | |||
| Dollar amounts in millions, except per-share figures | |||
| 12/31/10 | 12/31/09 | ||
| Total liabilities | $ 8,815 | $ 11,196 | |
| Equity: | |||
| Weyerhaeuser shareholders' interest (Notes 2, 17, and 18): | |||
| Common shares: $1.25 per par value, authorized | |||
| 1,360,000,000 and 400,000,000 shares; issued and | |||
| outstanding: 535,975,518 and 211,358,955 shares | $ 670 | $ 264 | |
| Other capital | $ 4,552 | $ 1,786 | |
| Retained earnings | $ 181 | $ 2,658 | |
| Cumulative other comprehensive loss | $ (791) | $ (664) | |
| Total Weyerhaeuser shareholders' interest | $ 4,612 | $ 4,044 | |
| Noncontrolling interests | $ 2 | $ 10 | |
| Total equity | $ 4,614 | $ 4,054 | |
| Total liabilities and equity | $ 13,429 | $ 15,250 | |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AND | |||
| COMPREHENSIVE INCOME (In Part) | |||
| FOR THE THREE-YEAR PERIOD ENDED DECEMBER 31, 2010 | |||
| DOLLAR AMOUNTS IN MILLIONS | |||
| 2010 | 2009 | 2008 | |
| Common Shares: | |||
| Balance at beginning of year | $ 264 | $ 264 | $ 262 |
| Issued for exercise of stock options | $ 1 | $ - | $ - |
| Retraction or redemption of exchangeable shares | $ - | $ - | $ 2 |
| Special Dividend (Note 17) | $ 405 | $ - | $ - |
| Balance at end of year | $ 670 | $ 264 | $ 264 |
|
Required: 2. How many shares of common stock were outstanding as of December 31, 2010? 3. What share number is used to compute basic earnings per share for 2010? Describe the computation of this number. 4. What share number was used to compute diluted earnings per share for 2010? Describe the computation of this number. 5. Why the substantial difference in shares outstanding at December 31, 2010 and the weighted average shares outstanding at December 31, 2010? b. What earnings per share number would analysts likely put more emphasis on for the year-end period ended December 31, 2010? c. Compute the book value for December 31, 2010. |
|
||
In: Accounting
How did Iran become a nuclear power- how did they get this technology - fission technology and missile technology?
In: Economics
A circuit consists of a large electromagnet that has an inductance of 52.0 H and a resistance of 8.00 ?, a dc 270 V power source, and an open switch - all connected in series.
A) How long after the switch is closed is the current equal to 10.5 A?
B) How long after the switch is closed is the current equal to 31.9 A?
In: Physics
Blue Spruce Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $5,100,000 and had an estimated useful life of 8 years with no salvage value. At December 31, 2020, new technology was introduced that would accelerate the obsolescence of Blue Spruce’s equipment. Blue Spruce’s controller estimates that expected future net cash flows on the equipment will be $3,187,500 and that the fair value of the equipment is $2,805,000. Blue Spruce intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years. Blue Spruce uses straight-line depreciation.
What is the carrying value of the equipment at December 31, 2020?
| Carrying value | $ |
Prepare the journal entry (if any) to record the impairment at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation | Debit | Credit | |
| Dec. 31 | loss on impairement | 1,020,00 | |
| accum. dep-equip | 1,020,000 |
Prepare any journal entries for the equipment at December 31, 2021. The fair value of the equipment at December 31, 2021, is estimated to be $2,932,500. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
Dec. 31 | |||
Prepare the journal entry (if any) to record the impairment at December 31, 2020. assuming that Blue Spruce intends to dispose of the equipment and that it has not been disposed of as of December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
12/31/20 | |||
Date | Account Titles and Explanation | Debit | Credit |
12/31/21 | |||
In: Accounting
See last 2 tables
1) budgeted mthly income statements. where i have added comments are the items i need . i have put answers that are not correct for june and total column last 3 items for each column
2) for budgedted balance sheet I have added comments on answer section . I have put answers that are not correct for interest payable and stockholders'equity.
Developing a Master Budget
for a Merchandising Organization
Peyton Department Store prepares budgets quarterly. The following
information is available for use in planning the second quarter
budgets for 2010.
| PEYTON DEPARTMENT STORE Balance Sheet March 31, 2010 |
|||
|---|---|---|---|
| Assets | Liabilities and Stockholders' Equity | ||
| Cash | $3,000 |
Accounts payable |
$26,000 |
| Accounts receivable | 25,000 |
Dividends payable |
17,000 |
| Inventory | 30,000 |
Rent payable |
2,000 |
| Prepaid Insurance | 2,000 |
Stockholders' equity |
40,000 |
| Fixtures | 25,000 | ||
| Total assets | $85,000 |
Total liabilities and equity |
$85,000 |
Actual and forecasted sales for selected months in 2010 are as follows:
| Month | Sales Revenue |
|---|---|
| January | $50,000 |
| February | 50,000 |
| March | 40,000 |
| April | 50,000 |
| May | 60,000 |
| June | 70,000 |
| July | 90,000 |
| August | 80,000 |
Monthly operating expenses are as follows:
| Wages and salaries | $27,000 |
| Depreciation | 100 |
| Utilities | 1,000 |
| Rent | 2,000 |
Cash dividends of $17,000 are declared during the third month of
each quarter and are paid during the first month of the following
quarter. Operating expenses, except insurance, rent, and
depreciation are paid as incurred. Rent is paid during the
following month. The prepaid insurance is for five more months.
Cost of goods sold is equal to 50 percent of sales. Ending
inventories are sufficient for 120 percent of the next month's
sales. Purchases during any given month are paid in full during the
following month. All sales are on account, with 50 percent
collected during the month of sale, 40 percent during the next
month, and 10 percent during the month thereafter. Money can be
borrowed and repaid in multiples of $1,000 at an interest rate of
12 percent per year. The company desires a minimum cash balance of
$3,000 on the first of each month. At the time the principal is
repaid, interest is paid on the portion of principal that is
repaid. All borrowing is at the beginning of the month, and all
repayment is at the end of the month. Money is never repaid at the
end of the month it is borrowed.
(a) Prepare a purchases budget for each month of the second quarter
ending June 30, 2010.
| Peyton Department Store Monthly Purchase Budget Quarter Ending June 30, 2010 |
||||
|---|---|---|---|---|
| April | May | June | Total | |
| Budgeted purchases | $Answer | $Answer | $Answer | $Answer |
(b) Prepare a cash receipts schedule for each month of the second quarter ending June 30, 2010. Do not include borrowings.
| Peyton Department Store Schedule of Monthly Cash Receipts Quarter Ending June 30, 2010 |
||||
|---|---|---|---|---|
| April | May | June | Total | |
| Total cash receipts | $Answer | $Answer | $Answer | $Answer |
(c) Prepare a cash disbursements schedule for each month of the second quarter ending June 30, 2010. Do not include repayments of borrowings.
| Peyton Department Store Schedule of Monthly Cash Disbursements Quarter Ending June 30, 2010 |
||||
|---|---|---|---|---|
| April | May | June | Total | |
| Total cash disbursements | $Answer | $Answer | $Answer | $Answer |
(d) Prepare a cash budget for each month of the second quarter ending June 30, 2010. Include budgeted borrowings and repayments.
Only use negative signs, if needed, for: excess receipts over disbursements, balance before borrowings and cash balances (beginning and ending).
| Peyton Department Store Monthly Cash Budget Quarter Ending June 30, 2010 |
||||
|---|---|---|---|---|
| April | May | June | Total | |
| Cash balance, beginning | $Answer | $Answer | $Answer | $Answer |
| Receipts | Answer | Answer | Answer | Answer |
| Disbursements | Answer | Answer | Answer | Answer |
| Excess receipts over disb. | Answer | Answer | Answer | Answer |
| Balance before borrowings | Answer | Answer | Answer | Answer |
| Borrowings | Answer | Answer | Answer | Answer |
| Loan repayments | Answer | Answer | Answer | Answer |
| Cash balance, ending | $Answer | $Answer | $Answer | $Answer |
(e) Prepare an income statement for each month of the second quarter ending June 30, 2010.
Only use negative signs to show net losses in income.
| Peyton Department Store Budgeted Monthly Income Statements Quarter Ending June 30, 2010 |
||||
|---|---|---|---|---|
| April | May | June | Total | |
| Sales | $Answer | $Answer | $Answer | $Answer |
| Cost of sales | Answer | Answer | Answer | Answer |
| Gross profit | Answer | Answer | Answer | Answer |
| Operating expenses: | ||||
| Wages and salaries | Answer | Answer | Answer | Answer |
| Depreciation | Answer | Answer | Answer | Answer |
| Utilities | Answer | Answer | Answer | Answer |
| Rent | Answer | Answer | Answer | Answer |
| Insurance | Answer | Answer | Answer | Answer |
| Interest | Answer | Answer | Answer(not 630) | Answer(not 1,240) |
| Total expenses | Answer | Answer | Answer(not 31,130) | Answer(not 92,740) |
| Net income | $Answer | $Answer | $Answer(not 3,870) | $Answer(not 2,740) |
(f) Prepare a budgeted balance sheet as of June 30, 2010.
| Peyton Department Store Budgeted Balance Sheet June 30, 2010 |
||||
|---|---|---|---|---|
| Assets | Liabilities and Equity | |||
| Cash | $Answer | Merchandise payable | $Answer | |
| Accounts receivable | Answer | Dividend payable | Answer | |
| Inventory | Answer | Rent payable | Answer | |
| Prepaid insurance | Answer | Loans payable | Answer | |
| Fixtures | Answer | Interest payable | Answer(not 1,240) | |
| Total assets | $Answer | Stockholders' equity | Answer(not 20,260) | |
| Total liab. & equity | $Answer(yes 123,500) | |||
In: Accounting
Developing a Master Budget- Please answer the bottom bolded
"ANSWERS" at the bottom.
for a Merchandising Organization
Peyton Department Store prepares budgets quarterly. The following
information is available for use in planning the second quarter
budgets for 2010.
| PEYTON DEPARTMENT STORE Balance Sheet March 31, 2010 |
|||
|---|---|---|---|
| Assets | Liabilities and Stockholders' Equity | ||
| Cash | $2,000 |
Accounts payable |
$26,000 |
| Accounts receivable | 25,000 |
Dividends payable |
17,000 |
| Inventory | 30,000 |
Rent payable |
1,000 |
| Prepaid Insurance | 2,000 |
Stockholders' equity |
40,000 |
| Fixtures | 25,000 | ||
| Total assets | $84,000 |
Total liabilities and equity |
$84,000 |
Actual and forecasted sales for selected months in 2010 are as follows:
| Month | Sales Revenue |
|---|---|
| January | $80,000 |
| February | 50,000 |
| March | 40,000 |
| April | 50,000 |
| May | 60,000 |
| June | 70,000 |
| July | 90,000 |
| August | 80,000 |
Monthly operating expenses are as follows:
| Wages and salaries | $27,000 |
| Depreciation | 100 |
| Utilities | 1,000 |
| Rent | 1,000 |
Cash dividends of $17,000 are declared during the third month of
each quarter and are paid during the first month of the following
quarter. Operating expenses, except insurance, rent, and
depreciation are paid as incurred. Rent is paid during the
following month. The prepaid insurance is for five more months.
Cost of goods sold is equal to 50 percent of sales. Ending
inventories are sufficient for 120 percent of the next month's
sales. Purchases during any given month are paid in full during the
following month. All sales are on account, with 50 percent
collected during the month of sale, 40 percent during the next
month, and 10 percent during the month thereafter. Money can be
borrowed and repaid in multiples of $1,000 at an interest rate of
12 percent per year. The company desires a minimum cash balance of
$2,000 on the first of each month. At the time the principal is
repaid, interest is paid on the portion of principal that is
repaid. All borrowing is at the beginning of the month, and all
repayment is at the end of the month. Money is never repaid at the
end of the month it is borrowed.
(a) Prepare a purchases budget for each month of the second quarter
ending June 30, 2010.
| Peyton Department Store Monthly Purchase Budget Quarter Ending June 30, 2010 |
||||
|---|---|---|---|---|
| April | May | June | Total | |
| Budgeted purchases | 31,000 |
36,000 |
47,000 |
114,000 |
(b) Prepare a cash receipts schedule for each month of the second quarter ending June 30, 2010. Do not include borrowings.
| Peyton Department Store Schedule of Monthly Cash Receipts Quarter Ending June 30, 2010 |
||||
|---|---|---|---|---|
| April | May | June | Total | |
| Total cash receipts | 46,000 | 54,000 | 64,000 | 164,000 |
(c) Prepare a cash disbursements schedule for each month of the second quarter ending June 30, 2010. Do not include repayments of borrowings.
| Peyton Department Store Schedule of Monthly Cash Disbursements Quarter Ending June 30, 2010 |
||||
|---|---|---|---|---|
| April | May | June | Total | |
| Total cash disbursements | 72,000 |
60,000 |
65,000 | 197,000 |
(d) Prepare a cash budget for each month of the second quarter ending June 30, 2010. Include budgeted borrowings and repayments.
Only use negative signs, if needed, for: excess receipts over disbursements, balance before borrowings and cash balances (beginning and ending).
| Peyton Department Store Monthly Cash Budget Quarter Ending June 30, 2010 |
||||
|---|---|---|---|---|
| April | May | June | Total | |
| Cash balance, beginning | 2000 |
2000 |
2000 |
6000 |
| Receipts | 46,000 |
54,000 |
64,000 |
164,000 |
| Disbursements | 72,000 |
60,000 |
65,00 |
197,000 |
| Excess receipts over disb. | -26,000 |
-6000 |
1000 |
-33000 |
| Balance before borrowings | -24000 |
-4000 |
1000 |
31000 |
| Borrowings | 26,000 |
6000 |
1000 |
33000 |
| Loan repayments | 0 |
0 |
0 |
0 |
| Cash balance, ending | 2000 |
2000 |
2000 |
2000 |
(e) Prepare an income statement for each month of the second quarter ending June 30, 2010.
Only use negative signs to show net losses in income.
| Peyton Department Store Budgeted Monthly Income Statements Quarter Ending June 30, 2010 |
||||
|---|---|---|---|---|
| April | May | June | Total | |
| Sales | 50000 |
60000 |
70000 |
180000 |
| cost of sales | 25000 |
30,000 |
35,000 |
90,000 |
| Gross profit | 25,000 |
30000 |
35,000 |
90,000 |
| Operating expenses: | ||||
| Wages and salaries | 27000 |
27000 |
27000 |
81,000 |
| Depreciation | 100 |
100 |
100 |
300 |
| Utilities | 1000 |
1000 |
1000 |
3000 |
| Rent |
1000 |
1000 |
1000 |
3000 |
| Insurance | 400 |
400 |
400 |
1200 |
| Interest | Answer | Answer | Answer | Answer |
| Total expenses | Answer | Answer | Answer | Answer |
| Net income | Answer | Answer | Answer | Answer |
(f) Prepare a budgeted balance sheet as of June 30, 2010.
| Peyton Department Store Budgeted Balance Sheet June 30, 2010 |
||||
|---|---|---|---|---|
| Assets | Liabilities and Equity | |||
| Cash | 2000 | Merchandise payable | 47,000 | |
| Accounts receivable | 41000 | Dividend payable | 17000 | |
| Inventory | 54000 | Rent payable | 1000 | |
| Prepaid insurance | 800 | Loans payable | 33,000 | |
| Fixtures | 24,700 | Interest payable | Answer | |
| Total assets | 122500 | Stockholders' equity | Answer | |
| Total liab. & equity | 122500 | |||
In: Accounting
Your company's CEO is concerned that the large, mature business is falling behind in its level of innovation and organizational learning. He would like to promote increased intrapreneurship and has asked for ideas. Prove two viable suggestions you would give the CEO.
In: Economics
“ Theory without practice is lame practice without theory is
blind “ anonymous .
It stand to reason ; therefore that entrepreneurship as a
discipline must be supported by theories .
a. Define what is a theory and it’s importance to the entrepreneur .
b. List and explain characters of innovation of Theory of Joseph schumpeter
In: Economics
Consider the customer journey at flying for business with Etihad Airlines. Name possible waste categories and propose five ways to reduce waste in the process (5 points). Propose five means to engage employees to continuous improvement, innovation and seek for excellence (5 points).
In: Operations Management