ACCT 1107 - chapter 11 practice questions PDF

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Download ACCT 1107 - chapter 11 practice questions PDF

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E11-3 a.

b.

c.

d.

Account Cash Common shares

Debit $

Land Common shares

$

Cash Common shares

$

Retained earnings Income summary

$

Credit 132,000 $

132,000

$

13,200

$

23,000

13,200

23,000

7,000

*closing entries not on exam $

7,000

E11-5 a.

b.

c.

d.

Account Cash Land Common shares

Debit Credit $ 225,000 $ 75,000 $ 300,000

Cash Common shares

$

Cash Preferred shares

$

Retained earnings Income summary

$

300,000 $

300,000

$

200,000

$

42,000

200,000

42,000

E11-10 Requirement 1 Account 10-May-16 Dividends declared Dividends payable

30-Jun-16 Dividends payable Cash

Debit Credit ***EXAM $ 247,860,000 $ 247,860,000

$

247,860,000 $

247,860,000

E11-8 a. non cummulative Preferred shaeholders 6000 x $2 Balance goes to common shareholders

***NOT ON EXAM $

12,000

$ $

50,000 62,000

$ $ $ $

24,000 12,000 26,000 62,000

b. cummulative (assuming it's 2015-2017) Preferred shareholders Dividends not paid in previous year(s) Current dividends Balance goes to common shareholders

ON EXAM 1 2 3 4

non cash transactions E11-3 E11-5 E11-10 for dividends...