Question 2

v A LTI Launch X M Question 2 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x | One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 2 A sole proprietorship was started on January 1, Year 1, when it received $59,500 cash from Marlin Jones, the owner. During Year 1, the company earned $48,200 in cash revenues and paid $20,960 in cash expenses. Jones withdrew $4,500 cash from the business 3 during Year 1. points Required Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's Year 1 fiscal year. Book Complete this question by entering your answers in the tabs below. Hint Income Capital Statement Statement Balance Sheet Statement of Cash Flows Print Prepare the income statement. n MARLIN JONES SOLE PROPRIETORSHIP References Income Statement For the Year Ended December 31, Year 1 Income Statement Capital Statement > MC 50F Mostly cloudy Q Search 6:54 PM 9/22/2024v A LTI Launch X M Question 2 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x | One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 2 A sole proprietorship was started on January 1, Year 1, when it received $59,500 cash from Marlin Jones, the owner. During Year 1, the company earned $48,200 in cash revenues and paid $20,960 in cash expenses. Jones withdrew $4,500 cash from the business 3 during Year 1. points Required Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's Year 1 fiscal year. Book Complete this question by entering your answers in the tabs below. Hint Income Capital Balance Sheet Statement of Statement Statement Cash Flows Print Prepare a capital statement. n MARLIN JONES SOLE PROPRIETORSHIP References Capital Statement For the Year Ended December 31, Year 1 Beginning capital balance Ending capital balance MC 50F 6:54 PM Mostly cloudy Q Search 9/22/2024v A LTI Launch X M Question 2 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x | One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 2 A sole proprietorship was started on January 1, Year 1, when it received $59,500 cash from Marlin Jones, the owner. During Year 1, the company earned $48,200 in cash revenues and paid $20,960 in cash expenses. Jones withdrew $4,500 cash from the business 3 during Year 1. points Required Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's Year 1 fiscal year. Book Complete this question by entering your answers in the tabs below. Hint Income Capital Statement of Statement Statement Balance Sheet Cash Flows Print Prepare a balance sheet. n MARLIN JONES SOLE PROPRIETORSHIP References Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Equity Total liabilities and equity 50F Q Search 6:54 PM Mostly cloudy 9/22/2024v A LTI Launch X M Question 2 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x |& One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow... S Chapter 11 Application Saved Help Save & Exit Submit Check my work 2 wulilly real 1. Required Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's Year 1 fiscal year. 3 points Complete this question by entering your answers in the tabs below. Book Income Capital Balance Sheet Statement of Statement Statement Cash Flows Prepare a statement of cash flows. Hint Note: Cash outflows should be indicated with a minus sign. MARLIN JONES SOLE PROPRIETORSHIP Print Statement of Cash Flows For the Year Ended December 31, Year 1 n Cash flows from operating activities: References Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from fi Net cash flow from financing activities Net change in cash Ending cash balance 50F Mostly cloudy Q Search 6:54 PM 9/22/2024v A LTI Launch X M Question 3 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x | One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application i Saved Help Save & Exit Submit Check my work 3 Enscoe Enterprises, Incorporated (EEI) has 300,000 shares authorized, 240,000 shares issued, and 50,000 shares of treasury stock. At this point, EEI has $1,880,000 of assets. $170,000 liabilities, $580,000 of common stock, and $1,130,000 of retained earnings. 3 Further, assume that the market value of EEl's common stock is $11 per share. points Required a. Determine the number of shares of stock that is outstanding. b. Determine the book value per share. Book c. Provide a rational explanation for the difference between the book value per share and the market value per share of EEI's common stock. Hint Complete this question by entering your answers in the tabs below. Print Required A Required B Required C n References Determine the number of shares of stock that is outstanding. Shares outstanding shares Required A Required B > MC 50F 6:55 PM Mostly cloudy Q Search 9/22/2024v A LTI Launch X M Question 3 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x | One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application i Saved Help Save & Exit Submit Check my work 3 Enscoe Enterprises, Incorporated (EEI) has 300,000 shares authorized, 240,000 shares issued, and 50,000 shares of treasury stock. At this point, EEI has $1,880,000 of assets. $170,000 liabilities, $580,000 of common stock, and $1,130,000 of retained earnings. 3 Further, assume that the market value of EEl's common stock is $11 per share. points Required a. Determine the number of shares of stock that is outstanding. b. Determine the book value per share. Book c. Provide a rational explanation for the difference between the book value per share and the market value per share of EEI's common stock. Hint Complete this question by entering your answers in the tabs below. Print Required A Required B Required C n References Determine the book value per share. Book value per share MC 50F 6:55 PM Mostly cloudy Q Search 9/22/2024v A LTI Launch X M Question 3 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x | One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application i Saved Help Save & Exit Submit Check my work 3 Enscoe Enterprises, Incorporated (EEI) has 300,000 shares authorized, 240,000 shares issued, and 50,000 shares of treasury stock. At this point, EEI has $1,880,000 of assets. $170,000 liabilities, $580,000 of common stock, and $1,130,000 of retained earnings. 3 Further, assume that the market value of EEl's common stock is $11 per share. points Required a. Determine the number of shares of stock that is outstanding. b. Determine the book value per share. Book c. Provide a rational explanation for the difference between the book value per share and the market value per share of EEI's common stock. Hint Complete this question by entering your answers in the tabs below. Print Required A Required B Required c n References Provide a rational explanation for the difference between the book value per share and the market value per share of EEI's common stock. 1 . Market value is than the book value. 2 . is a measure of historical cost, while is a measure of current values. MC 50F 6:55 PM Mostly cloudy Q Search 9/22/2024v A LTI Launch X M Question 4 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pi X y! Apple Inc. x |& One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application i Saved Help Save & Exit Submit Check my work 4 Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 3 1. 76,000 shares of $12 par common stock. points 2. 7,500 shares of $120 par, 7 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 7,500 shares of preferred stock and a $1 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Book Required a. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. Hint b. Prepare general journal entries to record the declaration and payment of the cash dividends. Complete this question by entering your answers in the tabs below. Print Required A Required B References Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. Preferred stock Common stock Total dividend MC 50F Q Search 6:55 PM Mostly cloudy 9/22/2024v A LTI Launch X M Question 4 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x | One X + X G 2 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 4 Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 76,000 shares of $12 par common stock. 2. 7,500 shares of $120 par, 7 percent, noncumulative preferred stock. points On June 10, Weaver Corporation declared the annual cash dividend on its 7,500 shares of preferred stock and a $1 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required Book a. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. . Prepare general journal entries to record the declaration and payment of the cash dividends. Hint Complete this question by entering your answers in the tabs below. Print Required A Required B Prepare general journal entries to record the declaration and payment of the cash dividends. References Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 2 3 On June 10, Weaver Corporation declared the annual cash dividend on its 7,500 shares of preferred stock and a $1 per share dividend for the common shareholders. Note: Enter debits before credits. Date General Journal Debit Credit June 10 Record entry Clear entry View general journal Graw 60 F 6:55 PM Mostly cloudy Q Search 9/22/2024v A LTI Launch X M Question 5 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x |& One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 5 Newly formed S&J Iron Corporation has 163,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron Issued 12,000 shares of the stock for $12 per share. On May 2, the company issued an additional 16,000 shares for $21 per share. S&J Iron was not affected by other events during Year 1. points Required a. Record the transactions In a horizontal statements model. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. Book c. Determine the amount S&J Iron would report for paid-In capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Hint f. Prepare Journal entries to record the March 1 and May 2 transactions. Complete this question by entering your answers in the tabs below. Print Reg A Req B to E Reg F References Record the transactions in a horizontal statements model. Note: In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Leave cells blank if no input is needed. S&J IRON CORPORATION Horizontal Financial Statements Model Balance Sheet Income Statement Assets Stockholders' Equity Statement of Cash Event Liabilities Common Paid in Net Revenue Expenses Flows Cash Income Stock Capital in Excess March 1 = + May 2 60 F 6:55 PM Mostly cloudy Q Search w 9/22/2024v A LTI Launch X M Question 5 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x |& One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 5 Newly formed S&J Iron Corporation has 163,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron Issued 12,000 shares of the stock for $12 per share. On May 2, the company issued an additional 16,000 shares for $21 per share. S&J Iron was not affected by other events during Year 1. points Required a. Record the transactions In a horizontal statements model. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. Book c. Determine the amount S&J Iron would report for paid-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Hint f. Prepare Journal entries to record the March 1 and May 2 transactions. Complete this question by entering your answers in the tabs below. Print Reg A Req B to E Reg F References b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Show less A b. Common stock c. Paid-in capital in excess of pa d. Total paid-in capital e. Total assets Graw 60 F 6:55 PM Mostly cloudy Q Search w 9/22/2024v A LTI Launch X M Question 5 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pi X y! Apple Inc. x | One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application saved Help Save & Exit Submit Check my work 5 Newly formed S&J Iron Corporation has 163,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron Issued 12,000 shares of the stock for $12 per share. On May 2, the company issued an additional 16,000 shares for $21 per share. S&J Iron was not affected by other events during Year 1. points Required a. Record the transactions in a horizontal statements model. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-In capital in excess of par. Book d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? f. Prepare Journal entries to record the March 1 and May 2 transactions. Hint Complete this question by entering your answers in the tabs below. Print Reg A Req B to E Reg F References Prepare journal entries to record the March 1 and May 2 transactions. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Record the issuance of 12,000 shares of common stock for $12 per share. Note: Enter debits before credits. Date General Journal Debit Credit March 01 Record entry Clear entry View general journal Gray 60 F 6:55 PM Mostly cloudy Q Search w 9/22/2024v A LTI Launch X M Question 5 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pi X y! Apple Inc. x | One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application saved Help Save & Exit Submit Check my work 5 Newly formed S&J Iron Corporation has 163,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron Issued 12,000 shares of the stock for $12 per share. On May 2, the company issued an additional 16,000 shares for $21 per share. S&J Iron was not affected by other events during Year 1. points Required a. Record the transactions in a horizontal statements model. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-In capital in excess of par. Book d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? f. Prepare Journal entries to record the March 1 and May 2 transactions. Hint Complete this question by entering your answers in the tabs below. Print Reg A Req B to E Reg F References Prepare journal entries to record the March 1 and May 2 transactions. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 60 F Q Search w 6:56 PM Mostly cloudy 9/22/2024v A LTI Launch X M Question 5 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pi X y! Apple Inc. x | One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application saved Help Save & Exit Submit Check my work 5 Newly formed S&J Iron Corporation has 163,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron Issued 12,000 shares of the stock for $12 per share. On May 2, the company issued an additional 16,000 shares for $21 per share. S&J Iron was not affected by other events during Year 1. points Required a. Record the transactions in a horizontal statements model. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-In capital in excess of par. Book d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? f. Prepare Journal entries to record the March 1 and May 2 transactions. Hint Complete this question by entering your answers in the tabs below. Print Reg A Req B to E Req F References Prepare journal entries to record the March 1 and May 2 transactions. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list X 1 Record the issuance of 12,000 shares of common stock for $12 per share. hare. 2 Record the issuance of 16,000 shares of common stock for $21 per share. Debit Credit Note : = journal entry has been entered Record entry Clear entry View general journal 60 F 6:56 PM Mostly cloudy Q Search w 9/22/2024v A LTI Launch X M Question 6 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x |& One X + X G 2 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 6 Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $12 par common stock and 25,000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Incorporated: 1. Issued 22,000 shares of common stock for $17 per share. points 2. Issued 7,000 shares of the class A preferred stock for $30 per share. 3. Issued 43,000 shares of common stock for $20 per share. Required Book a. Prepare general journal entries for these transactions. . Prepare the stockholders' equity section of the balance sheet Immediately after these transactions. Hint Complete this question by entering your answers in the tabs below. Print Required A Required B Prepare general journal entries for these transactions. References Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet B C Issued 22,000 shares of common stock for $17 per share. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Graw 60 F Q Search 6:56 PM Mostly cloudy 9/22/2024v A LTI Launch X M Question 6 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x |& One X + X G 2 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 6 Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $12 par common stock and 25,000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Incorporated: 1. Issued 22,000 shares of common stock for $17 per share. points 2. Issued 7,000 shares of the class A preferred stock for $30 per share. 3. Issued 43,000 shares of common stock for $20 per share. Required Book a. Prepare general journal entries for these transactions. . Prepare the stockholders' equity section of the balance sheet Immediately after these transactions. Hint Complete this question by entering your answers in the tabs below. Print Required A Required B Prepare general journal entries for these transactions. References Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 60 F 6:56 PM Mostly cloudy Q Search 9/22/2024v A LTI Launch X M Question 6 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x |& One X + X G 2 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 6 Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $12 par common stock and 25,000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Incorporated: 1. Issued 22,000 shares of common stock for $17 per share. points 2. Issued 7,000 shares of the class A preferred stock for $30 per share. 3. Issued 43,000 shares of common stock for $20 per share. Required Book a. Prepare general journal entries for these transactions. . Prepare the stockholders' equity section of the balance sheet Immediately after these transactions. Hint Complete this question by entering your answers in the tabs below. Print Required A Required B Prepare general journal entries for these transactions. References Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet A B C Issued 43,000 shares of common stock for $20 per share. Note: Enter debits before credits. Event General Journal Debit Credit 3 Record entry Clear entry View general journal Graw 60 F Q Search 6:56 PM Mostly cloudy 9/22/2024v A LTI Launch X M Question 6 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x |& One X + X G 2 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 6 Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $12 par common stock and 25,000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Incorporated: 1. Issued 22,000 shares of common stock for $17 per share. points 2. Issued 7,000 shares of the class A preferred stock for $30 per share. 3. Issued 43,000 shares of common stock for $20 per share. Required Book a. Prepare general journal entries for these transactions. . Prepare the stockholders' equity section of the balance sheet Immediately after these transactions. Hint Complete this question by entering your answers in the tabs below. Print Required A Required B Prepare general journal entries for these transactions. References Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list X A Issued 22,000 shares of common stock for $17 per share. B Issued 7,000 shares of the class A preferred stock for $30 per share. C Issued 43,000 shares of common stock for $20 per share. Debit Credit Note : = journal entry has been entered Record entry Clear entry View general journal 60F Q Search 6:56 PM Mostly cloudy 9/22/2024v A LTI Launch X M Question 6 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pi X y! Apple Inc. x |& One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 6 Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $12 par common stock and 25,000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Incorporated: points 1. Issued 22,000 shares of common stock for $17 per share. 2. Issued 7,000 shares of the class A preferred stock for $30 per share. 3. Issued 43,000 shares of common stock for $20 per share. Book Required . Prepare general journal entries for these transactions. Hint b. Prepare the stockholders' equity section of the balance sheet Immediately after these transactions. Complete this question by entering your answers in the tabs below. Print Required A Required B References Prepare the stockholders' equity section of the balance sheet immediately after these transactions. Stockholders' equity Total paid-in capital Retained earnings Total stockholders' equity Graw 60 F Mostly cloudy Q Search 6:56 PM 9/22/2024v A LTI Launch X M Question 7 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x | One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 7 On May 1, Year 1, Love Corporation declared a $90,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required points a. Record the events occurring on May 1, May 15, and May 31 In a horizontal statements model. b. Prepare Journal entries for all events associated with the dividend Book Complete this question by entering your answers in the tabs below. Hint Required A Required B Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. Print Note: In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Leave cells blank if no input is needed. Enter amounts to be deducted and cash outflows with a minus sign. LOVE CORPORATION References Horizontal Statements Model Balance Sheet Income Statement Date Statement of Cash Assets = Liabilities Common Retained Earnings Net Income Flows Stock Revenue Expenses May 01 + + 1 = May 15 May 31 red A Required B > Graw 60 F Mostly cloudy Q Search w 6:56 PM 9/22/2024v A LTI Launch X M Question 7 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x | One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 7 On May 1, Year 1, Love Corporation declared a $90,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required points a. Record the events occurring on May 1, May 15, and May 31 In a horizontal statements model. b. Prepare Journal entries for all events associated with the dividend Book Complete this question by entering your answers in the tabs below. Hint Required A Required B Prepare journal entries for all events associated with the dividend. Print Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list References X 1 On May 1, Love Corporation declared a $90,000 cash dividend to be paid on May 31. aid on 2 The shareholders on record on May 15 will receive a dividend payment to be paid May 31. On May 31, the dividends are paid to the shareholders of record on May 15. Credit 4 On December 31, the closing entry for dividends is recorded. Note : = journal entry has been entered Record entry Clear entry View general journal Graw 60 F 6:56 PM Mostly cloudy Q Search w 9/22/2024v A LTI Launch X M Question 7 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x | One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 7 On May 1, Year 1, Love Corporation declared a $90,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required points a. Record the events occurring on May 1, May 15, and May 31 In a horizontal statements model. b. Prepare Journal entries for all events associated with the dividend Book Complete this question by entering your answers in the tabs below. Hint Required A Required B Prepare journal entries for all events associated with the dividend. Print Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list References Journal entry worksheet 1 2 3 4 On May 1, Love Corporation declared a $90,000 cash dividend to be paid on May 31. Note: Enter debits before credits. Date General Journal Debit Credit May 01 Record entry Clear entry View general journal Gran 60 F Q Search 6:56 PM Mostly cloudy w 9/22/2024v A LTI Launch X M Question 7 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x | One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 7 On May 1, Year 1, Love Corporation declared a $90,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required points a. Record the events occurring on May 1, May 15, and May 31 In a horizontal statements model. b. Prepare Journal entries for all events associated with the dividend Book Complete this question by entering your answers in the tabs below. Hint Required A Required B Prepare journal entries for all events associated with the dividend. Print Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list References Journal entry worksheet 2 4 The shareholders on record on May 15 will receive a dividend payment to be paid May 31. Note: Enter debits before credits Date General Journal Debit Credit May 15 Record entry Clear entry View general journal Gran 60 F 6:56 PM Mostly cloudy Q Search w 9/22/2024v A LTI Launch X M Question 7 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x | One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 7 On May 1, Year 1, Love Corporation declared a $90,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required points a. Record the events occurring on May 1, May 15, and May 31 In a horizontal statements model. b. Prepare Journal entries for all events associated with the dividend Book Complete this question by entering your answers in the tabs below. Hint Required A Required B Prepare journal entries for all events associated with the dividend. Print Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list References Journal entry worksheet Gran 60 F 6:56 PM Mostly cloudy Q Search w 9/22/2024v A LTI Launch X M Question 7 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x | One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 7 On May 1, Year 1, Love Corporation declared a $90,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required points a. Record the events occurring on May 1, May 15, and May 31 In a horizontal statements model. b. Prepare Journal entries for all events associated with the dividend Book Complete this question by entering your answers in the tabs below. Hint Required A Required B Prepare journal entries for all events associated with the dividend. Print Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list References Journal entry worksheet 2 3 4 On December 31, the closing entry for dividends is recorded. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal Gran 60 F 6:56 PM Mostly cloudy Q Search w 9/22/2024v A LTI Launch X M Question 8 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x | One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 8 Lake Incorporated and River, Incorporated reported net Incomes of $204,000 and $164,000, respectively, for the most recent fiscal year. Both companies had 40,000 shares of common stock issued and outstanding. The market price per share of Lake's stock was $67, while River's sold for $71 per share. points Required a. Determine the P/E ratio for each company. b. Based on the P/E ratios computed In Requirement a, which company do investors believe has the greater potential for growth in Book Income? Complete this question by entering your answers in the tabs below. Hint Print Required A Required B Determine the P/E ratio for each company. n Note: Do not round intermediate calculations. Round your answers to the nearest whole number. References Company P/E Ratio Lake, Incorporated River, Incorporated Required A Required B > Graw 60 F Mostly cloudy Q Search w 6:56 PM 9/22/2024v A LTI Launch X M Question 8 X M Question 1 X G Ethan Heat X Dashboard X M Financial A X G Google Slic X Untitled pr X y! Apple Inc. x | One X + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 11 Application Saved Help Save & Exit Submit Check my work 8 Lake Incorporated and River, Incorporated reported net Incomes of $204,000 and $164,000, respectively, for the most recent fiscal year. Both companies had 40,000 shares of common stock issued and outstanding. The market price per share of Lake's stock was $67, while River's sold for $71 per share. points Required a. Determine the P/E ratio for each company. b. Based on the P/E ratios computed In Requirement a, which company do investors believe has the greater potential for growth in Book Income? Hint Complete this question by entering your answers in the tabs below. Print Required A Required B Based on the P/E ratios computed in Requirement a, which company do investors believe has the greater potential for growth in income? References Company investors believe has greater potential 60 F Mostly cloudy Q Search w 6:56 PM 9/22/2024v A Launch x M Question 3 - Cha x G Enscoe Enterprise X M Question 7 - Cha X *Course Hero * G Google Slides: P X Untitled present: x 10-K 2023, 09.30 x | + X G 9 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow... S Chapter 11 Application Saved Help Save & Exit Submit Check my work 7 On May 1, Year 1, Love Corporation declared a $90,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required points a. Record the events occurring on May 1, May 15, and May 31 In a horizontal statements model. b. Prepare Journal entries for all events associated with the dividend Book Complete this question by entering your answers in the tabs below. Hint Required A Required B Prepare journal entries for all events associated with the dividend. Print Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list References X 1 On May 1, Love Corporation declared a $90,000 cash dividend to be paid on May 31. aid on 2 The shareholders on record on May 15 will receive a dividend payment to be paid May 31. On May 31, the dividends are paid to the shareholders of record on May 15. Credit 4 On December 31, the closing entry for dividends is recorded. Note : = journal entry has been entered Record entry Clear entry View general journal 55F Q Search W 10:56 PM Partly cloudy 9/22/2024v A Launch x M Question 3 - Cha x G Enscoe Enterprise X M Question 7 - Cha X *Course Hero * G Google Slides: P X Untitled present: x 10-K 2023, 09.30 x | + X G 9 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow... S Chapter 11 Application Saved Help Save & Exit Submit Check my work 7 On May 1, Year 1, Love Corporation declared a $90,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required points a. Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. b. Prepare Journal entries for all events associated with the dividend Book Complete this question by entering your answers in the tabs below. Hint Required A Required B Prepare journal entries for all events associated with the dividend. Print Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list References Journal entry worksheet 1 2 3 On May 1, Love Corporation declared a $90,000 cash dividend to be paid on May 31. Note: Enter debits before credits. Date General Journal Debit Credit May 01 Record entry Clear entry View general journal Grav 55F Q Search W 10:56 PM Partly cloudy 9/22/2024v A Launch x M Question 3 - Cha x G Enscoe Enterprise X M Question 7 - Cha X *Course Hero * G Google Slides: P X Untitled present: x 10-K 2023, 09.30 x | + X G 9 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow... S Chapter 11 Application Saved Help Save & Exit Submit Check my work 7 On May 1, Year 1, Love Corporation declared a $90,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required points a. Record the events occurring on May 1, May 15, and May 31 In a horizontal statements model. b. Prepare Journal entries for all events associated with the dividend Book Complete this question by entering your answers in the tabs below. Hint Required A Required B Prepare journal entries for all events associated with the dividend. Print Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list References Journal entry worksheet Grav 55F Partly cloudy Q Search W 10:56 PM 9/22/2024v A Launch x M Question 3 - Cha x G Enscoe Enterprise X M Question 7 - Cha X *Course Hero * G Google Slides: P X Untitled present: x 10-K 2023, 09.30 x | + X G 9 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow... S Chapter 11 Application Saved Help Save & Exit Submit Check my work 7 On May 1, Year 1, Love Corporation declared a $90,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required points a. Record the events occurring on May 1, May 15, and May 31 In a horizontal statements model. b. Prepare Journal entries for all events associated with the dividend Book Complete this question by entering your answers in the tabs below. Hint Required A Required B Prepare journal entries for all events associated with the dividend. Print Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list References Journal entry worksheet Grav 55F Q Search W 10:56 PM Partly cloudy 9/22/2024v A Launch x M Question 3 - Cha x G Enscoe Enterprise X M Question 7 - Cha X *Course Hero * G Google Slides: P X Untitled present: x 10-K 2023, 09.30 x | + X G 9 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow... S Chapter 11 Application Saved Help Save & Exit Submit Check my work 7 On May 1, Year 1, Love Corporation declared a $90,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required points a. Record the events occurring on May 1, May 15, and May 31 In a horizontal statements model. b. Prepare Journal entries for all events associated with the dividend Book Complete this question by entering your answers in the tabs below. Hint Required A Required B Prepare journal entries for all events associated with the dividend. Print Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list References Journal entry worksheet Grav 55F 10:56 PM Partly cloudy Q Search W 9/22/2024v A Launch x M Question 3 - Cha x G Enscoe Enterprise X M Question 4 - Cha X *Course Hero * G Google Slides: P X Untitled present: x 10-K 2023, 09.30 x | + X G 9 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow... S Chapter 11 Application Saved Help Save & Exit Submit Check my work 4 Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 76,000 shares of $12 par common stock. points 2. 7,500 shares of $120 par, 7 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 7,500 shares of preferred stock and a $1 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Book Required a. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. Hint b. Prepare general journal entries to record the declaration and payment of the cash dividends. Complete this question by entering your answers in the tabs below. Print Required A Required B References Prepare general journal entries to record the declaration and payment of the cash dividends. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 55F Q Search W 11:00 PM Partly cloudy 9/22/2024