300. Cornish Company has the following shareholders equity at 1/1/Year2.Assume Cornish acquired all of the treasury stock in a singletransaction during Year1. Some of the treasury share werereissued during year1 but 10,000 shares are still in the treasuryat 1/1/Year2.Common Stock, 100,000 shares$_________issued, 90,000 sh. outstanding $3 par___Additional paid-in-capital, Common$309,0stock……………………………………00Additional paid-in-capital, Treasury$11,0stock…………………………………….00Treasury$(84,00stock, 10,000 shares……………………………………………..0)…..Retained$813,0earnings ……………………………………………………………..00….1. What would the balance be in the Common stockaccount at 1/1/Year2 (What number belongs where theblank line is)?2. What was the cost per share that Cornish paid forTreasury stock in Year1?3. Assume the first transaction that occurs in Year2 is asale of the remaining treasury stock for $6 pershare. Record the journal entry for the sale.310. Brimfield Company uses the indirect method on its statement of cash flows.All of their consulting services are performed on credit. The income statement for the most recent years is as follows:Income statementConsulting$542,00revenue0Wage expense$320,00 0Depreciationexpense $35,000 $187,000During the year, Accounts receivable decreased by $6,200. There was no Wages payable at any time during the year.Net income Compute cash flows from operating activities. 320. Consider the following balance sheet accounts for DerringerCo. Note the dates.DecemberDecember31,Year631,Year5Accounts$ 242,000$ 315,000ReceivablePrepaid$ 8,000$ 10,000InsuranceInterest$ 400$ 600PayableIn addition, on the income statement for the year ended December 31, Year6, Derringer reported $930,000 of sales revenue, $78,000 of insuranceexpense, and $12,500 of interest expense.How much cash was paid for interest during Year6? (Only use relevant information.) 330.PlugWire Corporation reported sales revenue of $267,000 for the current year. The balances in its accounts receivable and allowance account are shown below. In addition, it recorded $3,300 of bad debt expense and wrote off $2,800 of uncollectible accounts. End ofYearAccountsReceivableLessAllowanceNetrealizablevalue Beginningof Year $39,000 $43,0003,500 3,000 35,500 40,000 Compute cash collections on account for the current year. 340.An analyst compiled the following information for Stew Inc. for the year ended December 31,Year8: ⢠Net income (per the income statement) was $1,700,000. ⢠Depreciation expense was $400,000. ⢠Interest paid was $202,000. ⢠Income taxes paid were $120,000. ⢠Common stock was sold for $300,000. ⢠Preferred stock (8% annual dividend) was sold at par value of $250,000. ⢠Common stock dividends of $78,000 were paid. ⢠Preferred stock dividends of $20,000 were paid. ⢠Equipment with a book value of $100,000 was sold for $115,000. Using the indirect method, what was Stew Inc.’s net cash flow from operating activities for the year ended December 31, Year8? 350.Ferber Inc. issued 1,000 shares of $100 par, 5%, nonÂcumulative preferred stock on January 1, Year1.Ferber did not pay dividends in Year1 or Year2.On December 31, Year3 Ferber declares and pays $22,000 of dividends. How much of the dividend will the common shareholders receive? 360. Frugal Company has the following account balances (all are normal balances)at January 15. Frugal declares a $1 per share dividend on the common stock. Byhow much will liabilities increase on the date of declaration? (All accounts arenormal balances- read the whole list)Common stock, $2 par$150,000 shares authorized; 100,000200,000shares issuedAdditional paid-in capital160,000Retained earnings400,000Treasury Stock (15,000 shares,76,000Common) a.$100,000b.$85,000c.$150,000d.$200,000e.$124,000 370.Hydro Company recently employed a consultant to document its cyber security system. As compensation for the service, Hydro issued 1,000 shares of its $1 par common stock. The stock is not publicly traded but the boardof directors estimated the value at about $45 per share at last year’s annual meeting. The consultant has billed other firms $34,500 for the same service in recent months.Record the entry for the issuance of the 1,000 shares. 380. Stillwater Inc. issued 50,000 shares of $2 par common stock for $600,000 several years ago when it first incorporated. No other stock transactions have occurred. On 1/1/Year3, Stillwater retires 5,000 sharesfor $11 each. What is the balance in these accounts, immediately after thetransaction has been recorded:1. Common stock2. Paid in capital (do not include the common stock account here.) Please show your work.390. Blimey Corp. permits any of its employees to buy shares directly from the companythrough payroll deduction. There are no brokerage fees and shares can be purchased at a 15% discount. During May, employees purchased 10,000 shares at a time when the market price of the shares on the New York Stock Exchange was $15 per share.How much compensation expense is associated with the May purchases of Blimey’s stock? 400. During Year4, Rockvale Inc. had 500,000 shares of common stock outstanding. Rockvale’s net income for Year4 was $ 800,000. The incometax rate is 40%. Rockvale granted 10,000 stock options to its executives onJanuary 1, Year4. Each option gives its holder the right to buy 10shares of common stock at an exercise price of $20 per share.The options vest after one year. The market price of the common stock averaged $25 pershare during Year4.1. What is Rockvale’s basic EPS rounded to the nearest cent?2. What is Rockvale’s diluted EPS rounded to the nearest cent?
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