Buy Guided ACCT 212 Week 7 Homework Assignment Collection
ACCT 212 Week 7 Homework Assignment (Summer 2021)
1. Question: Select the best term for each deﬁnition below.
a. Shareholders can lose no more than the amount they invest in the company.
b. Corporate earnings are taxed twice—at the corporate level and individual shareholder level.
c. Like an S corporation, but there are no limitations on the number of owners as in an S corporation.
d. Traces the line of authority within the corporation.
e. Allows for legal treatment as a corporation, but tax treatment as a partnership.
f. Has stock traded on a stock exchange such as the New York Stock Exchange (NYSE).
g. The first time a corporation issues stock to the public.
h. Describes (a) the nature of the firm’s business activities, (b) the shares to be issued, and (c) the composition of the initial board of directors.
2. Question: Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders’ equity in 2021.
March 1 Issues 47,000 additional shares of $1 par value common stock for $44 per share. May 10
Purchases 4,200 shares of treasury stock for $47 per share.
June 1 Declares a cash dividend of $1.10 per share to all stockholders of record on June 15. ( Hint: Dividends are not paid on treasury stock.)
July 1 Pays the cash dividend declared on June 1.
October 21 Resells 2,100 shares of treasury stock purchased on May 10 for $52 per share.
Record each of these transactions. (If no entry is required for a particular transaction/event, select “No Journal Entry Required” in the ﬁrst account ﬁeld.)
3. Question: The ﬁnancial statements of Friendly Fashions include the following selected data (in millions):
Calculate the following ratios for Friendly Fashions in 2021. (Enter your Dividend yield and Price-earning ratio values to 2 decimal places. Enter your answers in millions (i.e. 5,500,000 should be entered as 5.5).)
4. Question: The income statement, balance sheets, and additional information for Video Phones, Inc., are provided.
Additional Information for 2021:
1. Purchase investment in bonds for $104,000.
2. Sell land costing $29,000 for only $21,100, resulting in a $7,900 loss on sale of land.
3. Purchase $59,000 in equipment by issuing a $59,000 long-term note payable to the seller. No cash is exchanged in the transaction.
4. Declare and pay a cash dividend of $24,500.
Prepare the statement of cash ﬂows using the indirect method. Disclose any noncash transactions in an accompanying note. (List cash outﬂows and any decrease in cash as negative amounts.)
Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (List cash outflows and any decrease in cash as negative amounts).
VIDEO PHONES, INC.
Statement of Cash Flows
For the Year Ended December 31, 2021
Cash Flows from Operating Activities:
ACCT 212 Week 7 Homework Assignment (Summer 2020)
1. Question: Preston Stores is authorized to issue 18,000 shares of common stock. During a two-month period, Preston completed these stock transactions:
- Journalize the first transaction. (Record debits first, then credits. Exclude explanations from any journal)
- Journalize the second transaction. (Record debits first, then credits. Exclude explanations from any journal)
- The company’s Retained Earnings account has a balance of $44,000.Prepare the stockholders’ equity section of Preston’s balance sheet for the transactions. Begin by selecting the appropriate accounts for the balance sheet.
- Calculate the total par value of all common stock issued during the period using the information given.(Enter the accounts in the proper order for the stockholders’ equity section of the balance sheet.)
- Determine the total additional paid-in capital attributable to the common stock transactions during the period using the T-account
- The company’s Retained Earnings account has a balance of $44,000.Complete the statement by calculating total stockholders’ equity.
2. Question: On December 31, 2018, PioneerCorporation reported the stockholders’ equity accounts shown here(with dollar amounts in millions, except per-share amounts).
- Journalize Pioneer’s transactions in parts b, c, d, and e
- Prepare the entry for the issuance of the common stock using the amounts calculated in the preceding steps. Issuance of 12 million shares of common stock for $13 per share.(Enter amounts in millions as provided to you in the problem statement. Record debits first, then credits. Exclude explanations from any journal)
- Prepare the entry to record the purchase of 9 million shares of treasury stock for $108
- Prepare the entry to record the sale of 4 million of the treasury shares purchased in part c for $28
- On the declaration date, the board of directors announces the dividend. Declaration of the dividend creates a liability for the corporation. Journalize the declaration and payment of cash dividends of $37 million
- What was the overall effect of these transactions (parts a through e) on Pioneer’s stockholders’ equity?
3. Question: Data from the financial statements of Modern Candle Company included the following:
- … profit(Round your answer to one decimal place, X.X%.)
- Calculate the ratio for the asset turnover ratio.
- Calculate the ratio for the Leverage ratio. (Round your answer to one decimal place, X.X.)
- Calculate the ratio for the Return on assets(ROA). (Round your answer to one decimal place, X%.)
- Calculate the ratio for the Return on equity(ROE). (Round your answer to one decimal place, X%.)
- Which is higher, ROA or ROE? Does this make sense for stockholders? Why or why not?
4. Question: Identify each of Vander pool’s transactions as operating (O), investing (I), financing (F), noncash investing and financing (NIF), or a transaction that is not reported on the statement of cash flows (N). Indicate whether each item increases (+) or decreases (−) The indirect method is used for operating cash flows.
5. Question: Prepare Stoughton’s statement of cash flows for the year ending December 31, 2018, using the indirect method.
- Complete the cash flows from investing activities. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in)
- Complete the cash flows from financing activities. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in)
- Complete the statement of cash flows.
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