Can I please have assistance with my accounting project please?


Question Description:

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Can I please have assistance with my accounting project please? Project 3.docx Project 3 1. Daniels Corporation reports the following transactions for 20X9: Jan. 10 Sold 5,000 shares of 9%, noncumulative $50 par, preferred stock for $85 per share. Feb. 19 Sold 3,000 shares of $10 par common stock for $12 per share. Oct. 12 Declared a 15% stock dividend on the common stock. The current market price of the common stock is $15 per share. Daniels Corporation has 100,000 shares of common stock outstanding on October 12. Nov. 15 Distributed the stock dividend declared on October 12. Dec. 15 Declared the annual dividend required on the preferred stock and a $.50 per share dividend on the common stock. Daniels Corporation currently has 20,000 shares of preferred stock outstanding. Prepare journal entries for the above transactions. 2. New Beginnings Corporation began 20×13 with the following account balances: Common stock, $20 par, 100,000 shares authorized, 75,000 issued Paid-in capital in excess of par-common Retained earnings $1,500,000 500,000 750,000 In January 20X13, New Beginnings Corporation reported the following transactions: Jan. 10 Reacquired 5,000 shares of its own stock for $30 per share. 20 Sold 3,000 shares of treasury stock for $33 per share. 30 Sold the remaining shares of treasury stock for $22 per share. Record journal entries for the above transactions. 3. During 20X12-20X16, Best Corporation had the following issuances of stock outstanding for the entire period: • • cumulative preferred stock 30,000 shares of 10%, $50 par, 50,000 shares of $30 par common stock Cash dividends declared by the board of directors during 20X12-20X16 were as follows: 20X12 20X13 20X14 20X15 20X16 none $125,000 $150,000 $150,000 $250,000 Full amount of dividends were paid in 20X11, there are no dividends in arrears on 01/01/20×12. Compute the amount of total dividends payable to each class of stock during 20X12-20X16 and complete the chart below. Fill in the respective column for Preferred or Common how much of a dividend each class of shareholders will receive. Year Dividend Declared 20×12 20×13 20×14 20×15 20×16 Dividends In Arrears Dividends allocated to Preferred Stockholders Dividends allocated to Common Stockholders 0 $125,000 $150,000 $150,000 $250,000 4. During 20X12-20X16, Best Corporation had the following issuances of stock outstanding for the entire period: • • 30,000 shares of 10%, $50 par, NONcumulative preferred stock 50,000 shares of $30 par common stock Cash dividends declared by the board of directors during 20X12-20X16 were as follows: 20X12 20X13 20X14 20X15 20X16 none $125,000 $150,000 $150,000 $250,000 Full amount of dividends were paid in 20X11, there are no dividends in arrears on 01/01/20×12. Compute the amount of total dividends payable to each class of stock during 20X12-20X16 and complete the chart below. Fill in the respective column for Preferred or Common how much of a dividend each class of shareholders will receive. Year Dividend Declared 20×12 20×13 20×14 20×15 20×16 Dividends allocated to Preferred Stockholders Dividends allocated to Common Stockholders 0 $125,000 $150,000 $150,000 $250,000 5. Larry, Harry & Mary are in a partnership. The partnership agreement calls for a salary allowance of $50,000 for Larry, $60,000 for Harry, and $70,000 for Mary. The partners also receive a 15% interest rate on their average capital balances. The average capital balances for the year were $200,000 for Larry, $300,000 for Harry, $100,000 for Mary. They also include an incentive to compensate each partner $50 for each customer they sell to during the year. For the year, each partner had the following number of customer sales 300 for Larry, 1,000 for Harry, 3,000 for Mary. The remainder of profits or losses are shared equally. Prepare the necessary journal entry to record the distribution of profit(loss) under the following scenarios: A Net income for the year was $800,000. B

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