Project #61118 - Accounting Help- 3 assignments

Problem #1

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)
Common Stock
Retained Earnings
Paid-in Capital in Excess of Par Value
Cash Dividends

PROBLEM #2

Problem #2

Can you provide assistance with the following problem:

Pringle Corporation has been authorized to issue 23,400 shares of \$100 par value, 8%, noncumulative preferred stock and 1,171,000 shares of no-par common stock.

The corporation assigned a \$5 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders’ equity.

 Preferred Stock \$147,500 Paid-in Capital in Excess of Par Value—Preferred Stock 20,540 Common Stock 1,920,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,557,000 Treasury Stock— (5,700 common shares) 74,100 Retained Earnings 84,900

The preferred stock was issued for \$168,040 cash. All common stock issued was for cash. In November 5,700 shares of common stock were purchased for the treasury at a per share cost of \$13. No dividends were declared in 2014.

Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 (1) Issuance of preferred stock for cash. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash.

 No. Account Titles and Explanation Debit Credit 1. 2. 3.

Assignment #3

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.

·       Conclusion

Format your essay consistent with APA guidelines.

Use the Financial Accounting text and at least two additional scholarly-reviewed references.

 Subject Mathematics Due By (Pacific Time) 03/08/2015 12:00 am
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