Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello I need help with my homework assignment. I attached my file. APPLICATION ASSIGNMENT #5 CORPORATE ACCOUNTING PROBLEM #1 COMPLETE THIS PROBLEM BY DOING THE

Hello I need help with my homework assignment. I attached my file.

image text in transcribed APPLICATION ASSIGNMENT #5 CORPORATE ACCOUNTING PROBLEM #1 COMPLETE THIS PROBLEM BY DOING THE INSTRUCTIONS IN PROPER ORDER The following select balances are indicated below: PS, (PV = $100) $1,000,000 PIC in Excess of PV-PS, $900,000 CS, (PV = $1) $2,000,000 PIC in Excess of PV-CS, $10,000,000 Retained Earnings, $22,000,000 PIC from Sale of T.S., $300,000 Treasury Stock, 10,000 Shares, $100,000 INSTRUCTION #1: SET UP LEDGER ACCOUNTS FOR THESE ACCOUNTS AND ENTER BALANCES APPROPRIATELY. INSTRUCTION #2: RECORD THE FOLLOWING TRANSACTIONS IN PROPER JOURNAL FORMAT: 1. 2. 3. 4. 5. 6. Issued (Sold) 10,000 shares of PS at $103. Issued (Sold) 200,000 shares of CS at $14. Recorded Net Profit of $7,000,000. Declared CS Dividends at $ .10 Per Share Bought back Stock (Treasury Stock) 5,000 shares at $10. Sold 8,000 shares of Treasury Stock at $12 per share. INSTRUCTION #3: POST THE JOURNAL ENTRIES FROM ABOVE TO THE LEDGER. ONLY POST ACCOUNTS THAT ARE EQUITY OR CAPITAL ACCOUNTS. (Did you forget posting. It's easy...Remember copying from the journal to the ledger...Check Chapter 2 if necessary.) INSTRUCTION #4: GET THE BALANCES OF ALL THE ACCOUNTS IN THE LEDGER.. INSTRUCTION #5: PREPARE THE RETAINED EARNINGS STATEMENT INSTRUCTION #6: PREPARE THE STOCKHOLDERS' EQUITY SECTION OF THE BALANCE SHEET INSTRUCTION #7: DETERMINE THE EPS PROBLEM #2 COMPLETE THIS PROBLEM BY DOING THE INSTRUCTIONS IN THE PROPER SEQUENCE... The following select balances are indicated below: PS, (PV = $100) $1,000,000 PIC in Excess of PV-PS, $100,000 CS, (PV = $1) $20,000,000 PIC in Excess of PV-CS, $50,000,000 Retained Earnings, $232,000,000 PIC from Sale of T.S., $1,000,000 Treasury Stock, 10,000 Shares, $500,000 INSTRUCTION #1: SET UP LEDGER ACCOUNTS FOR THESE ACCOUNTS AND ENTER BALANCES APPROPRIATELY. INSTRUCTION #2: RECORD THE FOLLOWING TRANSACTIONS IN PROPER JOURNAL FORMAT: 1. Issued (Sold) 1,000 shares of PS at $107. 2. Issued (Sold) 300,000 shares of CS at $19. 3. Recorded Net Profit of $37,000,000. 4. Declared CS Dividends at $ .20 Per Share 5. Bought back Stock (Treasury Stock) 5,000 shares at $50. 6. Sold 9,000 shares of Treasury Stock at $59 per share. 7. Do the closing entry for the dividends. That is closing entry number 4. In Accounting I the closing entry was... JD, Capital $$$ JD, Withdrawals $$$ INSTRUCTION #3: POST THE JOURNAL ENTRIES FROM ABOVE TO THE LEDGER. ONLY POST ACCOUNTS THAT ARE EQUITY OR CAPITAL ACCOUNTS. INSTRUCTION #4: GET THE BALANCES OF ALL THE ACCOUNTS. INSTRUCTION #5: PREPARE THE RETAINED EARNINGS STATEMENT INSTRUCTION #6: PREPARE THE STOCKHOLDERS' EQUITY SECTION OF THE BALANCE SHEET INSTRUCTION #7: DETERMINE THE EPS

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting In A Dynamic Environment

Authors: Cheryl S McWatters, Jerold L Zimmerman

1st Edition

0415839025, 9780415839020

More Books

Students also viewed these Accounting questions

Question

For any events A and B in a sample space, we have (A B) = AB.

Answered: 1 week ago

Question

CL I P COL Astro- L(1-cas0) Lsing *A=2 L sin(0/2)

Answered: 1 week ago