connect chapter 11 homework accounting

Accounting Assignment Help » Financial Accounting Assignment Help » Connect Financial Accounting Chapter 11 Homework Assignment

Connect Financial Accounting Chapter 11 Homework Assignment

Q1. Prepare the journal entry to record Zende Company’s issuance of 82,000 shares of $6 par value common stock assuming the shares sell for: $6 cash per share. and $7 cash per share.

Q2. Epic Inc. has 11,000 shares of $2 par value common stock outstanding. Epic declares a 15% stock dividend on July 1 when the stock’s market value is $18 per share. The stock dividend is distributed on July 20. Prepare journal entries for ( a ) declaration and ( b ) distribution of the stock dividend.

Q3. Belkin Inc. has 101,000 shares of $3 par value common stock outstanding. Belkin declares a 41% stock dividend on March 2 when the stock’s market value is $73 per share. Prepare the journal entry for declaration of the stock dividend.

Q4. Stockholders’ equity of Ernst Company consists of 81,000 shares of $5 par value, 9% cumulative preferred stock and 285,000 shares of $1 par value common stock. Both classes of stock have been outstanding since the company’s inception. Ernst did not declare any dividends in the prior year, but it now declares and pays a $130,000 cash dividend at the current year-end. Determine the amount distributed to each class of stockholders for this two-year-old company.

Q5. On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $48,000 cash. On November 4, Zirbal reissued 1,300 shares of this treasury stock for $16,900. Prepare the May 3 and November 4 journal entries to record Zirbal’s purchase and reissuance of treasury stock.

Q6. Epic Company earned net income of $744,500 this year. There were 410,000 weighted-average common shares outstanding, and preferred shareholders received a $27,000 cash dividend. Epic Company earned net income of $744,500 this year. There were 410,000 weighted-average common shares outstanding, and preferred shareholders received a $27,000 cash dividend.

Q7. Compute Topp Company’s price-earnings ratio if its common stock has a market value of $18.90 per share and its EPS is $3.60. Considering Lower deck, its key competitor, has a PE ratio of 9.5, which company does the market have higher expectations of future performance?

Q8. On June 30, Sharper Corporation’s stockholders’ equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend.

• Prepare the updated stockholders’ equity section after the distribution is made.
• Compute the number of shares outstanding after the distribution is made.

Q9. On June 30, Sharper Corporation’s stockholders’ equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend.

Assume that instead of distributing a stock dividend, Sharper did a 3-for-1 stock split. Prepare the updated stockholders’ equity section after the split.

Compute the number of shares outstanding after the split.

Q10. The stockholders’ equity of TVX Company at the beginning of the day on February 5 follows.

On February 5, the directors declare a 2% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock’s market value is $31 per share on February 5 before the stock dividend. Prepare entries to record both the dividend declaration and its distribution.

Q11. The stockholders’ equity of TVX Company at the beginning of the day on February 5 follows.

On February 5, the directors declare a 2% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock’s market value is $31 per share on February 5 before the stock dividend. Prepare the stockholders’ equity section after the stock dividend is distributed. (Assume no other changes to equity.)

Q12. Alexander Corporation reports the following components of stockholders’ equity at December 31, 2018.

During the year, the following transactions affected its stockholders’ equity accounts.

• Prepare journal entries to record each of these transactions.
• Prepare a statement of retained earnings for the year ended December 31, 2019.
• Prepare the stockholders’ equity section of the company’s balance sheet as of December 31, 2019.

Q13. The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow.

The following transactions and events affected its equity during the year.

How many common shares are outstanding on each cash dividend date?

What is the total dollar amount for each of the four cash dividends?

What is the per share cost of the treasury stock purchased? (Round your answer to 2 decimal places.)

How much net income did the company earn this year?

If you want rest of the solutions, please connect with us via LIVE CHAT

McGraw-Hill Connect Homework Chapter 9 to Chapter 11

We at accounting assignments help provide mcgraw-hill connect homework chapter 9 to chapter 11 help with step by step calculation and explanation 24*7 from our accounting experts..

Problem-1 – Mcgraw-hill connect accounting chapter 11 answers

Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company’s planning budget for May appears below:

During May, the company’s actual activity was 190 diving-hours.

Problem-2 – Mcgraw-hill connect managerial accounting answers chapter 11

Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company’s planning budget for July appears below:

In July, 25,000 meals were actually served. The company’s flexible budget for this level of activity appears below:

Problem-3 – Mcgraw hill accounting chapter 9 answers

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,000 pounds of oysters in August. The company’s flexible budget for August appears below:

The actual results for August appear below:

Calculate the company’s revenue and spending variances for August. (Indicate the effect of each variance by selecting “F” for favorable, “U” for unfavorable, and “None” for no effect (i.e., zero variance). Input all amounts as positive values.)

Alyeski Tours operates day tours of coastal glaciers in Alaska on its tour boat the Blue Glacier. Management has identified two cost drivers—the number of cruises and the number of passengers—that it uses in its budgeting and performance reports. The company publishes a schedule of day cruises that it may supplement with special sailings if there is sufficient demand. Up to 83 passengers can be accommodated on the tour boat. Data concerning the company’s cost formulas appear below:

For example, vessel operating costs should be $6,000 per month plus $471.00 per cruise plus $3.20 per passenger. The company’s sales should average $32.00 per passenger. In July, the company provided 56 cruises for a total of 3,100 passengers.

Prepare the company’s flexible budget for July.

Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company’s costs:

For example, electricity costs are $1,300 per month plus $0.09 per car washed. The company expects to wash 8,100 cars in August and to collect an average of $6.70 per car washed.

The actual operating results for August are as follows:

Prepare a flexible budget performance report that shows the company’s revenue and spending variances and activity variances for August. (Indicate the effect of each variance by selecting “F” for favorable, “U” for unfavorable, and “None” for no effect (i.e., zero variance). Input all amounts as positive values.)

Bandar Industries Berhad of Malaysia manufactures sporting equipment. One of the company’s products, a football helmet for the North American market, requires a special plastic. During the quarter ending June 30, the company manufactured 3,300 helmets, using 2,178 kilograms of plastic. The plastic cost the company $14,375.

According to the standard cost card, each helmet should require 0.59 kilograms of plastic, at a cost of $7.00 per kilogram.

• What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,300 helmets?
• What is the standard materials cost allowed (SQ × SP) to make 3,300 helmets?
• What is the materials spending variance?
• What is the materials price variance and the materials quantity variance?

SkyChefs, Inc., prepares in-flight meals for a number of major airlines. One of the company’s products is grilled salmon in dill sauce with baby new potatoes and spring vegetables. During the most recent week, the company prepared 6,500 of these meals using 3,200 direct labor-hours. The company paid its direct labor workers a total of $36,800 for this work, or $11.50 per hour.

According to the standard cost card for this meal, it should require 0.50 direct labor-hours at a cost of $11.00 per hour.

• What is the standard labor-hours allowed (SH) to prepare 6,500 meals?
• What is the standard labor cost allowed (SH × SR) to prepare 6,500 meals?
• What is the labor spending variance?
• What is the labor rate variance and the labor efficiency variance?

Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an elaborate distilling process. The company has developed standard costs for one unit of Fludex, as follows:

During November, the following activity was recorded related to the production of Fludex:

• Materials purchased, 10,000 ounces at a cost of $197,000.
• There was no beginning inventory of materials; however, at the end of the month, 2,550 ounces of material remained in ending inventory.
• The company employs 24 lab technicians to work on the production of Fludex. During November, they each worked an average of 170 hours at an average pay rate of $11.50 per hour.
• Variable manufacturing overhead is assigned to Fludexon the basis of direct labor-hours. Variable manufacturing overhead costs during November totaled $4,800.
• During November, the company produced 3,700 units of Fludex.

For direct materials:

• Compute the price and quantity variances.
• The materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract. Would you recommend that the company sign the contract?

For direct labor:

• Compute the rate and efficiency variances.
• In the past, the 24 technicians employed in the production of Fludex consisted of 6 senior technicians and 18 assistants. During November, the company experimented with fewer senior technicians and more assistants in order to reduce labor costs. Would you recommend that the new labor mix be continued?
• Compute the variable overhead rate and efficiency variances.

Problem-9 – chapter 9 Mcgraw-hill solutions

Meiji Isetan Corp. of Japan has two regional divisions with headquarters in Osaka and Yokohama. Selected data on the two divisions follow:

• For each division, compute the return on investment (ROI) in terms of margin and turnover.
• Assume that the company evaluates performance using residual income and that the minimum required rate of return for any division is 15%. Compute the residual income for each division.
• Is Yokohama’s greater amount of residual income an indication that it is better managed?

Selected sales and operating data for three divisions of different structural engineering firms are given as follows:

• Compute the return on investment (ROI) for each division using the formula stated in terms of margin and turnover.
• Compute the residual income (loss) for each division.
• Assume that each division is presented with an investment opportunity that would yield a 10% rate of return.
• If performance is being measured by ROI, which division or divisions will probably accept or reject the opportunity?
• If performance is being measured by residual income, which division or divisions will probably accept or reject the opportunity?

DataSpan, Inc., automated its plant at the start of the current year and installed a flexible manufacturing system. The company is also evaluating its suppliers and moving toward Lean Production. Many adjustment problems have been encountered, including problems relating to performance measurement. After much study, the company has decided to use the performance measures below, and it has gathered data relating to these measures for the first four months of operations.

Management has asked for your help in computing throughput time, delivery cycle time, and MCE. The following average times have been logged over the last four months:

1-a. Compute the throughput time for each month.

1-b. Compute the delivery cycle time for each month.

1-c. Compute the manufacturing cycle efficiency (MCE) for each month.

2. Evaluate the company’s performance over the last four months.

3-a. Refer to the move time, process time, and so forth, given for month 4. Assume that in month 5 the move time, process time, and so forth, are the same as in month 4, except that through the use of Lean Production the company is able to completely eliminate the queue time during production.  Compute the new throughput time and MCE.

3-b. Refer to the move time, process time, and so forth, given for month 4. Assume in month 6 that the move time, process time, and so forth, are again the same as in month 4, except that the company is able to completely eliminate both the queue time during production and the inspection time. Compute the new throughput time and MCE.

Prepare the journal entries to record the following transactions on Pharoah Company’s books using a perpetual inventory system.

(a) On March 2, Pharoah Company sold $934,300 of merchandise to Cullumber Company, terms 2/10, n/30. The cost of the merchandise sold was $508,200.

(b) On March 6, Cullumber Company returned $107,900 of the merchandise purchased on March 2. The cost of the merchandise returned was $60,600.

(c) On March 12, Pharoah Company received the balance due from Cullumber Company.

Need help with McGraw-Hill Connect Homework Chapter 9 to Chapter 11 please:

Chat with us.

• Online Student Edition
• Case Studies
• Study-to-Go
• Spanish-language Glossary
• Accounting Forms
• Radio Glencoe Podcasting
• Peachtree of Knowledge
• QuickBooks Tips
• Spreadsheet Suggestions
• Real-Life Applications
• Career Corner
• BusinessWeek Online
• Connect to Careers
• Navigating the Net
• Community Volunteering Opportunities
• Advanced Accounting

Unit Resources

• WebQuest Internet Project

Chapter Activities

• Study Guides
• Working in the Real World
• Making It Personal
• Radio Glencoe I-Summaries and I-Quizzes
• Self-Assessment Quizzes
• Extend: Matter of Ethics
• Winning Competitive Events
• Homework Practice
• Interactive Glossary
• Games for the Classroom
• Virtual Businesses and Glencoe Accounting
• Case Studies Solutions
• Need Some Ideas?
• Technology Tips
• Professional Development
• Glencoe E-Zine Newsletter
• Quick Test Answers
• Making It Personal Answers
• Homework Practice Answers
• Links for Families
• Technology Tours
• Spotlight on Financial Literacy
• Quick Tests
• PowerPoint Lectures

Student Feedback on Our Paper Writers

Customer Reviews

Gombos Zoran

Looking for something more advanced and urgent? Then opt-in for an advanced essay writer who’ll bring in more depth to your research and be able to fulfill the task within a limited period of time. In college, there are always assignments that are a bit more complicated and time-taking, even when it’s a common essay. Also, in search for an above-average essay writing quality, more means better, whereas content brought by a native English speaker is always a smarter choice. So, if your budget affords, go for one of the top 30 writers on our platform. The writing quality and finesse won’t disappoint you!

Premium essay writers

Essay writing help from a premium expert is something everyone has to try! It won’t be cheap but money isn’t the reason why students in the U.S. seek the services of premium writers. The main reason is that the writing quality premium writers produce is figuratively out of this world. An admission essay, for example, from a premium writer will definitely get you into any college despite the toughness of the competition. Coursework, for example, written by premium essay writers will help you secure a positive course grade and foster your GPA.

PenMyPaper offers you with affordable ‘write me an essay service’

We try our best to keep the prices for my essay writing as low as possible so that it does not end up burning a hole in your pocket. The prices are based on the requirements of the placed order like word count, the number of pages, type of academic content, and many more. At the same time, you can be eligible for some attractive discounts on the overall writing service and get to write with us seamlessly. Be it any kind of academic work and from any domain, our writers will get it done exclusively for you with the greatest efficiency possible.

How It Works

Our service is kept secret.

We are here to help you with essays and not to expose your identity. Your anonymity is our priority as we know it is yours. No personal data is collected on our service and no third parties can snoop through your info. All our communication is encrypted and stays between you and your writer. You receive your work via email so no one will have access to it except you. We also use encrypted payment systems with secure gateways for extra security.

John N. Williams

Experts to Provide You Writing Essays Service.

You can assign your order to:

• Basic writer. In this case, your paper will be completed by a standard author. It does not mean that your paper will be of poor quality. Before hiring each writer, we assess their writing skills, knowledge of the subjects, and referencing styles. Furthermore, no extra cost is required for hiring a basic writer.
• Advanced writer. If you choose this option, your order will be assigned to a proficient writer with a high satisfaction rate.
• TOP writer. If you want your order to be completed by one of the best writers from our essay writing service with superb feedback, choose this option.
• Your preferred writer. You can indicate a specific writer's ID if you have already received a paper from him/her and are satisfied with it. Also, our clients choose this option when they have a series of assignments and want every copy to be completed in one style.

Emery Evans

Sophia Melo Gomes

Write my essay for me frequently asked questions

Please don't hesitate to contact us if you have any questions. Our support team will be more than willing to assist you.