Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please request help solving the attached accounting questions. Thanks in advance. 1.) The following are the transactions of Morrell Corporation: a. Morrell Corporation disposed of

Please request help solving the attached accounting questions. Thanks in advance.

image text in transcribed 1.) The following are the transactions of Morrell Corporation: a. Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,460 and their Accumulated Depreciation was $4,460. No residual value was received. b. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $2,920. ? Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) ? Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2.) To expand operations, Aragon Consulting issued 1,350 shares of previously unissued common stock with a par value of $1. The price for the stock was $50 per share. 1 Complete the table below, indicating the account, amount, and direction of the effect for the stock - issuance. (Enter any decreases to account balances with a minus sign.) a. 1 Prepare the journal entry for the stock issuance. (If no entry is required for a transaction/event, - select "No Journal Entry Required" in the first account field.) b.2-a. Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance with a par value of $2. (Enter any decreases to account balances with a minus sign.) Prepare the journal entry for the stock issuance, if the par value were $2 per share. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 3.) Academy Driving School reported the following amounts in its financial statements: Number of common shares Net income Cash dividends paid on common stock Total stockholders' equity Year 1 11,600 $ 24,360 $ 3,100 $250,000 Year 2 11,600 $ 19,360 $ 3,100 $ 230,000 Calculate EPS and ROE for year 2. (Round EPS to 2 decimal places and ROE to 1 decimal place.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Fundamental Managerial Accounting Concepts

Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old

7th edition

978-0077632427, 77632427, 78025656, 978-0078025655

Students also viewed these Accounting questions