30. The poise sheets at the end of each of the original two years of operations destill n ess the forthcoming:
Total popular effects $250,000 $225,000
Total investments 50,000 25,000
Total unroving effects 450,000 300,000
Total popular liabilities 100,000 37,500
Total long-term liabilities 200,000 112,500
Preferred 9% hoard, $100 par 50,000 50,000
Common hoard, $10 par 250,000 250,000
Paid-in important in increase of par-
vulgar hoard 25,000 25,000
Retained hues 125,000 125,000
If net proceeds is $50,000 and concern outlay is $20,000 for 2007, what are the hues per divide on vulgar hoard for 2007?
31. On August 1, Clayton Co. issued $1,300,000 of 20-year, 9% obligations, dated August 1, for $1,225,000. Concern is payable semiannually on February 1 and August 1. Present the entries to chronicles the forthcoming transactions for the popular year (7 points):
(a) Issuance of the obligations.
(b) Accrual of concern and amortization of obligation remittance for the year, on December 31, using the straight-line system.
32. Excel Products Inc. pays its employees semimonthly. The analysis of the payroll for December 31 denoted the forthcoming (10 points):
Salary outlay $120,000
Federal proceeds tax withheld 20,000
Of the payroll, $40,000 is topic to political safety tax of 6%; $120,000 is topic to Medicare tax of 1.5%; $10,000 is topic to say unemployment tax of 4.3% and federal unemployment tax of 0.8%. Present the narrative entries for payroll tax outlay if the employees are remunerated (a) December 31 of the popular year, (b) January 2 of the forthcoming year.
33. Say the individuality(s) of the sayment of coin flows handy by the separate system (operating activities, investing activities, financing activities, or not reported) and the equality that would be reported for each of the forthcoming transactions (9 points):
(a) Received $145,000 from the sale of plant costing $70,000.
(b) Purchased investments for $50,000.
(c) Declared $35,000 coin dividends on hoard. $5,000 dividends were payable at the inauguration of the year, and $6,000 were payable at the end of the year.
(d) Acquired equipment for $32,000 coin.
(e) Declared and issued 100 divides of $20 par vulgar hoard as a hoard dividend, when the traffic value of the hoard was $32 a divide.
(f) Recognized by an adjusting register derogation for the year, $48,000.
(g) Issued 85,000 divides of $10 par vulgar hoard for $25 a divide, receiving coin.
(h) Issued $500,000 of 20-year, 10% obligations payable at 99.
(i) Borrowed $43,000 from Regional Bank, issuing a 5-year, 8% still n ess for that equality.
34. The forthcoming counsel has been brief from the December 31 poise sheets of Hanson Co. (5 points):
Current effects $ 825,500 $ 674,300
Fixed effects (net) 1,473,600 1,275,300
Total effects $2,299,100 $1,949,600
Current liabilities $ 313,500 $ 309,600
Long-term liabilities 703,000 545,000
Total liabilities $1,016,500 $ 854,600
Stockholders' equity $1,282,600 $1,095,000
Total liabilities and
stockholders' equity $2,299,100 $1,949,600
(a) Determine the aspect of unroving effects to long-term liabilities for 2010 and 2009.
(b) Determine the aspect of liabilities to hoardholders' equity for 2010 and 2009.
(c) Comment on the year-to-year changes for twain aspects.
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