On December 31, 2015, Raja Corporation's balance sheet reported the following: The following transactions occurred during 2016: (a) Raja Corporation purchased 1,000 shares at $30 per share to be held as treasury stock. (b) Sold 600 shares of treasury stock for $37 per share (c) Sold the remaining shares of treasury stock at $28 per share. Instructions Prepare the necessary journal entries for Raja Corporation to record the above transactions. Raja Corporation uses the cost method of accounting for treasury stock. Account Debit Credit (a) (b) (c)
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- Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2017, Sprinkle reacquired 100 shares at $87 per share. On September 1, Sprinkle reissued 60 shares at $90 per share. On November 1, Sprinkle reissued 40 shares at $83 per share. Prepare Sprinkle’s journal entries to record these transactions using the cost method.Envoi was formed on January 1 , 2016 , when Envoi issued common shares for $ 500,000 . Early in January 2016 , Envoi made the following cash payments : a 250,000 for equipment b . 200,000 for inventory ( four cars at $ 50,000 each ) c 10,000 for 2016 rent on a store building In February 2016 , Envoi purchased six cars for inventory on account . Cost of this inventory was $ 260,000 ( $ . Before year - end , Envoi paid $ 208,000 of this debt . Envoi uses the FIFO method to account for inventory . During 2016 , Envoi sold eight vintage autos for a total of $ 600,000 . Before year - end , Envoi collected 80 % of this amount . The business employs three people . The combined annual payroll is of which Envoi owes $ 4,000 at year end . At the end of the year , Envoi paid income tax of $ 10,000 . Late in 2016 , Envoi declared and paid cash dividends of $ 11,000 . For equipment , Envoi uses the straight - line depreciation method over five years with zero residual value . Requirements 1.…1.) Land Services, Inc. owns 30% of voting stock of World Investments, Inc. During the year 2018, World Investments, Inc. earned profits of $320,000. Under the equity method, which of the following journal entries will Land Services record? 2.) Shelcal, Inc. provides the following data for the year 2019: Net Sales Revenue 397,630 Cost of Goods Sold 255,000 The cost of goods sold as a percentage of net sales revenue is ________. (Round your answer to two decimal places.)
- Classic Automobiles of Huntsville Ltd. was formed on January 1, 2016, when Classic issued common shares for $300,000. Early in January 2016, Classic made the following cash payments: $150,000 for equipment $120,000 for inventory (four cars at $30,000 each) $20,000 for 2016 rent on a store building In February 2016, Classic purchased six cars for inventory on account. Cost of this inventory was $260,000 ($43,333.33 each). Before year-end, Classic paid $208,000 of this debt. Classic uses the FIFO method to account for inventory. During 2016, Classic sold eight vintage autos for a total of $500,000. Before year-end, Classic collected 80% of this amount. The business employs three people. The combined annual payroll is $95,000, of which Classic owes $4,000 at year-end. At the end of the year, Classic paid an income tax of $10,000. Late in 2016, Classic declared and paid cash dividends of $11,000. For equipment, Classic uses the straight-line depreciation method over five years with zero…On August 1, 2014, Amherst Company reacquired 4,000 shares of its $15 par value common stock for $18 per share. Amhurst uses the cost method to account for treasury stock. What journal entry should Amhurst make to record the acquisition of treasury stock? Group of answer choices A debit to Treasury stock for $60,000 and a debit to Retained earnings for $12,000 and a credit to cash for $72,000 A debit to Treasury stock for $72,000 and a credit to Cash for $72,000 A debit to Treasury stock for $60,000 and a debit to APIC Treasury for $12,000 and a credit to Cash for $72,000 A debit to Retained earnings for $72,000 and a credit to Cash for $72,000Cool Company has decided to take their company public on January 1, 2014. Cool company had 1,000 shares authorized. The following transactions occurred. a.) Jean grey issues 5,000 shares for $15 per share during their IPO on January 1, 2014. each share has a par value of $5. Record the journal entry for this transaction. Please label debits and credits and include classification of each account. b.) On January 1, 2015, Cool company bought back 2,000 shares from the open market at a price of $25 per share. Record the journal entry for this share repurchase. Label debits and credits and include classification of each account.
- The following is a partial trial balance for the Green Star Corporation as of December 31, 2013: Account Title Debits Credits 1,300,000 Sales revenue 30,000 Interest revenues 50,000 Gain on sale of investments 720,000 Cost of goods sold 160,000 Salaries expense 50,000 Depreciation expense 40,000 Interest expense 25,000 Rent expense 130,000 Income tax expense 100,000 ordinary shares were outstanding throughout 2013. Required: 1. Prepare a single-step income statement for 2013, including EPS disclosures. 2. Prepare a multiple-step income statement for 2013, including EPS disclosuresBrisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2017. Expenses for 2017 were cost of goods sold $1,450,000, administrative expenses $212,000, selling expenses $280,000, and interest expense $45,000. Brisky’s tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Brisky CorporationThe following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on Inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense Complete this question by entering your answers in the tabs below. There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The Income tax rate is 25% Required: 1. Prepare a single-step Income statement for 2021, Including EPS disclosures. 2. Prepare a multiple-step Income statement for 2021, Including EPS disclosures. Revenues and gains: Total revenues and gains Expenses and losses: Debits 26,580 1,270,000 280,000 380,000 Total expenses and losses Income before income taxes Required 1 Required 2 Prepare a single-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decimal places.) GENERAL LIGHTING…
- Nash Corporation had net sales of $2,417,500 and interest revenue of $39,900 during 2017. Expenses for 2017 were cost of goods sold $1,462,200, administrative expenses $221,900, selling expenses $295,900, and interest expense $49,500. Nash’s tax rate is 30%. The corporation had 104,500 shares of common stock authorized and 70,380 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Nash Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) NASH CORPORATIONIncome Statementchoose the accounting period December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 select an opening name for this statement DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses…BI's income for the year ended December 31, 2021 was $ 4,000,000. This was earned evenly over the year. In addition BI paid dividends of $ 300,000 each on March 31, June 30, September 30 and December 31, 2021 to their shareholders of records on that date. The inventory on July 1, 2021 was 75% sold as of December 31, 2021. Required. For the investment in AI 1. Using IFRS 9 prepare the journal entries for DC for all of 2021. 2. Using ASPE prepare the journal entries for DC for all of 2021. For the investment in BI 3. Using IFRS prepare the journal entries for DC for 2021. 4. Using ASPE prepare the joumal entries for DC for 2021 for all options available under ASPE.Following are selected accounts for Mergaronite Company and Hill, Inc., as of December 31, 2018. Several of Mergaronite’s accounts have been omitted. Credit balances are indicated by parentheses. Dividends were declared and paid in the same period. Assume that Mergaronite took over Hill on January 1, 2014, by issuing 7,000 shares of common stock having a par value of $10 per share but a fair value of $100 each. On January 1, 2014, Hill’s land was undervalued by $20,000, its buildings were overvalued by $30,000, and equipment was undervalued by $60,000. The buildings had a 10-year remaining life; the equipment had a 5-year remaining life. A customer list with an appraised value of $100,000 was developed internally by Hill and was to be written off over a 20-year period. a. Determine and explain the December 31, 2018, consolidated totals for the following accounts: Revenues Amortization Expense Customer List Cost of Goods Sold Buildings Common Stock Depreciation Expense Equipment…