The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year:
| Preferred 1% Stock, $50 par (100,000 shares authorized, 79,500 shares issued) | $3,975,000 |
| Paid-In Capital in Excess of Par—Preferred Stock | 151,050 |
| Common Stock, $3 par (5,000,000 shares authorized, 2,460,000 shares issued) | 7,380,000 |
| Paid-In Capital in Excess of Par—Common Stock | 1,722,000 |
| Retained Earnings | 34,910,000 |
During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:
| Jan. | 5 | Issued 521,500 shares of common stock at $9, receiving cash. |
| Feb. | 10 | Issued 9,100 shares of preferred 1% stock at $59. |
| Mar. | 19 | Purchased 51,600 shares of treasury common for $6 per share. |
| May | 16 | Sold 18,700 shares of treasury common for $8 per share. |
| Aug. | 25 | Sold 4,800 shares of treasury common for $5 per share. |
| Dec. | 6 | Declared cash dividends of $0.50 per share on preferred stock and $0.06 per share on common stock. |
| 31 | Paid the cash dividends. |
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
Chart of Accounts
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Journal
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
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In: Accounting
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current fiscal year:
| Preferred 2% Stock, $75 par (100,000 shares authorized, 80,000 shares issued) | $6,000,000 |
| Paid-In Capital in Excess of Par—Preferred Stock | 420,000 |
| Common Stock, $8 par (5,000,000 shares authorized, 3,000,000 shares issued) | 24,000,000 |
| Paid-In Capital in Excess of Par—Common Stock | 1,850,000 |
| Retained Earnings | 115,400,000 |
During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:
| Jan. | 5 | Issued 400,000 shares of common stock at $11, receiving cash. |
| Feb. | 10 | Issued 5,000 shares of preferred 2% stock at $90. |
| Mar. | 19 | Purchased 150,000 shares of treasury stock for $10 per share. |
| May | 16 | Sold 80,000 shares of treasury stock for $13 per share. |
| Aug. | 25 | Sold 20,000 shares of treasury stock for $9 per share. |
| Dec. | 6 | Declared cash dividends of $1.50 per share on preferred stock and $0.06 per share on common stock. |
| 31 | Paid the cash dividends. |
In: Accounting
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 79,400 shares issued) $3,970,000 Paid-In Capital in Excess of Par—Preferred Stock 150,860 Common Stock, $3 par (5,000,000 shares authorized, 2,100,000 shares issued) 6,300,000 Paid-In Capital in Excess of Par—Common Stock 1,260,000 Retained Earnings 33,959,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: Jan. 5 Issued 518,800 shares of common stock at $7, receiving cash. Feb. 10 Issued 9,800 shares of preferred 1% stock at $61. Mar. 19 Purchased 48,300 shares of treasury stock for $7 per share. May 16 Sold 19,500 shares of treasury stock for $9 per share. Aug. 25 Sold 5,000 shares of treasury stock for $6 per share. Dec. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock. 31 Paid the cash dividends. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
In: Accounting
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:
| Preferred 2% Stock, $100 par (60,000 shares authorized, 30,000 shares issued) | $3,000,000 |
| Paid-In Capital in Excess of Par—Preferred Stock | 600,000 |
| Common Stock, $25 par (600,000 shares authorized, 220,000 shares issued) | 5,500,000 |
| Paid-In Capital in Excess of Par—Common Stock | 720,000 |
| Retained Earnings | 20,818,000 |
During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:
Required:
Journalize the entries to record the transactions.
For a compound transaction, if an amount box does not require an entry, leave it blank.
a. Issued 60,000 shares of common stock at $28, receiving cash.
b. Issued 15,000 shares of preferred 2% stock at $120.
c. Purchased 36,000 shares of treasury common for $26 per share..
d. Sold 18,000 shares of treasury common for $29 per share.
e. Sold 12,000 shares of treasury common for $24 per share.
f. Declared cash dividends of $2 per share on preferred stock and $0.06 per share on common stock.
g. Paid the cash dividends.
In: Accounting
In laboratory tests, a new construction material was found to conduct heat at a rate of 10.2 Btu’s per hour per square meter of surface area. The temperature on one side of the wall was held at a constant 5 F while the other side was held at 70 F. The test specimen was 12.0 inches thick. What is the ambient air temperature (F) on the warm side of the wall? Assume there is free convection on the warm side of the wall, and the warm side is indoors.
In: Physics
This question concerns the construction of a NumberUtils class declaration that contains a collection of useful routines. Write a class declaration that satisfies the following specification: Class NumberUtils The NumberUtils class contains a collection of routines for working with integers. Instance variables None Constructors private NumberUtils() {} // A private, empty-bodied constructor prevents NumberUtil objects from being created. Methods public static int[] toArray(int number) // Given a number that is n digits in length, maps the digits to an array length n. // e.g. given the number 5678, the result is the array {5, 6, 7, 8}. public static int countMatches(int numberA, int numberB) // Given two numbers, count the quantity of matching digits – those with the same value and // position. For example, given 39628 and 79324, there are 2 digits in common: x9xx2x. // It is assumed that the numbers are the same length and have no repeating digits. public static int countIntersect(int numberA, int numberB) // Count the quantity of digits that two numbers have in common, regardless of position. // For example, given 39628 and 97324, there are 3 digits in common: 3, 7, 2. // It is assumed that the numbers are the same length and have no repeating digits. You should make a simple test program (which you do not need to submit) to check your code.
In: Computer Science
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:
| Preferred 2% Stock, $100 par (50,000 shares authorized, 25,000 shares issued) | $2,500,000 |
| Paid-In Capital in Excess of Par—Preferred Stock | 400,000 |
| Common Stock, $15 par (800,000 shares authorized, 290,000 shares issued) | 4,350,000 |
| Paid-In Capital in Excess of Par—Common Stock | 570,000 |
| Retained Earnings | 16,578,000 |
During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:
Journalize the entries to record the transactions.
For a compound transaction, if an amount box does not require an entry, leave it blank.
Required:
a. Issued 80,000 shares of common stock at $21, receiving cash.
| Cash | |||
| Common Stock | |||
| Paid-In Capital in Excess of Par-Common Stock |
b. Issued 13,000 shares of preferred 2% stock at $116.
| Cash | |||
| Preferred Stock | |||
| Paid-In Capital in Excess of Par-Preferred Stock |
c. Purchased 48,000 shares of treasury common for $20 per share.
| Treasury Stock | |||
| Cash |
d. Sold 24,000 shares of treasury common for $23 per share.
| Cash | |||
| Treasury Stock | |||
| Paid-In Capital from Sale of Treasury Stock |
e. Sold 16,000 shares of treasury common for $18 per share.
| Cash | |||
| Paid-In Capital from Sale of Treasury Stock | |||
| Treasury Stock |
f. Declared cash dividends of $2.00 per share on preferred stock and $0.10 per share on common stock.
| Cash Dividends | |||
| Cash Dividends Payable |
g. Paid the cash dividends.
| Cash Dividends Payable | |||
| Cash |
In: Accounting
The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year:
| Preferred 2% Stock, $175 par (80,000 shares authorized, 40,000 shares issued) | $7,000,000 |
| Paid-In Capital in Excess of Par—Preferred Stock | 840,000 |
| Common Stock, $20 par (800,000 shares authorized, 190,000 shares issued) | 3,800,000 |
| Paid-In Capital in Excess of Par—Common Stock | 490,000 |
| Retained Earnings | 25,716,000 |
During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:
Required:
Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank.
a. Issued 80,000 shares of common stock at $23, receiving cash.
b. Issued 20,000 shares of preferred 2% stock at $192.
c. Purchased 48,000 shares of treasury common for $21 per share.
d. Sold 24,000 shares of treasury common for $24 per share.
e. Sold 16,000 shares of treasury common for $19 per share.
f. Declared cash dividends of $3.50 per share on preferred stock and $0.06 per share on common stock.
g. Paid the cash dividends.
In: Accounting
The Caplans contract with Faithful Construction, Inc. to build a house for them for $360,000. The specifications state “all plumbing bowls and fixtures…to be Crane brand.” The Caplans leave on vacation and, during their absence, Faithful is unable to buy and install Crane plumbing fixtures. Instead, Faithful installs Kohler brand fixtures, an equivalent in the industry. On completion of the building contract, the Caplans inspect the work, find the substitution, and refuse to accept the house. They claim Faithful has breached the conditions set forth in the specifications.
- Is the Caplans’ claim valid
In: Operations Management
The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the corporation entered into the following transactions.
| Dec. | 1 | Issued to John and Patty Driver 27,000 shares of capital stock in exchange for a total of $270,000 cash. | |
| Dec. | 1 | Purchased for $201,600 all of the equipment formerly owned by Rent-It. Paid $138,000 cash and issued a 1-year note payable for $63,600. The note, plus all 12 months of accrued interest, are due November 30, Year 2. | |
| Dec. | 1 | Paid $9,300 to Shapiro Realty as three months’ advance rent on the rental yard and office formerly occupied by Rent-It. | |
| Dec. | 4 | Purchased office supplies on account from Modern Office Co., $1,200. Payment due in 30 days. (These supplies are expected to last for several months; debit the Office Supplies asset account.) | |
| Dec. | 8 | Received $8,500 cash as advance payment on equipment rental from McNamer Construction Company. (Credit Unearned Rental Fees.) | |
| Dec. | 12 | Paid salaries for the first two weeks in December, $4,900. | |
| Dec. | 15 | Excluding the McNamer advance, equipment rental fees earned during the first 15 days of December amounted to $18,600, of which $12,100 was received in cash. | |
| Dec. | 17 | Purchased on account from Earth Movers, Inc., $600 in parts needed to repair a rental tractor. (Debit an expense account.) Payment is due in 10 days. | |
| Dec. | 23 | Collected $2,200 of the accounts receivable recorded on December 15. | |
| Dec. | 26 | Rented a backhoe to Mission Landscaping at a price of $250 per day, to be paid when the backhoe is returned. Mission Landscaping expects to keep the backhoe for about two or three weeks. | |
| Dec. | 26 | Paid biweekly salaries, $4,900. | |
| Dec. | 27 | Paid the account payable to Earth Movers, Inc., $600. | |
| Dec. | 28 | Declared a dividend of 10 cents per share, payable on January 15, Year 2. | |
| Dec. | 29 | Susquehanna Equipment Rentals was named, along with Mission Landscaping and Collier Construction, as a co-defendant in a $24,000 lawsuit filed on behalf of Kevin Davenport. Mission Landscaping had left the rented backhoe in a fenced construction site owned by Collier Construction. After working hours on December 26, Davenport had climbed the fence to play on parked construction equipment. While playing on the backhoe, he fell and broke his arm. The extent of the company’s legal and financial responsibility for this accident, if any, cannot be determined at this time. (Note: This event does not require a journal entry at this time, but may require disclosure in notes accompanying the statements.) | |
| Dec. | 29 | Purchased a 12-month public liability insurance policy for $9,120. This policy protects the company against liability for injuries and property damage caused by its equipment. However, the policy goes into effect on January 1, Year 2, and affords no coverage for the injuries sustained by Kevin Davenport on December 26. | |
| Dec. | 31 | Received a bill from Universal Utilities for the month of December, $680. Payment is due in 30 days. | |
| Dec. | 31 | Equipment rental fees earned during the second half of December amounted to $20,600, of which $15,900 was received in cash. |
Data for Adjusting Entries
The advance payment of rent on December 1 covered a period of three months.
The annual interest rate on the note payable to Rent-It is 6 percent.
The rental equipment is being depreciated by the straight-line method over a period of eight years.
Office supplies on hand at December 31 are estimated at $620.
During December, the company earned $4,600 of the rental fees paid in advance by McNamer Construction Company on December 8.
As of December 31, six days’ rent on the backhoe rented to Mission Landscaping on December 26 has been earned.
Salaries earned by employees since the last payroll date (December 26) amounted to $1,900 at month-end.
It is estimated that the company is subject to a combined federal and state income tax rate of 40 percent of income before income taxes (total revenue minus all expenses other than income taxes). These taxes will be payable in Year 2.
1. Record the rent expense for December.
2. Record the interest on note payable to Rent-It.
3. Record the depreciation for December.
4. Record the office supplies used during the month.
5. Record the portion of advance payment by McNamer Construction Co.
6. Record the fees earned from Mission Landscaping on backhoe rental
7. Record the accrued salaries payable at month-end.
8. Record the income taxes for December.
Debit and Credit all 8 problems individually
In: Accounting