accounting exercises

Project Description:

1. stevents corporation’s balance sheet at december 31, 2012, showed the following:
short term investments, at fair value

stewart corporation’s trading portfolio of stock investments consisted of the following at december 31, 2011

stock number of shares cost

conn common stock 200 $28,000
ares preferred stock 400 6,000
hall common stock 300 _9,000_

$43,000

during 2012, the following transactions took place:

feb. 5 sold 100 shares of conn common stock for $18,000

mar. 30 purchased 25 shares of hall common stock for $1,000

sept. 9 purchased 50 shares of hall common stock for $3,000

at year end on december 31, 2013, the fair values per share were:

fair value per share
conn common stock $158.00
ares preferred stock $14.00
hall common stock $24.00

instructions:

(a) prepare the journal entries to record the 2012 stock transactions

(b) on december 31, 2012, prepare any adjusting entry that might be necessary relative to the trading portfolio

(c) show how the stock investments will appear on stewart corporation’s balance sheet at december 31, 2012



2. sl corporation was organized on january 1, 2011. during its first year, the corporation issued 40,000 shares of $5 par value preferred stock and 400,000 shares of $1 par value common stock. at december 31, the company declared the following cash dividends:

2011 $8000
2012 $30000
2013 $70000

instructions
(a) show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and not cumulative

(b) show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative

(c) journalize the declaration of the cash dividend at december 31, 2013 using the assumption of part (b)

3. the following transactions were made by lison company. assume all investments are short – term and are readily marketable

june 2 purchased 400 shares of dogg corporation common stock for $46 per share

july 1 purchased 200 open corporation bonds for $225,000

july 30 received a cash dividend of $2 per share from dog corporation

sept 15 sold 120 shares of dogg corporation stock for $50 per share

dec 31 received semiannual interest check for $13,000 from open corporation

dec 31 received a cash dividend of $3 per share from dogg corporation

instructions:

journalize the transactions


4.each of the items must be considered in preparing a statement of cash flows for alpha-omega co. for the year ended december 31, 2012. for each item, state how it should be shown in the statement of cash flows for 2012.

a. issued bonds for $200,000 cash.
b. purchased equipment for $150,000 cash.
c. sold land costing $20,000 for $20,000 cash.
d. declared and paid a $50,000 cash dividend.
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