[Solved] Summit Apparel has the following accounts | SolutionInn The following information is excerpted from the financial statements in a recent annual report of Blue Jay Manufacturing Corporation. January 1 Issues 600 shares of common stock for $46 per share. A corporation reacquires 60,000 shares of its own 10 par common stock for 3,000,000, recording it at cost. December 31 The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid, And, the ending balance of the common stock = Beginning balance of common stock + issued shares. It can also be referred as financial repor. These Phoenix-area golf courses offer the biggest challenges for high 10% cumulative preferred stock, $100 par, 109,132 shares $10,913,200 ; Common stock, $5 par, 4,099,860 shares 20,499,3, Kingbird Company has the following stockholders' equity accounts at December 31, 2017. Equity Paid-In Capital Capital Stock Common stock, $10 par value, 360,000 shares authorized, The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Eudaley Corporation at December 31, 2017 Common Stock $5 stated value $1,500,000 Paid in Capital in Excess of, On January 1, 2017, Ven Corporation had the following stockholders' equity accounts: Common Stock (no par value, 91,200 shares issued and outstanding) $1,385,000 Retained Earnings, On January 1, 2014, Ven Corporation had the following stockholders' equity accounts. $360,000 Common stock outstanding = 54000 shares Issued 500,000 shares of common stock at 8, receiving cash. Kohler Corporation reports the following components of stockholders equity on December 31, 2015: Common stock-$15 par value, 100,000 shares authorized, 50,000 shares issued and outstanding $750,000 Paid-in capital in excess of par value, common stock 70, Kohler Corporation reports the following components of stockholders' equity on December 31, 2016: Common stock-$15 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $825,000 Paid-in capital in excess of par value, common stock $70, The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts on December 31, 2015: Particulars Amount Paid-in capital: Preferred stock, 8.8%, 87,000 shares at $1 par $87,000 Common stock, 373,700 shares at $1 par $3, On January 1, 2017, Geffrey Corporation had the following stockholders' equity accounts. [Solved] . Required information [The following information applies to Cash issued for share = $ 210,000 Prepare the stoc, Given the following information below. If a package is returned you will be responsible to cover the additional shipping cost. The company began the year with 600 shares of common stock and issued 500 more on April 1. (Amounts to be deducted should be indicated by a minus sign. Equity: On August 26, Mountain Realty Inc. issued for cash 120,000 shares of no-par common stock (with a stated value of 5) at 8. Common Stock ($100 par value, authorized 7,400 shares) $515,700 Retained Earnings 307,900 (a) Prepare entries in, Concord Limited'sledger shows the following balances on December 31, 2017: Preferred shares outstanding: 23,000 shares $460,000 Common shares outstanding: 41,000 shares 2,911,000 Retained earnings 88, National Supply's shareholders' equity included the following accounts at December 31, 2015: Shareholders' Equity ($millions) Common stock, 4 million shares @ $1 par $4,000,000 Paid-in capital -- exce, Hatch Company has two classes of capital stock outstanding: 7%, $20 par preferred and $5 par common. AP Common Stock ($2 stated value) $1,600,000 Paid-in Capital in Excess of Par Valu, On January 1, 2016, Fascom had the following account balances in its shareholders' equity accounts. For example, $5.5 million should be entered as 5,500,000.) $17,100,00, Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,100,000 shares issued; Additional Paid-in Capital, $17.10 million; Retained Earnings, $10.10 million; and Treasury Stock, 51,000 shares, $1.122 million. Common stcok = $50000 Common Stock ($5 stated value) $1,900,000 Paid-in Capital in Excess of Par-Preferred Stock $280,000 Paid-in Capital in Ex, The following items were shown on the balance sheet of ELO Corporation on December 31, 2021: Stockholders' equity: Paid-in capital: Capital stock: Common stock, $5 par value, 800,000 shares authorized: _____ shares issued and _____ outstanding $2,900,000. Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,100,000 shares issued; Additional Paid-in Capital, $17.10 million; Retained Earnings, $10.10 million; and Treasury Stock, 51,000 shares, $1.122 million. of shares x dividend per share (c) what analysis issues must we consider with respect to reported warranty liabilities? Par value = $ 30 It consists of, A: Pronghorn Corporation. Additional paid in capital =, A: The organization can raise funds for the operation song integrity by issuing common stock, preferred, A: It is the income which is available to the common shareholders per share after giving preferred, A: Commonstock(shares)=$706,500$15=47,100shares, A: Junkyard earnings = $ 446400 What is the numerator of the EPS calculation for Longmont? (hint: remember that some units were repaired in the current period.) The number of errors in a textbook follow a poisson distribution with a mean of 0.01 errors per page. Stockholder's Nam lacinia pulvinar tortor nec facilisis. Higgins, Inc., has sales of $521,900, costs of $298,300, depreciation expense of $42,800, interest expense of $20,900 Common stock = $ 34 Summit Apparel has the following accounts at December 31: Common Stock The garage you work for as an auto mechanic measures 230 ft. by 150 ft and handles 69 cars. Prepare the stockholders' equity section of the balance sheet. What effect does it have on stockholders equity? Common stock, $10 par, 272,000 shares issued and outstanding $2,720,000 Paid-in capital in excess of par-common stock 1,190,000 Retained earnings 5,38, The stockholders' equity accounts of Headland Company have the following balances on December 31, 2017. = 65000 x $5 = $325,000, A: Total amount invested (total paid in capital) = Total common stock capital + Total preferred stock, A: Earnings per share(EPS): Prepare the stockholders' equity section of the balance sheet. Opening outstanding shares + shares issued * period used /12 -, A: The firm can raise the amount through different modes some of them are, by issuing common stock, by, A: Let's Understand some basics 2015: Common stock-$15 par value.100.000 shares authorized. Answer (Amounts to be deducted should be indicated by a minus sign. Prepare the stockholders equity section of the balance sheet. Solved Summit Apparel has the following accounts at December - Chegg (a) how much warranty expense must waymire report in its current period income statement? A: a.journalize the entries to record the declaration and issuance of stock dividends. Welcome to Summit Sportswear! Start your trial now! Common Stock $15,000,000 Additional Paid-in Capital 1,500,00, The stockholders' equity accounts of Splish Company have the following balances on December 31, 2017. Enter Jupiter Corporation earned net income of $90,000 this year. It is also known as end of period adjustment. A: Dividends declared are capitalised from retained earnings of the company. = 75000 $15 it costs firm a $100 for each ton of pollution that it eliminates before it reaches the river, and it costs firm b $50 for each ton of pollution that it eliminates before it reaches the river. Common stock = $500,000 In putting together. Preorder turn around time is 3-4 weeks from close for preorder. Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. Compare the advantages and disadvantages and decide which of the two you would prefer. Additional Paid in Capital 7 oz 100% Cotton Vented ShirtPatented Ventilated Rear Cape with FR MeshPatented FR Mesh Under Arm VentilationExtreme moisture wicking, Continues VentilationButton down collarDual Rated CAT 2, NFPA 2112 & NFPA 70EMoisture wickingDouble .. A) Dress casually to make the one-on-one conver Stockholder's Equity is shown on the liability side of the Balance, A: Total cash received on Jan. 10 = No. On June 30, the board of directors of Sandals, Inc., declares a 2-for-1 stock split on its 28,000, $1 par, common shares. Dual Rated CAT 2, NFPA 2112 & .. Dividends are paid on October 31. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Select two ways of becoming a business owner. the government has decided to reduce the pollution and from now on will require a pollution permit for each ton of pollution dumped into the river. Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,800,000 shares issued; Additional Paid-in Capital, $17.80 million; Retained Earnings, $10.80 million; and Treasury Stock, 58,000 shares, $1.276 million. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. What is the journal entry to record the payment of the dividend? Nam risus ante, dapctum vitae odio. Oct. 2 f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. Balance Sheet Common stokc $1 par value = 1700000 shares Features: Once your package has been shipped, USPS is then responsible for . This can be identified by, A: Cash received on issue of 75000 shares of Common stock Prepare the stockholders equity section of the balance sheet. Record the following: Declaration of cash dividends October 15 entry Dividends paid Declaration of Dividends: Dividends: 3,000 Dividends Payable: 3000 read the following scenario, and assist poly and digit as they the servant with his calculations. Debit Record journal entries for October 31 and November 19 as shown below: A: The stock in which shareholders are entitled to received dividend whose amount may vary from time to, A: Common stock and Preferred stock are two type of shares issued by the company. (Amounts to be deducted should be indicated . Answer is not complete. What is Jupiter Corporations weighted average number of shares for the year? Number of preferred stock =. Nam lacinia pulvinar tortor nec facilisis. Which of the following is a reason to join an interest group? A: The following entries are journalized for Ergonomics Incorporation. the labor available is 565565 hours per week. Instructions Journalize the entries to record the transactions. A corporation reacquires 60,000 shares of its own 10 par common stock for 3,000,000, recording it at cost. Common Stock ($100 par value, authorized 8,400 shares) $500,000 Retained Earnings 281,200 Prepare entries in jou, On December 31, 2011, Colaw Company reports the following amounts in its equity section: Share capital ordinary $2,400,000 Share premium ordinary 900,000 Retained earnings 1,780,000 Treasury shares 180,000 The ordinary shares have a stated value of $1, On December 31, 2010, Bradstrom Company had 1,500,000 shares of $10 par common stock issued and outstanding. equity. As a newly promoted leader of a remote team, where should your primary focus be? Our clothes are perfect for your little one to play in and soft enough to use as Pajamas. They issued $7,500 in preferred dividends for the year. What is the weighted average number of common shares Howard will use in computing its earnings per share? \text {Extraordinary loss on extinguishment of debt} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots &\$ (8,750)\\ Stockholder equity refers to the monetary value of a company to those who have stock in it. Answered: Summit Apparel has the following | bartleby They are summarized as follows: a. All rights reserved. e. Sold 5,000 shares of treasury common for 6 per share. Cash (73,600*55) This surplus money is usually invested back into the business to expand its business operations or launch a new product. Prepare Goldfingers income statement for the current year. Common stock, $10 par, 293,000 shares issued and outstanding $2,930,000 Paid-in capital in excess of par-Common stock $1,190,000 Retained earnings $5,310. c. Retained Earnings. They issued $5,000 in preferred dividends for the year. A: Pronghorn Corporation. Date the fit for a king furniture company requires 2020 hours of labor to produce a standard table, and a chair requires 1212 hours of labor. C) View your own actions in the same way that you evaluate whether or not someone else is displaying authenticity. Date Copyright 2023 SolutionInn All Rights Reserved. If a package is returned you will be responsible to cover the additional shipping cost. Additional paid in capital = $17.7 Million, A: Formula: Earnings per share = Net income / Weighted average number of equity shares, A: Definition: Orders can not be changed after receiving payment. Prepaid taxes will be reversed within one year but can resu. jan. 22 Cash (73,600*55) You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Common stock at the end of year= 120000*10 = 1,200,000 Donec aliquet. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. The stockholders' equity accounts of Flint Company have the following balances on December 31, 2017. answered expert verified Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,600,000 shares issued; Additional Paid-in Capital, $16.40 million; Retained Earnings, $9.40 million; and Treasury Stock, 44,000 shares, $0.968 million. On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts. Nam risus ante, dapibus a molestie consequat, ultrices, Explore over 16 million step-by-step answers from our library, cing elit. Net income, 95,400 Common stock dividends declared, 32,000 Retained earnings, January 1, 122,250. Prepare the stockholders' equity section of the balance sheet. Summit Apparel has the following accounts of December 31: Common Stock, $1 par value, 2,000,000 shares issued; Paid-in Capital, $18 million; Retained Earnings, $11 million; and Treasury Stock,. National Supply's shareholders' equity included the following accounts A: Earnings per share refer to the amount earned by each stockholder. Italian Stallion has the following transactions during the y - Quizlet You'll get a detailed solution from a subject matter expert that helps you learn core concepts. They issued $5,000 in preferred dividends for the year. (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? What is the total amount invested (total paid-in capital) by all stockholders as of August 7? It refers to the shares which are issued by company for raising capital finances and, A: Stockholders equity: It refers to the remaining amount of assets that are available to the, A: a. (Stockholders' Equity Section) Dec. 1 Which term is not associated with brass instruments? A) empowering your team to make their own decisions Summit Apparel has the following accounts at December 31: Common, Stockholders Equity Section of the Balance Sheet The newly hired accountant at, Meenen Corporation has the following accounts at December 31 (in euro.$): Share, Based on the data for the years 1962 to 1977 for the, Use the following information to prepare a classified balance sheet for Blackmon, Find the center of mass of a thin plate of constant density, Bernard Creighton is the controller for Creighton Hardware Store. 14) You are in a virtual one-on-one meeting. Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. Authors: J. David Spiceland, Wayne Thomas, Don Herrmann, Search Textbook questions, tutors and Books, Change your search query and then try again, Summit Apparel Balance Sheet (Stockholders' Equity Section) Dec. Common Stock $1,300,000 the company can produce at most 3535 chairs per week. C) closely monitoring remote team members' performance, 13) You want to determine whether or not your remote team members perceive you as being authentic. Prepare a stockholders equity section. The company has 100,000 shares of common stock outstanding as of the beginning of Year 1. It is also called, A: Solution: What effect does it have on stockholders equity? Preparation of the stockholders equity section of the balance sheet. Number of preferred stock =, The Effect Of Prepaid Taxes On Assets And Liabilities, Many businesses estimate tax liability and make payments throughout the year (often quarterly). Definition Definition Remaining net income of the company after the required dividends are paid to shareholders. See answer Longmont Corporation earned net income of $90,000 this year. Summit Apparelhas the following accounts at December 31: Common Stock, $1 par value, 1,500,000 shares issued; Additional Paid-in Capital, $17.50 million; Retained Earnings, $10.50 million; and Treasury Stock, 55,000 shares, $1.210 million. Identify each entry by letter. As of December 2014, STU's stockholders' equity accounts report the following balances: Common Stock, $10 par, 5, On January 1, 2017, Geffrey Corporation had the following stockholders' equity accounts. Labour leader Sir Keir Starmer this morning described Sue Gray as a woman with a "formidable reputation" as he faces pressure to explain the circumstances of her job offer. SUMMIT APPAREL Cerebral Semiconductor began operations last year with $8,906 in initial invested capital. 60.000 shares issued and outstanding $900,000 Paid-in capital in excess of par value, common stock $60. At December 31, 2014, the following accounts were included in stockholders? \end{array} All sales are final. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. The retailer has closed hundreds of stores in recent months, as well as sought outside funding, in efforts to stay afloat. his goal is to determine which furniture company should produce the new furniture. Prepare the stockholders' equity section of the balance sheet. We're a boutique apparel company in Kansas City, MO, specializing in producing ladies' and youth fashion garments in the collegiate market. \text{Preferred stock dividend requirements} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & (3,100)\\ \text {Loss from continuing operations} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & (19,470)\\ Prepare the stockholders' equity section of the balance sheet. (Amounts to be deducted should be indicated by a minus sign. Common stock = $ 34 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock: 60,000 Re. Study the definition and the components of stockholder equity, and the stockholder's equity statement. Common stock, $10 par value, 200,000 shares authorized; 80,000 shares issued and outstanding $800,000 Paid-in capital in, On January 1, 2019, Cullumber Company had the following stockholders' equity accounts. Bastion Corporation earned net income of $200,000 this year. RTS items will be shipped within 2-5 days of purchase. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. Extreme moisture wicking, Continues Ventilation Common stock, $3 par, 1,100,000 shares issued and outstanding $3,300,000 Paid-in-capital in ex, Prom Night Formal Wear has the following stockholders' equity accounts at December 31, 2018: Common Stock, $1 par value, 2,200,000 shares; Additional Paid-in Capital, $21 million; Retained Earnings, $16 million; and Treasury Stock, 50,000 shares, $1.15 mi, Prom Night Formal Wear has the following stockholders' equity accounts at December 31, 2018: Common Stock, $1 par value, 1,200,000 shares; Additional Paid-in Capital, $23 million; Retained Earnings, $. equity. Total Paid-in, A: The times interest earned ratio is a ratio to measure a company's ability to pay its debt interests, A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.. b. Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. $1,100,000 Experts are tested by Chegg as specialists in their subject area. Calculate the amount of cash received A) Ask your team members in a Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 2,000,000 shares issued; Additional Paid-in Capital, $18 million; Retained Earnings, $11 million; and Treasury Stock, 60,000 shares, $1.32 This problem has been solved! b. Jupiter Corporation earned net income of $90,000 this year. Prepare the stockholders' equity section of the balance sheet. Prepare the stockholders' equity section of the balance sheet. They issued $7,500 in preferred dividends for the year. 100% FR CottonPatented Ventilated Rear Cape with FR MeshPatented FR Mesh Under Arm VentilationExtreme moisture wicking, Continues VentilationDual Rated CAT 2, NFPA 2112 & NFPA 70E2 Chest Pockets w/ Snap and Flap ClosureDouble Sti..