COOL File Users/sheikhunehra/Downloads/ACCT201_202008_FE.pdf Youtube Mapa Messenger New Tab Course: Statistics QUESTION 9 (6 marks) On September 1, 2018, Clown Associates borrowed $600,000 from Credit Union and signed a 9% one-year note payable with all interest and principal due at maturity. (a) The amount Clown must pay on September 1, 2019, when the note matures is: (1 mark) (b) The interest expense Clown will recognize on this note in 2019 is (1 mark) (c) At December 31, 2018, Clown Associates' liability to the credit union amounts to: (1 mark) (d) Give the adjusting entry including explanation made by Clown Associates on December 31, 2018, with respect to this note. (3 marks) I END OF FINAL ONLINE ASSESSMENT Son View History Bookmarks People Tab Window Help O %) 10% D Thu 12:09 PM LOOI COX in Course AC ACCT 201 20 x How to find do we inclux How to How many File Users/sheikhsunehra/Downloads/ACCT201 202008_FE.pdf YOUTUDO Maps Messenger > New Tab in Course: Statistics : FC QUESTION 8 (13 marks) a.) Michael Jackson Corporation engaged in the following treasury stock transactions during the current year 2020: (9 marks) Junc Purchased 2,000 shares of treasury stock at $62 per share. Aug 10 Reissued 800 shares of the treasury stock acquired on June 11 at a price of $67 per share 11 Reissued 600 shares of treasury stock at a price of $60 per shitro, Prepare the journal entries to record these treasury stock transactions, including explanation Dec b.) (4 marks) At the beginning of 2018, FatFellow Corporation had 2 million shares of S2 par value common stock outstanding and retained carings of $17 million. During 2018, FatFellow carned $12 million, declared a 5% stock dividend when the price of the stock was $19 per share, and paid a year-end cash dividend or $2.50 per share. (The cash dividend was declared after the stock dividend had been distributed. At the end of 2018, prepare a statement of retained camnings at the end of 2018. S Accounting AGC2011 Shu CCT201 20200....pdf HW 5 REVISED (2).pdf Falled Network error - Youtube Maps Messenger New Tab Course: Statistics 5/6 CC7201 202008 FE pd QUESTION 7(8 marks) Shown below is information relating to the stockholders' equity of Nonsense Corporation at December 31, 2020: 8% cumulative preferred stock, $100 par, 100,000 shares authorized, 8,000 shares issued S 800,000 Common stock, S3 par 1,000,000 shares authorized 600,000 shares issued and outstanding 1,800,000 Additional pald.in capital: preferred stock 500,000 Additional paid-in capital.common stock 600,000 Retained earnings 950,000 From the above information, compute the following: a. The total amount of legal capital: (1 mark) b. The total amount of paid-in capital: (2 marks) c. The average issue price per share of preferred stock: (2 marks) d. The book value per share of common stock (assume current-year preferred dividends have been paid 3) BACCT201 20200...pdf HW 5 REVISED (2).pdf Fale Network Show all SO MacBook Air 1 7 4 5 20 7 6 8 9 o Q W LL R Y C 1 o P Maps Messenger New Tab in Course: Statistics Tum waren er 700 TUFC QUESTION 2 (15 marks) Solomon Inc. adjusts its books each month and closes its books on December 31 cach year. The trial balance at January 31, 2020, before adjustments, follows: Debit Credit Cash $3,300 Supplies 2,700 Unexpired Insurance 6,300 Equipment 36,000 Accumulated Depreciation: Equipment $9,000 Uneamed Admission Revenue 6,000 Capital Stock ? Retained Earings, January 1, 2020 21,600 Admissions Revenue 13,800 Salaries Expense Utilities Expense 2,850 Rent Expense 2,700 4,050 Additional information available at the end of 31 January 2020: a. According to attendance records, S4,800 of the Unearned Admission Revenue has been earned in January b. At January 31, the amount of supplies still on band was detenined to be $675. c. The equipment has an original useful life of eight years. Provide for the current period depreciation using straight line method for the asset. d. 900 is owed to employees for work since the last payday in January, to be paid the first week of February c. On June 1, 2019, the business purchased a 12-month insurance policy. Prepare an adjusted trial balance as at 31 January 2020. Show all the necessary calculations. 2 Arcantil HW 5 REVISED (2).pdf Falled - Network error O COOL File Users/sheikhunehra/Downloads/ACCT201_202008_FE.pdf Youtube Mapa Messenger New Tab Course: Statistics QUESTION 9 (6 marks) On September 1, 2018, Clown Associates borrowed $600,000 from Credit Union and signed a 9% one-year note payable with all interest and principal due at maturity. (a) The amount Clown must pay on September 1, 2019, when the note matures is: (1 mark) (b) The interest expense Clown will recognize on this note in 2019 is (1 mark) (c) At December 31, 2018, Clown Associates' liability to the credit union amounts to: (1 mark) (d) Give the adjusting entry including explanation made by Clown Associates on December 31, 2018, with respect to this note. (3 marks) I END OF FINAL ONLINE ASSESSMENT Son View History Bookmarks People Tab Window Help O %) 10% D Thu 12:09 PM LOOI COX in Course AC ACCT 201 20 x How to find do we inclux How to How many File Users/sheikhsunehra/Downloads/ACCT201 202008_FE.pdf YOUTUDO Maps Messenger > New Tab in Course: Statistics : FC QUESTION 8 (13 marks) a.) Michael Jackson Corporation engaged in the following treasury stock transactions during the current year 2020: (9 marks) Junc Purchased 2,000 shares of treasury stock at $62 per share. Aug 10 Reissued 800 shares of the treasury stock acquired on June 11 at a price of $67 per share 11 Reissued 600 shares of treasury stock at a price of $60 per shitro, Prepare the journal entries to record these treasury stock transactions, including explanation Dec b.) (4 marks) At the beginning of 2018, FatFellow Corporation had 2 million shares of S2 par value common stock outstanding and retained carings of $17 million. During 2018, FatFellow carned $12 million, declared a 5% stock dividend when the price of the stock was $19 per share, and paid a year-end cash dividend or $2.50 per share. (The cash dividend was declared after the stock dividend had been distributed. At the end of 2018, prepare a statement of retained camnings at the end of 2018. S Accounting AGC2011 Shu CCT201 20200....pdf HW 5 REVISED (2).pdf Falled Network error - Youtube Maps Messenger New Tab Course: Statistics 5/6 CC7201 202008 FE pd QUESTION 7(8 marks) Shown below is information relating to the stockholders' equity of Nonsense Corporation at December 31, 2020: 8% cumulative preferred stock, $100 par, 100,000 shares authorized, 8,000 shares issued S 800,000 Common stock, S3 par 1,000,000 shares authorized 600,000 shares issued and outstanding 1,800,000 Additional pald.in capital: preferred stock 500,000 Additional paid-in capital.common stock 600,000 Retained earnings 950,000 From the above information, compute the following: a. The total amount of legal capital: (1 mark) b. The total amount of paid-in capital: (2 marks) c. The average issue price per share of preferred stock: (2 marks) d. The book value per share of common stock (assume current-year preferred dividends have been paid 3) BACCT201 20200...pdf HW 5 REVISED (2).pdf Fale Network Show all SO MacBook Air 1 7 4 5 20 7 6 8 9 o Q W LL R Y C 1 o P Maps Messenger New Tab in Course: Statistics Tum waren er 700 TUFC QUESTION 2 (15 marks) Solomon Inc. adjusts its books each month and closes its books on December 31 cach year. The trial balance at January 31, 2020, before adjustments, follows: Debit Credit Cash $3,300 Supplies 2,700 Unexpired Insurance 6,300 Equipment 36,000 Accumulated Depreciation: Equipment $9,000 Uneamed Admission Revenue 6,000 Capital Stock ? Retained Earings, January 1, 2020 21,600 Admissions Revenue 13,800 Salaries Expense Utilities Expense 2,850 Rent Expense 2,700 4,050 Additional information available at the end of 31 January 2020: a. According to attendance records, S4,800 of the Unearned Admission Revenue has been earned in January b. At January 31, the amount of supplies still on band was detenined to be $675. c. The equipment has an original useful life of eight years. Provide for the current period depreciation using straight line method for the asset. d. 900 is owed to employees for work since the last payday in January, to be paid the first week of February c. On June 1, 2019, the business purchased a 12-month insurance policy. Prepare an adjusted trial balance as at 31 January 2020. Show all the necessary calculations. 2 Arcantil HW 5 REVISED (2).pdf Falled - Network error O