On January 1, 2014, Everett Corporation had these stockholders’ equity accounts.
Common Stock ($10 par value, 77,600 shares issued and outstanding) $776,000
Paid-in Capital in Excess of Par Value 500,500
Retained Earnings 667,700
During the year, the following transactions occurred.
Jan. 15 Declared a $0.40 cash dividend per share to stockholders of record on January 31, payable February 15.
Feb. 15 Paid the dividend declared in January.
Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15 per share.
May 15 Issued the shares for the stock dividend.
Dec. 1 Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2015.
Dec. 31 Determined that net income for the year was $355,700.
Journalize the transactions. (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
(To close net income)
(To close stock dividends)
(To close cash dividends)
Enter the beginning balances and post the entries to the stockholders’ equity T-accounts. (Post entries in the order of journal entries posted in the previous part)
Paid-in Capital in Excess of Par Value
Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Write a 700- to 1,050-word summary of the team's discussion about IFRS versus GAAP, based on your team collaborative discussions. The summary should be structured in a subject-by-subject format. An introduction and a conclusion are needed. Your essay should include the answers to the following:
· IFRS 8-1: What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed?
· IFRS 9-1: What is component depreciation, and when must it be used?
· IFRS 9-2: What is revaluation of plant assets? When should revaluation be applied?
· IFRS 9-3: Some product development expenditures are recorded as development expenses and others as development costs. Explain the difference between these accounts and how a company decides which classification is appropriate.
· IFRS 10-2: Explain how IFRS defines a contingent liability and provide an example.
· IFRS10-3: Briefly describe some similarities and differences between GAAP and IFRS with respect to the accounting for liabilities.
Format your essay consistent with APA guidelines.
Use the Financial Accounting text and at least two additional scholarly-reviewed references.
|Due By (Pacific Time)||03/08/2015 12:00 am|
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