Tree Comfort Specialists, Inc. reported

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Tree Comfort Specialists, Inc. reported

Accounting 2HandoutsAssignment 1.2 Handout1. Tree Comfort Specialists, Inc. reported the following stockholders’ equity on itsbalance sheet at June 30, 2011:RequirementsR1. Identify the different issues of stock that Tree has outstanding.R2. What is the par value per share of Tree’s preferred stock?R3. Make two summary journal entries to record issuance of all the Tree stock forcash. Explanations are not required.R4. No preferred dividends are in arrears. Journalize the declaration of a $400,000dividend at June 30, 2011. Use separate Dividends payable accounts for Preferredand Common. An explanation is not required.2. C-Mobile Wireless needed additional capital to expand, so the businessincorporated. The charter from the state of Georgia authorizes C-Mobile to issue60,000 shares of 10%, $150-par preferred stock, and 140,000 shares of no-parcommon stock. C-Mobile completed the following transactions:RequirementsR1. Record the transactions in the general journal.R2. Prepare the stockholders’ equity section of the C-Mobile Wireless balance sheetat December 31. The ending balance of Retained Earnings is $90,000.Accounting 2 Assignment Handout© 2011 Pearson EducationPage 1 of132/9/2016Accounting 2Handouts3. Hip Skincare has 5,000 shares of 5%, $15 par value preferred stock and 80,000shares of $2.25 par common stock outstanding. During a three-year period, Hipdeclared and paid cash dividends as follows: 2010, $2,000; 2011, $15,000; and2012, $20,000.RequirementsR1. Compute the total dividends to preferred and to common for each of the threeyears ifa. preferred is noncumulative.b. preferred is cumulative.R2. For Requirement R1b. journalize the declaration of the 2011 dividends onDecember 22, 2011, and payment on January 14, 2012. Use separate Dividendspayable accounts for Preferred and Common.4. The following accounts and December 31, 2010, balances of Florida OpticalCorporation are arranged in no particular order.RequirementsR1. Prepare the company’s classified balance sheet in account format at December31, 2010.R2. Compute Florida Optical’s rate of return on total assets and rate of return oncommon stockholders’ equity for the year ended December 31, 2010.R3. Do these rates of return suggest strength or weakness? Give your reasoning.Financial Statement CaseRefer to the 2009 Amazon.com Financial Statements handout. Answer thefollowing questions about Amazon’s stock. The Accumulated Deficit account isRetained earnings with a negative balance.RequirementsAccounting 2 Assignment Handout© 2011 Pearson EducationPage 2 of232/9/2016Accounting 2HandoutsR1. How much of Amazon.com’s preferred stock was outstanding at December 31,2009? How can you tell?R2. Examine Amazon.com’s balance sheet. Which stockholders’ equity accountincreased the most during 2009? What caused this increase? The ConsolidatedStatements of Stockholders’ Equity helps to answer this question.R3. Use par value and the number of shares to show how to compute the balancesin Amazon.com’s Common stock account at the end of both 2009 and 2008, asshown in the balance sheet.R4. Would it be meaningful to compute Amazon.com’s return on equity? Explainyour answer.Accounting 2 Assignment Handout© 2011 Pearson EducationPage 3 of332/9/2016