College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 21, Problem 10SPA
To determine
Journalize the given transactions in the books of Company MM.
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Midyear on July 31st the digby corporation's balance sheet reported: TOtal liabilities of $128.513 million , cash of $10.050 million , Total assets of $209.895 million, Total common stock of $6.350 million. What were the Digby corporation retained earnings?
A. $75.032 million
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Prepare journal entries to record the following transactions and events of Kodax Company. Year 1 Jan. 2 Purchased 30,000 shares of Grecco Co. common stock for $411,000 cash. Grecco has 90,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. Sep. 1 Grecco declared and paid a cash dividend of $1.50 per share. Dec. 31 Grecco announced that net income for the year is $486,900. Year 2 June 1 Grecco declared and paid a cash dividend of $2.10 per share. Dec. 31 Grecco announced that net income for the year is $702,750. Dec. 31 Kodax sold 3,000 shares of Grecco for $71,000 cash.
Denna Company’s working capital accounts at the beginning of the year follow:
Cash
$
64,000
Marketable securities
$
27,400
Accounts receivable, net
$
335,600
Inventory
$
444,400
Prepaid expenses
$
6,800
Accounts payable
$
189,200
Notes due within one year
$
88,000
Accrued liabilities
$
54,600
During the year, Denna Company completed the following transactions:
Ex. Paid a cash dividend previously declared, $24,000.
Issued additional shares of common stock for cash, $188,000.
Sold inventory costing $65,200 for $94,000, on account.
Wrote off uncollectible accounts in the amount of $7,600, reducing the accounts receivable balance accordingly.
Declared a cash dividend, $24,000.
Paid accounts payable, $90,400.
Borrowed cash on a short-term note with the bank, $51,000.
Sold inventory costing $21,300 for $14,200 cash.
Purchased inventory on account, $45,500.
Paid off all short-term notes due, $139,000.
Purchased equipment for cash, $70,200.
Sold…
Chapter 21 Solutions
College Accounting, Chapters 1-27
Ch. 21 - Income taxes are a unique expense of the corporate...Ch. 21 - Prob. 2TFCh. 21 - Prob. 3TFCh. 21 - Prob. 4TFCh. 21 - Prob. 5TFCh. 21 - Prob. 1MCCh. 21 - Prob. 2MCCh. 21 - Prob. 3MCCh. 21 - Prob. 4MCCh. 21 - Prob. 5MC
Ch. 21 - Prob. 1CECh. 21 - Prob. 2CECh. 21 - Teway Company declared and paid dividends in the...Ch. 21 - Prob. 4CECh. 21 - Prob. 5CECh. 21 - Prob. 1RQCh. 21 - Prob. 2RQCh. 21 - Prob. 3RQCh. 21 - Prob. 4RQCh. 21 - Prob. 5RQCh. 21 - Prob. 6RQCh. 21 - Prob. 7RQCh. 21 - Prob. 8RQCh. 21 - Prob. 9RQCh. 21 - Prob. 10RQCh. 21 - Prob. 11RQCh. 21 - CORPORATE INCOME TAX Stanton Company estimates...Ch. 21 - CLOSING INCOME SUMMARY AND DIVIDENDS TO RETAINED...Ch. 21 - Prob. 3SEACh. 21 - STOCK DIVIDENDS Kaufman Company currently has...Ch. 21 - STOCK SPLIT Goldstein Company has 100,000 shares...Ch. 21 - Prob. 6SEACh. 21 - STATEMENT OF RETAINED EARNINGS McGregor Company...Ch. 21 - Prob. 8SPACh. 21 - Prob. 9SPACh. 21 - Prob. 10SPACh. 21 - Prob. 11SPACh. 21 - Prob. 1SEBCh. 21 - CLOSING INCOME SUMMARY AND DIVIDENDS TO RETAINED...Ch. 21 - COMMON AND PREFERRED CASH DIVIDENDS Ramirez...Ch. 21 - STOCK DIVIDENDS Martinez Company currently has...Ch. 21 - Prob. 5SEBCh. 21 - Prob. 6SEBCh. 21 - Prob. 7SEBCh. 21 - Prob. 8SPBCh. 21 - CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT...Ch. 21 - Prob. 10SPBCh. 21 - Prob. 11SPBCh. 21 - Prob. 1MYWCh. 21 - Prob. 1ECCh. 21 - MASTRY PROBLEM On January 1, 20--, Dover Companys...Ch. 21 - CHALLENGE PROBLEM This problem challenges you to...
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College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,