Entries by Hannah Wangui

Using Problem 8-4, answer the following questions based on information given in the problem: a. Transaction 1: What amount would be assigned to Additional Paid-in Capital when recording the transaction? b. Transaction 2: What amount would be assigned to the Preferred Stock account? c. Transaction 3: What amount would be assigned to Treasury Stock from the transaction? Would that amount be debited or credited? d. Transaction 4: What part of the dividend is received by Preferred stockholders? Common stockholders? (Reminder – for the preferred stock, the 6% is an annual dividend) e. Transaction 5: What amount would be assigned to Additional Paid-in Capital from the reissuance of the Treasury Stock?

August 13, 2019 in /by

Using Problem 8-4, answer the following questions based on information given in the problem: a.        Transaction 1: What amount would be assigned to Additional Paid-in Capital when recording the transaction? b.        Transaction 2: What amount would be assigned to the Preferred Stock account? c.        Transaction 3: What amount would be assigned to Treasury Stock from the transaction? Would that amount […]

 

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Deadline Corp. reported net income of $1,692,900 for 2017. Deadline’s income tax rate was 30% and they reported no below the line items on their income statement. Deadline had 400,000 shares of common stock outstanding at1/01/17, issued an additional 300,000 shares on 7/1/17, and purchased 90,000 treasury shares on 11/1/17. The average market price of Behrend’s stock during 2017 was $50. Throughout 2017 Behrend also had the following securities outstanding: a. 20,000 shares of $100 par value 6% cumulative preferred stock (annual preferred dividend requirement of $6/share). Each preferred share is convertible into 3 shares of common stock. b. $10,000,000 of 8% bonds payable issued at face value. Each $1,000 bond is convertible into 20 shares of common stock. c. Stock warrants to purchase 160,000 shares of Behrend Corp. common stock for $40/share. Required: 1. Calculate basic EPS for 2017 (show your work – answer should be $2.94/share), 2. Determine diluted EPS for 2017 (in formulating your answer, provide the “incremental effect” on the EPS numerator and denominator for each of the potentially dilutive securities a, b and c above

August 13, 2019 in /by

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Our company manufactures and sells calculators for $80 each. A major University has offered us $55 per calculator for a one-time order of 500 calculators. Our costs to manufacture a calculator include: direct materials, $25 per unit; direct labor, $20 per unit; variable factory overhead, $15 per unit; and fixed manufacturing overhead, $12 per unit. Assume that we have excess capacity and the special order will not affect regular sales. What is the change in operating income that would result from accepting this special sales order?

August 13, 2019 in /by

Our company manufactures and sells calculators for $80 each. A major University has offered us $55 per calculator for a one-time order of 500 calculators. Our costs to manufacture a calculator include: direct materials, $25 per unit; direct labor, $20 per unit; variable factory overhead, $15 per unit; and fixed manufacturing overhead, $12 per unit. […]

 

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Pine Company owns 40 percent (140,000 shares) of Seacrest, Inc., which it purchased several years ago for $644,000. Since the date of acquisition, the equity method has been properly applied, and the carrying amount of the investment account as of January 1, 2015, is $875,000. Excess patent cost amortization of $42,000 is still being recognized each year. During 2015, Seacrest reports net income of $942,000 and a $420,000 other comprehensive loss, both incurred uniformly throughout the year. No dividends were paid during the year. Pine sold 28,000 shares of Seacrest on August 1, 2015, for $223,454 in cash. However, Pine retains the ability to significantly influence the investee. During the last quarter of 2014, Pine sold $75,000 in inventory (which it had originally purchased for only $45,000) to Seacrest. At the end of that fiscal year, Seacrest’s inventory retained $12,300 (at sales price) of this merchandise, which was subsequently sold in the first quarter of 2015. On Pine’s financial statements for the year ended December 31, 2015, what income effects would be reported from its ownership in Seacrest? (Round your answers to the nearest whole dollar.) }uetr”:ontidaliValeabtTarst,”uetr”:ederswAnis,””””:ontiipcres_dab”t},:{2″_6,”0]:[7″_6,”llnu”:51″_},e}lsfa”:cylipo,”Z”-%20A%20:%20rtso:”r”deOrrtso,””]ssloe%20ivnsherempcor%20heOt,”n”ai%20gvesienehprom%20certh”O”,t%20entmesnv%20iofe%20al%20sons%20os”L”,t%20entmesnv%20iofe%20al%20sonn%20ai”G”,ssloy%20itqu”E”,mecoiny%20itqu”E:[t”is”l”,dd:”e”amnNowpDro”d0,”:25″_:{0″{“”:26″_},0}”:66″_0,”:_6{“”:”1:{2″_3,”seal:f2″_4,”-1″:50″_1,”:24″_1,”:31″_0,”:_5,”:04″”_e,lsfa”:48″_},:{7″_3,”}]36:37″_7,”28:14″_3{“:[3″_2,”uetr”:45″_”,e1tlTiw%20Ne:”e”am”n],e}ru:t7″_4,”:64″_5,”}]L”CO:”0″_9,”1}”:89″_3,”:88″_0,”:87″_1,”:86″_:{5″_8,”E”FLUFSH:”3″_7{“:[3″_3,””}00″1″:c1,”4″19:”0″”c:{9″_1,””}23:”3″,”3″”2″:”2″,23:”1″,”3″”2″:”0:{9″_5,”]]}}1″:”4″_8,”e”nspoespRougrd%20leffhu%20sceaneroleTluvae%20nspoes%20rermbNulety”s”:_7,”e”luva:”0″_7,”:11″_7,”e}ru:t4″_4,”t”ghri:”8″_6,”uetr”:43″_”,ONTILUSO:”6″_7{“”:55″_},”}”%24″:81″_2,”:53″_e,ru:t3″_6{“”:55″_”,CYENRRCU:”3″_7{“”:29″_},”}0023:”5″_7{“”:_0,””}:”9″_7,”~”5)(3~j:”5″_7{“”:56″_},”””:79″_”,:”5″_7{“”:30″_:{2″”_:{0″_2{“},”}”1″:84″_”,seonspReupro%20gedflufsht%20isnLowpDro%20dgema_ibg:”7″”_”,r30__cllce0_leab_t”0″:38″_”,wnDoopdr:”7″_2,”:05″_2,”e}ru:t4″_4,”uetr”:43″_”,ONTILUSO:”6″_7{“”:55″_},”}ssloy%20itqu”E”:75″_:{0″”_},”””:79″_”,t%20entmesnv%20iofe%20al%20sonn%20ai”G”:75″_:{6″_5,””}:”9″_7,””””:75″_:{0″_3{“”:_2{“”:20″_[{],}}1″:”4″_8,”e”nspoespRougrd%20leffhu%20sseonsprer%20beumeNylst:”7″”_},uetr”:44″_”,htig”r”:68″_e,ru:t3″_4,”N”IOUTOL”S”:76″_:{5″_5,”}}uetr”:_1,”%24″:”1″_8,”:23″_5,”uetr”:63″_:{5″_5,”Y”NCREUR”C”:73″_:{9″_2,”}}0″40″5″:75″_:{0″”_},”””:79″_”,)~17j(-~:”5″_7{“”:56″_},”””:79″_”,:”5″_7{“”:30″_:{2″”_:{0″_2{“},uetr”:57″_},1″:”4″_8,”e”nspoespRougrd%20leffhu%20sstLiwnDoopdre%20agimg_”b”:_7,”2″_rc0l_el_ce0blta0_:”8″_3,”n”owpDro”d”:27″_0,”:25″_},uetr”:44″_e,ru:t3″_4,”N”IOUTOL”S”:76″_:{5″_5,”}}e”omnc%20ityuiEq:”5″_7{“”:_0,””}:”9″_7,”s”os%20lvesienehprom%20certh”O”:75″_:{6″_5,””}:”9″_7,””””:75″_:{0″_3{“”:_2{“”:20″_[{],}}1″:”4″_8,”e”nspoespRougrd%20leffhu%20sceaneroleTluvae%20nspoes%20rermbNulety”s”:_7,”e”luva:”0″_7,”:11″_7,”e}ru:t4″_4,”t”ghri:”8″_6,”uetr”:43″_”,ONTILUSO:”6″_7{“”:55″_},”}”%24″:81″_2,”:53″_e,ru:t3″_6{“”:55″_”,CYENRRCU:”3″_7{“”:29″_},”}0023:”5″_7{“”:_0,””}:”9″_7,”~”7)(2~j:”5″_7{“”:56″_},”””:79″_”,:”5″_7{“”:30″_:{2″”_:{0″_2{“},”}”1″:84″_”,seonspReupro%20gedflufshe%20agimg_%20bstLiwnDoopdr:”7″”_”,wnDoopdr:”7″_2,”:05″_2,”e}ru:t4″_4,”uetr”:43″_”,ONTILUSO:”6″_7{“”:55″_},”}ssloy%20itqu”E”:75″_:{0″”_},”””:79″_”,mecoiny%20itqu”E”:75″_:{6″_5,””}:”9″_7,””””:75″_:{0″_3{“”:_2{“”:20″_[{],}}%3B”neno:%20ayplis%20dx%3B0p:%20ntdeint-ex%20t)%3B11%2023,16,%2037(1gb%20rr:locod-unrokgac”b”:_8,”r”teeneCylstd%20oleBylst:”7″”_},1″0_:”8″_7,”r”teen”c”:68″_e,ru:t0″_1,”)”11%2023,16,%2037(1gb”r”:_9,”N”IOSTUE”Q”:76″_:{5″_5,”}}”””:79″_”,:”5″_7{“”:30″_:{2″”_:{0″_2{“},”}x%3B0p:%20ntdeint-ex%20t)%3B11%2023,16,%2037(1gb%20rr:locod-unrokgac”b”:_8,”d”oleBylstr%20teeneCylst:”7″”_2,”:16″_},0″0_:”8″_7,”uetr”:10″_”,erntce:”8″_6,”)”11%2023,16,%2037(1gb”r”:_9,”N”IOSTUE”Q”:76″_:{5″_5,”}}”””:79″_”,C.IN,%20STREACSE:”5″_7{“”:30″_:{2″”_:{0″_2{“[[“:13″_e,lsfa”:41″_},n”owpDro”d”:27″_1,:-5″_2,”{}”:75″_e,lsfa”:82″_:{8″_2,””””:22″_e,lsfa”:35″_e,ru:t6″_3,”{}”:55″_”,leab%20TedtltiUn:”9″_6,”:27″_1,”:48″_5{“:[5″_6{“

August 13, 2019 in /by

Pine Company owns 40 percent (140,000 shares) of Seacrest, Inc., which it purchased several years ago for $644,000. Since the date of acquisition, the equity method has been properly applied, and the carrying amount of the investment account as of January 1, 2015, is $875,000. Excess patent cost amortization of $42,000 is still being recognized […]

 

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