Question
Stine Inc. Trial Balance as at 31 December 2017 Account Title Debit Credit $ $ Share...
|
Stine Inc. |
||
|
Trial Balance as at 31 December 2017 |
||
|
Account Title |
Debit |
Credit |
|
$ |
$ |
|
|
Share Capital |
2,000,000 |
|
|
Plant, property and equipment (net) |
1,800,000 |
|
|
Accumulated depreciation - Equipment |
50,000 |
|
|
Inventory |
800,000 |
|
|
Provision for bad debts |
300,000 |
|
|
Trade creditors |
65,000 |
|
|
Trade debtors |
600,000 |
|
|
Retained profits at 1 January 2017 |
535,000 |
|
|
Revaluation surplus at 1 January 2017 |
200,000 |
|
|
Cash |
800,000 |
|
|
Sales |
2,000,000 |
|
|
Cost of sales |
600,000 |
|
|
Other operating expenses |
50,000 |
|
|
Tax expense |
300,000 |
|
|
Wages expense |
200,000 |
|
|
Total |
5,150,000 |
5,150,000 |
The following transaction about Stine Inc. during the year:
(i) On July 1 2017, an additional 300,000 shares were issued at $4 per share for cash.
(ii) On September 1 2017, One of Stine Inc.'s customer, who owes the company $200,000, went bankrupt.
(iii) On September 12 2017, Stine Inc. issued bonus shares, which was financed by capitalizing $ 200,000 retained profits.
(iv) On October 10 2017, The value of one equipment increased by $100,000
(v) Stine Inc. had not adjusted the bad debt provision or the year ended 2017
(vi) On December 30 2017, Stine Inc. received a $500,000 bill for audit fee from its auditor, which would be due on January 30, 2018
Prepare journal entries without narratives to record the above transaction (i) - (vi)
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
Stine Inc. Trial Balance as at 31 December 2017 Account Title Debit Credit $ $ Share...
Stine Inc.
Trial Balance as at 31 December 2017
Account Title
Debit
Credit
$
$
Share Capital
2,000,000
Plant, property and equipment (net)
1,800,000
Accumulated depreciation - Equipment
50,000
Inventory
800,000
Provision for bad debts
300,000
Trade creditors
65,000
Trade debtors
600,000
Retained profits at 1 January 2017
535,000
Revaluation surplus at 1 January 2017
200,000
Cash
800,000
Sales
2,000,000
Cost of sales
600,000
Other operating expenses
50,000
Tax expense
300,000
Wages expense
200,000
Total
5,150,000
5,150,000
The following transaction...
CCC - Balance sheets 31 December 2018, 2017 assets 2018 2017 Fixed assets, net 600,000 500,000...
CCC - Balance sheets 31 December 2018, 2017 assets 2018 2017
Fixed assets, net 600,000 500,000 Inventory 70,000 50,000 Accounts
receivable, net 100,000 150,000 Cash 30,000 50,000 Total current
assets € 200,000 € 250,000 Total assets € 800,000 € 750,000 Equity
and liabilities 2018 2017 Share capital 300,000 200,000 Retained
earnings 80,000 100,000 Total equity € 380,000 € 300,000 Payable
bonds 200,000 250,000 Accounts payable 150,000 120,000 Income taxes
payable 70,000 80,000 Total current liabilities € 220,000 € 200,000
Total...
95.The December 31, 2017 condensed balance sheet of Bee Services, a proprietorship, follows: Current assets...............................$140,000 Property,...
95.The December 31, 2017 condensed balance sheet of Bee
Services, a proprietorship, follows:
Current assets...............................$140,000
Property, plant and equipment (net)..............130,000
$270,000
Liabilities....................................$70,000
Betty Bee, Capital............................200,000
$270,000
Fair values at December 31, 2017, are as follows:
Current assets...............................$160,000
Equipment..................................210,000
Liabilities....................................70,000
On January 1, 2018, Bee Services was incorporated as Bee-Line
Ltd., with 10,000 no par value common shares issued. How much
should be credited to Common Shares?
a) $370,000
b) $300,000
c) $270,000
d) $200,000
96. On July 1, 2017, CeeCorp....
The shareholders’ equity account balance of Guide Corporation as of December 31, 2019 are as follows:...
The shareholders’ equity account balance of Guide Corporation as
of December 31, 2019 are as follows:
Ordinary share, P100 par, 50,000 shares
Authorized, 25,000 shares issued P2,500,000
Share Premium 500,000
Accumulated Profits/Retained earnings 1,000,000
Treasury shares, 2,000 shares at cost ( 320,000)
Total P3,680,000
On January 2, 2020, Guide sold the treasury shares on the open
market at P200 per share.
What is the effect on the shareholders’ equity as a result of
the sale of treasury shares?
Hardaway Fixtures’ balance sheet at December 31, 2017, included the following: Shares issued and outstanding: Common...
Hardaway Fixtures’ balance sheet at December 31, 2017, included
the following:
Shares issued and outstanding:
Common stock, $1 par $800,000
Nonconvertible preferred stock, $50 par 20,000
On July 21, 2018, Hardaway issued a 25% stock dividend on its
common stock. On December 12, it paid $50,000
cash dividends on the preferred stock. Net income for the year
ended December 31, 2018, was $2,000,000.
Required:
Compute Hardaway’s earnings per share for the year ended December
31, 2018.
Sunland Corporation’s trial balance at December 31, 2021, is presented below. SUNLAND CORPORATION Trial Balance December...
Sunland Corporation’s trial balance at December 31, 2021, is
presented below.
SUNLAND CORPORATION
Trial Balance
December 31, 2021
Debit
Credit
Cash
$ 48,000
Accounts receivable
51,000
Allowance for doubtful accounts
$ 2,500
Merchandise inventory
22,700
Investment in associate
85,000
Investment at FVTOCI—equity
30,000
Land
90,000
Building
200,000
Accumulated depreciation—building
40,000
Equipment
40,000
Accumulated depreciation—equipment
15,000
Accounts payable
18,775
Income tax payable
4,500
Bonds payable (6%, due January 1, 2026)
126,025
Common shares, unlimited number of no par value shares
authorized,...
The adjusted trial balance for China Tea Company at December 31, 2018, is presented below: Debit...
The adjusted trial balance for China Tea Company at December 31,
2018, is presented below:
Debit
Credit
Cash
10,500
Accounts receivable
150,000
Prepaid rent
5,000
Inventory
25,000
Equipment
300,000
Accumulated depreciation - equipment
125,000
Accounts payable
30,000
Notes payable - due in three months
30,000
Salaries payable
4,000
Interest payable
1,000
Common stock
200,000
Retained earnings
50,000
Sales revenue
400,000
Costs of goods sold
180,000
Salaries expense
120,000
Rent expense
15,000
Depreciation expense
30,000
Interest expense
2,000
Advertising expense
2,500...
On December 31, 2020, the stockholders’ equity section of Campbell, Inc., was as follows: Common stock,...
On December 31, 2020, the stockholders’ equity section of
Campbell, Inc., was as follows:
Common stock, par value $10: authorized 30,000
shares;
issued and outstanding 15,000 shares
Additional paid-in-capital $110,000
Retained earnings 200,000
On September 1, 2021, Campbell declared a 30% stock
dividend, and accordingly issued additional shares, when the far
value of the stock was $18 per share. For the year ended December
31, 2021, Campbell sustained a net loss of $50,000. The balance of
Campbell’s retained earnings as...
On December 31, 2020, the stockholders’ equity section of Campbell, Inc., was as follows: Common stock,...
On December 31, 2020, the stockholders’ equity section
of Campbell, Inc., was as follows:
Common stock, par value $10:
authorized 30,000 shares;
issued and outstanding 15,000
shares
Additional
paid-in-capital
$110,000
Retained
earnings
200,000
On September 1, 2021, Campbell
declared a 30% stock dividend, and accordingly issued additional
shares, when the far value of the stock was $18 per share. For the
year ended December 31, 2021, Campbell sustained a net loss of
$50,000. The balance of Campbell’s retained earnings as...
SPRING TRAINING INC. Balance Sheet December 31, 2017 ASSETS &nb
SPRING TRAINING INC.
Balance
Sheet
December 31, 2017
ASSETS
LIABILITIES
Cash
$25,000
Accounts
Payable
$50,000
Accounts
Rec.
5,000
Mortgage
Payable
50,000
Inventory
14,000
Supplies
2,000
Total
Liabilities
$100,000
Land
18,000
Buildings
$220,000
STOCKHOLDER
EQUITY
Acc. Depr. <20,000>
200,000
Equipment
200,000
Common Stock $5 Par
$30,000
Acc. Depr <14,000>
186,000
Excess of
Par
$300,000
Retained
Earnings
20,000
Total
Equity
$350,000
TOTAL ASSETS
$450,000
TOTAL LIAB. &
EQUITY ...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 19 minutes ago
asked 19 minutes ago
asked 51 minutes ago
asked 55 minutes ago
asked 59 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 2 hours ago