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ACC 206 Week 5 Homework Chapter 14

ACC 206 Week 5 Homework Chapter 14

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ACC 206 Week 5 Homework Chapter 14 -

Brief Exercise 14-2

Langley Corporation has 52,600 shares of $12 par value common stock outstanding. It declares a 10% stock dividend on December 1 when the market value per share is $17. The dividend shares are issued on December 31.

Prepare the entries for the declaration and payment of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

Brief Exercise 14-4

For the year ending December 31, 2014, Soto Inc. reports net income $140,080 and dividends $88,450.

Prepare the retained earnings statement for the year assuming the balance in retained earnings on January 1, 2014, was $228,740. (List items that increase retained earnings first.)

 

Brief Exercise 14-8

The following information is available for Reinsch Corporation for the year ended December 31, 2014: cost of goods sold $207,600, sales revenue $463,300, other revenues and gains $47,100, and operating expenses $75,400.

Assuming a corporate tax rate of 26%. prepare an income statement for the company.

 

Exercise 14-2 (Part level Submission)

Knudsen Corporation was organized on January 1, 2013. During its first year, the corporation issued 2,100 shares of $50 par value preferred stock and 106,400 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2013, $7,350; 2014, $13,800; and 2015, $27,600.

Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative.

           

   

2013

 

2014

 

2015

Allocation to preferred stock

 

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Allocation to common stock

 

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Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 9% and cumulative.                

   

2013

 

2014

 

2015

Allocation to preferred stock

 

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$Entry field with correct answer

 

$Entry field with correct answer

Allocation to common stock

 

$Entry field with correct answer

 

$Entry field with correct answer

 

$Entry field with correct answer

Journalize the declaration of the cash dividend at December 31, 2015, under part (b). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

 

Exercise 14-5 (Part level Submission)

On October 1, Little Bobby Corporation’s stockholders’ equity is as follows.

Common stock, $6 par value                                                    $458,400

Paid-in capital in excess of par—common stock                        26,400

Retained earnings                                                                      154,920

    Total stockholders’ equity                                                     $639,720

On October 1, Little Bobby declares and distributes a 10% stock dividend when the market price of the stock is $14 per share.

Compute the par value per share (1) before the stock dividend and (2) after the stock dividend.

 

Exercise 14-14 (Part level Submission)

Ringgold Corporation has outstanding at December 31, 2014, 46,900 shares of $22 par value, cumulative, 6% preferred stock and 200,400 shares of $6 par value common stock. All shares were outstanding the entire year. During 2014, Ringgold earned total revenues of $1,978,500 and incurred total expenses (except income taxes) of $1,139,900. Ringgold’s income tax rate is 31%.

Calculate Ringgold’s 2014 net income.

 

Problem 14-1A (Part level Submission)

On January 1, 2014, Geffrey Corporation had the following stockholders’ equity accounts.

Common Stock ($24 par value, 57,000 shares issued and outstanding)

 

$1,368,000

Paid-in Capital in Excess of Par—Common Stock

 

194,300

Retained Earnings

 

649,100

 

During the year, the following transactions occurred.

Feb.  1

 

Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1.

Mar.  1

 

Paid the dividend declared in February.

Apr.  1

 

Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36.

July  1

 

Declared a 11% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share.

31

 

Issued the shares for the stock dividend.

Dec.  1

 

Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2015.

31

 

Determined that net income for the year was $358,000.

Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

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