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Acc 423 Week 2 Individual Essay

1716 words - 7 pages

ACC 423 INDIVIDUAL ASSIGNMENTS
Week Two:
Exercise 15-13 |
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| Your answer is correct. |
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The common stock of Warner Inc. is currently selling at $111 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $10; book value is $74 per share. 5.33 million shares are issued and outstanding.

Prepare the necessary journal entries assuming the following. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a) | | The board votes a 2-for-1 stock split. |
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Dec. 31 | | Closed the Income Summary account. There was a $176,800 net income. |
(a) Record the journal entries for the transactions listed above. (Round answers to 0 decimal places, e.g. 125. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.)

Date | Account Titles and Explanation | Debit | Credit |
January 11 | | | |
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| | | |
February 1 | | | |
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| | | |
July 29 | | | |
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August 10 | | | |
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December 31 | | | |
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December 31 | | | |
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January:
Cash - 20,240 x $19 = 384,560
Common Stock – 20,240 x $11 (par value) = 222,640
384,560 – 222,640 = 161,920 Paid-in Capital in excess of par-common stock
February:
Preferred stock: 4,500 x $102 = $459,000
55,760 + 170,700 + 325,300 (Equip. + Bldg. + Land) = 551,760 - 459,000 = 92,760 in excess of par preferred stock
July:
1950 shares x $18 = 35,100
August:
1950 shares x $13 (selling price) = 25,350
1950 shares x $5 (difference between $18 purchased and $13 sold stock) = 9,750
You make a debit to retained earnings because there is no paid-in capital account for treasury stock
December:
Preferred stock cash dividends: 4,500 (issued and outstanding stock) x $102 x 8% = 36,720
Next, figure common stock cash dividend:
Common shares outstanding: 20,240 x $0.40 = 8,096
Add: 36,720 + 8,096 = 44,816
(b) Prepare the stockholders’ equity section of Phelps Corporation’s balance sheet as of December 31, 2012. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)
PHELPS CORPORATION
Stockholders’ Equity
December 31, 2012 |
| | | | | | |
| | | | | $ | |
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| | | | | | |
| | | $ | | | |
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| | | | | | |
| | | | | $ | |
Retained Earnings:
176,800 – 9,750 (from Aug. 10) – 44,816 (from Dec. 31) = 122,234

Exercise 16-20 |
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On January 1, 2012, Bailey Industries had stock outstanding as follows.
6% Cumulative preferred stock, $115 par value,
   issued and outstanding 11,400 shares | | $1,311,000 |
Common stock, $10 par value, issued and
   outstanding 222,000 shares | | 2,220,000 |

To acquire the net assets of three smaller companies, Bailey authorized the issuance of an additional 250,800 common shares. The acquisitions took place as shown below.
Date of Acquisition | | Shares Issued |
Company A April 1, 2012 | | 99,600 |
Company B July 1, 2012 | | 123,600 |
Company C October 1, 2012 | | 27,600 |

On May 14, 2012, Bailey realized a...

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