Exam (elaborations)
Acct212 final
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Exam of 9 pages for the course SAFe 5.1 Questions and Answers 2024 at SAFe 5.1 Questions and Answers 2024 (Acct212 final)
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Acct212 finalClothing frontier engages in the following transactions
-Jan 1 -> issues 600 shares of common stock for $40 a share
-April 1 -> Issues 100 additional of common stock for $44 a share
Record the transactions assuming clothing frontiers has NO-PAR value common
stock - CORRECT ANSWER-Jan 1.
Cash............. 24,000
.......Common Stock..........24,000
April 1.
Cash. 4,400
......Common stock 4,400
Clothing frontier engages in the following transactions
-Jan 1 -> issues 600 shares of common stock for $40 a share
-April 1 -> Issues 100 additional of common stock for $44 a share
Record the transactions assuming clothing frontiers has $1 value common stock
- CORRECT ANSWER-Jan 1.
Cash 24,000
........Common stock 600
........APIC. 23,400
April 1.
Cash 4,400
.........common stock 100
.........APIC. 4,300
Treasury stock - CORRECT ANSWER-1. Must be corporations own stock
2. Must be issued to the stockholders at some point
3. Must be repurchased from stock holders
4. Must not be retired, but must be held for some purpose. No voting rights or
rights to dividends
Three important dates for Cash Dividends - CORRECT ANSWER-1. Date of
declaration
2. Record Date
3.Payment Date
, Cash dividend Date of declaration journal entry - CORRECT
ANSWER-Dividends
.......Dividends payable
Cash Dividend Record Date journal entry - CORRECT ANSWER-No JE
Cash Dividend Payment Date Journal entry - CORRECT ANSWER-Dividends
payable
.........Cash
Stock Dividend Date of Declaration and distribution JE - CORRECT
ANSWER-Retained Earnings (Market Value * # of shares issued in dividend)
Common Stock (Stock Dividend(%) * # of shares outstanding * Par Value)
APIC (Plug in remaining value)
Stock Dividend Date of Record - CORRECT ANSWER-No JE
Earnings per share (EPS) equation - CORRECT ANSWER-Net income -
Preferred stock dividends/ Avg. # common shares outstanding
Price Earnings (PE) Equations - CORRECT ANSWER-Market Price per share/
EPS
Percent change - CORRECT ANSWER-Current year - Prior Year/ Prior Year
Current Ratio - CORRECT ANSWER-Current Assets/ Current Liabilities
Quick Ratio - CORRECT ANSWER-Cash + Marketable Securities + Receivables/
Current Liabilities
Receivables Turnover - CORRECT ANSWER-Credit Sales/ Avg Receivables
Inventory Turnover - CORRECT ANSWER-Cost of Goods Sold/ Avg. Inventory
Gross Profit Margin - CORRECT ANSWER-Gross Profit/ Sales
Profit Margin - CORRECT ANSWER-Net Income/ Sales
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