accounting review - 6920 Words

A company had a beginning balance in retained earnings of $44,500. It had net income of $7,500 and paid out cash dividends of $6,000 in the current period. The ending balance in retained earnings equals: $13,500. $6,000. $58,000. $46,000. $43,000. Shamrock Company had net income of $37,380. The weighted-average common shares outstanding were 8,900. The company sold 3,900 shares before the end of the year. There were no other stock transactions. The companys earnings per share is: $2.92. $9.58. $4.20. $7.48. $5.36. Shamrock Company had net income of $36,520. The weighted-average common shares outstanding were 8,800. The company declared a $3,500 dividend on its noncumulative, nonparticipating preferred stock. There†¦show more content†¦The total amount of paid-in capital in excess of par is: $100. $1,100. $2,000. $11,000. $13,000. A companys board of directors votes to declare a cash dividend of $1.10 per share. The company has 22,000 shares authorized, 17,000 issued, and 16,500 shares outstanding. The total amount of the cash dividend is: $18,150. $24,200. $23,200. $36,850. $18,700. $1.10 Ãâ€" 16,500 shares = $18,150 A corporation declared and issued a 15% stock dividend on November 1. The following information was available immediately prior to the dividend: Retained earnings $700,000 Shares issued and outstanding 55,000 Market value per share $20 Par value per share $5 The amount that contributed capital will increase (decrease) as a result of recording this stock dividend is: $(41,250). $165,000. $(165,000). $0. $41,250. 55,000 shares Ãâ€" 0.15 = 8,250 shares Ãâ€" $20 = $165,000 A corporation had 40,000 shares of $20 par value common stock outstanding on July 1. Later that day the board of directors declared a 10% stock dividend when the market value of each share was $24. The entry to record this dividend is: Debit Retained Earnings $80,000; credit Common Stock Dividend Distributable $80,000. No entry is made until the stock is issued. Debit Retained Earnings $96,000; credit Common Stock Dividend Distributable $80,000; credit Paid-In Capital in Excess of Par Value, Common Stock $16,000. Debit RetainedShow MoreRelatedManagerial Accounting Review Ch 8 121760 Words   |  8 PagesAgenda – Submit term projects to TURNITIN ASAP – Assignment #2 due April 1st 1159pm †¢ List the coauthor’s name in the subject line. †¢ Teaching Evaluation †¢ Transfer pricing (cont.) – Stanco Inc. †¢ Review chapters 11 and 12 the practice final – Practice Q1 and Q2 †¢ Review chapters 8 and 9 and the practice final – Practice Q3 and Q4 ACTG 2020 Week 11 1 †¢ Online Course Evaluations (ONCE)/ Seymour Schulich Teaching Excellence Awards (Schulich TEA) – TEA: http://schulich.yorku.ca/tea. – ONCE:Read MoreComprehensive Review in Accounting19880 Words   |  80 Pageson a stock exchange is the primary responsibility of a. The stock exchange officials. b. The company s management. c. The independent auditor. d. The Securities and Exchange Commission. 7. The responsibility for adopting sound accounting policies, maintaining adequate internal control, and making fair representations in the financial statements rests a. With management b. With the independent auditor c. Equally with management and the auditor d. With the internalRead MoreLipton Case Review - Mba Managerial Accounting Essay examples2360 Words   |  10 Pagesentity. | IMPROVE | * Share results with product line managers * Are there any red flags associated with a product line? * Use information to minimize costs by properly utilizing FA across both divisions. | * Are there any red flags? * Review FA cost on a division and company level | Big Picture Goal: Assign Total Fixed Costs to each Division Added Benefit: Discover product line contribution to Fixed Asset Costs and cost minimization. Allocations can be used to assign CRV adjustmentRead MoreAccounting Information - Article Review1580 Words   |  7 PagesArticle Review Journal of Accountancy UMUC Accounting Information Systems 326 Professor T. Wood December 4, 2011 Cloud Computing: What Accountants Need to Know, (Journal of Accountancy, Oct 2010). This article answers the questions that Accountants and CPA should be asking themselves in regards to the new technology that is growing fast. Cloud technology is growing so fast that, cloud services revenues were expected to surpass $68 billion dollars in 2010, which was almost aRead MoreReview of Accounting Ethics Essay1045 Words   |  5 PagesReview of Accounting Ethics Establishing principles for ethical behavior frequently starts with a policy on ethics. Businesses acquire a policy on ethics to guide their measures and to set up a general meaning of correct versus incorrect. According to the American Library Association, code of ethics is a handbook for suitable behavior (2012). Given the corporate ethical breaches in recent times, assess whether or not you believe that the current business and regulatory environment is moreRead MoreCritical Review : Determination Of Accounting Standards1678 Words   |  7 PagesCritical Review Determination of Accounting Standards Ross L Watts Jerold L Zimmerman have put together this article on accounting standards and on the basis of moderately relative accounting theories and interpretations- tried exploring various factors that persuade business entities in lobbying on accounting standards. The size of the companies is also researched and concluded upon their approach towards certain accounting standards. The Data used in the article is derived from FASB’s discussionRead MoreAssignment 1 Review of Accounting Ethics1637 Words   |  7 Pagesï » ¿ Assignment 1 Review of Accounting Ethics Strayer University Financial Accounting ACC 557 May 1, 2013 Assignment 1 Review of Accounting Ethics Imagine trusting your hard-earned money like your retirement savings to a financial adviser or Certified Public Accountants (CPA) only to lose it all in a fraudulent Ponzi scheme. In today’s world of business many organizations, financial planners and accountants are in the news due to the financial ethical breaches that have affectedRead MoreCritical Review of Principles-Based Accounting Standards1324 Words   |  6 PagesIntroduction Schipper (2003) who is a member of FASB conducted a study on the rules-based and principles-based accounting standards. The aim of this article is to discuss the attributes and potential effects of transferring from rules-based standards to principles-based standards. To some extent this article is critical, but several limitations need to be discussed, such as implementation guidance. Summary Schipper (2003) demonstrated that there was a long-running debate on whether U.S. GAAPRead MoreRiordan Manufacturing Accounting And Finance Review Essay706 Words   |  3 PagesRiordan Manufacturing Accounting and Finance Review The Finance and Accounting departments within the three operating entities of Riordan Manufacturing are vastly different. Each is managed independently, not only of each other but of the corporation sector as well. The Georgia, Michigan and California branches operate different business systems for their ledgers, accounts, orders, procurement, sales history, invoicing, payroll and all financial reporting. The process to get this informationRead MoreStandards for Accounting and Review Services, and CPA: Quiz2439 Words   |  10 Pagesfirms or to consulting on accounting matters. See AR 100 for these and additional services to which the SSARS do not apply. 54. Statements on Standards for Accounting and Review Services establish standards and procedures for which of the following engagements? a) Assisting in adjusting the books of account for a partnership. b) Reviewing interim financial data required to be filed with the SEC. c) Processing financial data for clients of other accounting firms. d) Compiling an