ACCT 6272 EXAM 12 QUESTIONS. MUST BE COMPLETE IN 3 HOURS!!!

Nov 3rd, 2014
Sigchi4life
Category:
Accounting
Price: $125 USD

Question description

ACCT 6272 EXAM

Question 41

  1. Problem 2 Statement of Cash Flows (20 points) (Must show your work to receive credit)

M & C Company reports the following changes in the accounts for year 20C:

Equipment

  28,000

Accumulated depreciation – equipment

  -6,000

Long-term investments

  -18,000

Prepaid expenses

  -3,000

Inventory

  7,000

Accounts receivable

   4,000

Cash

  23,000

Capital stock

  17,000

Retained earnings

  18,000

Bonds payable

  -10,000

Accounts payable

  10,000

Net income

  33,000

Cash dividends

  15,000

Long-term investments that had a cost of
18,000 were sold for 14,000

  Loss 4,000

Sales

   120,000

Cash balance at the beginning of the period

  10,000

Determine cash flows from operating activities using the indirect method (8 points)

Question 42

  1. Problem 2 Statement of Cash Flows (20 points) (Must show your work to receive credit)

M & C Company reports the following changes in the accounts for year 20C:

Equipment

  28,000

Accumulated depreciation – equipment

  -6,000

Long-term investments

  -18,000

Prepaid expenses

  -3,000

Inventory

  7,000

Accounts receivable

   4,000

Cash

  23,000

Capital stock

  17,000

Retained earnings

  18,000

Bonds payable

  -10,000

Accounts payable

  10,000

Net income

  33,000

Cash dividends

  15,000

Long-term investments that had a cost of
18,000 were sold for 14,000

  Loss 4,000

Sales

   120,000

Cash balance at the beginning of the period

  10,000

How much is cash flows from investing activities? (4 points)

Question 43

  1. Problem 2 Statement of Cash Flows (20 points) (Must show your work to receive credit)

M & C Company reports the following changes in the accounts for year 20C:

Equipment

  28,000

Accumulated depreciation – equipment

  -6,000

Long-term investments

  -18,000

Prepaid expenses

  -3,000

Inventory

  7,000

Accounts receivable

   4,000

Cash

  23,000

Capital stock

  17,000

Retained earnings

  18,000

Bonds payable

  -10,000

Accounts payable

  10,000

Net income

  33,000

Cash dividends

  15,000

Long-term investments that had a cost of
18,000 were sold for 14,000

  Loss 4,000

Sales

   120,000

Cash balance at the beginning of the period

  10,000

How much is cash flows from financing activities? (4 points)

Question 44

  1. Problem 2 Statement of Cash Flows (20 points) (Must show your work to receive credit)

M & C Company reports the following changes in the accounts for year 20C:

Equipment

  28,000

Accumulated depreciation – equipment

  -6,000

Long-term investments

  -18,000

Prepaid expenses

  -3,000

Inventory

  7,000

Accounts receivable

   4,000

Cash

  23,000

Capital stock

  17,000

Retained earnings

  18,000

Bonds payable

  -10,000

Accounts payable

  10,000

Net income

  33,000

Cash dividends

  15,000

Long-term investments that had a cost of
18,000 were sold for 14,000

  Loss 4,000

Sales

   120,000

Cash balance at the beginning of the period

  10,000

Question 45

  1. Problem 2 Statement of Cash Flows (20 points) (Must show your work to receive credit)

M & C Company reports the following changes in the accounts for year 20C:

Equipment

  28,000

Accumulated depreciation – equipment

  -6,000

Long-term investments

  -18,000

Prepaid expenses

  -3,000

Inventory

  7,000

Accounts receivable

   4,000

Cash

  23,000

Capital stock

  17,000

Retained earnings

  18,000

Bonds payable

  -10,000

Accounts payable

  10,000

Net income

  33,000

Cash dividends

  15,000

Long-term investments that had a cost of
18,000 were sold for 14,000

  Loss 4,000

Sales

   120,000

Cash balance at the beginning of the period

  10,000

How much is the ending cash balance? (2 points)

Question 46

  1. Problem 3 (20 points) (Must show your work to receive credit)
    The following accounts appear in the ledger of Milroy Inc. after the books are closed at December 31, 2014.

Preferred stock , $100 par value, 6%, 10,000 shares authorized;

2,000 shares issued

$200,000

Common stock, $2 par value, 500,000 shares authorized

400,000

Additional Paid-in Capital –Common Stock

650,000

Retained Earnings

950,000

Treasury Shares (10,000 common shares)

85,000

Additional Paid –in Preferred stock

310,000

  1. How much capital did the company raise by issuing preferred stock? (2 points)

Question 47

  1. Problem 3 (20 points) (Must show your work to receive credit)
    The following accounts appear in the ledger of Milroy Inc. after the books are closed at December 31, 2014.

Preferred stock , $100 par value, 6%, 10,000 shares authorized;

2,000 shares issued

$200,000

Common stock, $2 par value, 500,000 shares authorized

400,000

Additional Paid-in Capital –Common Stock

650,000

Retained Earnings

950,000

Treasury Shares (10,000 common shares)

85,000

Additional Paid –in Preferred stock

310,000

  1. How many shares of common stock were issued? What was the average issuing price? (4 points)

Question 48

  1. Problem 3 (20 points) (Must show your work to receive credit)
    The following accounts appear in the ledger of Milroy Inc. after the books are closed at December 31, 2014.

Preferred stock , $100 par value, 6%, 10,000 shares authorized;

2,000 shares issued

$200,000

Common stock, $2 par value, 500,000 shares authorized

400,000

Additional Paid-in Capital –Common Stock

650,000

Retained Earnings

950,000

Treasury Shares (10,000 common shares)

85,000

Additional Paid –in Preferred stock

310,000

  1. What is the current year’s dividend stipulated for the preferred shareholders? (2 points)

Question 49

  1. Problem 3 (20 points) (Must show your work to receive credit)
    The following accounts appear in the ledger of Milroy Inc. after the books are closed at December 31, 2014.

Preferred stock , $100 par value, 6%, 10,000 shares authorized;

2,000 shares issued

$200,000

Common stock, $2 par value, 500,000 shares authorized

400,000

Additional Paid-in Capital –Common Stock

650,000

Retained Earnings

950,000

Treasury Shares (10,000 common shares)

85,000

Additional Paid –in Preferred stock

310,000

  1. Assume no dividends were paid during the past two year. A total of $50,000 dividends to all shareholders is declared in 2014, how much would have to be paid to preferred shareholders before any dividends are paid to common shareholders? (4 points)

Question 50

  1. Problem 3 (20 points) (Must show your work to receive credit)
    The following accounts appear in the ledger of Milroy Inc. after the books are closed at December 31, 2014.

Preferred stock , $100 par value, 6%, 10,000 shares authorized;

2,000 shares issued

$200,000

Common stock, $2 par value, 500,000 shares authorized

400,000

Additional Paid-in Capital –Common Stock

650,000

Retained Earnings

950,000

Treasury Shares (10,000 common shares)

85,000

Additional Paid –in Preferred stock

310,000

  1. How many shares of common stock are outstanding? Use the information in Question #4, how much dividends can common shareholders receive for each share of stock in 2014? (3 points)

Question 51

  1. Problem 3 (20 points) (Must show your work to receive credit)
    The following accounts appear in the ledger of Milroy Inc. after the books are closed at December 31, 2014.

Preferred stock , $100 par value, 6%, 10,000 shares authorized;

2,000 shares issued

$200,000

Common stock, $2 par value, 500,000 shares authorized

400,000

Additional Paid-in Capital –Common Stock

650,000

Retained Earnings

950,000

Treasury Shares (10,000 common shares)

85,000

Additional Paid –in Preferred stock

310,000

  1. What is the cost per share of the treasury stock? (2 points)

Question 52

  1. Problem 3 (20 points) (Must show your work to receive credit)
    The following accounts appear in the ledger of Milroy Inc. after the books are closed at December 31, 2014.

Preferred stock , $100 par value, 6%, 10,000 shares authorized;

2,000 shares issued

$200,000

Common stock, $2 par value, 500,000 shares authorized

400,000

Additional Paid-in Capital –Common Stock

650,000

Retained Earnings

950,000

Treasury Shares (10,000 common shares)

85,000

Additional Paid –in Preferred stock

310,000

  1. As of December 31, 2015, how much is total stockholders’ equity? (3 points)

Tutor Answer

(Top Tutor) Daniel C.
(997)
School: Purdue University
PREMIUM TUTOR

Studypool has helped 1,244,100 students

8 Reviews


Summary
Quality
Communication
On Time
Value
darnay
Nov 30th, 2016
" The best tutor out there!!!! "
dontuwannaknow
Nov 21st, 2016
" Excellent work as always thanks so much "
SjSurvivor143
Nov 7th, 2016
" Thanks for the help. "
ddg82
Oct 29th, 2016
" Thanks, good work "
tinytim47
Oct 16th, 2016
" Wow this is really good.... didn't expect it. Sweet!!!! "
jestin7
Oct 7th, 2016
" This tutor is great! "
mixedballz
Oct 2nd, 2016
" excellent work as always thanks for the help "
lilmoe415
Sep 23rd, 2016
" Thank you, Thank you, for top quality work, this is your guy!! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1825 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors