LP4 Chap 11 Solutions

LP4 Chap 11 Solutions - 5,500 9,500 2012 20,000 3,750...

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P11-31A (15-20 min Req. 1 Journal Entry Accounts Debit Credit a. Cash 63,000 Preferred stock 63,000 b. Cash 6,900 Common stock 4,600 Paid-in capital in excess of par 2,300 c. Income summary 79,000 Retained earnings 79,000 Req. 2 Stockholders' Equity Paid–in Capital: Preferred stock, 5%, $45 par 140,000 shares authorized, 1,400 shares issued and outstanding $63,000 Common stock, $2 par, 525,000 shares authorized, 64,300 shares issued and outstanding 128,600 Paid-in capital in excess of par - common 44,300 Total paid-in capital 235,900 Retained earnings 107,000 Total stockholders' equity $342,900
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P11-33A (15-20 min) Req. 1 Year Total Dividend Preferred Dividend Common Dividend 2010 $2,000 $2,000 0 2011 15,000 3,750 11,250 2012 20,000 3,750 16,250 2010 $2,000 $2,000 0 2011 15,000
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Unformatted text preview: 5,500 9,500 2012 20,000 3,750 16,250 Req. 2 Journal Entry Date Accounts Debit Credit 2011 Dec. 22 Retained earnings 15,000 Dividends payable, Preferred 5,500 Dividends payable, Common 9,500 2012 Jan. 14 Dividends payable, Preferred 5,500 Dividends payable, Common 9,500 Cash 15,000 P11-35A (15-20 min) Req.1 Total revenue $910,000 Total expenses (725,000) Taxable income $185,000 Req.2 Journal Entry Accounts Debit Credit Income tax expense 84,000 84000 Income tax payable 74,000 74000 Deferred tax liability 10,000 10000 Req.3 Balance Sheet (Partial) Current liabilities: Income tax payable $74,000 Longterm liabilities Deferred tax liability 10,000...
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This note was uploaded on 02/21/2011 for the course AC 1160 taught by Professor Markmiller during the Winter '10 term at National American.

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LP4 Chap 11 Solutions - 5,500 9,500 2012 20,000 3,750...

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