Fagan Co- had these transactions during the current period- Prepare t.docx

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Fagan Co. had these transactions during the current period. Prepare the journal entries for the Fagan Co. transactions shown above. (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 Fagan Co. had these transactions during the current period. June 12 Issued 82,000 shares of $1 par value common stock for cash of $307,500. July 11 Issued 3,660 shares of $101 par value preferred stock for cash at $108 per share. Nov. 28 Purchased 3,390 shares of treasury stock for $9,420. Prepare the journal entries for the Fagan Co. transactions shown above. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Solution Dr Cash 307,500 Cr Common stock 82,000 Cr Paid-in capital in excess of par - common stock 225,500 Dr Cash 395,280 Cr Preferred stock 369,660 Cr Paid-in capital in excess of par - preferred stock 25,620 Dr Cash $9,420 Cr Treasury stock $9,420. .

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Dr Cash $9,420
Cr Treasury stock $9,420.
June 12 Issued 82,000 shares of $1 par value common stock for cash of $307,500.

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Please help, I can\'t figure out what I did wrong. Problem 11-2A (Part Level Submission) The stockholders\' equity accounts of Cheyenne Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,400 shares authorized) Common Stock ($4 stated value, 310,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stoclk Retained Earnings Treasury Stock (4,400 common shares) $264,000 1,033,33:3 13,200 496,000 683,500 35,200 During 2017, the corporation had the following transactions and events pertaining to its stockholders equity Feb. 1 Issued 4,620 shares of common stock for $32,340 Mar 20 Purchased 1,250 additional shares of common treasury stock at $8 per share Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1 Nov. 1 Paid the dividend declared on October 1 Dec. Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017 Dec. 31 Determined that net income for the year was $278,200. Paid the dividend declared on December 1 Solution I have only corrected the journal entries marked in red Calculation of cash dividends on Dec1: No of common stock shares outstanding: (1033,333/4) + 4620 - 4400 - 1250 = 257303.25 <4620 is additional shares issued; 4400 is treasury stock; 1250 is additional treasury stock> Cash dividend declared = 0.85 per share Hence, total cash dividend = 257303.25 x 0.85 = $218708 Calculation of cash dividends on Dec 31: Oct 1 cash dividend (as per journal entry): 18480 Dec 1 cash dividend (as per journal entry): 218708 Total cash dividend: 237188DateAccount titlesDebitCreditFeb 1Cash32340Common stock18480Paid-in Capital in excess of stated value-common stock13860Dec 1Cash dividends218708Dividends payable218708Dec 31Retained earnings237188Cash dividends237188Dec 31Dividends payable218708Cash218708.

Please help, I cant figure out what I did wrong. Problem 11-2A (Pa.pdf

FOREVERPRODUCTCHD

Blossom Company had these transactions during the current period. Nov. 28June 12Issued 78,000 shares of $1 par value common stock for cash of $292,500.July 11Issued 2,500 shares of $100 par value preferred stock for cash at $104 per share. Nov. 28Purchased 1,000 shares of treasury stock for $7,100. Prepare a tabular summary to record the Blossom Company transactions. (Ifa transaction causes a decrease in Assets, Liabilities or Stockholders\' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockholders\' Equity Paid-in-Capital Retained Earnings Cash +Common Stock+ PIC in Excess of Pa +Pref. Stock + + Revenue ExpenseDividend Com. Pref June 22 July 11 Nov. 28 Solution Cash Liabilities Common stock PIC in excess of par Com. Pref. stock PIC in excess of par Pref. Treasury stock Revenue Expenses Dividend 22-Jun 292500 78000 214500 11-Jul 260000 250000 10000 28-Nov -7100 -7100.

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Sun Corporation received a charter that authorized the issuance of 118,000 shares of $7 par common stock and 20,000 shares of $100 par, 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 sold 17,700 shares of the $7 par common stock for $9 per share. 12 sold 2,000 shares of the 7 percent preferred stoek for $110 per share. Apr. 5 sold 23,600 shares of the $7 par comnon stoek for $11 per share. Dec. 31 During the year, earned $303 , 600 in cash revenue and paid $235 , 200 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10 , Year 2 . Year 2 Feb.15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 sold 3,000 ahares of the $100 par preferred stock for $120 per share. May 5 Purchased 600 shares of the common stoek as treasury stock, at $14 per share. Dec.31 During the year, earned $251 , 200 in cash revenues and paid $170 , 500 for cash operating expenses. 31 Declared the annual dividend on the proferred stoek and a $0.50 per share dividend on the common stock. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare the stockholders' equity section of the balance sheet at December 31, Year 1 . c. Prepare the balance sheet at December 31, Year 2. Complete this question by entering your answers in the tabs below..

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WEEK 2 H/W Due in LEO no later than 11:00 PM on 30-AUG-2015 U.S. Eastern Time (Washington, DC) Brief Exercise 15-1 Moby Inc. is considering two alternatives to finance its construction of a new $1.60 million plant. (a) Issuance of 160,000 shares of common stock at the market price of $10 per share. (b) Issuance of $1,600,000, 8% bonds at face value. Complete the following table. (Round earnings per share to 2 decimal places, e.g. 0.25.) Issue Stock Issue Bond Income before interest and taxes $701,100 $701,100 Interest expense from bonds Income before income taxes Income tax expense (25%) Net income $ $ Outstanding shares 541,100 Earnings per share $ $ Indicate which alternative is preferable. Net income is if stock is used. However, earnings per share is than earnings per share if bonds are used because of the additional shares of stock that are outstanding. Brief Exercise 15-2 Meera Corporation issued 3,770, 7%, 5-year, $1,000 bonds dated January 1, 2014, at 100. Prepare the journal entry to record the sale of these bonds on January 1, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Top of Form Bottom of Form Prepare the journal entry to record the first interest payment on July 1, 2014 (interest payable semiannually), assuming no previous accrual of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Bottom of Form Prepare the adjusting journal entry on December 31, 2014, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Bottom of Form Brief Exercise 15-4 Frankum Company has issued three different bonds during 2014. Interest is payable semiannually on each of these bonds. 1. On January 1, 2014, 1,110, 7%, 5-year, $1,200 bonds dated January 1, 2014, were issued at face value. 2. On July 1, $726,200, 8%, 5-year bonds dated July 1, 2014, were issued at 104. 3. On September 1, $315,400, 6%, 5-year bonds dated September 1, 2014, were issued at 98. Prepare the journal entries to record each bond transaction at the date of issuance. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 July 1 Sept. 1 Brief Exercise 16-1 Ownbey Corporation purchased debt investments for $47,020 on January 1, 2014. On July 1, 2014, Ownbey received cash interest of $3,800. Journalize the purchase and the receipt of interest. Assume that no interest has been accrued. (Credit account titles are automatically indented when amount is entered..

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Based on differences in electronegativity, how would you characterize the bonding in sulfur dioxide, SO2? Essay answers are limited to about 500 words (3800 characters maximum, including spaces). 3800 Character(s) remaining Solution The atom with less electronegative is central atom and the atoms with more electronegtive are terminal atoms. So, Sulphur with less electronegative is central atom and Oxygens are terminal atoms. S ( Z = 16 ) 1st excited state electronic configuration is, 1s2 s2 2p6 3s2 3p3 3d1 S in its first exicted state undergoes sp2 hybirdisation due ot which it has 1 paired sp2 hybrid orbital and 2 unpaired sp2 hybrid orbitals. And also S has one p and one d orbital with unpaired electrons. O (Z = 8) E.C is 1s2 2s2 2p4 Each O has two unpaired electrons in its valence shell. The each sp2 unpaired hybrid orbital of S overlaps with one of the unpaired p - orbital ofeach oxygen along the internuclear axis to form single S - O sigma bond with each Oxygen. The reamining unpaired pure p-orbitals of S overlaps with unpaired p - orbital of each oxygen perpendicular to the internuclear axis to form one pi bonds with each oxygen. Still S ia remained with one lone pair of electons. Due to this SO 2 is in bent shape and has the bond angle < 120 0 .

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Balance the redox reaction by inserting the appropriate coefficients. redox reaction: | Fe3+ + NO + H2O- Fe2+ + H+ + No; Solution Fe in Fe+3 has oxidation state of +3 Fe in Fe+2 has oxidation state of +2 So, Fe in Fe+3 is reduced to Fe+2 N in NO2- has oxidation state of +3 N in NO3- has oxidation state of +5 So, N in NO2- is oxidised to NO3- Reduction half cell: Fe+3 + 1e- --> Fe+2 Oxidation half cell: NO2- --> NO3- + 2e- Balance number of electrons to be same in both half reactions Reduction half cell: 2 Fe+3 + 2e- --> 2 Fe+2 Oxidation half cell: NO2- --> NO3- + 2e- Lets combine both the reactions. 2 Fe+3 + NO2- --> 2 Fe+2 + NO3- Balance Oxygen by adding water 2 Fe+3 + NO2- + H2O --> 2 Fe+2 + NO3- Balance Hydrogen by adding H+ 2 Fe+3 + NO2- + H2O --> 2 Fe+2 + NO3- + 2 H+ This is balanced chemical equation in acidic medium Answer: 2 Fe 3+ + NO 2 - + H 2 O â€”> 2 Fe 2+ + 2 H + + NO 3 - .

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Auditing and Accounting Cases Investigating Issues of Fraud and Professional Ethics 4th Edition Case 2.6 Page 78 1. Refer to the fundamental principles governing an audit. Under the respon-sibilities principle, auditors are required to exercise due care and maintain professional skepticism throughout the audit. Based on the case information, discuss the ways in which the BLMIS auditor, David Friehling, disregarded his responsibility to uphold the fundamental principles governing an audit Solution Based on the facts of the case, due care was not exercised by the auditors. Auditors failed to conduct independent verification of BLMIS assets, review material sources of BLMIS revenue, examine bank account through which client funds flowed, verify liabilities related to client accounts or verify the purchase and custody of securities by BLMIS. This all shows a lack of intent on part of the auditors to gather and evaluate evidence to provide an opinion. Hence, they did not fulfill the Responsibilities principle. The auditor and/ or his relatives had accounts with BLMIS showing lack of professional independence as well. .

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b. Impact testing was used to assess which property of the materials? For metals, what crystal structure was more susceptible to the ductile-to-brittle transition temperature? Why was this the case? Solution Answer:- The Imapct testing was used to to asses the required energy to fracture the material and it can be measure the toughness of the material. we can also known the yield strength of material by using impact testing but we dont have any analytical formual for. we can also calcualte the strain rate for its effect on fracture of material. There is BCC and FCC type of crystal which is more susceptible to the ductile to brittle transiotion temperature. the low carbon steel BCC metals, which become brittle at low temperature or at very high strain rate. incase of FCC metals its remain ductiule at low temperature. In metals there is plastic deformation at room temperature occurs due to dislocation motion. this dislocation motion required a stress to move and its depend on the atomic bonding which is a crustal structure. In this case brittle fracture occurs at low temperature and ductile fracture occurs at high temperature. ductile-brittle transformation occured in between low and high temperature. .

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