Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Faith evans corporation is a regional company

06/01/2021 Client: saad24vbs Deadline: 2 Day

Brief Exercise 15-4


Ravonette Corporation issued 375 shares of $15 par value common stock and 110 shares of $48 par value preferred stock for a lump sum of $20,025. The common stock has a market price of $30 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. (Round answers to 0 decimal places, e.g., 1520. 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.)


Account Titles and Explanation


Debit


Credit


http://edugen.wiley.com/edugen/art2/common/pixel.gifCash


http://edugen.wiley.com/edugen/art2/common/pixel.gif20025


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifPreferred Stock


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifPaid-in Capital in Excess of Par - Preferred Stock


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifCommon Stock


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifPaid-in Capital in Excess of Par - Common Stock


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


Exercise 15-12


Lotoya Davis Corporation has 10.12 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 62 cents per share cash dividend to stockholders of record as of June 14, payable June 30. (a) Prepare the journal entry for each of the dates above assuming the dividend represents a distribution of earnings. (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.)


Date


Account Titles and Explanation


Debit


Credit


6/1


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


6/14


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


6/30


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


(b) How would the entry differ if the dividend were a liquidating dividend? (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.)


Account Titles and Explanation


Debit


Credit


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


Warning


Exercise 15-19

Shown below is the liabilities and stockholders’ equity section of the balance sheet for Jana Kingston Company and Mary Ann Benson Company. Each has assets totaling $4,418,100.


Jana Kingston Co.


Mary Ann Benson Co.


Current liabilities


$315,600


Current liabilities


$754,600


Long-term debt, 10%


1,281,000


Common stock ($20 par)


2,945,000


Common stock ($20 par)


2,103,000


Retained earnings (Cash dividends, $328,900)


718,500


Retained earnings (Cash dividends, $227,700)


718,500




$4,418,100


$4,418,100


For the year, each company has earned the same income before interest and taxes.


Jana Kingston Co.


Mary Ann Benson Co.


Income before interest and taxes


$1,203,000


$1,203,000


Interest expense


128,100


0


1,074,900


1,203,000


Income taxes (45%)


483,705


541,350


Net income


$591,195


$661,650


At year end, the market price of Kingston’s stock was $101 per share, and Benson’s was $63.50. Assume balance sheet amounts are representative for the entire year. (a) Calculate the return on total assets? (Round answers to 2 decimal places, e.g. 16.85%.)


Return on total assets


Kingston Company


http://edugen.wiley.com/edugen/art2/common/pixel.gif


%


Benson Company


http://edugen.wiley.com/edugen/art2/common/pixel.gif


%


Which company is more profitable in terms of return on total assets? http://edugen.wiley.com/edugen/art2/common/pixel.gif (b) Calculate the return on common stock equity? (Round answers to 2 decimal places, e.g. 16.85%.)


Return on common stock equity


Kingston Company


http://edugen.wiley.com/edugen/art2/common/pixel.gif


%


Benson Company


http://edugen.wiley.com/edugen/art2/common/pixel.gif


%


Which company is more profitable in terms of return on common stock equity? http://edugen.wiley.com/edugen/art2/common/pixel.gif (c) Calculate the Net income per share. (Round answers to 2 decimal places, e.g. $6.85.)


Net income per share


Kingston Company


$http://edugen.wiley.com/edugen/art2/common/pixel.gif


Benson Company


$http://edugen.wiley.com/edugen/art2/common/pixel.gif


Which company has the greater net income per share of stock? Neither company issued or reacquired shares during the year. http://edugen.wiley.com/edugen/art2/common/pixel.gif (d1) From the point of view of net income, is it advantageous to the stockholders of Jana Kingston Co. to have the long-term debt outstanding? http://edugen.wiley.com/edugen/art2/common/pixel.gif (e) What is the book value per share for each company? (Round answers to 2 decimal places, e.g. $6.85.)


Book value per share


Kingston Company


$http://edugen.wiley.com/edugen/art2/common/pixel.gif


Benson Company


$http://edugen.wiley.com/edugen/art2/common/pixel.gif


Ok




Cancel




Problem 15-3


Hatch Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2014, the following accounts were included in stockholders’ equity.


Preferred Stock, 155,900 shares


$ 3,118,000


Common Stock, 2,023,000 shares


10,115,000


Paid-in Capital in Excess of Par—Preferred Stock


204,300


Paid-in Capital in Excess of Par—Common Stock


28,050,000


Retained Earnings


4,507,000


The following transactions affected stockholders’ equity during 2015.


Jan. 1


31,500 shares of preferred stock issued at $23 per share.


Feb. 1


59,400 shares of common stock issued at $21 per share.


June 1


2-for-1 stock split (par value reduced to $2.50).


July 1


37,000 shares of common treasury stock purchased at $9 per share. Hatch uses the cost method.


Sept. 15


10,000 shares of treasury stock reissued at $10 per share.


Dec. 31


The preferred dividend is declared, and a common dividend of 50¢ per share is declared.


Dec. 31


Net income is $2,292,000.


Prepare the stockholders’ equity section for Hatch Company at December 31, 2015. (Enter account name only and do not provide descriptive information.)


HATCH COMPANY Stockholders’ Equity December 31, 2015


http://edugen.wiley.com/edugen/art2/common/pixel.gifEAT_1363776507149_0_503989536147669_004


http://edugen.wiley.com/edugen/art2/common/pixel.gifPreferred Stock


$http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifCommon Stock


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifEAT_1363776507149_0_503989536147669_049


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifEAT_1363776507149_0_503989536147669_066


http://edugen.wiley.com/edugen/art2/common/pixel.gifPaid-in Capital in Excess of Par - Preferred Stock


$http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifPaid-in Capital in Excess of Par - Common Stock


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifTreasury Stock


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifEAT_1363776507149_0_503989536147669_128


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifRetained Earnings


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifEAT_1363776507149_0_503989536147669_162


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifEAT_1363776507149_0_503989536147669_170: http://edugen.wiley.com/edugen/art2/common/pixel.gif Treasury Stock


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifEAT_1363776507149_0_503989536147669_201


$http://edugen.wiley.com/edugen/art2/common/pixel.gif


Warning


Ok




Cancel




Exercise 15-4


Faith Evans Corporation is a regional company which is an SEC registrant. The corporation’s securities are thinly traded on NASDAQ. Faith Evans Corp. has issued 10,370 units. Each unit consists of a $519 par, 12% subordinated debenture and 10 shares of $5 par common stock. The investment banker has retained 415 units as the underwriting fee. The other 9,955 units were sold to outside investors for cash at $913 per unit. Prior to this sale, the 2-week ask price of common stock was $41 per share. Twelve percent is a reasonable market yield for the debentures, and therefore the par value of the bonds is equal to the fair value. (a) Prepare the journal entry to record Evans’ transaction, under the following conditions. (Round answers to 0 decimal places, e.g. $38,487. 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.)


(1)


Employing the incremental method.


(2)


Employing the proportional method, assuming the recent price quote on the common stock reflects fair value.


No.


Account Titles and Explanation


Debit


Credit


1.


http://edugen.wiley.com/edugen/art2/common/pixel.gifUnamortized Bond Issue Costs


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifCash


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifBonds Payable


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifCommon Stock


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifPaid-in Capital in Excess of Par - Preferred Stock


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


2.


http://edugen.wiley.com/edugen/art2/common/pixel.gifCash


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifUnamortized Bond Issue Costs


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifDiscount on Bonds Payable


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifBonds Payable


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifCommon Stock


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gifPaid-in Capital in Excess of Par - Common Stock


http://edugen.wiley.com/edugen/art2/common/pixel.gif


http://edugen.wiley.com/edugen/art2/common/pixel.gif


Warning



Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

University Coursework Help
Top Essay Tutor
Helping Hand
Writer Writer Name Offer Chat
University Coursework Help

ONLINE

University Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$62 Chat With Writer
Top Essay Tutor

ONLINE

Top Essay Tutor

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

$65 Chat With Writer
Helping Hand

ONLINE

Helping Hand

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$60 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

English 101 - Bruker vertex 70 price - 4000 essential english words 1 answer key pdf - Creating a professional image - What happens when you mix hydrogen and oxygen - Name the microstructural products of eutectoid iron carbon alloy - Hockley farm doctors leicester - The boom df of the jib crane - International human resource management exam questions - Idaho state tax commission power of attorney form - Executive Summary - Healthy People 2020: Understanding and Improving Health (2) - Repeated melodic pattern crossword - Case Study paper - Coca cola vision mission values - The rime of the ancient mariner worksheet answers - CHCADV005 provide systems advocacy services - Napoleon total war huge naval battle - In two paragraphs or more - Joey graceffa fantasy craft ep 18 - Meta Themes Draft - Refrigeration oil cross reference - Oasis youth support network - Two englishmen who popularized the essay - Critical thinking Organizational Culture ( Change Management Plans ) - Tom swift said it this way supposedly math answers - 6 3 1 reflection assignment - Economics the basics 2nd edition pdf - Dr kawashima's devilish brain training cia - I need help writing a Control plan for Six Sigma - Wj irwin solicitors dungannon - Aussie rules football poems - Australian medical terminology abbreviations - Naked statistics sparknotes - Mini unit - Capstone Research Companion - English writing test concordia - Devin in the lab height - WEEK 9 CRISI intervention - How do you calculate the case mix index - Statement of purpose for business analytics course - Schedules of reinforcement quizlet - Franck hertz experiment data analysis - Homework - Saskia sassen global cities and survival circuits - Tv shows about college life - Mis535 midterm answers - Gas laws virtual lab answer key - How many pages is 1300 words double spaced - What makes a good book - Walden nurs 6630 midterm exam - Implementation of the iom future of nursing report essay - Productive Conflict Video - Data analysis for economics exam - Stanzas to augusta analysis - Homework computer - Pegler gate valve 1068 - Sociogram observation advantages and disadvantages - Thin air lisa gray pdf - You gotta keep dancin tim hansel summary - Homework to do list pdf - In mrp scheduled receipts are - Fingal county council housing department blanchardstown - Making pronouns and antecedents agree - Nova elements periodic table - Compare and contrast art examples - Club mahindra resort in austria - Elements of intercultural communication gcu - Advanced issues in risk management - My antonia answer key - Research paper format template - Digestive organ crossword clue - An entomologist writes an article in a scientific journal - Keew 2 interactive CS - Signal words and phrases list - Alaska fly fishing expedition risk assessment - Cj industries and heavey pumps case study answers - Artwork analysis - No growth philosophy of management - Health policy Final Project Milestone Two: Factual Overview - Alternative solution proposal - Personal marketing plan example pdf - Calculus project - John wideman our time - 21st century skills critical thinking and problem solving gcu - What options exist for the accounting of subsidiaries under aspe - The boy in striped pyjamas questions and answers - Unit 7 Assignment 2 HIM Roles - Why is western blot called western - Dance studio rental agreement - Bankstown multicultural children's centre - Which gas would you test for with limewater - Answering questions - Strategic Action Planning - Narrative inquiry in language teaching and learning research - Gcse music structure and form - Lutron maestro dimmer manual - Mr mrs miss ms - Sly dealings skill in deceiving - Antibiotic resistance can we ever win case study answer key