1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
UNO [17]
3 years ago
14

Tidwell Corporation was organized on January 1, 2014. It is authorized to issue 20,000 shares of 6%, $50 par value preferred sto

ck and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.Jan. 10 Issued 70,000 shares of common stock for cash at $4 per share.Mar. 1 Issued 12,000 shares of preferred stock for cash at $53 per share.May 1 Issued 120,000 shares of common stock for cash at $6 per share.Sept. 1 Issued 5,000 shares of common stock for cash at $5 per share.Nov. 1 Issued 3,000 shares of preferred stock for cash at $56 per share.To do;1. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)2. Post to the stockholders
Business
1 answer:
gladu [14]3 years ago
4 0

Answer:

Tidwell Corporation

a. Journal Entries:

Jan. 10:

Debit Cash Account $280,000

Credit Common Stock $70,000

Credit APIC - Common Stock $210,000

To record the issue of 70,000 common stock shares at $4 per share.

Mar. 1:

Debit Cash Account $636,000

Credit Preferred Stock $600,000

Credit APIC -Preferred Stock $36,000

To record the issue of 12,000 preferred stock at $53 per share.

May 1:

Debit Cash Account $720,000

Credit Common Stock $120,000

Credit APIC - Common Stock $600,000

To record the issue of 120,000 common stock shares at $6 per share.

Sept. 1:

Debit Cash Account $25,000

Credit Common Stock $5,000

Credit APIC - Common sTock $20,000

To record the issue of 5,000 common stock shares at $5 per share.

Nov. 1:

Debit Cash Account $168,000

Credit Preferred Stock $150,000

Credit APIC - Preferred Stock $18,000

To record the issue of 3,000 preferred stock shares at $56 per share.

2. Common Stock Account

Date        Account Titles              Debit       Credit

Jan. 10    Cash Account                            $70,000

May 1      Cash Account                             120,000

Sept. 1    Cash Account                                 5,000

APIC - Common Stock Account

Date        Account Titles              Debit       Credit

Jan. 10    Cash Account                             $210,000

May 1      Cash Account                              600,000

Sept. 1    Cash Account                                 20,000

Preferred Stock Account

Date        Account Titles              Debit       Credit

Mar. 1      Cash Account                             $600,000

Nov. 1     Cash Account                                 150,000

APIC - Preferred Stock Account

Date        Account Titles              Debit       Credit

Mar. 1      Cash Account                             $36,000

Nov. 1     Cash Account                                 18,000

Explanation:

a) Data and Calculations:

Authorized preferred stock, 6% at $50 par value = 30,000 shares = $1,500,000

Authorized common stock, stated value of $1 per share = 500,000 shares = $500,000

Stock transactions:

Jan. 10 Issued 70,000 shares of common stock for cash at $4 per share (Cash $280,000, Common Stock $70,000, and APIC $210,000)

Mar. 1 Issued 12,000 shares of preferred stock for cash at $53 per share

(Cash $636,000, Preferred Stock $600,000, and APIC $36,000)

May 1 Issued 120,000 shares of common stock for cash at $6 per share.

(Cash $720,000, Common Stock $120,000, and APIC $600,000)

Sept. 1 Issued 5,000 shares of common stock for cash at $5 per share

(Cash $25,000, Common Stock $5,000, and APIC $20,000)

Nov. 1 Issued 3,000 shares of preferred stock for cash at $56 per share

(Cash $168,000, Preferred Stock $150,000, and APIC $18,000)

You might be interested in
7. Valuing semiannual coupon bonds Bonds often pay a coupon twice a year. For the valuation of bonds that make semiannual paymen
Art [367]

The value of the Treasury note is $849,059.88 and this is selling at a discount.

The value of a treasury note depends on different factors such as:

  • The initial value
  • The coupon rate
  • The value of the yield to maturity

Considering these aspects, let's calculate the value of the treasury note

Initial value: $1,000,000

$1,000,000 x 6% (coupon rate) =  $60,000

$60,000 / 2 (the coupon pays twice a year) = $30,000 - This value refers to the payment per period

Let's consider now the number of periods and the yield to maturity

Number of periods: 5 x 2 (the number of periods double) = 10 periods

Yield to maturity or rate: 9.90% / 2 (cash flow decreases by half) = 4.95%

Finally, you can use the PV formula to calculate the value:

PV (4.95%,10,-30000,-1000000) - This part is done in excel program as the original formula is quite complex

PV =$849,059.88

Based on this, the value of the note is $849,059.88, and you can conclude this is selling at a discount because this value is lower than the initial value of 1,000,000.

Learn more in: brainly.com/question/12881737

7 0
2 years ago
What does "pivoting" mean in the process of concept development?
olga55 [171]

Answer:

identifying data required to validate a concept

7 0
2 years ago
Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,288,076
Xelga [282]

Answer:

Using the FIFO cost method:

beginning WIP 34,600 units

materials $79,000 (100% complete)

conversion $48,200 (30% complete, 70% remaining = 24,220 EU)

units started 662,700

materials added $1,594,520

conversion costs added $566,356

ending WIP 24,100

100% complete for materials

40% complete for conversion = 9,640 EU

units completed and transferred out = 34,600 + 662,700 - 24,100 = 673,200

units started and completed = 662,700 - 34,600 - 24,100 = 604,000

total equivalent units for the month:

materials 662,700

conversion = 24,220 + 604,000 + 9,640 = 637,860

total cost per EU:

materials = $1,594,520 / 662,700 = $2.4061

conversion = $566,356 / 637,860 = $0.8879

total = $3.294

cost of ending WIP:

materials = 24,100 x $2.4061 = $57,987

conversion = 9,640 x $0.8879 = $8,559.36 ≈ $8,559

total = $66,546

cost of units transferred out = $79,000 + $48,200 + $1,594,520 + $566,356 - $66,546 = $2,221,530

total units transferred out = 673,200

production cost per unit = $2,221,530 / 673,200 = $3.30

3 0
3 years ago
The Federal Reserve purchases ​$8 million in U.S. Treasury bonds from a bond​ dealer, and the​ dealer's bank credits the​ dealer
Zinaida [17]

Answer:

The bank will be able to lend:

$42,105,263 ($8 million/ 0.19)

Explanation:

The above amount which the bank can lend from the $8 million received from the Federal Reserve for a customer is a function of $8 million deposit in a customer's account and the reserve ratio.  This is called the money multiplier.

The money multiplier is the amount of money that banks generate with each dollar of reserves. Reserves is the amount of deposits that the Federal Reserve requires banks to hold and not lend.  The level of Reserves and deposit liabilities determine the amount a bank can lend out.

The process by which banks create more money than the physical money is called money creation.  This shows that a bank creates more money in the economy through its lending activities.

6 0
3 years ago
________is one area of strategic decision making that "considers inventory ordering and holding decisions and how to optimize th
atroni [7]

Answer:

The correct answer is letter "C": Inventory management.

Explanation:

Inventory management refers to the concepts, tasks and management skills that are involved in managing an inventory. Order and purchase of raw materials, warehouse layout, storage, unit estimation, production scheduling, and just-in-time management are some examples.

Inventory management is important so that suppliers can schedule their operations and consumers can have the goods that satisfy their needs available.

4 0
3 years ago
Other questions:
  • On a pay stub what is the difference between “net pay” and YTD net <br> pay
    13·2 answers
  • Phillis and Trey are married and file a joint tax return. For 2019, they have $4,800 of nonbusiness capital gains, $2,300 of non
    14·1 answer
  • What is the biggest factor in determining the price of a mortgage ?
    6·1 answer
  • Amber is working as a sales associate in a department store. When a few high-priced products are found missing from the store, A
    8·1 answer
  • How long will it take your money to triple if you receive 10% return on your money, compounded annually?
    8·1 answer
  • What is another name for intermediaries? Name two types of intermediaries. Name five non-store retailing methods.
    7·1 answer
  • Overboard Corporation uses the FIFO method in its process costing system. In the Cutting Department in June, units were 80% comp
    7·1 answer
  • A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that fa
    13·1 answer
  • Keith was put on probation for a string of customer complaints about his poor service and professionalism. his supervisor was us
    8·1 answer
  • When inserting a nasopharyngeal airway into a semiconscious patient, the nurse encounters resistance. which action is most appro
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!