The stockholders equity of Acme Corporation at December 31, 2010 consisted of the following Common stock...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The stockholders equity of Acme Corporation at December 31, 2010 consisted of the following Common stock $ 10 par 36,000 shares outstanding Aditional Paid In Capital Retained Earings 360,000.00 80,000.00 60,000.00 Company has been in a tight working capital positon and at October 1 sold 14,000 previously unissued common stock to Bugs Corporation for $280,0000 All of Acme identifiable assets and liabilites were recorded at fair value at this date except for building with remaining useful life of 5 years that was undervalud by S60,000 and equipment with remaining useful life of 10 years that was overvalued by $20,000 date except for building with remaining useful life of 5 years that was undervalud by S60,000 3 During 2010, Acme reported net inocme of $120,000 and paid dividends Mar 31 of $30,000; June 30 of $30,000; Sept 30 of $ 15,000 and Dec 31 of $ 15,000 for a total of $ 90,000 for the year 14 15 16 17 18 Required-Show all Workings: 19 20 a) Record the entry by Acme corporation on the issue of the shares to Bugs Oct 1 (5 pts) 21 22 b) Record the entries to record the divideds paid every quarter (16 pts ) 23 24 c) Record any other entry or entries necessay by Acme at year end Dec 31, 2010 (4 pts) 25 26 d) What is the net assets of Acme corporation at Dec 31,2010 (5 pts) The stockholders equity of Acme Corporation at December 31, 2010 consisted of the following Common stock $ 10 par 36,000 shares outstanding Aditional Paid In Capital Retained Earings 360,000.00 80,000.00 60,000.00 Company has been in a tight working capital positon and at October 1 sold 14,000 previously unissued common stock to Bugs Corporation for $280,0000 All of Acme identifiable assets and liabilites were recorded at fair value at this date except for building with remaining useful life of 5 years that was undervalud by S60,000 and equipment with remaining useful life of 10 years that was overvalued by $20,000 date except for building with remaining useful life of 5 years that was undervalud by S60,000 3 During 2010, Acme reported net inocme of $120,000 and paid dividends Mar 31 of $30,000; June 30 of $30,000; Sept 30 of $ 15,000 and Dec 31 of $ 15,000 for a total of $ 90,000 for the year 14 15 16 17 18 Required-Show all Workings: 19 20 a) Record the entry by Acme corporation on the issue of the shares to Bugs Oct 1 (5 pts) 21 22 b) Record the entries to record the divideds paid every quarter (16 pts ) 23 24 c) Record any other entry or entries necessay by Acme at year end Dec 31, 2010 (4 pts) 25 26 d) What is the net assets of Acme corporation at Dec 31,2010 (5 pts)
Expert Answer:
Related Book For
Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
Posted Date:
Students also viewed these accounting questions
-
A project that cost $80000 with a useful life of 5 years is being considered. Straight-line depreciation is being used and salvage value is $5000. The project will generate annual revenues of $21375....
-
The stockholders equity section of Haley Corporation at December 31 is as follows. HALEY CORPORATION Balance Sheet (partial) Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,...
-
The stockholders equity of Pondside Occupational Therapy, Inc., on December 31, 2011, follows: On April 30, 2012, the market price of Pondsides common stock was $11 per share and the company...
-
What are two important limitations of the Heckscher- Ohlin theory?
-
Define what is meant by a leading question. Provide an example.
-
a. The chloride of an unknown element, X, is a liquid at 20C. This chloride reacts with water, giving white fumes and leaving an acidic solution. i. Does element X belong to Group 1, Group 2 or Group...
-
Which one of the below is not a component of the internal control over financial reporting? (a) The management overrides (b) The control environment (c) The companys risk assessment process (d) The...
-
Pension Plan Calculation The Village of Dover administers a defined benefit pension plan for its police and fire personnel. Employees are not required to contribute to the plan. The village received...
-
need clear explanations and all work shown for any calculations. This is not an exam. Problem 5 The WorldValue fund has value weights on asset classes and returns as given in the table below. There...
-
Three-Month Project NOTE! Templates needed Ampersand, Inc., is a small business that operates in Somerset, VT The company is located at 732 Appalachian Way, Somerset, VT 05363. Its federal Employer...
-
D E F G H K M N Often, critical systems in a variety of applications are set up in parallel to avoid catastrophic failure (for example, military or medical applications). Consider a system with 5...
-
Explain how you will integrate your faith into developing a database about tracking of their customers, employees, projects, project schedules, assignments, and invoices, and make it ued for a...
-
For each President, compute how many more days passed before their death in their year of death than before their birth in their year of birth. For example, that number for George Washington is 295,...
-
10. Find dy/dx, when tan x (ii) y= 11. Find the differential coefficient of the following functions: tanx+CM I tan x (ii) (iii) x + sin x' x-1+1 3x+2 (iv) (v) x+3+1 (x+5x(2x-1)+3' (vi) ICOSI (vii)...
-
A Carnot cycle receives 650 kJ of heat at 1000 K and has a thermal efficiency of 50%. Calculate the work produced and the temperature at which heat transfer takes place.
-
While working in the attic, Eidur absentmindedly placed a small box on the closed attic door. The door is horizontal to the attic floor and opens downwards. If the coefficient of static friction...
-
Case Study AssignmentFinancial Services LawFactual contextThe relevant events concern a kryptonite resource in Dubbo knownas the Strength Project. The Project was acquired by SupermanLimited in D 2...
-
Copy and complete the statement. 3800 m ? km =
-
Consider the same basic facts as in P12-2, but instead of a forward contract Sue purchases put options to sell 300,000 bushels at $6.20 per bushel. The options cost $0.05 a bushel. REQUIRED 1....
-
What assumptions are made in determining the amount of distributions (or safe payments) to individual partners prior to the recognition of all gains and losses on liquidation?
-
Pal Corporations net income for 2011 is $316,000, including $160,000 income from Sod Corporation, its 80 percentowned subsidiary. The income from Sod consists of $176,000 equity in income less...
-
The main assertions in the financial statements relating to inventory, for which audit procedures should be designed and performed are: (a) Existence (b) Ownership (c) Completeness (d) Valuation
-
When the auditor attends an inventory count as a part of the inspection procedure, the auditor is required to: (a) Evaluate managements instructions and procedures for recording and controlling the...
-
Which of the following assertion is accurate concerning audit risk? (a) Audit risk refers to the risk that the auditor expresses an inappropriate audit opinion (b) Audit risk is a function of the...
Study smarter with the SolutionInn App