On September 24, Pinkerton Inc. delivered and sold product toMarker Limited for $15,000 with terms of 3/10, net 20. What amountdid Pinkerton record as revenue on September 29 when Marker paidfor the product?

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Collen VonLv2

28 Sep 2019

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Pinkerton Corporation's trial balance at December 31, 2010,
is presented below. All 2010 transactions have been recorded exceptfor the
items described after the trial balance

Cash $28,000

Accounts Receivable 36,800

Notes Receivable 10,000

Interest Receivable -0-

Merchandise Inventory 36,200

Prepaid Insurance 3,600

Land 20,000

Building 150,000

Equipment 60,000

Patent 9,000

Allowance for Doubtful Accounts $500

Accumulated
Depreciation-Building 50,000

Accumulated
Depreciation-Equipment 24,000

Accounts Payable
27,300

Salaries Payable -0-

Unearned Rent 6,000

Notes Payable
(short-term) 11,000

Interest Payable -0-

Notes Payable (long-term) 35,000

Common Stock 50,000

Retained Earnings
63,600

Dividends 12,000

Sales 900,000

Interest Revenue -0-

Rent Revenue -0-

Gain on Disposal -0-

Bad Debts Expense -0-

Cost of Goods Sold 630,000

Depreciation Expense-Buildings -0-

Depreciation Expense-Equipment -0-

Insurance Expense -0-

Interest Expense -0-

Other Operating Expenses 61,800

Amortization Expense-Patents -0-

Salaries Expense 110,000

Total

$1,167,400

Unrecorded transactions

on May 1, 2010, Pinkerton purchased equipment for $16,000
plus sales taxes of $800 (all paid in cash).

On July 1, 2010,
Pinkerton sold for $3,500 equipment which originally cost $5,000.Accumulated
depreciation on this equipment at January 1, 2010, was $1,800;2010
depreciation prior to the sale of equipment was $450.

On December 31, 2010,
Pinkerton sold for $5,000 on account inventory that cost$3,500.

Pinkerton estimates
that uncollectible accounts receivable at year-end are$4,000.

The note receivable
is a one-year, 8% note dated April 1, 2010. No interest has beenrecorded.

The balance in
prepaid insurance represents payment of a $3,600, 6-month premiumon September
1, 2010.

The building is being
depreciated using the straight-line method over 30 years. Thesalvage value is
$30,000.

The equipment owned
prior to this year is being depreciated using the straight-linemethod over 5
years. The salvage value is 10% of cost.

The equipment
purchased on May 1, 2010, is being depreciated using thestraightline method
over 5 years, with a salvage value of $1,800.

The patent was
acquired on January 1, 2010, and has a useful life of 9 years fromthat date.

Unpaid salaries at
December 31, 2010, total $2,200.

The unearned rent of
$6,000 was received on December 1, 2010, for 3 months rent.

Both the short-term
and long-term notes payable are dated January 1, 2010, and carry a10% interest
rate. All interest is payable in the next 12 months.

Income tax expense
was $15,000. It was unpaid at December 31.

(a) prepare journal entries for the transactions listed above
(b) prepare an updated december 31, 2011 trial balance
(c) prepare a 2011 income statement and a 2011 retained earningsstatement
(d) prepare a december 31 2011 balance sheet
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viridianwildebeest165

Use the following information for Midge Inc. to complete the requirements below.

Foran Inc. Shareholderâs Equity As at Dec. 31, 2016
Common Shares, no-par; 500,000 shares authorized; 80,000 issued and outstanding	$600,000
Retained Earnings	1,000,000
Total Shareholdersâ Equity	$1,600,000

2017 Transactions:

Mar	3	Issued 5,000 common shares at $20 per share.
June	11	Declared a cash dividend of $0.25 per share to common shareholders of record on June 25, payable on July 6.
Aug.	21	Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $22 a share on August 21, $24 on September 5, and $26 on September 20.
Nov.	1	Issued 3,000 common shares at $25 per share.
Dec.	20	Declared a cash dividend of $0.30 per share to common shareholders of record on December 31, payable on January 10.

2017 Net Income: $217,610

Required

i) Record the above transactions for 2017. (Note: Closing entries are not required.)

ii) Prepare the Shareholdersâ Equity section of their financial statements as at Dec. 31, 2017.

B) Feng Corporation has 10,000 Common shares Issued when it announces a 3-for-1 split. Before the split, the shares were trading for $120 per share.

i) After the split, how many shares will be Issued?

ii) How should Feng Corporation record the share split?

iii) Just following the split, what will be the likely share price?

sangriawoodchuck56

3. Beginning inventory, purchases, andsales for Product - Weld TM are as follows:

Sep. 1	Beginning Inventory	24 units	@	$15
Sep. 5	Sale	17 units
Sep. 17	Purchase	10 units	@	$20
Sep. 30	Sale	8 units

Assuming a perpetual inventory system and the first-in, first-outmethod, determine (a) the cost of the merchandise sold for theSeptember 30 sale and (b) the inventory on September 30.

4. Beginning inventory, purchases, andsales for Product - Weld TM are as follows:

Sep. 1	Beginning Inventory	24 units	@	$10
Sep. 5	Sale	17 units
Sep. 17	Purchase	10 units	@	$15
Sep. 30	Sale	8 units

Assuming a perpetual inventory system and the last-in, first-outmethod, determine (a) the cost of the merchandise sold for theSeptember 30 sale and (b) the inventory on September 30.

ultramarinecrow963

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