Kindly send me a solution of p13-2A,p13-9A,p13-7A
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i PTER 13 TAKING IT EURTHER Problems: Set A Pih at the beginning of 2015, Paid $12,000 of ann Paid annual divider 3-4A Pro Com Ltd. issues Presented below are four independent situationk small companies. The students have signed an agrecmsent that details how the profits of this nw h evien be shared P13-1A rm of business AAter paning their foad counting exam, four students put together plans to offer bookherpine and 2017, the following he recently added to home, he has decikded to start a company that will fer planning, design, and installation of technology. To launch the business, Darien will need substantial funding to purchase a service truck crane, and the solar- and wind-generating equipment. 10 He expects the business to grow quickly and that he w has no way to prowide funding for the start of the busines,and he also underntands that the uThe preferred shane will require large additional investments. 1o Mar. I 3. After workin L Frank Helton owns a small two-seater airplane to fly bunters and hikers to remote arcas in northern at (a) Journalize each of the tra (b) Are there any additional e) What factors affect prefe ng in the construction industry for several years, Joeline Pal has decided to offer herom Demand for Frank's services has grown so much that he plans to hire additional pilots and pu larger planes. Frank will also purchase liability insurance in case of accidents, and plans to maintain the company rchase ou control o TAKING in each case, explain what form ofnization the business is likely to take; proprietorship partrenk corporation. Give reasons for your choice. orPI3-SA Zurich Limited is contalned the following sum TAKING IT FURTHER Since a corporation Is a separate legal entity, what gives employees the authority o complete a transaction on behalf of the company? P13-2A Wetland Corporation, a private corporation, was organined on February 1, 2016. It is authorined s issue 100,000, $6 noncumalative preferred shares, and an uelimited number of common shares. The transactions were completed during the first year st share Feb. 10 Issoed 80,00 comn shares at $4 per share Mar 1 Issued 5,000 preferred shares at $115 per share Apr. 1 Issued 22,500 common shares for land. The land's asking price was $100,000 and its appralsed value Additional Information: I. In 2017, common share June 20 Issued 78,000 common shares at $450 per share July 7 Issued 10,000 common shares to lawyers to pay for their bill of $45,000 for services they performed paid on July 8, 2017, arn 2. The company's income Sept. Now. I 1 helping the company organine. Issued 10,000 common shares at $5 per share. Issued 1,000 preferred shares at $117 per share. (a) Record the dividend t (b) Determine income taz (c) Prepare a statement o (a) Journalize the transactions. (b) Open general ledger accounts and post to the shareholders' equity accounts (c) Determine the mumber of shares issued and the average per share amount for both common and preferred shumes (d) How mamy more shares is the company authorized to issue for each class of shares? TAKING IT FURTHER TAKING IT FURTHER If Wetland wecre a public corporation, how might that affecthe journal entries recrdel entries at its fiscal year et for the April 1 and July 7 issues of common shares P13-3A At the beginning of its first year of operatios, Northwoods Limited has 5,00o, s4 preferred shares a 50,000 common shares Instractions ls between Accounts payable Using the format shown below, allocate the total dividend paid in each year to the preferred and commson Dividends payable Income tax expens Income tax payable Insurance expense holders assuming that the preferred shares are (a) noncumsalative, and (b) cumulative Year Denidend Paid Noncumulsthve Prebere CommonCumulathe Prefered Comme $20,000 15,000 30,000 35,000 All accounts have r (a) Prepare a multiple r 718 CHAPTER 13 (c) Prepare closing entries (d) Post the dlosing the cksing entries to the Income Summary and Retained Earnings accounts and TAKING IT.EURTHER 1f Memphis Lud. folloned IFRS lnstead of ASPE, which statements would yo Reond ad post tranactions PL3-7A On Ienary 1, 3017, Scipper Lud.had the folloving sharhoiders'eqeity accounts prepare sharcholders'equity Common shares (L,000,000 issoed) $1,500,000 Retained earnings 1,800,000 ection (L0246 AP The compuny weas also authorined to lssue an unlimited sumber of S4 noncumulative preferred shues Nesuary 1, 3017, sone had been issued. Daring 2017, the corporation had the folowing transactions and related to its shareholders equity Jan. 2 Issued 100,000 peeferred shares for $50 per share. Apr1 Paid quarberly dividend so preferred shareholders 1 Pald quarterly dividend preferred shareholders. Aug. 12 acd 100.000 common shares fr $1.0 per share. Oct. 1 Pald quarterly ivkdend so preferred sharcholders Dec. 31 Paid quarterly dividend to preferred shareholders and a 50.25 per share dividend to the bareholderns Loss for the year was $100,000 Dec. 31 a)journalize the transactions and the entries to close diridends and the Income Summary account accounts for the sharehoilders' equity accounts, ember the beginning balances, and pr entries from part (a) disclosures. Assume Schipper is reporting under ASPE TAKING IT FUREincurred a loss in 2017. Are companies allowed to declare und pay dinideas during a year when they have a loss Record and post transactions PI3-8A Cattrall Corporation Is authorieed to issue an unlimited mumber of $5 cumalative peefetrred sharnes nd prepare sharcholders' equity an ulimited number of common shares. On February 1, 2016, the gemeral ledger coestained the following shan Instructions Prepare an i TAKINGT section. (10 246) holders' equity accounts Preferred shares (10,000 shares issued) Common shares (70,000 shares issued) Retained cearnings 475,000 1,050,000 700,000 P13-10A unlimited r djusted ac The following equity transactions occured during the year ended January 31, 2017 Feh. 28 Issand 5,000 preferred shares for $275,000. Ape. 12 Issued 200,000common shares for $3.2 million May 25 Issued 5,000 common shares in exchange for land. At the time of the exchange, the Acca Acca Acc was valkedt $75000 lan 1 Paid dividend of $2.50 per share to preferred shareholders. 31 A loss of $50000 was incurred for the year (a) Journaline the transactions and the entries to cdlose dinvidends and the Income Summary account (b) Open gmeral ledger accounts for the shareholder' equity accoants and post entries from part (a (c) Prepare the sharcholders' equity section of the balance sheet at January 31, 2017, including an Cos De Di disclosures. Assume Cattrall is reporting under ASPE and there were no preferred January 31, 2016 TAKING IT FURTHER What are the dificulties in determining how many shares to issue la noncash assets as well as how to value the transaction Instructi (a) Prep b) Calc Prepare financial statements PI3-9A Coke Cherry Lad, is a privatYm AKIN CHOKE CHERRY ($12000 is due in 201a 21800 bare dividend to the Cash enter the beginning balances and incoding amy requind equity section of the balance sheet at December 31, 2017 a loss? s 475000 the year ended Jansary 31, 2017 s 21350 red shares for $275,000 on shares in exchange for land At the time of the eschange, the land was valed per share to preferred shareholders as incurred for the year 4500 Rent esp and the entries to close dividends and the Income Summary account 224000 Supp equity section of the balance sheet at January 31, 2017, including any neqi all is reporting under ASPE and there were no preferred dividend wn below Problema: Set CHAPTER 13 71 CHOKE CHERRY LTD Adjusted Triel Balance December 31. 2017 ets andl compare with the finendia Debit Cred Irventory 26,500 Accamelated depeeciation-equipment Accounts payable lscome tax payable -ulative preferred shares, A. otes payabile ($12,000 is dae in 2018) Preferned shares (54 soncumalative, 1,000 Issued Common shares (120000 iwaed) 30,000 e dividend to the commen Cash dividends-common Cost of goods sold Depreciation expens 159000 SI5000 Insurance expense Interest expenie Rent expense alaries expense Supplies expense mary account ginning balances, and port 8,300 32,600 17, including any required declare and pay dividends tive preferered shares and 846,985 846,985 p n incoe statement, statement of retained earnings, and balance sheet ned the following share- IT FURTHER Compare dividends paild to owners of corporations with withdrawals by owners of pro ptonhips or partnenhips J-1A Northwood Architects Ltd. is a private company repeeting under ASPE. It is authorined to isue an Prepare financial statements almhed number of common and $3 cumulative preferred shares. The following is an alphabetical list of its and calculate return ce dated accowts at March 31, 2017, hs fiscal year end. All accounts bave normal balances eqaity. (LO s.6) AP Accounts payable Accounts recebvable 21350Incoe tax expense164535 Insarance expense Interest expense the land was valond at 54,600 Note payable 40,000 4500 0,000 Preferred shares Prepaid expenses Cash dividends-peferred Common shares Consalting revenae Retained earnings Salarles expense Salaries payable Supplis expense part (a) Dimidends payable 15,000 224,000 oding any required dlvidend arears at 25,800 ire 1,500 preferred and 75,000 common shares issoed. ue in exchange for he satement of retained earnings, and the sharcholders' equity section of the balance sheet. return on equity Note No shares were issued during the year
