Question
Can anyone help me with my homework problems? 1. Sunny Company has the following account balances after adjusting entries at December 31, 2012: Accounts Payable
Can anyone help me with my homework problems?
1.
Sunny Company has the following account balances after adjusting entries at December 31, 2012:
Accounts Payable | $24,000 |
Dividends | 7,000 |
Treasury Stock, Common (22,000 shares) | 98,000 |
Preferred Stock ($10 par) | 80,000 |
Land | 220,000 |
Cash | 220,000 |
Equipment | 120,000 |
Accounts Receivable | 90,000 |
Common Stock ($1 par) | 365,000 |
Sales | 820,000 |
Prepaid Rent | 70,000 |
Bonds Payable (due 2030) | 120,000 |
Premium on Bonds Payable | 8,000 |
Cost of Goods Sold | 720,000 |
Interest Expense | 20,000 |
Unearned Revenue | 20,000 |
Allowance for Doubtful Accounts | 15,000 |
Operating Expenses | 97,000 |
Accumulated Depreciation- Equipment | 40,000 |
Paid-in Capital in Excess of Par Value, Common | 113,000 |
Retained Earnings | 57,000 |
The total assets on the December 31, 2012 balance sheet would be:
a). 720,000
b). 665,000
c). 674,000
d). 680,000
Use the following chart for the next two questions
Marla Corporations ledger includes the following selected account balances at December 31, 2012:
Paid-in Capital in Excess of Par Value, Common | 560,000 |
Cash | 820,000 |
Unearned Revenue | 55,000 |
Discount on Bonds Payable | 75,000 |
Retained Earnings | 300,000 |
Paid-in Capital in Excess of Par Value, Preferred | 100,000 |
Cash Dividends Payable | 80,000 |
Treasury Stock, Common, 36,000 shares | 40,000 |
Accounts Payable | 120,000 |
Preferred Stock, 12% $100 par value, 4,000 shares issued | 400,000 |
Bonds Payable, 14% | 900,000 |
Common Stock, $1 par value, 240,000 shares issued | 240,000 |
The number of common shares outstanding at December 31, 2012 would be:
1. 204,000
2. 200,000
3. 276,000
4. None of the above
How much is the book value per share of common stock at December 31, 2012, assuming the preferred stock's liquidation value is equal to the par value and there are no dividends in arrears? (Round answer to the nearest whole cent.)
1. 5.71
2. 5.69
3. 5.15
4. 6.20
Tom Company (which uses a perpetual inventory system) has the following account balances after adjusting entries at December 31, 2012:
The number of outstanding common shares at December 31, 2012 is: 1. 720,000 2.665,000 3. 674,000 4. 680,000 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started