Corporate Accounting: Earnings and Distribution
|
|
- Sophie Wilkinson
- 6 years ago
- Views:
Transcription
1 Chapter 20 Corporate Accounting: Earnings and Distribution Net income of a corporation and corporate income taxes Cash dividends Stock dividends Stock splits Appropriations of retained earnings Retained Earnings Statement 1
2 Net Income/Loss of A Corporation Net Income AKA net loss The bottom line of the income statement for every form of business Income Summary account (after closing revenue and expenses) Credit balance = net income Debit balance = net loss For a corporation, the net income or net loss is closed to the Retained Earnings account. The net income of a corporation is calculated in the same way as that of a proprietorship or a partnership. 2
3 Example Assume on Dec. 31, 20X2, Ace Trucking, Inc. reports a net income of $72,500. Ace would record the following entry to close net income into the Retained Earnings account: 20X2 Dec. 31 Income Summary 72,500 Retained Earnings 72,500 Assume on Dec. 31, 20X2 Ace Trucking, Inc. reports a net loss of $40,000. Ace would report the following entry to close net loss into the Retained Earnings account: 20X2 Dec. 31 Retained Earnings 40,000 3 Income Summary 40,000
4 Corporate Income Tax The corporate income tax rate is a progressive rate; that is, the higher the income, the higher the tax rate. 4 Assume taxable income is $450,000. Corporate income tax would be calculated as following, using the corporate income tax rates: $ 50, = $ 7,500 25, = 6,250 25, = 8, , = 91, , = 39,100 Total Tax = $153,000
5 Paying Income Taxes: Corporations Pay-as-you-go Estimate annual income tax expense Make four quarterly payments April 15 June 15 September 15 December 15 Any tax still owed at year-end is accrued on Dec. 31 and must be paid by March 15 of the following year. 5
6 Example: Paying Income Tax Assume Ace Trucking estimates income taxes for 20X1 to be $9,000. At Dec. 31, 20X1, Ace determines its total income tax for 20X1 to be $10,000. Ace records the following journal entries during 20X1 and its final tax payment for 20X1 taxes on Mar. 15, 20X2. 20X1 Apr. 15 Income Tax Expense 2,250 Cash 2,250 Jun. 15 Income Tax Expense 2,250 Cash 2,250 6 Sep. 15 Income Tax Expense 2,250 Cash 2,250
7 Example: Paying Income Tax (continued) 20X1 Dec. 15 Income Tax Expense 2,250 Cash 2,250 Dec. 31 Income Tax Expense 1,000 Income Tax Payable 1,000 20X2 Mar. 15 Income Tax Payable 1,000 Cash 1,000 7
8 Cash Dividends Dividends The distribution of corporate earnings Investors in corporations buy stock with one basic goal in mind to receive a return on their investment This goal can be accomplished in two ways: Stock grows in value, allowing investors to resell the stock for a gain Stockholders to receive a share of the corporation s earnings 8 The most common form of dividend Before a cash dividend can be declared and paid, three things are needed: Sufficient retained earnings above the legal capital requirement of the company Sufficient cash above working capital needs Formal action by the board of directors
9 Dates Associated with a Cash Dividend 9 Date of Declaration The date the board of directors formally declares that a dividend will be paid Date of Record The date as of which the ownership of shares is established Date of Payment The date that dividend checks are mailed to stockholders of record Many corporations maintain a constant dividend policy. IBM, for example, normally pays dividends on the 10th of March, June, September and December.
10 Journal Entries for Cash Dividends On Jan. 15, 20X1, the board of directors of Hudson Corporation declares a $2 cash dividend for common stockholders of record on Jan. 31, to be paid on Feb.15. Hudson has 10,000 shares of $10 par common stock outstanding. Journal entries are required on Jan. 15, 20X1 and on Feb. 15, 20X1. No journal entry is required on Jan. 31, date of record. 20X1 Jan. 15 Cash Dividends 20,000 Dividends Payable 20,000 Feb. 15 Dividends Payable 20, Cash 20,000
11 Dividends on Cumulative Preferred Stock Assume Bonner Corporation has outstanding 5,000 shares of $100 par, 10% cumulative preferred stock and 50,000 shares of $5 par common stock. 11
12 Stock Dividends A proportional distribution of additional shares of a company s own authorized stock to its stockholders. Distributed on a pro rata basis Additional shares of stock are issued in proportion to the number of shares owned by each present stockholder. For example, if a corporation declares a 10% stock dividend and an investor currently owns 100 shares, the investor would receive an additional 10 shares of stock. Example On Jul. 2, 20X1, Hudson Corporation declares a 10% common stock dividend to common stockholders of record as of Aug. 10, to be distributed on Sep. 1. Hudson has 10,000 shares of $10 par common stock outstanding. Hudson s common stock is current selling for $18 per share. Journal entries are required on Jul. 2, 20X1, and on Sep. 1, 20X1. 12
13 Example: Stock Dividends No journal entry is required on Aug. 10, date of record. On date of declaration, the Stock Dividends account is debited for the new shares issued times the current selling price of the stock. The Common Stock Dividends Distributable account is credited for the par value of the new shares issued. Paid-in Capital in Excess of Par Value-Common is credited for the difference. 20X1 Jul. 2 Stock Dividends 18,000 Common Stock Dividends Distributable 10,000 Paid-in Capital in Excess of Par-Common 8, Sep. 1 Common Stock Dividends Distributable 10,000 Common Stock 10,000
14 Small Stock Dividend Versus Large Stock Dividend Small Stock Dividend A dividend that distributes less than 25% of the number of shares previously outstanding Large Stock Dividend A dividend that distributes 25% or more of the number of shares previously outstanding The Stock Dividends account is debited for the par value of the number of shares issued, not the current market value 14
15 Stock Splits Corporations sometimes call in their stock and issue two, three, or more shares in place of each of the shares previously held by the stockholders. This process is called a stock split. Usually declared to reduce the market price per share, thereby making the stock easier for investors to afford. When a company splits its stock: 15 The number of shares in the marketplace is increased. The share price of the stock is reduced. The number of a company s unissued shares is also increased proportionate to the split.
16 Example: Stock Splits Hudson Corporation currently has outstanding 50,000 shares of $10 par common stock outstanding. Hudson Corporation declares a 2-for-1 split. After the stock split, Hudson Corporation has 100,000 shares of $5 par common stock outstanding. A memorandum entry may be prepared to record the stock split. 16
17 Appropriation of Retained Earnings We have learned that corporations must have sufficient retained earnings before dividends can be declared. Even with sufficient retained earnings, the board may want to limit the amount of retained earnings available for dividends. The board may vote to earmark or restrict a part of the retained earnings for a specific purpose, referred to as an appropriation of retained earnings. Assume the board of directors of Tagen Company decide to build a new building. Also assume on Mar. 1, 20X2, Tagen Company s board of directors votes to restrict retained earnings at a rate of $60,000 per year for the next 5 years. 17
18 Example: Restricted Retained Earnings Tagen Company would record the following journal entry each year: 20X2 Mar. 1 Retained Earnings 60,000 Retained Earnings Appropriated for Building 60,000 The transaction does not change the company s total retained earnings nor set up a cash fund. The journal entry only limits the amount of retained earnings available for dividends. 18
19 Balance Sheet with Appropriated Retained Earnings 19
20 Retained Earnings Statement A corporation prepares a retained earnings statement as opposed to a statement of owner s equity for a proprietorship or partnership. Shows the changes in retained earnings for a period of time: (simple) 20
21 Complex Retained Earnings Statement 21
Corporate Accounting: Formation and Paid-In Capital
Ch.19 Corporate Accounting: Formation and Paid-In Capital Corporate Form of Business Paid-in Capital and Earned Capital Classification of Capital Stock Issuance of Capital Stock Stockholders Equity Reacquisition
More informationChapter Thirteen In class practice
Problem 13.1 Chapter Thirteen In class practice Uzi Company received a charter granting the right to issue 200,000 shares of $1 par value common stock and 10,000 shares of 8% cumulative and nonparticipating,
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationSolution to Problem 31 Adjusting entries. Solution to Problem 32 Closing entries.
Solution to Problem 31 Adjusting entries. 1. Utilities expense 27,000 Accounts payable 27,000 2. Rent revenue 4,000 Unearned revenue 4,000 3. Supplies 2,000 Supplies expense 2,000 4. Interest receivable
More informationACCT-112 Final Exam Practice Solutions
ACCT-112 Final Exam Practice Solutions Question 1 Jan 1 Cash 200,000 H. Happee, Capital 200,000 Jan 2 Prepaid Insurance 10,000 Cash 10,000 Jan 15 Equipment 15,000 Cash 5,000 Notes Payable 10,000 Jan 30
More information(Internet version) Financial & Statistical Report November 2018
(Internet version) Financial & Statistical Report November 2018 12/17/2018 Statement of Operations For the Period Ended November 30, 2018 (in millions) Current Month Year-to-Date Operating Revenue $ 31.4
More informationHUD NSP-1 Reporting Apr 2010 Grantee Report - New Mexico State Program
HUD NSP-1 Reporting Apr 2010 Grantee Report - State Program State Program NSP-1 Grant Amount is $19,600,000 $9,355,381 (47.7%) has been committed $4,010,874 (20.5%) has been expended Grant Number HUD Region
More information(Internet version) Financial & Statistical Report September 2017
(Internet version) Financial & Statistical Report September 2017 10/23/2017 Statement of Operations For the Period Ended September 30, 2017 (in millions) Current Month Year-to-Date Operating Revenue &
More information(Internet version) Financial & Statistical Report December 2017
(Internet version) Financial & Statistical Report December 2017 01/22/2018 Statement of Operations For the Period Ended December 31, 2017 (in millions) Current Month Year-to-Date Operating Revenue & Patronage
More information(Internet version) Financial & Statistical Report December 2016
(Internet version) Financial & Statistical Report December 2016 1/23/2017 Statement of Operations For the Period Ended December 31, 2016 (in millions) Current Month Year-to-Date Operating Revenue & Patronage
More informationIncome and Changes in Retained Earnings
Income and Changes in Retained Earnings Chapter 12 McGraw-Hill/Irwin PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney,
More informationSpheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
More informationCHAPTER 15 Corporations: Dividends, Retained Earnings, and Income Reporting
CHAPTER 15 Corporations: Dividends, Retained Earnings, and Income Reporting ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises Problems Set A Problems Set B 1. Prepare
More informationSupplemental Instruction Handouts Financial Accounting Review Chapters 12, 13, 14 and 16 Answer Key
Supplemental Instruction Handouts Financial Accounting Review Chapters 12, 13, 14 and 16 Answer Key 1. Coach Motor Company is authorized by its articles of incorporation to issue an unlimited number of
More informationFactor Leave Accruals. Accruing Vacation and Sick Leave
Factor Leave Accruals Accruing Vacation and Sick Leave Factor Leave Accruals As part of the transition of non-exempt employees to biweekly pay, the UC Office of the President also requires standardization
More informationConstructing a Cash Flow Forecast
Constructing a Cash Flow Forecast Method and Worked Example A cash flow forecast shows the estimates of the timing and amounts of cash inflows and outflows over a period of time. The sections of a cash
More informationKey IRS Interest Rates After PPA
Key IRS Rates - After PPA - thru 2011 Page 1 of 10 Key IRS Interest Rates After PPA (updated upon release of figures in IRS Notice usually by the end of the first full business week of the month) Below
More informationSlide Stockholders Equity. Slide 2 Equity versus debt financing
Slide 1 5.7 Stockholders Equity Objectives Difference between Equity and Debt Basic Definitions Main Types of Stocks Common Stock Preferred Stock Treasury Stock Dividends Slide 2 Equity versus debt financing
More informationStudy Session 8 Sample Notes
2 Study Session 8 2. "Dilutive Securities and Earnings per Share" Learning Outcomes Your learning objectives for this lesson are to be able to: a) Differentiate between simple and complex capital structures
More informationReview of Registered Charites Compliance Rates with Annual Reporting Requirements 2016
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016 October 2017 The Charities Regulator, in accordance with the provisions of section 14 of the Charities Act 2009, carried
More informationExecutive Summary. July 17, 2015
Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates
More informationPerformance Report October 2018
Structured Investments Indicative Report October 2018 This report illustrates the indicative performance of all Structured Investment Strategies from inception to 31 October 2018 Matured Investment Strategies
More informationChapter 11 - REPORTING AND ANALYZING STOCKHOLDERS EQUITY
Revised Summer 2018 Chapter 11 Review 1 Chapter 11 - REPORTING AND ANALYZING STOCKHOLDERS EQUITY LO 1: Describe the major characteristics of a corporation. WHAT IS A CORPORATION Corporation: legal entity,
More informationProf Albrecht s Notes Example of Complete Accounting Cycle Intermediate Accounting 1
Prof Albrecht s Notes Example of Complete Accounting Cycle Intermediate Accounting 1 In this chapter of notes I ll provide a complete example of the accounting cycle. The order of the tasks to complete
More informationFundamentals of Accounting Resources
Contents Figure 1 - The Profit and Loss statement example... 2 Figure 2 - Balance sheet example... 3 Figure 3 - Example of a Balance Sheet... 4 Figure 4 - Example of a Profit & Loss Sheet... 5 Figure 5-10
More informationHIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of July 31
Unaudited Balance Sheet As of July 31 Total Enrollment: 407 Assets: Cash $ 9,541,661 $ 1,237,950 Invested Cash 781,689 8,630,624 Premiums Receivable 16,445 299,134 Prepaid 32,930 34,403 Assessments Receivable
More informationHIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of January 31
Unaudited Balance Sheet As of January 31 Total Enrollment: 371 Assets: Cash $ 1,408,868 $ 1,375,117 Invested Cash 4,664,286 4,136,167 Premiums Receivable 94,152 91,261 Prepaid 32,270 33,421 Assessments
More informationBANK OF GUYANA. BANKING SYSTEM STATISTICAL ABSTRACT Website:
BANK OF GUYANA BANKING SYSTEM STATISTICAL ABSTRACT Website: www.bankofguyana.org.gy RESEARCH DEPARTMENT November 2010 STATISTICAL ABSTRACT TABLES CONTENTS 1. MONETARY AUTHORITY 1.1 Bank of Guyana: Assets
More informationSmallBizU WORKSHEET 1: REQUIRED START-UP FUNDS. Online elearning Classroom. Item Required Amount ($) Fixed Assets. 1 -Buildings $ 2 -Land $
WORKSHEET 1: REQUIRED START-UP FUNDS Item Required Amount () Fixed Assets 1 -Buildings 2 -Land 3 -Initial Inventory 4 -Equipment 5 -Furniture and Fixtures 6 -Vehicles 7 Total Fixed Assets Working Capital
More informationACA Reporting E-File Errors, Penalties & Exchange Notices
ACA Reporting E-File Errors, Penalties & Exchange Notices Agenda 1). Who is ACA Reporting Service? (quickly) 2). Setting the ACA Reporting Stage 3). The Process Leading up to E-Filing 4). E-Filing through
More informationFinancial & Business Highlights For the Year Ended June 30, 2017
Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146
More informationBANK OF GUYANA. BANKING SYSTEM STATISTICAL ABSTRACT Website:
BANK OF GUYANA BANKING SYSTEM STATISTICAL ABSTRACT Website: www.bankofguyana.org.gy RESEARCH DEPARTMENT March 2010 STATISTICAL ABSTRACT TABLES CONTENTS 1. MONETARY AUTHORITY 1.1 Bank of Guyana: Assets
More informationBig Walnut Local School District
Big Walnut Local School District Monthly Financial Report for the month ended September 30, 2013 Prepared By: Felicia Drummey Treasurer BIG WALNUT LOCAL SCHOOL DISTRICT SUMMARY OF YEAR TO DATE FINANCIAL
More informationMESA ROYALTY TRUST FEDERAL INCOME TAX INFORMATION
MESA ROYALTY TRUST 1999 FEDERAL INCOME TAX INFORMATION FEDERAL INCOME TAX INFORMATION Instructions for Schedules A, B and C Schedule A For Certificate Holders who file income tax returns on the basis of
More informationMESA ROYALTY TRUST FEDERAL INCOME TAX INFORMATION
MESA ROYALTY TRUST 2006 FEDERAL INCOME TAX INFORMATION MESA ROYALTY TRUST (The Trust ) 2006 FEDERAL INCOME TAX INFORMATION Instructions for Schedules A, B and C Schedule A For Certificate Holders who
More informationKey IRS Interest Rates After PPA
Key IRS Interest After PPA (updated upon release of figures in IRS Notice usually by the end of the first full business week of the month) Below are Tables I, II, and III showing official interest rates
More informationWESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, Over(Under) Budget WECC Fund Actual Budget
WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, 2018 General Fund Actual A B C D E F WECC Fund Actual Revenue Revenue - Faith Giving 1 $ 213 $ 234 $ (22) - Tuition $ 226
More informationIsle Of Wight half year business confidence report
half year business confidence report half year report contents new company registrations closed companies (dissolved) net company growth uk company share director age director gender naming trends sic
More informationTERMS OF REFERENCE FOR THE INVESTMENT COMMITTEE
I. PURPOSE The purpose of the Investment Committee (the Committee ) is to recommend to the Board the investment policy, including the asset mix policy and the appropriate benchmark for both ICBC and any
More informationCPA REVIEW SCHOOL OF THE PHILIPPINES M a n i l a AUDITING PROBLEMS
Page 1 of 7 CPA REVIEW SCHOOL OF THE PHILIPPINES M a n i l a AUDIT OF STOCKHOLDERS EQUITY PROBLEM NO. 1 AUDITING PROBLEMS The following data were compiled prior to preparing the balance sheet of the Conviction
More informationLong-Term Liabilities and Investments
Ch 21 Long-Term Liabilities and Investments Understanding bonds Accounting for issuance of bond Retirement of a bond Bond sinking funds Accounting for investments in stocks and bonds Presentation of bonds
More informationCHAPTER 11. Corporations: Organization, Stock Transactions, Dividends, and Retained Earnings 1, 2, 3, 4, 5, 6 7, 8, 9, 10, 11
CHAPTER 11 Corporations: Organization, Stock Transactions, Dividends, and Retained Earnings ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems
More informationCost Estimation of a Manufacturing Company
Cost Estimation of a Manufacturing Company Name: Business: Date: Economics of One Unit: Manufacturing Company (Only complete if you are making a product, such as a bracelet or beauty product) Economics
More informationSection 6621 of the Internal Revenue Code establishes the interest rates on
Part 1 Section 6621.--Determination of Rate of Interest 26 CFR 301.6621-1: Interest rate. Rev. Rul. -32 Section 6621 of the Internal Revenue Code establishes the interest rates on overpayments and underpayments
More informationSection 6621(c) provides that for purposes of interest payable under 6601 on any large corporate underpayment, the underpayment
Section 6621. Determination of Interest Rate 26 CFR 301.6621 1: Interest rate. Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar
More informationPHOENIX ENERGY MARKETING CONSULTANTS INC. HISTORICAL NATURAL GAS & CRUDE OIL PRICES UPDATED TO July, 2018
Jan-01 $12.9112 $10.4754 $9.7870 $1.5032 $29.2595 $275.39 $43.78 $159.32 $25.33 Feb-01 $10.4670 $7.8378 $6.9397 $1.5218 $29.6447 $279.78 $44.48 $165.68 $26.34 Mar-01 $7.6303 $7.3271 $5.0903 $1.5585 $27.2714
More informationBudgeting. Mr Crosthwaite. Mindarie Senior College
Budgeting Mr Crosthwaite Mindarie Senior College Budgets A budget is a plan of the future expressed in money terms. It can be earmarked for a particular activity, time-frame or institution. It allows us
More informationOTHER DEPOSITS FINANCIAL INSTITUTIONS DEPOSIT BARKAT SAVING ACCOUNT
WEIGHTAGES JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC ANNOUNCEMENT DATE 19.Dez.14 27.Jän.15 24.Feb.15 26.Mär.15 27.Apr.15 26.Mai.15 25.Jun.15 28.Jul.15 26.Aug.15 23.Sep.15 27.Okt.15 25.Nov.15 MUDARIB
More informationReporting and Interpreting Owners Equity Irwin/McGraw-Hill
Chapter 11 Reporting and Interpreting Owners Equity Business Background Advantages of a corporation Simple to become an owner Easy to transfer ownership Provides limited liability Business Background Because
More informationThis lesson covers the accounting for stockholders equity of a corporation.
Accounting Fundamentals Lesson 9 9.0 Stockholders Equity This lesson covers the accounting for stockholders equity of a corporation. Features of a corporation: Corporations differ from proprietorships
More informationCash & Liquidity The chart below highlights CTA s cash position at December 2017 compared to December 2016.
To: Chicago Transit Authority Board From: Jeremy Fine, Chief Financial Officer Re: Financial Results for December 2017 Date: February 14, 2018 I. Summary CTA s financial results are $4.7 million favorable
More information1Q of FY ending December 31, (0.2) (1.9) 11.3 (0.2) (0.2) (0.2) (0.2) (1.2) (89.2) 0.1
August 6, ISEKI & CO., LTD. Supplementary Information to Consolidated Financial Results (April 1, June 30, ) I. Consolidated business results for the three months ended June 30, (Billions of yen, %) Year-on
More informationCash & Liquidity The chart below highlights CTA s cash position at March 2017 compared to March 2016.
To: Chicago Transit Authority Board From: Jeremy Fine, Chief Financial Officer Re: Financial Results for March 2017 Date: May 10, 2017 I. Summary CTA s financial results are $0.6 million favorable to budget
More informationCash & Liquidity The chart below highlights CTA s cash position at September 2017 compared to September 2016.
To: Chicago Transit Authority Board From: Jeremy Fine, Chief Financial Officer Re: Financial Results for September 2017 Date: November 15, 2017 I. Summary CTA s financial results are $7.7 million favorable
More informationBusiness & Financial Services December 2017
Business & Financial Services December 217 Completed Procurement Transactions by Month 2 4 175 15 125 1 75 5 2 1 Business Days to Complete 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 217 Procurement
More informationCORPORATIONS: CONTRIBUTED CAPITAL AND DIVIDENDS Assessment Questions. List four advantages and two disadvantages of the corporate form of ownership.
CORPORATIONS: CONTRIBUTED CAPITAL AND DIVIDENDS Assessment Questions AS-1 ( 1, 2 ) List four advantages and two disadvantages of the corporate form of ownership. Advantages: Attractive for investors investors
More informationSales Tax Collection Report. For The Month Ending 03/31/14. February 2014 Sales
Sales Tax Collection Report For The Month Ending 03/31/14 February 2014 Sales Report Prepared By The Sales Tax Department 1 Sales Tax Report Table of Contents Page 3 Sales Tax Recap of Gross Receipts Collected
More informationACTUARIAL SOCIETY OF HONG KONG CONTINUOUS PROFESSIONAL DEVELOPMENT ( CPD ) FREQUENTLY ASKED QUESTIONS
ACTUARIAL SOCIETY OF HONG KONG CONTINUOUS PROFESSIONAL DEVELOPMENT ( CPD ) FREQUENTLY ASKED QUESTIONS These are frequently asked questions about the operation of the CPD requirements. These requirements
More informationBuad 195 Chapter 4 Example Solutions, Pre-Midterm Page 1 of 9
Buad 195 Chapter 4 Example Solutions, Pre-Midterm Page 1 of 9 Example 1 4-5 page 116 Ross Pro s Sports Equipment + Projected sales... 4,800 units + Desired ending inventory... 480 (10% 4,800) Beginning
More informationCh. 13 Practice Questions Solution
Buad 121 Ch. 13 Practice Questions Solution Exercise 13-9 (20 minutes) a. Mar. 10 Machinery... 60,000 Cash... 60,000 Purchased machinery for cash. b. Mar. 10 Machinery... Accounts Payable... 60,000 60,000
More informationCHAPTER 13. Corporations: Organization and Share Capital Transactions. Brief 3, 4, 5, 6 2, 3, 4, 7, 11 7, 8, 9 3, 4, 5, 6, 7, 11 10, 11, 12, 13
CHAPTER 13 Corporations: Organization and Share Capital Transactions ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises Problems Set A Problems Set B 1. Identify and discuss
More informationInvesting for now and the future. Co-opTrust Investment Services Presentation by Lydia Muchiri 26 June 2010
Investing for now and the future Co-opTrust Investment Services Presentation by Lydia Muchiri 26 June 2010 Outline Saving vs Investing Key Considerations before starting Stages of life and investing Set
More informationACCT 101 Bonds LECTURE NOTES CH. 10 Prof. Johnson
ACCT 101 Bonds LECTURE NOTES CH. 10 Prof. Johnson BASICS OF BONDS How corporations are financed Corporations raise cash from outside parties by: 1. Equity Financing. This involves issuing common or preferred
More informationCHAPTER 15 12e Update
CHAPTER 15 12e Update Stockholders Equity ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis *1. Stockholders rights; corporate form. 1,
More informationCase Study Debt Negotiation
Case Study Debt Negotiation The Challenge Alyson Ferris from Debt BeGone Unlimited is very good at her job of debt negotiation. She can get most small businesses to agree to a 65 cents on the dollar settlement
More informationBig Walnut Local School District
Big Walnut Local School District Monthly Financial Report for the month ended September 30, 2012 Prepared By: Felicia Drummey Treasurer BIG WALNUT LOCAL SCHOOL DISTRICT SUMMARY OF YEAR-TO-DATE FINANCIAL
More informationMESA ROYALTY TRUST FEDERAL INCOME TAX INFORMATION HOU:
MESA ROYALTY TRUST 2017 FEDERAL INCOME TAX INFORMATION HOU:3877012.1 (The Trust ) 2017 FEDERAL INCOME TAX INFORMATION This booklet provides 2017 tax information which will allow Certificate Holders to
More informationCHAPTER 11 ACCOUNTING FOR EQUITY
CHAPTER 11 ACCOUNTING FOR EQUITY Key Terms and Concepts to Know Forms of business organization and ownership: Sole proprietorship Partnership Corporation Corporations and the advantages of being one Limited
More informationMESA ROYALTY TRUST FEDERAL INCOME TAX INFORMATION HOU:
MESA ROYALTY TRUST 2011 FEDERAL INCOME TAX INFORMATION HOU:3196608.1 MESA ROYALTY TRUST (The Trust ) 2011 FEDERAL INCOME TAX INFORMATION This booklet provides 2011 tax information which will allow Certificate
More informationCopyright 2009 The Learning House, Inc.Organizations, Capital Stock Transactions and Dividends Page 1 of 13
Copyright 2009 The Learning House, Inc.Organizations, Capital Stock Transactions and Dividends Page 1 of 13 Introduction A corporation is a legal entity created by law that is separate from its owners.
More informationWeighted Shares Beginning balance Issued shares Reacquired shares. Shares Outstanding
EXERCISE 17-2 (15-20 minutes) (a) Event Dates Outstanding Shares Outstanding Fraction of Year Weighted Shares Beginning balance Issued shares Reacquired shares Jan. 1 May 1 May 1 Oct. 31 Oct. 31 Dec. 31
More informationChapter 17 Accounting for Accruals and Deferrals
Chapter 17 Accounting for Accruals and Deferrals o Understand Accrual and Deferrals o Accrued Expense o Accrued Revenue o Deferred Expense o Deferred Revenue 1 Accruals and Deferrals Accruals Expenses
More informationWashington State Health Insurance Pool Treasurer s Report February 2018 Financial Review
Washington State Health Insurance Pool Treasurer s Report February 2018 Financial Review 1. 2017 Interim III Assessment Required An assessment of $8.5 M was required to adequately fund the pool until the
More informationRevenue Estimating Conference Tobacco Tax and Surcharge Executive Summary
Revenue Estimating Conference Tobacco Tax and Surcharge Executive Summary February 12, 2014 The Revenue Estimating Conference reviewed Tobacco Tax and Surcharge revenues on February 12, 2014. The forecasts
More informationWashington State Health Insurance Pool Treasurer s Report January 2018 Financial Review
Washington State Health Insurance Pool Treasurer s Report January 2018 Financial Review 1. 2017 Interim III Assessment Required An assessment of $8.5 M was required to adequately fund the pool until the
More informationConsumer Price Index (Base year 2014) Consumer Price Index
Consumer Price Index December 2017 (Base year 2014) Consumer Price Index 1 Release Date: January 2018 Detailed by: Expenditure groups Household welfare levels Household type Regions Briefing This publication
More informationWashington State Health Insurance Pool Treasurer s Report March 2018 Financial Review
Washington State Health Insurance Pool Treasurer s Report March 2018 Financial Review 1. 2017 Interim III Assessment Required An assessment of $8.5 M was required to adequately fund the pool until the
More informationWashington State Health Insurance Pool Treasurer s Report April 2018 Financial Review
Washington State Health Insurance Pool Treasurer s Report April 2018 Financial Review 1. 2018 Interim I Assessment Required An assessment of $7.0 M is required to adequately fund the pool until the next
More informationWashington State Health Insurance Pool Treasurer s Report September 2018 Financial Review
Washington State Health Insurance Pool Treasurer s Report September 2018 Financial Review 1. 2018 Interim III Assessment Required An assessment of $8.5 M was required to adequately fund the pool until
More informationConsumer Price Index (Base year 2014) Consumer Price Index
Consumer Price Index December 2016 (Base year 2014) Consumer Price Index 1 Release Date: January 2017 Detailed by: Expenditure groups Household welfare levels Household type Regions Briefing This publication
More informationOption Strategies for a Long-Term Outlook
Option Strategies for a Long-Term Outlook Interactive Brokers Webcast June 20, 2018 Russell Rhoads, CFA Disclosure Options involve risk and are not suitable for all investors. Prior to buying or selling
More informationDevelopment of Economy and Financial Markets of Kazakhstan
Development of Economy and Financial Markets of Kazakhstan National Bank of Kazakhstan Macroeconomic development GDP, real growth, % 116 112 18 14 1 113,5 11,7 216,7223,8226,5 19,8 19,8 19,3 19,619,7 199,
More informationHCSC Employees Pension Plan Cash Balance Participants
HCSC Employees Pension Plan Cash Balance Participants Prudential s HCSC Pension Calculator will use this information to calculate your estimated pension benefit assuming your service continues uninterrupted
More informationBTA NOTE: THIS EXAM MUST BE COMPLETED ON YOUR OWN!!!
FINAL EXAM (TAKE HOME) VERSION B STUDENT NAME: Principles of Accounting II BTA112.7006 Prof. E. Flores NOTE: THIS EXAM MUST BE COMPLETED ON YOUR OWN!!! MULTIPLE CHOICE (2 points each): There is only one
More informationBoard of Directors October 2018 and YTD Financial Report
Board of Directors October 2018 and YTD Financial Report Consolidated Financial Results Operating Margin October ($30,262) $129,301 ($159,563) Year-to-date $292,283 $931,358 ($639,076) Excess of Revenue
More informationAlgo Trading System RTM
Year Return 2016 15,17% 2015 29,57% 2014 18,57% 2013 15,64% 2012 13,97% 2011 55,41% 2010 50,98% 2009 48,29% Algo Trading System RTM 89000 79000 69000 59000 49000 39000 29000 19000 9000 2-Jan-09 2-Jan-10
More informationSupplemental Instruction Handouts Financial Accounting Review Chapters 12, 13, 14 and 16 Answer Key
Supplemental Instruction Handouts Financial Accounting Review Chapters 12, 13, 14 and 16 Answer Key 1. Coach Motor Company is authorized by its articles of incorporation to issue an unlimited number of
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. January 2019
7 March 2019 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors January 2019 According to securities statistics, the amount outstanding of equity securities and debt
More informationReceived Letter 226J Now What?
Received Letter 226J Now What? Issued date: 12/15/17 The IRS issued Letter 226J to certain Applicable Large Employers ( ALEs ). This letter describes the proposed Employer Shared Responsibility Payment
More informationWashington State Health Insurance Pool Treasurer s Report January 2017 Financial Review
Washington State Health Insurance Pool Treasurer s Report January 2017 Financial Review 1. 2016 Interim III Assessment Required An assessment of $8.5 M is required to adequately fund the pool until the
More informationCash & Liquidity The chart below highlights CTA s cash position at June 2018 compared to June 2017.
To: Chicago Transit Authority Board From: Jeremy Fine, Chief Financial Officer Re: Financial Results for June 2018 Date: August 15, 2018 I. Summary CTA s financial results are unfavorable to budget for
More informationChoosing a Cell Phone Plan-Verizon Investigating Linear Equations
Choosing a Cell Phone Plan-Verizon Investigating Linear Equations I n 2008, Verizon offered the following cell phone plans to consumers. (Source: www.verizon.com) Verizon: Nationwide Basic Monthly Anytime
More informationConsumer Price Index (Base year 2014) Consumer Price Index
Consumer Price Index July 207 (Base year 204) Consumer Price Index Release Date: Augest 207 Detailed by: Expenditure groups Household welfare levels Household type Regions Briefing This publication provides
More informationSELF-STORAGE FOR SALE
PURCHASE PRICE: $495,000 CAP RATE: 8.68% OCCUPANCY: 86.4% NOI: $42,973 LOT SIZE: 1.462ac (combined) BLDG CLASS: C OVERVIEW Multi-building storage facility in a rapidly growing area. The land offers over
More informationONTARIO-MICHIGAN BORDER TRANSPORTATION PARTNERSHIP Planning/Need and Feasibility Study. 1. Work Accomplished This Period (4 Weeks)
ONTARIO-MICHIGAN BORDER TRANSPORTATION PARTNERSHIP Planning/Need and Feasibility Study MONTHLY PROGRESS REPORT #19 Period Ending September 30, 2003 1. Work Accomplished This Period (4 Weeks) Strategic
More information1.2 The purpose of the Finance Committee is to assist the Board in fulfilling its oversight responsibilities related to:
Category: BOARD PROCESS Title: Terms of Reference for the Finance Committee Reference Number: AB-331 Last Approved: February 22, 2018 Last Reviewed: February 22, 2018 1. PURPOSE 1.1 Primary responsibility
More informationWashington State Health Insurance Pool Treasurer s Report August 2017 Financial Review
Washington State Health Insurance Pool Treasurer s Report August 2017 Financial Review 1. 2017 Interim I Assessment Required An assessment of $9.5 M was required to adequately fund the pool until the next
More informationReview of Membership Developments
RIPE Network Coordination Centre Review of Membership Developments 7 October 2009/ GM / Lisbon http://www.ripe.net 1 Applications development RIPE Network Coordination Centre 140 120 100 80 60 2007 2008
More informationQUESTION 2. QUESTION 3 Which one of the following is most indicative of a flexible short-term financial policy?
QUESTION 1 Compute the cash cycle based on the following information: Average Collection Period = 47 Accounts Payable Period = 40 Average Age of Inventory = 55 QUESTION 2 Jan 41,700 July 39,182 Feb 18,921
More informationStocks. Participant Workbook. Your Name: Member SIPC PAGE 1 OF 17
Stocks T H E N U T S A N D B O LT S Participant Workbook Your Name: www.edwardjones.com Member SIPC MKD-3358J-A-PW EXP 30 APR 2020 2018 EDWARD D. JONES & CO., L.P. ALL RIGHTS RESERVED. PAGE 1 OF 17 TAKE
More information