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

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)

 
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