Question 1
P11-31A Issuing stock and preparing the stockholder?s equity section of the balance sheet Lockridge Inc was organized in 2009. At December 31, 2009 the company sheet reported the stockholder?s equity. Paid in capital: Preferred stock, 5%, $45 par, 140,000 shares authorized, none issued $0 Common stock, $2 par, 525,000 shares authorized, 62,000 shares issued and outstanding 124,000 Paid in capital in excess of par-common 42,000 Total paid in capital $166,000 Retained earnings 28,000 Total stockholders equity $194,000 Requirements: 1. During 2010, the company completed the following selected transactions. Journalize each transaction. Explanations are not required. a. Issued for cash 1,400 shares of preferred stock at par value b. Issued for cash 2,300 shares of common stock at a price of $3 per share c. Net income for the year was $79,000 and the company declared no dividends. Make the closing entry for net income. 2. Prepare the stockholders equity section of the Lockridge company balance sheet at December 31, 2010. P11-33A Computing dividends on preferred and common stock Hip Skincare has 5,000 shares of 5%, $15 par value preferred stock and 80,000 shares of $2.25 par common stock outstanding. During a three year period, hip declared and paid cash dividends as follows:2010, $2,000. 2011,$15,000 and 2012 $20,000 Requirements 1. Compute the total dividends to preferred and to common for each of the three years if. a. Preferred is noncumulative b. Preferred cumulative 2. For requirement 1.b. journalize the declaration of the 2011 dividends on December 22, 2011 and payment on January 14, 2012. Use separate dividends P11-35A Computing and recording a corporations income tax The accounting records of Restore Redwood Corporation provide income statement data for 2011 Total revue $910,000 Total expenses 700,000 Income before tax $210,000 Total expenses include depreciation of $56,000 computed on the straight line method. In calculating taxable on the tax return, Restore Redwood uses the modified accelerated cost recovery system (MACRS). MACRS depreciation was $81,000 for 2011. The corporate income tax rate is 40% Requirements: 1. Compute taxable income for the year. For this computation, substitute MACRS depreciation in place of straightline depreciation. 2. Journalize the corporations income tax for 2011 3. Show how to report the two income tax liabilities on Restore?s classified balance sheet
Question 2
Please help, the questions are at the bottom of the problem. Thank you! Allison, CPA, has completed the audit of the financial statements of Optima Corporation as of and for the year ended December 31, 2009. Allison also audited and reported on the Optima financial statements for the prior year. Allison drafted the following report for 2009. We have audited the balance sheet and statements of income and retained earnings of Optima Corporation as of December 31, 2009. We conducted our audit in accordance with generally accepted accounting standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of misstatement. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly the financial position of Optima Corporation as of December 31, 2009, and the results of its operations for the year then ended in conformity with generally accepted auditing standards, applied on a basis consistent with those of the preceding year. Allison, CPA (Signed) Other Information ? Optima is presenting comparative financial statements. ? Optima does not wish to present a statement of cash flows for either year. ? During 2009, Optima changed its method of accounting for long-term construction contracts and properly reflected the effect of the change in the current year?s financial statements and restated the prior year?s statements. Allison is satisfied with Optima?s justification for making the change. The change is discussed in footnote 12. ? Allison was unable to perform normal accounts receivable confirmation procedures, but alternative procedures were used to satisfy Allison as to the existence of the receivables. ? Optima Corporation is the defendant in a litigation, the outcome of which is highly uncertain. If the case is settled in favor of the plaintiff, Optima will be required to pay a substantial amount of cash, which might require the sale of certain fixed assets. The litigation and the possible effects have been properly disclosed in footnote 11. ? Optima issued debentures on January 31, 2008, in the amount of $10 million. The funds obtained from the issuance were used to finance the expansion of plant facilities. The debenture agreement restricts the payment of future cash dividends to earnings after December 31, 2013. Optima declined to disclose this essential data in the footnotes to the financial statements. REQUIRED: a. Identify and explain any items included in ?Other Information? that need not be part of the auditor?s report. b. Explain the deficiencies in Allison?s report as drafted.(AICPA Adapted)
Question 3
Research a Human Resource Information System (HRIS) software program, such as People Soft. (However, there are several other excellent programs that you can research that address a broad range of HR issues from recruiting to payroll.) Discuss the program's main attributes and how it interfaces with human resource information systems and strategic human resources planning.,Hi Rachel, I really hate to ask this, however I posted the wrong question that I was having difficulty with. Is there any way I can ask you that question instead with this one due May 14?,Question I need help on is: Select and analyze an article on Arthur Fletcher, the noted pro-affirmative action advocate. In addition, find a second article that takes a stance against affirmative action. Critique the articles and summarize the differences between them. Based upon the information from these articles and the textbook, discuss your opinion of affirmative action and its impact on the workplace. So sorry to have caused confusion, if you could have answer by May 14 @ 5:00 PM EST that would be perfect. Let me know how to proceed with you getting credit for answering and paid. Thank You,Will you reject/decline the other please. I will re-post.,Article we could select on our own. Attached is the pages from TextBook: Human Resource Management 12th Edition by Robert L Mathis & John H Jackson,What article was used for Arthur Fletcher, Affirmative Action and for against Affirmative Action? There is no critique of the articles.
Question 4
Help please! 1) On June 1, Melendez Company borrows $90,000 from First Bank on a 6-month, $90,000, 12% note. Instructions (a) Prepare the entry on June 1. (b) Prepare the adjusting entry on June 30. (c) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (d) What was the total financing cost (interest expense)? 2)On July 1, 2011, Atwater Corporation issued $2,000,000 face value, 10%, 10-year bonds at $2,271,813.This price resulted in an effective-interest rate of 8% on the bonds. Atwater uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest July 1 and January 1. Instructions (Round all computations to the nearest dollar.) (a) Prepare the journal entry to record the issuance of the bonds on July 1, 2011. (b) Prepare an amortization table through December 31, 2012 (3 interest periods) for this bond issue. (c) Prepare the journal entry to record the accrual of interest and the amortization of the premium on December 31, 2011. (d) Prepare the journal entry to record the payment of interest and the amortization of the premium on July 1, 2012, assuming no accrual of interest on June 30. (e) Prepare the journal entry to record
Question 5
My question has been attached. I initially submitted it and the tutor asked that i resubmit with an increased deposit. I am resubmitting. I was unable to get to a computer yesterday due to bad weather in my state so i am just answering back. I hope that Rachel or Andrea can assist me. Please respond back asap to let me know if you can accept the assignment so that if not i can make other arrangments. I also need to know the topic chosen so that I can complete additional research. I will do all the necessary formatting I just need to questions answered and it needs to be 8 pages.,Hi Rachael, Thank you for accepting my assignment. I will be checking in with you over the weekend on my assignment. Also if you have any questions or need clarification please do not hesitate to contact me. If you will please let me know which topic you chose, so that I can do my part as well. Thank you, Anica,Hi Rachel, I was just checking with you to see how much longer it would be before you are finished with the assignment i submitted. I had requested a deadline of 12 noon.
