At December 31, 2019, Shiga Naoya Corporation had the following stock outstanding.

During 2020, Shiga Naoya did not issue any additional common stock. The following also occurred during 2020.

Compute earnings per share data as it should appear in the 2020 income statement of Shiga Naoya Corporation.

1. The information below is about ACT Fast Enterprise for the year ended 31 December 2020.

Debtors (before bad debt write off)                                            RM240,000

Bad debt write off                                                                     RM5,000

Balance Allowance Doubtful Debt Account on 31 Dec 2019        RM500 (credit)

Based on experience, ACT Fast Enterprise expects that uncollectible debt is 5% from the debtors balance.

Required:

1. Show the journal entries for all relevant transactions above.

2. Prepare the ledger for allowance for doubtful debt showing balance on 31 December 2020.

3. Show extracts of Profit or Loss Account for the year ended 31 December 2020 and extract of the Balance Sheet as of that date.

In a company, beginning capital balances on June 1, 2020, are Coo $53,000 and Vid $65,500. During the month, drawings were Coo $8,200 and Vid $6,700. Net income was $30,000, and the partners share the income based on interest allowances of 10% on beginning capital balances and share the remaining income equally. What is the division of net income for Coo?

In a company, beginning capital balances on second quarter of 2020, are Coo $72,000 and Vid $67,500. During the quarter, drawings were Coo $11,500 and Vid $9,900. Net income was $37,000, and the partners share income equally. What is the company’s total equity in its statement of financial position at June 30, 2020?

Ramakrishnan, Inc., reported 2021 net income of $45 million and depreciation of $2,950,000. The top part of Ramakrishnan, Inc.’s, 2021 and 2020 balance sheets is reproduced below (in millions of dollars): 2021 2020 2021 2020 Current assets: Current liabilities: Cash and marketable securities $ 50 $ 17 Accrued wages and taxes $ 31 $ 26 Accounts receivable 85 83 Accounts payable 95 90 Inventory 173 126 Notes payable 90 85 Total $ 308 $ 226 Total $ 216 $ 201

Calculate the 2021 net cash flow from operating activities for Ramakrishnan, Inc. (Enter your answer in dollars not in millions.)

Keener Company budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for the fiscal year of July 1, 2020 through June 30, 2021.

Three (3) units of raw material are needed to produce each unit of finished product.
If 450,000 finished units were to be manufactured during the 2020-2021 fiscal year by Keener Company, the units of raw material needed to be purchased would be

1. On January 1, 2018, ABC Company awarded 15M of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated by the end 2020. On the date of the grant, the stock had a market price of $3 per share.

1. What is the total Compensation Expense pertaining to the restricted shares.

2. What is the journal entry on the date of the grant, January 1, 2018?

3. What is the journal entry to record the compensation expense on Dec 31, 2018?

4. What is the journal entry to record the compensation expense on Dec 31, 2019?

5. What is the journal entry to record the compensation expense on Dec 31, 2020?

6. What is the journal entry on the lifting of restrictions on December 31, 2020?

On December 31st, 2020, Winterfell Corporation had the following account balances before adjustments: Debit Credit Accounts Receivable 325,000 Allowance for Doubtful Accounts 1,250 Credit Sales 1,645,000 Required Assume that uncollectible accounts are estimated to be 5% of accounts receivables. Prepare the necessary adjusting entry with December 31, 2020 as the entry date. Following the adjusting entry, what is the total that will appear on the Balance Sheet for Allowance for Doubtful Account? Assume that uncollectible accounts are estimated to be 2% of credit sales. Prepare the necessary adjusting entry with December 31, 2020 as the entry date. Following the adjusting entry, what is the total that will appear on the Balance Sheet for Allowance for Doubtful Account?

1. On January 1, 2018, ABC Company awarded 15M of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated by the end 2020. On the date of the grant, the stock had a market price of $3 per share.

1. What is the total Compensation Expense pertaining to the restricted shares.

2. What is the journal entry on the date of the grant, January 1, 2018?

3. What is the journal entry to record the compensation expense on Dec 31, 2018?

4. What is the journal entry to record the compensation expense on Dec 31, 2019?

5. What is the journal entry to record the compensation expense on Dec 31, 2020?

6. What is the journal entry on the lifting of restrictions on December 31, 2020?

Chapter 11 Operational Assets: Utilization and Impairment

Jackson Company purchased a new piece of equipment on July 1, 2018 at a cost of $36,000. The equipment has an estimated useful life of 10 years and an estimated residual value of $6,000. During its ten-year useful life, the equipment is expected to produce 500,000 units. The equipment actually produced the following number of units: 2018, 25,000; 2019, 84,000; and 2020, 90,000.

(a) Calculate depreciation expense for 2018, 2019, and 2020 assuming Jackson uses sum-of-the-years’-digits depreciation.

(b) Calculate depreciation expense for 2018, 2019, and 2020 assuming Jackson uses double-declining balance depreciation.

X Company has 200 units of Product K on December 31, 2020, which originally cost $15. The replacement cost of Product X is $7.5. Product X sells for $12.5 has associated selling costs of $1.5, and a normal profit margin would be $2.5. X Company treats any write-downs as losses.

Suppose X Company uses a perpetual LIFO inventory system. What would the journal entry be in dec 31, 2020 to record the measurement of inventory?

Suppose X Company uses a perpetual FIFO inventory system. What would the journal entry be in dec 31, 2020 to record the measurement of inventory?