Please see the 6 problems attached.accounting_ii_26_31.docx26. The December 31, 2014 stockholders’ equity section of Cedar, Inc. is as
follows: (10 Points)
The market price of the common stock on December 31, 2014, was $10 per share.
Answer the following independent questions:
1. What will the balance in the retained earnings account be immediately after
the declaration of a 2-for-1 stock split?
2. If a cash dividend of $1 per share was declared to both common and preferred
shareholders, what will the balance be in retained earnings immediately after the
3. What balance will be in the retained earnings account immediately after the
declaration of a 20% common stock dividend on December 31, 2010?
27. A corporation had 50,000 shares of $2 par value common stock outstanding on
March 1. On that date the board of directors approved a 10% stock dividend when
the market value for the stock was $13 per share. What is the required journal
entry to record this dividend? (5 Points)
28. The following stockholders’ equity information is available for Danner
Corporation regarding its common stock: (5 Points)
1. What is the maximum number of new shares that Danner Corporation can issue?
2. Prepare the journal entry for the sale of 30,000 additional shares at the
current selling price.
29. On January 1, 2014, Mars Corporation issued $900,000, 5%, 5-year bonds dated
January 1, 2014, at 98. The bonds pay semiannual interest on January 1 and July
1. The company uses the straight-line method of amortization and has a calendar
year end. (10 points)
Prepare all the journal entries that Mars Corporation would make related to
this bond issue through January 1, 2015. Be sure to indicate the date on which
the entries would be made.
30. Dane Corporation had the following comparative current assets and
current liabilities: (10 points)
Dec. 31, 2014
Total current assets
Income tax payable
Total current liabilities
Dec. 31, 2013
During 2014, credit sales and cost of goods sold were $800,000 and
Compute the following liquidity measures for 2014 (round to 2 decimal
places) SHOW ALL CALCULATIONS:
1. Current ratio.
2. Working capital.
3. Acid-test ratio.
4. Receivables turnover.
5. Inventory turnover.
31. The following information related to comparative balance sheets is available
for Metro Corporation: (10 points)
Additional selected information from the income statement was also provided:
1. Depreciation expense of $20,000
2. A loss on sale of equipment $3,500
3. Net income $122,000
Prepare the cash flows from operating activities using the indirect method.
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