Entries by mary WAMBUGU

On January 1, 2010 Johnson corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred

August 26, 2019 in /by

On January 1, 2010 Johnson corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:Mar. 1   Issued 30,000 shares of common stock for $420,000Jun.  1   Declared a cash dividend of $2 per shares to stockholders of record on june 15(note: add beginning shares outstanding with the shares issued on Mar. 1 to get total stockholders of record)Jun. 30   Paid the $2 cash dividend.Dec. 1    Purchased 10,000 shares of common stock for the treasury for $15 per shareDec. 20  Reissued 4,000 shares of treasury stock for $18 eachDec  30  Reissued 6,000 shares of treasury stock for $11 each.Dec  31  Declared a 3% stock dividend on its common stock when the market value of the common stock was $11 per sharejournal entries to record the above transactions.Question 2The following information is available for Paper Inc.:Beginning retained earnings                                          $600,000Cash dividends declared                                                   30,000Net income for 2014                                                         140,000Stock dividend declared                                                    10,000Understatement of last year’s depreciation expense  30,000Based on the preceding information, retained earnings statement for 2014Question 3James (investor) Corporation acquires 35% of the common shares of Heck (investee) Company for $300,00 on Jan. 1, 2014.For 2014, Heck reports net income of $50,000 and paid dividends of $16,000.Instructions.a.    Prepare the entries for these transactions that James Co. would make.b.    Compute the balance in the stock investment account of James Co.Question 4 On Jan. 1, James Co. issued $400,000, 6%, 5-year bonds at 103. Interest is payable semiannually on July 1 and Jan. 1.Straight-line amortization method is used.Instructionsjournal entries to record the(A) Issuance of the Bonds(B) Payment of interest on July 1, assuming no previous accrual of interest. Need to also show the entry of the amortization of the premium to interest.(C) Accrual of interest on Dec 31. Need to also show the entry of the amortization of the premium to interest.   Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”

 

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Alfa Company has three employees (Tim, Nick, and Larry). Employee Tim worked 8 hours, divided equally between two jobs (Job A-1 & Job A-2).

August 26, 2019 in /by

Alfa Company has three employees (Tim, Nick, and Larry).  Employee Tim worked 8 hours, divided equally between two jobs (Job A-1 & Job A-2).  Employee Nick worked 6 hours, divided equally between three jobs (Job A-2, Job A-3, and Job A-4).   Employee Larry worked 8 hours, divided equally between two jobs (Job A-2 and Job A-4).  Employee Tim is […]

 

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Equipment was purchased on June 1, it has an estimated life or 5 years with an estimated salvage value of $400,000. Alpha Dog used the double declining balance method for depreciation.

August 26, 2019 in /by

1. Equipment was purchased on June 1, it has an estimated life or 5 years with an estimated salvage value of $400,000. Alpha Dog used the double declining balance method for depreciation. 2. Supplies on hand at year end are $30,000. 3. On 1/1/2017 interest of $58,000 and a principle payment of $20,000 must be made […]

 

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