Questions from Intermediate Accounting

Q: Ravonette Corporation issued 300 shares of $10 par value ordinary shares

Ravonette Corporation issued 300 shares of $10 par value ordinary shares and 100 shares of $50 par value preference shares for a lump sum of $13,500. The ordinary shares have a market price of $20 per...

Q: Cole Inc. owns shares of Marlin Corporation stock classified as available

Cole Inc. owns shares of Marlin Corporation stock classified as available-for-sale securities. At December 31, 2012, the available-for-sale securities were carried in Cole’s accounting records at thei...

Q: Graves Mining Company declared, on April 20, a dividend of

Graves Mining Company declared, on April 20, a dividend of $500,000 payable on June 1. Of this amount, $125,000 is a return of capital. Prepare the April 20 and June 1 entries for Graves.

Q: Green Day Corporation has outstanding 400,000 shares of $10

Green Day Corporation has outstanding 400,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $65 per share. Prepare the journal...

Q: Use the information from BE15-13, but assume Green Day

Use the information from BE15-13, but assume Green Day Corporation declared a 100% stock dividend rather than a 5% stock dividend. Prepare the journal entries for both the date of declaration and the...

Q: Nottebart Corporation has outstanding 10,000 shares of $100 par

Nottebart Corporation has outstanding 10,000 shares of $100 par value, 6% preferred stock and 60,000 shares of $10 par value common stock. The preferred stock was issued in January 2012, and no divide...

Q: During its first year of operations, Sitwell Corporation had the following

During its first year of operations, Sitwell Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 80,000 shares for cash at $6 per share. Mar. 1 Issued 5,000 share...

Q: Abernathy Corporation was organized on January 1, 2012. It is

Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,000 shares of 8%, $50 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $...

Q: What are the computational guidelines for determining whether a convertible security is

What are the computational guidelines for determining whether a convertible security is to be reported as part of diluted earnings per share?

Q: Twenty-five thousand shares reacquired by Pierce Corporation for $48

Twenty-five thousand shares reacquired by Pierce Corporation for $48 per share were exchanged for undeveloped land that has an appraised value of $1,700,000. At the time of the exchange, the common st...