Questions from Survey Accounting

Q: Tom Yuppy, a wealthy investor, paid $20,000

Tom Yuppy, a wealthy investor, paid $20,000 for 1,000 shares of $10 par common stock issued to him by Leuig Corp. A month later, Leuig Corp. issued an additional 2,000 shares of stock to Yuppy for $25...

Q: Elroy Corporation repurchased 4,000 shares of its own stock for

Elroy Corporation repurchased 4,000 shares of its own stock for $30 per share. The stock has a par of $10 per share. A month later Elroy resold 900 shares of the treasury stock for $32 per share. Req...

Q: The following information pertains to JAE Corp. at January 1,

The following information pertains to JAE Corp. at January 1, 2018: Common stock, $10 par, 20,000 shares authorized, 2,000 shares issued and outstanding…………………………………….$20,000 Pai...

Q: On May 1, 2018, Love Corporation declared a $50

On May 1, 2018, Love Corporation declared a $50,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required: Record the events occurring on May 1 and May 31 in a horizontal s...

Q: Beacon Corporation issued a 5 percent stock dividend on 30,000

Beacon Corporation issued a 5 percent stock dividend on 30,000 shares of its $10 par common stock. At the time of the dividend, the market value of the stock was $15 per share. Required: a. Compute t...

Q: The market value of Yeates Corporation’s common stock had become excessively high

The market value of Yeates Corporation’s common stock had become excessively high. The stock was currently selling for $240 per share. To reduce the market price of the common stock, Yeates declared a...

Q: Using the most current Form 10-K available on EDGAR,

Using the most current Form 10-K available on EDGAR, or the company’s website, answer the following questions about the J. M. Smucker Company. Instructions for using EDGAR are in Appendix A. Note: In...

Q: On December 30, Billy’s Boat Yard (BBY) had $

On December 30, Billy’s Boat Yard (BBY) had $90,000 of cash, $20,000 of liabilities, $30,000 of common stock, and $40,000 of unrestricted retained earnings. On December 31, BBY appro...

Q: Discount Drugs (one of the three largest drug makers) just

Discount Drugs (one of the three largest drug makers) just reported that its 2018 third quarter profits are essentially the same as the 2017 third quarter profits. In addition to this announcement, th...

Q: A sole proprietorship was started on January 1, 2018, when

A sole proprietorship was started on January 1, 2018, when it received $60,000 cash from Marlin Jones, the owner. During 2018, the company earned $35,300 in cash revenues and paid $16,200 in cash expe...