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ACC 423 Week 1 Wileyplus Assignment New (With Excel File)

ACC 423 Week 1 Wileyplus Assignment New (With Excel File)
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ACC 423 Week 1 Wileyplus With Excel File New Syllabus

                                       This Tutorial contains Excel File which can be used for any change in values
 

 
• Brief Exercise 15-9
• Brief Exercise 15-12
• Exercise 15-6
• Exercise 15-7
• Exercise 15-10
• Exercise 15-12
• Exercise 15-17
• Exercise 15-21
• Brief Exercise 16-11
• Exercise 16-4
• Exercise 16-10
• Exercise 16-14
• Exercise 16-18
• Exercise 16-24
 
Brief Exercise 15-9
 Oriole Corporation has outstanding 22,000 shares of $5 par value common stock. On August 1, 2017, Oriole reacquired 190 shares at $82 per share. On November 1, Oriole reissued the 190 shares at $71 per share. Oriole had no previous treasury stock transactions.
 
Prepare Oriole’s journal entries to record these transactions using the cost method. 
 
 
Brief Exercise 15-12
Swifty Mining Company declared, on April 20, a dividend of $442,000 payable on June 1. Of this amount, $108,000 is a return of capital.
 
Prepare the April 20 and June 1 entries for Swifty. Ex 15-10
 
 
Exercise 15-6
Whispering Corporation is authorized to issue 49,000 shares of $5 par value common stock. During 2017, Whispering took part in the following selected transactions.
1. Issued 4,900 shares of stock at $42 per share, less costs related to the issuance of the stock totaling $7,400.
2. Issued 1,200 shares of stock for land appraised at $49,000. The stock was actively traded on a national stock exchange at approximately $43 per share on the date of issuance.
3. Purchased 520 shares of treasury stock at $42 per share. The treasury shares purchased were issued in 2013 at $39 per share.
 
(a) Prepare the journal entry to record item 1.
(b) Prepare the journal entry to record item 2.
(c) Prepare the journal entry to record item 3 using the cost method.
 
Exercise 15-7
 
 
  
Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then entered into the following transactions.
1. Purchased 5,000 treasury shares at $45 per share.
2. Resold 2,000 of the treasury shares at $49 per share.
3. Resold 500 of the treasury shares at $40 per share.
 
Indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Joe Dumars Company uses the cost method.
 
 
For a recent 2-year period, the balance sheet of Flint Company showed the following stockholders’ equity data at December 31 (in millions). 
Exercise 15-12
Kingbird Corporation has 11.50 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 79 cents per share cash dividend to stockholders of record as of June 14, payable June 30.
 
Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings.
 
 
Exercise 15-17
Carla Corporation’s post-closing trial balance at December 31, 2017, is shown as follows. 
 
The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share.
 
Prepare the stockholders’ equity section of Carla’s balance sheet at December 31, 2017.
 
 
 
Exercise 15-21
The outstanding capital stock of Windsor Corporation consists of 2,000 shares of $100 par value, 8% preferred, and 4,900 shares of $50 par value common.
 
Assuming that the company has retained earnings of $92,500, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions.
 
(a) The preferred stock is noncumulative and nonparticipating.
(b) The preferred stock is cumulative and nonparticipating.
(c) The preferred stock is cumulative and participating.
 
 
Brief Exercise 16-11
Cullumber Corporation had 318,000 shares of common stock outstanding on January 1, 2017. On May 1, Cullumber issued 31,500 shares.
 
(a) Compute the weighted-average number of shares outstanding if the 31,500 shares were issued for cash.
Weighted-average number of shares outstanding 
 
(b) Compute the weighted-average number of shares outstanding if the 31,500 shares were issued in a stock dividend.
Weighted-average number of shares outstanding $
 
 
Exercise 16-4
On January 1, 2016, when its $30 par value common stock was selling for $80 per share, Indigo Corp. issued $11,100,000 of 8% convertible debentures due in 20 years. The conversion option allowed the holder of each $1,000 bond to convert the bond into five shares of the corporation’s common stock. The debentures were issued for $11,988,000. The present value of the bond payments at the time of issuance was $9,435,000, and the corporation believes the difference between the present value and the amount paid is attributable to the conversion feature. On January 1, 2017, the corporation’s $30 par value common stock was split 2 for 1, and the conversion rate for the bonds was adjusted accordingly. On January 1, 2018, when the corporation’s $15 par value common stock was selling for $135 per share, holders of 30% of the convertible debentures exercised their conversion options. The corporation uses the straight-line method for amortizing any bond discounts or premiums.
 
(a) Prepare the entry to record the original issuance of the convertible debentures. 
 
 
Exercise 16-10
On November 1, 2017, Larkspur Company adopted a stock-option plan that granted options to key executives to purchase 28,500 shares of the company’s $10 par value common stock. The options were granted on January 2, 2018, and were exercisable 2 years after the date of grant if the grantee was still an employee of the company. The options expired 6 years from date of grant. The option price was set at $30, and the fair value option-pricing model determines the total compensation expense to be $427,500.
 
All of the options were exercised during the year 2020: 19,000 on January 3 when the market price was $67, and 9,500 on May 1 when the market price was $77 a share.
 
Prepare journal entries relating to the stock option plan for the years 2018, 2019, and 2020. Assume that the employee performs services equally in 2018 and 2019. 
 
 
Exercise 16-14
Coronado Company issues 9,700 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2017. The stock has a fair value of $485,000 on this date. The service period related to this restricted stock is 5 years. Vesting occurs if Tokar stays with the company until December 31, 2021. The par value of the stock is $10. At December 31, 2017, the fair value of the stock is $379,000.
 
(a) Prepare the journal entries to record the restricted stock on January 1, 2017 (the date of grant), and December 31, 2018. 
(b) On July 25, 2021, Tokar leaves the company. Prepare the journal entry to account for this forfeiture.
 
 
Exercise 16-18
Pearl Inc. presented the following data.
Net income $2,550,000
Preferred stock: 51,000 shares outstanding, $100 par, 8% cumulative, not convertible 5,100,000
Common stock: Shares outstanding 1/1 816,000
   Issued for cash, 5/1 318,000
   Acquired treasury stock for cash, 8/1 162,000
   2-for-1 stock split, 10/1 
 
 
Exercise 16-24
The Concord Corporation issued 10-year, $4,890,000 par, 7% callable convertible subordinated debentures on January 2, 2017. The bonds have a par value of $1,000, with interest payable annually. The current conversion ratio is 14:1, and in 2 years it will increase to 16:1. At the date of issue, the bonds were sold at 96. Bond discount is amortized on a straight-line basis. Concord’s effective tax was 35%. Net income in 2017 was $8,550,000, and the company had 1,980,000 shares outstanding during the entire year.
 
(a) Compute both basic and diluted earnings per share.
 
 
 
 
Week 2
Brief Exercise 116
On April 1, 2018, West Company purchased $472,000 of 6.50% bonds for $490,630 plus accrued interest as an available-for-sale security. Interest is paid on July 1 and January 1 and the bonds mature on July 1, 2023.
 
Prepare the journal entry on April 1, 2018.
 
Exercise 121
Fill in the dollar changes caused in the Investment account and Dividend Revenue or Investment Revenue account by each of the following transactions, assuming Crane Company uses (a) the fair value method and (b) the equity method for accounting for its investments in Hudson Company.
1. At the beginning of Year 1, Crane bought 25% of Hudson's common stock at its book value. Total book value of all Hudson's common stock was $750,000 on this date.
2. During Year 1, Hudson reported $69,000 of net income and paid $34,500 of dividends.
3. During Year 2, Hudson reported $29,000 of net income and paid $19,000 of dividends. 
4. During Year 3, Hudson reported a net loss of $9,000 and paid $4,000 of dividends.
5. Indicate the Year 3 ending balance in the Investment account, and cumulative totals for Years 1, 2, and 3 for dividend revenue and investment revenue.

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