On January 1, Sway Corporation had 60,000 shares of $10 par value common stock outstanding. On March 17, the company declared a 18% stock dividend to stockholders of record on March 20. Market value of the stock was $13 on March 17. The stock was distributed on March 30. The entry to record the transaction of March 30 would include a:

Answer:

See below

Explanation:

With regards to the above, the entry to record of March 30 would be;

Debit stock dividends $140,400

Credit common stock dividends distributable $108,000

Credit paid in capital in excess of par $32,400

Calculations;

= 60,000 shares of $10 par value

= $600,000 × Stock dividend

= $600,000 × 18%

= $108,000

Stock dividend = 60,000 shares of $13 market value

= $780,000 × Stock dividend

= $780,000 × 18%

= $140,400

Additional paid in capital = $140,400 - $108,000 = $32,400

The cash records of Downs Company show the following.
For July:
1. The June 30 bank reconciliation indicated that deposits in transit total $580. During July, the general ledger account Cash shows deposits of $16,900, but the bank statement indicates that only $15,600 in deposits were received during the month.
2. The June 30 bank reconciliation also reported outstanding checks of $940. During the month of July, Downs Company books show that $17,500 of checks were issued, yet the bank statement showed that $16,400 of checks cleared the bank in July.
For September:
3. In September, deposits per bank statement totaled $25,900, deposits per books were $26,400, and deposits in transit at September 30 were $2,200.
4. In September, cash disbursements per books were $23,500, checks clearing the bank were $24,000, and outstanding checks at September 30 were $2,100.
There were no bank debit or credit memoranda, and no errors were made by either the bank or Downs Company.
Answer the following questions.
(a) In situation 1, what were the deposits in transit at July 31?
(b) In situation 2, what were the outstanding checks at July 31?
(c) In situation 3, what were the deposits in transit at August 31?
(d) In situation 4, what were the outstanding checks at August 31?

Helen has a meeting with a venture capitalist for a Series A round at a $10 million valuation. She has proprietary patents for the latest advancements in facial recognition, a team of five Stanford grads, and seed money from Andreessen Horowitz and Union Square Ventures. She has two enterprise customers. The VC has her interest piqued but declines to invest at this stage. Why? Group of answer choices Helen needs to further build out her team Helen should be raising a Series B, not A Helen needs better venture capitalists funding her project Helen needs more customers

Sugar Cane Company processes sugar beets into three products. During September, the joint costs of processing were $150,000. Production and sales value information for the month were as follows: Product Units Produced Sales Value at Splitoff Point Separable costs Sugar 6,000 $40,000 $12,000 Sugar Syrup 4,000 35,000 32,000 Fructose Syrup 2,000 25,000 16,000 Required: Determine the amount of joint cost allocated to each product if the sales value at splitoff method is used.

After reading the paragraph below, answer the question that follows. Americans spend up to $100 billion annually for bottled water (41 billion gallons). The only beverages with higher sales are carbonated soft drinks. Recent news stories have highlighted the fact that most bottled water comes from municipal water supplies (the same source as your tap water), although it may undergo an extra purification step called reverse osmosis. Imagine two tanks that are separated by a membrane that's permeable to water, but not to the dissolved minerals present in the water. Tank A contains tap water and tank B contains the purified water. Under normal conditions, the purified water would cross the membrane to dilute the more concentrated tap water solution. In the reverse osmosis process, pressure is applied to the tap water tank to force the water molecules across the membrane into the pure water tank. If you shut off the system and pressure was no longer applied to tank A, you would expect

Kingston Manufacturing has 27,000 labor hours available for producing X and Y. Consider the following information:
Product X Product Y
Required labor time per unit (hours) 2 3
Maximum demand (units) 6,000 8,000
Contribution margin per unit $5 $6
Contribution margin per labor hour $2.50 $2
If Kingston follows proper managerial accounting practices, which of the following production schedules should the company set?
Product A Product B
A. 0 units 8,000 units
B. 1,500 units 8,000 units
C. 6,000 units 0 units
D. 6,000 units 5,000 units
E. 6,000 units 8,000 units
A. Option A.
B. Option B.
C. Option C.
D. Option D.
E. Option E.
The following costs are relevant to the decision situation cited except:____.
a. the cost of hiring a full-time staff attorney, in a decision to establish an in-house legal department or retain the services of a prominent law firm.
b. the remodeling cost of existing office space, in a firm's decision to stay at its current location or move to a new building.
c. the long-term salary costs demanded by Joe Torrez (a superstar) and Rip Moran (an average player) in baseball contract negotiations, in a decision that determines the amounts by which ticket prices must be raised.
d. the cost to enhance an airline's Web site, in a decision to expand existing service to either Salt Lake City or Phoenix.
e. the commissions that could be earned by a salesperson, in a decision that involves salesperson compensation methods (i.e., commissions or flat monthly salaries).

In a closed economy, saving and investment must be equal, but this is not the case in an open economy. In the following problem, you will explore how saving and investment are connected to the international flow of capital and goods in an economy. Before delving into the relationship between these various components of an economy, you will be asked to recall some relationships between aggregate variables that will be useful in your analysis.
Recall the components that make up GDP. National income (Y) equals total expenditure on the economy's output of goods and services. Thus, where C = consumption, I = investment, G = government purchases, X = exports, M = imports, and NX = net exports:
Y =____.
Also, national saving is the income of the nation that is left after paying for____. Therefore, national saving (S) is defined as:
S =____.
Re-arranging the previous equation and solving for Y yields Y =_____. Plugging this into the original equation showing the various components of GDP results in the following relationship:
S =_____.
This is equivalent to S =____, since net exports must equal net capital outflow (NCO, also known as net foreign investment).
Now suppose that a country is experiencing a trade surplus. Determine the relationships between the entries in the following table, and enter these relationships using the following symbols: > (greater than), < (less than), or = (equal to).
Outcomes of a Trade Surplus
Imports Exports
Net Exports 0
Y C+/+G
Saving Investment
0 Net Capital Outflow

A company is developing its weekly production plan. The company produces two products, A and B, which are processed in two departments. Setting up each batch of A requires $60 of labor while setting up a batch of B costs $80. Each unit of A generates a profit of $17 while a unit of B earns a profit of $21. The company can sell all the units it produces. The data for the problem are summarized below.
Hours required by
Operation A B Hours
Cutting 3 4 48
Welding 2 1 36
The decision variables are defined as:
xi = the amount of product i produced
yi = 1 if xi > 0 and 0 if xi = 0
A spreadsheet implementation of the problem is shown below.
What is the objective function for this problem?
a. Maximize: 17x1 + 21x2 - 60y1 - 80y2
b. Minimize: 60y1 + 80y2
c. Minimize: 17x1 + 21x2 - 60y1 - 80y2
d. Maximize: 17x1 + 21x2

The " 10 80 10 " rule as it applies to crowd management means

On January 1 of the current year, Barton Corporation issued 10%, 5-year bonds with a face value of $200,000. The bonds are sold for $191,000. The bonds pay interest semiannually on June 30 and December 31, and the maturity date is December 31, 5 years from now. Barton records straight-line amortization of the bond discount. The bond interest expense for the current year ended December 31 is

Based on the following data, determine the cost of merchandise sold for October. Merchandise Inventory, October 1 $ 98,560 Merchandise Inventory, October 31 102,330 Purchases 433,880 Purchases Returns & Allowances 12,760 Purchases Discounts 9,900 Transportation In 7,620

On January 1, 2021, Newlin Co. has the following balances: Projected benefit obligation $3,500,000 Fair value of plan assets 3,000,000 The settlement rate is 10%. Other data related to the pension plan for 2021 are: Service cost $300,000 Amortization of prior service costs due to increase in benefits 100,000 Contributions 500,000 Benefits paid 225,000 Actual return on plan assets 395,000 Amortization of net gain 30,000 The balance of the projected benefit obligation at December 31, 2021 is

Here is a linear demand function: Q = 10 -0.5P. Find its price function by inverting the demand function. Then find its total revenue function by multiplying through by Q. The linear demand function Q = 400 -250P inverts into the price function P = 1.6 -0.004Q. Multiplying this by Q gives its total revenue function TR = 1.6Q -0.004. Evaluate the following expression.

Y = 5(2X + 3)2 -2X2

The following information is available for Forever Fragrance Company's Southern Territory by salesperson: Garcia Jones Total Sales $30,000 $40,000 $70,000 Variable cost of goods sold 3,600 4,800 8,400 Variable selling expenses: Promotion costs 5,000 8,000 13,000 Sales commissions 4,500 6,000 10,500 What is the contribution margin for Jones?]

On January 1, Elias Corporation issued 10% bonds with a face value of $68,000. The bonds are sold for $65,960. The bonds pay interest semiannually on June 30 and December 31 and the maturity date is December 31, 10 years from now. Elias records straight-line amortization of the bond discount. The bond interest expense for the year ended December 31 of the first year is

Stanley Mills was hired by Clark at the beginning of 2002. Mills is expected to retire at the end of 2046 after 45 years of service. His retirement is expected to span 15 years. At the end of 2021, 20 years after being hired, his salary is $81,000. The company’s actuary projects Mills’s salary to be $280,000 at retirement. The actuary’s discount rate is 8%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Required:
1. Estimate the amount of Stanley Mills's annual retirement payments for the 15 retirement years earned as of the end of 2018.
2. Suppose Clark's pension plan permits a lump-sum payment at retirement in lieu of annuity payments. Determine the lump-sum equivalent as the present value as of the retirement date of annuity payments during the retirement period
3. What is the company's projected benefit obligation at the end of 2018 with respect to Stanley Mills?
4. Even though pension accounting centers on the PBO calculation, the ABO still must be disclosed in the pension disclosure note. What is the company's accumulated benefit obligation at the end of 2018 with respect to Stanley Mills?
5. If we assume no estimates change in the meantime, what is the company's projected benefit obligation at the end of 2019 with respect to Stanley Mills?
6. What portion of the 2019 increase in the PBO is attributable to 2019 service (the service cost component of pension expense) and to accrued interest (the interest cost component of pension expense)? (For all requirements, round final answers to the nearest whole dollars.)
1. Annual retirement payments $ 108,800
2. PV of retirement annuity $ 1,056,698
3. Projected benefit obligation
4. Accumulated benefit obligation 246.211 $ $ 65,400
5. Projected benefit obligation $ 274,032 6. Service cost Interest cost

Synovec Co. is growing quickly. Dividends are expected to grow at a rate of 10.5 percent for the next three years, with the growth rate falling off to a constant 5.4 percent thereafter. If the required return is 10.6 percent and the company just paid a dividend of $5.00, what is the current share price

On January 14, at the end of the second week of the year, the totals of Castle Company's payroll register showed that its store employees' wages amounted to $33,482 and that's warehouse wages amounted to $13,560. Withholdings consisted of federal income taxes, $5,110, employer's Social Security taxes at the rate of 6.2 percent, and employees' Social Security taxes at a rate of 6.2 percent. Both the employer's and employees' Social Security taxes are based on the first $118,500, and no employee has reached the limit. Additional withholdings were Medicare taxes at the rate of 1.45 percent on all earnings and charitable contributions withheld, $845.

Required:
a. Calculate the amount of Social Security and Medicare taxes to be withheld and write the general journal entry to record the payroll. Round answers to two decimal places.
b. Write the general journal entry to record the employer's payroll taxes assuming that the federal unemployment tax is 0.6 percent of the first $7,000, that the state unemployment tax is 5.4 percent of the same base, and that no employee has surpassed the $7,000 limit.

Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a short- term note payable is used to obtain cash for current use The following transactions were selected from those occurring during the year
A. On January 10, purchased merchandise on credit for $30,000. The company uses a perpetual inventory system.
B. On March 1, borrowed $64,000 cash from City Bank and signed a promissory note with a face amount of $64,000, due at the end of six months, accruing interest at an annual rate of 8.50 percent, payable at maturity.
Required:
1. For each of the transactions, indicate the accounts, amounts, and effects on the accounting equation.
2. What amount of cash is paid on the maturity date of the note?
3. Indicate the impact of each transaction (increase, decrease, and NE for no effect) on the debt-to-assets ratio, Assume Bryant Company had $300,000 in total liabilities and 500,000 in total assets, yielding a debt-to-assets ratio of 0.60, prior to each transaction.

Shanken Corp. issued a 30-year, 6.2 percent semiannual bond 7 years ago. The bond currently sells for 108 percent of its face value. The company’s tax rate is 35 percent. (Assume that the face value of one coupon bond is $1,000.) a. What is the pretax cost of debt? b. What is the aftertax cost of debt? c. Which is more relevant, the pretax or the aftertax cost of debt? Why?

The employment relationship is a contractual relationship between the employer and the employee.

a. True
b. False

Jenek Corporation had the following transactions pertaining to debt investments.
1. Purchased 25, 9%, $1,600 Leeds Co. bonds for $40,000 cash. Interest is payable annually on January 1, 2017.
2. Accrued interest on Leeds Co. bonds on December 31, 2017.
3. Received interest on Leeds Co. bonds on January 1, 2018.
4. Sold 15 Leeds Co. bonds for $27,200 on January 1, 2018.
Journalize the transactions.

Testbank Multiple Choice Question 64 Marigold Corp. issues $20600000 of 10-year, 9% bonds on March 1, 2020 at 96 plus accrued interest. The bonds are dated January 1, 2020, and pay interest on June 30 and December 31. What is the total cash received on the issue date

Step 1:
Enter the following entries for the month of August. A. Purchased raw materials on account: $3,100. B. Selling and Administrative expenses incurred and paid: $1,200. C. Used direct materials: $3,900. D. Used indirect materials: $300. E. Manufacturing wages incurred totaled $4,000, of which 90% was direct labor and 10% was indirect labor. F. Incurred other actual factory overhead on account: $1,300. G. Factory Overhead was allocated to Work in Process Inventory at a predetermined overhead allocation rate of 60% of Direct Labor costs incurred during August. H. The cost of product completed: $10,000. I. Sales on account: $17,500. The cost of the units sold was $9,500.
Step 2:
Adjust for over or underallocated overhead.
Once you have entered the journal entries in Step 1 above, prepare and enter the necessary adjusting entry to correct for the overallocated or underallocated Factory Overhead. This entry should be dated "August 31, 2017." For the "Description," enter "Journal Entry J."

Which of the following statements is not accurate descriptions of the business market? Mrs. Phillip, a retail buyer for Bloomingdale's, does all the shopping for her family at the same store. Wal-Mart has a contractual relationship with P&G to serve its customers efficiently. Goodyear tires deals globally with various suppliers of steel to make tires. Costco is a wholesale establishment that deals with various manufacturers.

Dalia prefers the numbers in her excel document to show up as dollar amounts like “$5,234.15” instead of as numbers like “5234.15.” What is the most useful way for her to format that information?

It is enough to describe the proposed business as a sole proprietorship in the business description
section. True or False?​

Mutual Company enters into a contract to employ Neil as an investment manager for two years. During the first year, Neil is often absent without explanation and when present fails to adequately monitor and manage Mutual’s investments.
Q1. Refer to Fact Pattern 17-A1. With respect to Mutual’s duties, Neil’s performance most likely
a. discharges Mutual from the contract.
b. has no effect on Mutual’s performance.
c. increases Mutual’s duties under the contract.
d. suspends Mutual’s duty to perform.
Q2. Refer to Fact Pattern 17-A1. Neil’s performance is most likely
a. a material breach.
b. a minor breach.
c. Mutual’s breach.
d. no breach.

Oriole Company developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories:
Product Cost Net realizable value
Market A $128000 $134000
B 90000 85000
C 179000 181000
After Oriole Company applies the LCNRV rule, the value of the inventory reported on the balance sheet would be:___.
a. $405000.
b. $392000.
c. $400000.
d. $397000.

How loss on sale of sports material is entered in Income and Expenditure Account? If sports material book value is $120 but sold at $50?​

Classify each of the following items as either :
A. Current liability B. Long-term liability C. Not a liability
1. 60-day promissory note.
2. Payment of a 4-year term loan due this year.
3. Salaries payable.
4. FICA taxes payable.
5. Income taxes payable.
6. Payment of a 30-year term loan due this year.
7. Accounts payable.
8. Note payable due in full in two years.