pls assist with assignment

Description / Instructions:
Complete the following Week 4 Assignment in WileyPLUS: * Do It! 11-1 * Exercise 11-5 * Exercise 11-07 * BYP 11-1 * BYP 11-2 * Problem 11-5A * Problem 11-8A

 

Do It! Review 11-1

[removed][removed][removed][removed][removed][removed]

Question 1
Indicate whether each of the following statements is true or false.

1.   The corporation is an entity separate and distinct from its owners.   [removed]
         
2.   The liability of stockholders is normally limited to their investment in the corporation.   [removed]
         
3.   The relative lack of government regulation is an advantage of the corporate form of business.   [removed]
         
4.   There is no journal entry to record the authorization of capital stock.   [removed]
         
5.   No-par value stock is quite rare today.   [removed]

Warning

 

[removed] Don’t show me this message again for the assignment

Ok

  

  

 
 
 

Exercise 11-5

[removed][removed][removed][removed][removed][removed]

Question 2
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock.

May 2   Cash   104,000    
        Capital Stock       104,000
           (Issued 8,000 shares of $10 par value common stock at $13 per share)        
10   Cash   530,000    
        Capital Stock       530,000
           (Issued 10,000 shares of $20 par value preferred stock at $53 per share)        
15   Capital Stock   7,200    
        Cash       7,200
           (Purchased 600 shares of common stock for the treasury at $12 per share)        

On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.
(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date
Account Titles and Explanation
Debit
Credit
[removed]
[removed]
[removed]
[removed]
 
[removed]
[removed]
[removed]
 
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
 
[removed]
[removed]
[removed]
 
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
 
[removed]
[removed]
[removed]

Warning

 

[removed] Don’t show me this message again for the assignment

Ok

  

  

 
 
 

Exercise 11-7

[removed][removed][removed][removed][removed][removed]

Question 3
On October 31, the stockholders’ equity section of Pele Company’s balance sheet consists of common stock $648,000 and retained earnings $400,000.

Pele is considering the following two courses of action:

(1)   Declaring a 5% stock dividend on the 81,000 $8 par value shares outstanding
(2)   Effecting a 2-for-1 stock split that will reduce par value to $4 per share.

The current market price is $17 per share.

Prepare a tabular summary of the effects of the alternative actions on the company’s stockholders’ equity and outstanding shares.

Pele Company’s
Balance Sheet
    Before Action   After Stock Dividend   After Stock Split
Stockholders’ equity            
   Paid-in capital  
$
[removed]
 
$
[removed]
 
$
[removed]
   Retained earnings  
[removed]
 
[removed]
 
[removed]
      Total stockholders’ equity  
$
[removed]
 
$
[removed]
 
$
[removed]
Outstanding shares  
[removed]
 
[removed]
 
[removed]

We are the Best!

course-preview

275 words per page

You essay will be 275 words per page. Tell your writer how many words you need, or the pages.


12 pt Times New Roman

Unless otherwise stated, we use 12pt Arial/Times New Roman as the font for your paper.


Double line spacing

Your essay will have double spaced text. View our sample essays.


Any citation style

APA, MLA, Chicago/Turabian, Harvard, our writers are experts at formatting.


We Accept

Secure Payment
Image 3