Culver Inc. declares a 10% stock dividend on its 8,100 shares of $2 par value common stock. The current fair market value of its stock is $7 per share. Record the entry on the declaration date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record declaration of 10% stock dividend)
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- Pharoah Company has a stock portfolio valued at $4,100. Its cost was $3,500. If the Fair Value Adjustment account has a debit balance of $130, prepare the journal entry at year-end. (List debit entry before credit entry. 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 O for the amounts) Account Titles and Explanation Debit CreditPrepare the journal entries for the first year of the stock-option plan. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit >-/25 Prepare the journal entries to record the treasury stock transactions in 2020, assuming Pharoah uses the cost method. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1 Mar. 18 9 4
- The trial balance of Sam’s Deli Inc. at October 31, 2020, does not balance: The accounting records contain the following errors: -Recorded a $1,000 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct. -Posted a $1,000 credit to Accounts Payable as $100. -Did not record utilities expense or the related account payable in the amount of $200. -Understated Share Capital by $1,100. -Omitted insurance expense of $1,000 from the trial balance. Q1: Prepare the correct trial balance at October 31, 2020, complete with a heading. Journal entries are not required but will be helpful in correcting the trial balance. Q2: Organize the elements of the trial balance in a way that would assist a bank manager who has to decide whether to loan money to Sam’s Deli.UNICHITAchpugi 33 Bridgeport Corp. is a medium-sized corporation specializing in quarrying stone for building construction. The company has long dominated the market, at one time achieving a 70% market penetration. During prosperous years, the company's profits, coupled with a conservative dividend policy, resulted in funds available for outside investment. Over the years, Bridgeport has had a policy of investing idle cash in equity securities. In particular, Bridgeport has made periodic investments in the company's principal vendor of mining equipment, Norton Industries. Although the firm currently owns 12% of the outstanding common stock of Norton Industries, Bridgeport does not have significant influence over the operations of Norton Industries. Cheryl Thomas has recently joined Bridgeport as assistant controller, and her first assignment is to prepare the December 31, 2025 year-end adjusting entries for the accounts that are valued by the "fair value" rule for financial reporting…Flounder Corp. is a medium-sized corporation specializing in quarrying stone for building construction. The company has long dominated the market, at one time achieving a 70% market penetration. During prosperous years, the company's profits, coupled with a conservative dividend policy, resulted in funds available for outside investment. Over the years, Flounder has had a policy of investing idle cash in equity securities. In particular, Flounder has made periodic investments in the company's principal vendor of mining equipment, Norton Industries. Although the firm currently owns 12% of the outstanding common stock of Norton Industries, Flounder does not have significant influence over the operations of Norton Industries. Cheryl Thomas has recently joined Flounder as assistant controller, and her first assignment is to prepare the December 31, 2025 year-end adjusting entries for the accounts that are valued by the "fair value" rule for financial reporting purposes. Thomas has gathered…
- Prime Corporation prepared its annual financial statements for its shareholders for the fiscal year ending December 31, 2029. Record whether the transaction below for Prime Corporation overstated (O), understated (U), or correctly stated (C) total assets, total liabilities, stockholders' equity, and net income in 2029. You must write "O", "U", or "C" in each blank for credit. Prime Corp. did not adjust its unearned revenue account for the $8,000 of revenue earned in December 2029. Assets: O/U/C? Liabilities: O/U/C? Equity: O/U/C? Net income: O/U/C?Weldon Corporation’s fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021: Aug. 31 Sold stock in a nonpublic company with a book value of $5,800 and accepted a $6,800 noninterest-bearing note with a discount rate of 9%. The $6,800 payment is due on February 28, 2022. The stock has no ready market value. Prepare journal entries for the above transactionOn June 30, 2017, Bramble Company issued 12% bonds with a par value of $760,000 due in 20 years. They were issued at 98 and were callable at 105 at any date after June 30, 2025. Because of lower interest rates and a significant change in the company's credit rating, it was decided to call the entire issue on June 30, 2026, and to issue new bonds. New 8% bonds were sold in the amount of $920,000 at 103; they mature in 20 years. Bramble Company uses straight-line amortization. Interest payment dates are December 31 and June 30. (a) (b) Prepare journal entries to record the redemption of the old issue and the sale of the new issue on June 30, 2026. Prepare the entry required on December 31, 2026, to record the payment of the first 6 months' interest and the amortization of premium on the bonds. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.…
- On November 1, 2022, Crane Corp. adopted a stock option plan that granted options to key executives to purchase 49,800 common shares. The options were granted on January 2, 2023, and were exercisable two years after the date of grant if the grantee was still a company employee; the options expire six years from the date of grant. The option price was set at $37, and total compensation expense was estimated to be $522,000. Note that the calculation did not take forfeitures into account. On April 1, 2024, 3,900 options were terminated when some employees resigned from the company. The fair value of the shares at that date was $25. All of the remaining options were exercised during the year 2025: 34,900 on January 3 when the fair value was $47, and 11,000 on May 1 when the fair value was $53 a share. Assume that the entity follows ASPE and has chosen not to reflect forfeitures in its upfront estimate of compensation expense. (a) Prepare journal entries relating to the stock option plan…On December 1, Cheyenne Furniture Corporation borrowed $8,800 on a 90-day, 15% note. Prepare the entries to record the issuance of the note, the accrual of interest at year end, and the payment of the note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit CreditMaldanado Company has a balance in its Accounts Payable control account of P10,500 on January 1,2021. The subsidiary ledger contains three acounts: Smith Company, balance P3,000; White Company, balance P2,500 and Marino Company, balance P5,000. During January, the following payable-related transactions occured. SMITH COMPANY Purchases: P7,500 Payment: P6,000 Returns: P0 WHITE COMPANY: Purchases: P5,250 Payment: P2,500 Returns: P1,500 MARINO COMPANY: Purchases: P6,100 Payment: P6,750 Returns: P0 How much is the general ledger balance of the Accounts Payable as of January 31, 2021?