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I have all of the attachments provided in order to solve the problems. I also have corresponding quiz questions that absolutely need to be answered in order for me to accept the assignment as complete. These questions are based off the homework I am asking help with. I have also provided the working papers in format with the homework. You do not have to use these if you want to use a different template such as Excell or etc. Thank you, your help is always appreciated. I need all of the questions I have circled answered. If there are any other questions about the assignment please let me know.
Week 1
Chapter 13:
PE 13-2A
,
PE 13-3A
,
PE 13-4A
,
PE 13-5A
PE 13-2A
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Date |
Description |
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Debit |
Credit |
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PE 13-3A
PE 13-4A
PE 13-5A
End, week 1, Chapter 13, quiz next week.
Week 2
Chapter 14:
PE 14-1A
,
PE 14-2A
,
PE 14-3A
,
PE 14-4A
,
PE 14-5A
,
EX 14-5
Chapter 15:
EX 15-1
PE 14-1A
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Plan 1 Plan 2 |
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Earnings before bond interest and income tax |
|
Bond interest |
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Balance |
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Income tax |
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Net income |
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Dividends on preferred stock |
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Earnings available for common stock |
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Number of common shares |
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Earnings per share on common stock $ $ |
PE 14-2A
PE 14-3A
Date
Description
Debit
Credit
PE 14-4A
Date
Description
Debit
Credit
PE 14-5A
Date
Description
Debit
Credit
EX 14-5
EX 15-1
1: For problem PE 13–2A, which of the following entries should be recorded for Oct. 6?
a.(Debit) Cash $1,000,000; (Credit) Preferred Stock $1,000,000
b.(Credit) Cash $2,000,000; (Debit) Preferred Stock $2,000,000
c.(Debit) Cash $1,050,000; (Credit) Preferred Stock $1,050,000
d.(Credit) Cash $2,500,000; (Debit) Preferred Stock $2,500,000
2: For problem PE 13–3A, which of the following entries should be recorded for Oct. 15?
a.(Debit) Cash Dividends $112,750; (Credit) Preferred Stock $112,750
b.(Debit) Cash Dividends $115,000; (Credit) Cash Dividends Payable $115,000
c.(Debit) Cash Dividends $115,750; (Credit) Preferred Stock $115,750
d.(Credit) Cash Dividends $110,000; (Debit) Cash Dividends Payable $110,000
3: For problem PE 13–3A, no entry is required for Nov. 14.
a.True
b.False
4: or problem PE 13–4A, which of the following entries should be recorded for April 11?
a.(Credit) Stock Dividends Distributable $360,000; (Debit) Common Stock $360,000
b.(Credit) Stock Dividends Distributable $204,000; (Debit) Common Stock $204,000
c.(Debi) Stock Dividends Distributable $564,000; (Credit) Common Stock $564,000
d.(Debit) Stock Dividends Distributable $360,000; (Credit) Common Stock $360,000
5: For problem PE 13–5A, which of the following entries should be recorded for March 8?
a.(Credit) Treasury Stock $475,000; (Debit) Cash $475,000
b.(Debit) Treasury Stock $546,000; (Credit) Cash $546,000
c.(Credit) Treasury Stock $546,000; (Debit) Cash $546,000
d.(Debit) Treasury Stock $475,000; (Credit) Cash $475,000
6: For problem PE 14–1A, Plan 1, Earnings per share on common stock is:
a.$6.60
b.$6.70
c.$6.80
d.$6.90
7: For problem PE 14–1A, Plan 2, Earnings per share on common stock is:
a.$3.05
b.$3.10
c.$3.15d.$3.20
8: For problem PE 14–2A, which of the following entries should be recorded?
a.(Debit) Cash $3,760,992; (Debit) Discount on Bonds Payable $239,008; (Credit) Bonds Payable $4,000,000
b.(Debit) Cash $3,239,008; (Credit) Discount on Bonds Payable $239,008; (Credit) Bonds Payable $3,000,000
c.(Debit) Cash $2,239,008; (Debit) Discount on Bonds Payable $239,008; (Debit) Bonds Payable $2,000,000
d.(Credit) Cash $1,239,008; (Debit) Discount on Bonds Payable $239,008; (Debit) Bonds Payable $1,000,000
9: For problem PE 14–3A, which of the following entries should be recorded?
a.(Debit) Interest Expense $211,950; (Debit) Discount on Bonds Payable $11,850; (Credit) Cash $195,000
b.(Debit) Interest Expense $211,950; (Credit) Bonds Payable $11,750; (Credit) Cash $190,000
c.(Debit) Interest Expense $211,950; (Credit) Discount on Bonds Payable $11,950; (Credit) Cash $200,000
d.(Credit) Interest Expense $211,950; (Credit) Discount on Bonds Payable $11,650; (Debit) Cash $200,000
10: For problem PE 14–4A, which of the following entries should be recorded?
a.(Debit) Cash $2,166,332; (Credit) Premium on Bonds Payable $166,332; (Credit) Bonds Payable $2,000,000
b.(Debit) Cash $2,166,332; (Debit) Premium on Bonds Payable $166,332; (Credit) Bonds Payable $2,000,000
c.(Debit) Cash $2,166,332; (Credit) Premium on Bonds Payable $166,332; (Debit) Bonds Payable $2,000,000
d.(Debit) Cash $3,166,332; (Credit) Premium on Bonds Payable $166,332; (Credit) Bonds Payable $3,000,000
11: For problem PE 14–5A, which of the following entries should be recorded?
a.(Debit) Cash $90,000; (Debit) Premium on Bonds Payable $16,633; (Credit) Interest Expense $73,367
b.(Debit) Cash $90,000; (Credit) Premium on Bonds Payable $16,633; (Credit) Interest Expense $73,367
c.(Debit) Interest Expense $73,367; (Credit) Premium on Bonds Payable $16,633; (Credit) Cash $90,000
d.(Debit) Interest Expense $73,367; (Debit) Premium on Bonds Payable $16,633; (Credit) Cash $90,000
12: For problem EX 14-5, which of the following entries should be recorded for May 1?
a.(Debit) Bonds Payable $15,000,000; (Credit) Cash $15,000,000
b.(Debit) Cash $15,000,000; (Credit) Bonds Payable $15,000,000
c.(Debit) Cash $25,000,000; (Credit) Bonds Payable $25,000,000
d.(Debit) Cash $15,000,000; (Credit) Interest Expense $15,000,000
13: For problem EX 14-5, which of the following entries should be recorded for Nov. 1?
a.(Debit) Interest Expense $15,000,000; (Credit) Cash $15,000,000
b.(Debit) Cash $900,000; (Credit) Interest Expense $900,000
c.(Debit) Interest Expense $900,000; (Credit) Cash $900,000
d.(Debit) Cash $15,000,000; (Credit) Interest Expense $15,000,000
14: For problem EX 15-1, Transaction a, Cash should be credited in the amount of $56,000.
a.True
b.False
15: For problem EX 15-1, Transaction b, Interest Revue should be debited in the amount of $1,260.
a.True
b.False
16: For problem EX 15-1, Transaction c, cash should be debited in the amount of $19,800.
a.True
b.False
17: For problem EX 15-1, Transaction d, Interest Revenue should be debited in the amount of $800.
a.True
b.False
18: Double taxation is a disadvantage of a corporation.
a.True
b.False
19: Under the Internal Revenue Code, corporations are required to pay federal income taxes.
a.True
b.False
20: The two main sources of stockholders’ equity are investments contributed by stockholders and net income retained in the business.
a.True
b.False
