Business
Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following: Common stock, $6 par value, 120,000 shares authorized Preferred stock, 11 percent, par value $13 per share, 5,000 shares authorized During the year, the following transactions took place in the order presented: a. Sold and issued 21,900 shares of common stock at $26 cash per share. b. Sold and issued 2,800 shares of preferred stock at $30 cash per share. c. At the end of the year, the accounts showed net income of $41,600. No dividends were declared.Required:Prepare the stockholders equity section of the balance sheet at the end of the year.
On June 30, 2021, Georgia-Atlantic, Inc. leased a warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $464,149 over a four-year lease term, payable each June 30 and December 31, with the first payment at June 30, 2021. Georgia-Atlantic's incremental borrowing rate is 8%, the same rate IC uses to calculate lease payment amounts. Amortization is recorded on a straight-line basis at the end of each fiscal year. The fair value of the equipment is $3.2 million. (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. Determine the present value of the lease payments at June 30, 2021 that Georgia-Atlantic uses to record the right-of-use asset and lease liability.2. What pretax amounts related to the lease would Georgia-Atlantic report in its balance sheet at December 31, 2021?3. What pretax amounts related to the lease would Georgia-Atlantic report in its income statement for the year ended December 31, 2021?(For all requirements, enter your answers in whole dollars and not in millions. Round your final answers to the nearest whole dollar.)
Presented below are a number of balance sheet accounts of Deep Blue Something, Inc. For each of the accounts below, indicate the proper balance sheet classification.Balance Sheet AccountsBalance Sheet Classification(a) Investment in Preferred Stock. Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity(b) Treasury Stock. Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity(c) Common Stock. Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity(d) Dividends Payable. Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity(e) Accumulated Depreciation-Equipment. Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity(f)(1) Construction in Process (Constructed for another party). Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity(f)(2) Construction in Process (Constructed for the use of Deep Blue Something, Inc.). Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity(g) Petty Cash. Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity(h) Interest Payable. Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity(i) Deficit. Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity(j) Equity Investments (trading). Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity(k) Income Taxes Payable. Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity(l) Unearned Subscription Revenue. Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity(m) Work in Process. Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity(n) Salaries and Wages Payable. Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders Equity
Here's the revenue and expenses for the month. Calculate whether Mia had a profit or loss.MAY ACCOUNTSREVENUEFIXED EXPENSESVARIABLE EXPENSESCARD PURCHASE $300DOG FOODCAT FOODPET TREATSPET SUPPLIES$3,650$2,850$1,650$1,800RENT$2,000SALARIES$2,000UTILITIES$1,000PRODUCT STOCK $4,000TOTAL$9,950TOTAL$9,000TOTAL$300ENTER MIA'S TOTAL PROFIT/LOSS FOR THE MONTH IN THE BOX BELOW, THEN CLICK SUBMIT.$1 XSUBMIT
Stine Corp.'s trial balance reflected the following account balances at December 31, 2014: Accounts receivable (net) $19,000 Trading securities 6,000 Accumulated depreciation on equipment and furniture 15,000 Cash 16,000 Inventory 30,000 Equipment 25,000 Patent 4,000 Prepaid expenses 2,000 Land held for future business site 18,000 In Stine's December 31, 2014 balance sheet, the current assets total is:__________