C, D, and E are partners. C has $25,000 in her capital account. D has $35,000 in hers, and E has $45,000. Each gets a salary allowance of $15,000. C gets 10% interest on the beginning balance in the capital account, D gets 12%, and E gets 14%. The remainder is divided 20% to C, 35% to E, and 45% to E. What is the balance in the capital account at the end of the year if net income was $80,000?
Bonds issued at par – basic concepts
On April 1, Year 1, Olsen Products, Inc. issued at par $25 million of 10%, 10-year bonds payable. Interest is payable semiannually each April 1 and October 1.
(a) What is the amount of cash paid to bondholders for interest during Year 1?
(b) Give the adjusting entry necessary at December 31, Year 1 (if any), regarding this bond issue.
(c) Interest expense on this bond issue reported in Olsen Products’ Year 1 income statement is: $________________
(d) With respect to this bond issue, Olsen Products’ balance sheet at December 31, Year 1, includes bonds payable of $___________________ and interest payable of $________________ (indicate $0 or “none” if the item is not reported.
(e) Give the journal entry made by Olsen Products on April 1, Year 2, to record the semiannual payment of interest to bondholders.
Book value per share and other computations
Shown below is information relating to the stockholders’ equity of Silver Waste Management at December 31, 2015:
(a) Silver’s total legal capital at December 31, 2015, is $_______________.
(b) The total amount of Silver’s paid-in capital at December 31, 2015, is $_________________.
(c) The average issue price per share of Silver’s preferred stock was $_______.
(d) The book value per share of common stock is $__________ per share.
(e) The balance in Retained Earnings at the beginning of the year was $1,237,500, and net income for 2015 was $1,600,500. What was the amount of dividend declared on each share of common stock during 2015? $_______ per share.
Equity transactions-journal entries
A partial list of the ledger accounts of Soundview Corporation is shown below, followed by a list of transactions. Indicate the accounts that would be debited and credited in recording each transaction by placing the appropriate account number(s) in the space provided. If no journal entry is required for a particular transaction, use “None.”
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more