Question
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. issued 1,000 of its no par common shares and 2,000 of its no par preferred shares for a lump sum of $100,000. At this date Cee's common shares wereselling for $48 per share and thepreferred shares for $36 per share. Using the relative fair value method, the amount of the proceeds allocated to the preferred shares account should be
a) $50,000.
b) $55,000.
c) $60,000.
d) $72,000.
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
For December 31, 20X1, the balance sheet of Baxter Corporation was as follows: Current Assets...
For December 31, 20X1, the balance sheet of Baxter Corporation
was as follows:
Current Assets
Liabilities
Cash
$
27,000
Accounts payable
$
29,000
Accounts receivable
32,000
Notes payable
37,000
Inventory
42,000
Bonds payable
67,000
Prepaid expenses
13,700
Fixed Assets
Stockholders’ Equity
Gross plant and equipment
$
267,000
Preferred stock
$
37,000
Less: Accumulated
depreciation
53,400
Common stock
72,000
Paid in Capital
42,000
Net plant and equipment
$
213,600
Retained earnings
44,300
Total assets
$
328,300
Total liabilities and
stockholders’...
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...
On December 31, 2019, Manama Corporation issued 90,000 shares of its no-par, no-stated-value common stock (current...
On December 31, 2019, Manama Corporation issued 90,000 shares of
its no-par, no-stated-value common stock (current fair value $14 a
share) for 36,000 shares of the outstanding $10 par common stock of
Bahrain Company. The $100,000 out-of-pocket costs of the business
combination paid by Manama on December 31, 2019, were allocable as
follows: 45% to finders, legal, and accounting fees directly
related to the business combination: 55% to the SEC registration
statement for Manama’s common stock issued in the businesses...
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.
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
$
960,000
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 $45,000 cash dividends on the
preferred stock. Net income for the year ended December 31, 2018,
was $3,600,000.
Required:
Compute Hardaway's
earnings per share for the year ended December 31, 2018.
(Enter your...
Riggs Corporation has the following balance sheet information at December 31, 2016. Current liabilities $ 800,000...
Riggs Corporation has the following balance sheet information at
December 31, 2016.
Current
liabilities
$
800,000
Convertible bonds ($1,000 par,
5%)
2,000,000
Common stock ($1 par, 300,000
shares issued
300,000
Additional paid-in capital
2,100,000
Retained earnings
3,230,000
Treasury stock (43,000
shares)
(1,161,000
)
Total liabilities and
shareholders’ equity
$
7,269,000
The convertible bonds were issued at par in 2014 and are
convertible into Riggs’s common stock at a ratio of 15 shares of
stock to 1 bond. In its December...
The stockholders’ equity section of the balance sheet for Mann Equipment Co. at December 31, 2018,...
The stockholders’ equity section of the balance sheet for Mann
Equipment Co. at December 31, 2018, is as follows.
Stockholders’ Equity
Paid-in capital
Preferred stock,? par value, 4%
cumulative,
270,000 shares authorized,
57,000 shares issued and outstanding
$
570,000
Common stock, $25 stated value,
320,000 shares authorized, 57,000?? shares issued and
outstanding
1,425,000
Paid-in capital in excess of
par—Preferred
47,000
Paid-in capital in excess of
stated value—Common
114,000
Total paid-in capital
2,156,000
Retained earnings
420,000
Treasury stock, 6,000
shares
(42,000...
Financial statements for AAR Company appear below: AAR Company Balance Sheet December 31 Current assets: ...
Financial statements for AAR Company appear below:
AAR Company
Balance Sheet
December 31
Current assets:
Cash and marketable securities
$21,000
Accounts receivable, net
160,000
Inventory
300,000
Prepaid expenses
9,000
Total current assets
490,000
Noncurrent assets:
Plant & equipment, net
810,000
Total assets
$1,300,000
Current liabilities:
Accounts payable
$75,000
Accrued liabilities
25,000
Notes payable, short term
100,000
Total current
liabilities
200,000
Noncurrent liabilities:
Bonds payable
300,000...
Range Energy Corp.’s financial statements for the current year ended December 31, 2017, have been completed...
Range Energy Corp.’s financial statements for the current year
ended December 31, 2017, have been completed and submitted to you
for review. The equity account balances a year ago, at December 31,
2016, are as follows:
Preferred shares, $4.20 non-cumulative, 10,700 shares
authorized,
issued, and outstanding $755,050
Common shares, unlimited shares authorized,
127,000 shares issued and outstanding 1,434,350
Retained earnings 686,295
The only share transactions during 2017 were the declaration
and distribution of a 25,400 common share dividend on July...
The balance sheet for December 31, 2018, December 31, 2017, and the income statement for the...
The balance sheet for December 31, 2018, December 31, 2017, and
the income statement for the year ended December 31, 2018, for
Rocket Company follows.
Rocket Company
Balance Sheet
December 31, 2018 and 2017
2018
2017
Assets
Cash
$ 25,000
$ 20,000
Accounts receivable, net
60,000
70,000
Inventory
80,000
100,000
Land
50,000
50,000
Building and equipment
130,000*
115,000
Accumulated depreciation
(85,000)
(70,000)
Total assets
$260,000
$285,000
Liabilities and Stockholders' Equity
Accounts payable
$ 30,000
$ 35,000
Income taxes payable
4,000 ...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 9 minutes ago
asked 16 minutes ago
asked 16 minutes ago
asked 16 minutes ago
asked 25 minutes ago
asked 28 minutes ago
asked 46 minutes ago
asked 49 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago