(I WILL LEAVE YOU A GREAT REVIEW!) Daisy D. Corporation has the following stockholders' equity on December 10, 2020:

On December 10, the market price of Daisy D. Corporation's common stock was $102 per share.

Required:

Part A: Give the general journal entry(s) required (if any) on December 10, 18, and 31 to record the following transactions in Workpaper #4.

1. On December 10, 2020, Daisy D. declared a $2 per share cash dividend, payable on December 31, to shareholders of record on December 18.
2. On December 10, 2020, Daisy D. declared a 7% stock dividend, distributable on December 31 to shareholders of record on December 18.
3. On December 10, 2020, Daisy D. declared a 200% stock dividend, distributable on December 31 to shareholders of record on December 18.
4. On December 10, 2020, Daisy D. declared a 5 for 1 stock split effective December 31, 2020.

Part B: For each transaction in part A, indicate the balances of the stockholders' equity accounts and other stockholders' equity information on December 31, 2020, assuming no other stockholders' equity transactions occurred. Treat each case independently--compute the new balances of each case based on the Current Balances.

Part C: If you are a shareholder in D. Daisy Corporation with 1,000 shares of stock, describe the effect that each transaction in Part A would have on you.

1. $2 per share cash dividend
2. 7% stock dividend
3. 200% stock dividend
4. 5 for 1 Stock Split.

Accounting Cycle Review 11-01 a,b, c1-c3

Morgan Company’s balance sheet at December 31, 2019, is presented below.

During January 2020, the following transactions occurred. (Morgan Company uses the perpetual inventory system.)

Adjustment data:

1. Prepare an adjusted trial balance at January 31, 2020. (Round answers to 0 decimal places, e.g. 5,275.)
2. Prepare an income statement. (Round answers to 0 decimal places, e.g. 5,275.)

3. Prepare an owner’s equity statement for the month ending January 31, 2020. (Round answers to 0 decimal places, e.g. 5,275.)
4. Prepare a classified balance sheet as of January 31, 2020. (List current assets in order of liquidity. Round answers to 0 decimal places, e.g. 5,275.)

fORD sells cars and have the following product lines – Sedans, Sports Utilities Vehicles (SUV) and Family Vans. For its January 2020 operations, the following were made available for management analysis.

Sedan SUVs Family Vans

Selling Price ¥1,000,000 ¥2,000,000 ¥2,200,000

Variable Manufacturing Costs per unit 400,000 900,000 1,100,000

Sales Volume (units) 150 200 50

Fixed manufacturing overhead costs total ¥275,000,000 and fixed administrative expenses total ¥25,000,000. FORD gives a 5% commission on sales (variable selling expense to its car sales people).

1. Compute the Weighted Contribution Margin per unit.

2. Compute the Weighted Contribution Margin ratio.

3. Break-even point in total units.

4. Break-even point in total sales (¥)

5. Net operating income (loss) under Variable Costing Method

6. Target sales in total ¥ to earn ¥100,000.

7. Following no.6 question above, how much should SUVs business segment contribute to sales? Problem 2

8. Cost Volume Profit Analysis. Assume that actual sales volume of FORD (Problem 1) for February 2020 were as follows: Sedan 200; SUVs 140, Family Van 50. Assuming there is no change in selling price and the cost structure (variable and fixed), compute the net operating income under variable costing method.

9. The marketing manager believes that financial performance for March 2020 could be improved with his proposal of 12% selling price increase with a corresponding 10% decrease in volume across all products lines. Compute the projected net operating income for March 2020 using figures from February 2020.

10. Following question number 9 , compute the break-even point in units under this scenario.

11. Thinking that customers are price sensitive, management is considering to decrease the selling price by 10% in the hope of a 10% increase in sales volume. Assume this scenario is independent of the marketing manager’s proposal and base your March 2020 computations on the February 2020 results (see no. 8).

12. Following question number 11, compute the break-even point in total sales (¥).

The following amortization and interest schedule is for the issuance of 10-year bonds by Marigold Corporation on January 1, 2020, and the subsequent interest payments and charges. The company’s year end is December 31 and it prepares its financial statements yearly.

Determine the stated interest rate and the effective interest rate. (Round answers to 0 decimal places, e.g. 15%.)

eTextbook and Media

List of Accounts

Based on the schedule above, prepare the journal entry to record the issuance of the bonds on January 1, 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.)

eTextbook and Media

List of Accounts

Based on the schedule above, prepare the journal entry to reflect the bond transactions and accruals for 2020. (Interest is paid January 1.) (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.)

eTextbook and Media

List of Accounts

Based on the schedule above, prepare the journal entries to reflect the bond transactions and accruals for 2028. Marigold Corporation does not use reversing entries. (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. Record journal entries in the order presented in the problem.)

Larkspur offers an MP3 download (seven-single medley) as a premium for every 6 candy bar wrappers presented by customers together with $2.65. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each download code to the company is $2.40. In addition, it costs 50 cents to distribute each code. The results of the premium plan for the years 2020 and 2021 are as follows. (All purchases and sales are for cash.)

Part 1

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

Prepare the journal entries that should be made in 2020 and 2021 to record the transactions related to the premium plan of the Larkspur. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 1,525.)

eTextbook and Media

Assistance Used

List of Accounts

Save for Later

Last saved 1 day ago.

Attempts: 7 of 15 used

Submit Answer

Part 2

Partially correct answer iconYour answer is partially correct.

Indicate the amounts for each accounts, and classifications of the items related to the premium plan that would appear on the balance sheet and the income statement at the end of 2020 and 2021.

eTextbook and Media

List of Accounts

Save for Later

Martin S. Albert (Social Security number 111-11-1111) is 39 years old and is married to Michele R. Albert (Social Security number 123-45-6789). The Alberts live at 512 Ferry Road, Newport News, VA 23601. They file a joint return and have two dependent children, Charlene, age 17, and Jordan, age 18. Charlene’s Social Security number is 123-45-6788, and Jordan’s Social Security number is 123-45-6787. In 2020, Martin and Michele had the following transactions:a.Martin received $120,000 in salary from Red Steel Corporation, where he is a construction engineer. Withholding for Federal income tax was $10,750. The amounts withheld for FICA taxes were as follows: 3$7,049($113,700 6.2%) for Social Security and 3$1,740($120,000 1.45%) for Medicare. Martin worked in Mexico from January 1, 2019, until February 15, 2020. His $120,000 salary for 2020 includes $18,000 he earned for January and one-half of February 2020 while working in Mexico.b.Martin and Michele received $400 interest on Montgomery County (Virginia) school bonds.c.Martin received $2,300 interest from a Bahamian bank account.d.Michele received 50 shares of Applegate Corporation common stock as a stock dividend. The shares had a fair market value of $2,500 at the time Michele received them, and she did not have the option of receiving cash.e.Martin and Michele received a $1,200 refund on their 2019 Virginia income taxes. Their itemized deductions in 2019 totaled $34,000 and included state taxes of $7,400.f.Martin paid $6,600 alimony to his former wife, Rose T. Morgan (Social Security number 123-45-6786). The divorce was finalized in 2016" "Martin S. Albert (Social Security number 111-11-1111) is 39 years old and is married to Michele R. Albert (Social Security number 123-45-6789). The Alberts live at 512 Ferry Road, Newport News, VA 23601. They file a joint return and have two dependent children, Charlene, age 17, and Jordan, age 18. Charlene’s Social Security number is 123-45-6788, and Jordan’s Social Security number is 123-45-6787. In 2020, Martin and Michele had the following transactions:a.Martin received $120,000 in salary from Red Steel Corporation, where he is a construction engineer. Withholding for Federal income tax was $10,750. The amounts withheld for FICA taxes were as follows: 3$7,049($113,700 6.2%) for Social Security and 3$1,740($120,000 1.45%) for Medicare. Martin worked in Mexico from January 1, 2019, until February 15, 2020. His $120,000 salary for 2020 includes $18,000 he earned for January and one-half of February 2020 while working in Mexico.b.Martin and Michele received $400 interest on Montgomery County (Virginia) school bonds.c.Martin received $2,300 interest from a Bahamian bank account.d.Michele received 50 shares of Applegate Corporation common stock as a stock dividend. The shares had a fair market value of $2,500 at the time Michele received them, and she did not have the option of receiving cash.e.Martin and Michele received a $1,200 refund on their 2019 Virginia income taxes. Their itemized deductions in 2019 totaled $34,000 and included state taxes of $7,400.f.Martin paid $6,600 alimony to his former wife, Rose T. Morgan (Social Security number 123-45-6786). The divorce was finalized in 2016"

1)What is the 2020 Adjusted Gross Income for Martin and Michele Albert?

2)What is the 2020 taxable income for Martin and Michele Albert?

3)What is the tax due (refund) for Martin and Michele Albert for 2020?

My physics teacher explained the difference between voltage and current using sandwiches. Each person gets a bag full of sandwiches when they pass through the battery. Current = the number of people passing through a particular point per unit time. Voltage = the (change in) number of sandwiches per person. In a parallel circuit the number of people (current) is divided between the two paths, but the number of sandwiches per person (voltage) remains the same. In a series circuit the number of people passing through a particular point remain the same, but they drop off a certain percentage of their sandwiches at every resistor. Therefore, there is a voltage drop that occurs between the points before and after every resistor.

This analogy naturally leads to the question: how do the electrons "know" that they are going to have to share their voltage between two resistors before they reach the second one? (In other words, not drop off all their sandwiches at the first resistor they find)