Advance Accounting Journal Entries And Capital Balances Homework Help
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1. Electronic Teacher Corporation obtained a charter at the start of 2009 that authorized 52,000 shares of no-par common stock and 23,000 shares of preferred stock, par value $10. The corporation was organized by four individuals who purchased a total of 20,000 shares of the common stock. The remaining shares were to be sold to other individuals at $37 per share on a cash basis. During 2009, the following selected transactions occurred:
a. Collected $20 per share cash from the four organizers and issued 5,000 shares of common stock to each of them.
b. Sold and issued 6,000 shares of common stock to an outsider at $40 cash per share.
c. Sold and issued 7,000 shares of preferred stock at $30 cash per share.
1. Give the journal entries indicated for each of these transactions.
2. Is it ethical to sell stock to outsiders at a higher price than the amount paid by the organizers?
2. King Corporation began operations in January 2011. The charter authorized the following capital stock:
Preferred stock: 10 percent, $10 par, authorized 40,000 shares
Common stock: $5 par, authorized 85,000 shares
During 2011, the following transactions occurred in the order given
a. Issued 22,000 shares of common stock to each of the three organizers and collected $9 cash per share from each of them.
b. Sold 9,000 shares of the preferred stock at $20 per share.
c. Sold 1,000 shares of the preferred stock at $20 and 1,500 shares of common stock at $10 per share.
Give the journal entries indicated for each of these transactions.
3.The company you work for, Consol-Group Ltd (CG Ltd), consists of a parent company, Consol Ltd, and a number of partly owned subsidiaries and associate companies. CG Ltd has just appointed a new CEO, who has limited accounting knowledge. In reviewing the published financial statements for the last financial year, the CEO has raised the following two issues
1. CG Ltd owns shares in a number of other companies. This includes holding 65% of the shares of Trade Ltd and 48% of the shares of Export Ltd. The CEO queries if it is correct that Trade Ltd has not been identified as a subsidiary, while Export Ltd has been identified as a subsidiary.
2. It appears the financial statements of CG Ltd include 100% of the assets and liabilities of Export Ltd. Isn’t this misleading given Consol Ltd owns less than 100% of the shares of Export Ltd? You have been given the task of responding to these issues via a 2,500 word report which will be distributed to the CEO and senior management. Allocate approximately 1,500 words to the first issue raised by the CEO and 1,000 words to the second issue raised. You need to use authoritative, relevant references and relevant Accounting Standards and the AASB Framework to help support your argument. However, remember your audience (the CEO) is not accountants, so you need to use this information to support your argument (e.g. don’t just quote large sections of the standards, as the CEO won’t read it!).
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4.The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business’s profit or loss in the following sequence:
• Jones, the managing partner, receives a bonus equal to 20 percent of the business’s profit.
• Each partner receives 15 percent interest on average capital investment.
• Any residual profit or loss is divided equally.
The average capital investments for 2013 were as follows
Jones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100,000
King . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000
Lane . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000
How much of the $90,000 partnership profit for 2013 should be assigned to each partner?
5. Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partner- ship. At the beginning of 2013, capital balances were as follows
Purkerson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $60,000
Smith . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000
Traynor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000
Due to a cash shortage, Purkerson invests an additional $8,000 in the business on April 1,
Each partner is allowed to withdraw $1,000 cash each month.
The partners have used the same method of allocating profits and losses since the business’s inception:
• Each partner is given the following compensation allowance for work done in the business: Purkerson, $18,000; Smith, $25,000; and Traynor, $8,000.
• Each partner is credited with interest equal to 10 percent of the average monthly capital balance for the year without regard for normal drawings.
• Any remaining profit or loss is allocated 4:2:4 to Purkerson, Smith, and Traynor, respectively.
The net income for 2013 is $23,600. Each partner withdraws the allotted amount each month.
What are the ending capital balances for 2013?
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