Marigold Corp., has 14200 shares of 4%, $100 par value, cumulative preferred stock and 59900 shares of $1 par value common stock outstanding at December 31, 2018. There were no dividends declared in 2016. The board of directors declares and pays a $117000 dividend in 2017 and in 2018. What is the amount of dividends received by the common stockholders in 2018?
| 0 |
| $117000 |
| $63600 |
| $56800 |
In: Accounting
|
Prices |
||||
|
Quantity in Basket |
2016 |
2017 |
2018 |
|
|
Cheeseburgers |
20 |
$5 |
$5 |
$6 |
|
Baseball Tickets |
5 |
$20 |
$25 |
$30 |
|
Toilet Paper |
40 |
$1 |
$1 |
$1 |
In: Economics
On February 1, 2018, Strauss-Lombardi issued 9% bonds, dated February 1, with a face amount of $860,000. The bonds sold for $786,220 and mature on January 31, 2038 (20 years). The market yield for bonds of similar risk and maturity was 10%. Interest is paid semiannually on July 31 and January 31. Strauss-Lombardi’s fiscal year ends December 31. Required: 1. to 4. Prepare the journal entry to record their issuance by Strauss-Lombardi on February 1, 2018, interest on July 31, 2018 (at the effective rate), adjusting entry to accrue interest on December 31, 2018 and interest on January 31, 2019.
In: Accounting
Question: Preparing an amortization schedule and recording mortgages payable
entries
Kellerman Company purchased a building and land with a fair market value of
$550,000 (building, $425,000, and land, $125,000) on January 1, 2018. Kellerman
signed a 20-year, 6% mortgage payable. Kellerman will make monthly payments of
$3,940.37. Round to two decimal places. Explanations are not required for journal
entries.
Requirements
1. Journalize the mortgage payable issuance on January 1, 2018.
2. Prepare an amortization schedule for the first two payments.
3. Journalize the first payment on January 31, 2018.
4. Journalize the second payment on February 28, 2018.
In: Accounting
Question: Journalizing bond issuance and interest payments
On January 1, 2018, Roberts Unlimited issues 8%, 20-year bonds payable with a
face value of $240,000. The bonds are issued at 104 and pay interest on June 30 and
December 31.
Requirements
1. Journalize the issuance of the bonds on January 1, 2018.
2. Journalize the semiannual interest payment and amortization of bond premium on
June 30, 2018.
3. Journalize the semiannual interest payment and amortization of bond premium on
December 31, 2018.
4. Journalize the retirement of the bond at maturity, assuming the last interest payment
has already been recorded. (Give the date).
In: Accounting
Dent Company has the following inventory information:
Inventory at
Year year-end prices (FIFO) Price Index
2017(base) $180,000 1.00
2018 252,000 1.05
2019 368,000 1.15
2020 387,500 1.25
Instructions
Using the dollar-value LIFO method, compute the ending inventory value for each year.
SHOW ALL THE STEPS YOU USED TO ARRIVE AT THE FINAL ANSWER.
Answers:
2017 $_______________
2018 $_______________
2019 $_______________
2020 $_______________
Based on your answers from above, record the journal entry required to adjust the inventory to dollar-value LIFO for 2018 and 2019 only
|
Date |
Debit |
Credit |
|
|
2018 |
|||
|
2019 |
|||
In: Accounting
Abardeen Corp. borrowed $90,000 from the bank on October 1, 2018. The note had an 8% annual rate of interest and matured on March 31, 2019. Interest and {rincipal were paid in cash on the maturity date.
a). What amount of cash did Abardeen pay for interest in 2018
b). What amount of interest expense was recognized on the 2018 income statement?
c). What amount of total liabilities was reported on December 31, 2018, balance sheet?
d). What total amount of cash was paid to the bank on March 31, 2019, for principal and interest?
e). What amount of interest expense was reported on the 2019 income statement
In: Accounting
On January 2, 2018, Jatson Corporation acquired a new machine with an estimated useful life of five years. The cost of the equipment was $60,000 with an estimated residual value of $5,000.
a-1. Prepare a complete depreciation table under the straight-line method. Assume that a full year of depreciation was taken in 2018.
a-2. Prepare a complete depreciation table under the 200 percent declining-balance method. Assume that a full year of depreciation was taken in 2018.
a-3. Prepare a complete depreciation table under the 150 percent declining-balance with a switch to straight-line when it will maximize depreciation expense. Assume that a full year of depreciation was taken in 2018.
In: Accounting
Edwards Company contracted on 4/1/17 to construct a building for $4,800,000. The project was completed in 2019. Additional data follow: 2017 2018 2019 Costs incurred to date $1,120,000 $2,700,000 $3,800,000 Estimated cost to complete 2,080,000 900,000 — Billings to date 1,000,000 3,800,000 4,800,000 Collections to date 800,000 2,600,000 4,400,000 Instructions (a) Calculate the income recognized by Edwards under the percentage-of-completion method of accounting in each of the years 2017, 2018, and 2019. (b) Prepare all necessary entries for the year 2018. (c) Present the balance sheet disclosures at December 31, 2018. Proper headings or subheadings must be indicated.
In: Accounting
a) Toole Company had the following transactions during 2017:
Sales of $9,200 on account
Collected $6,000 for services to be performed in 2018
Paid $1,580 cash in salaries
Purchased airline tickets for $550 in December for a trip to take place in 2018
What is Toole’s 2017 net income using accrual accounting?
b) Toole Company had the following transactions during 2017:
Sales of $4,200 on account
Collected $6,600 for services to be performed in 2018
Paid $1,630 cash in salaries
Purchased airline tickets for $350 in December for a trip to take place in 2018
What is Toole’s 2017 net income using cash basis accounting?
In: Accounting