In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 6,000,000 shares of common stock carrying a $1 par value, and 2,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 4,000,000 shares of the common stock are issued in exchange for cash at an average price of $10 per share. Also on January 2, all 2,000,000 shares of preferred stock are issued at $20 per share.

Required:
1. Prepare journal entries to record these transactions.
2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,750,000.)

Part B
During 2021, the Nicklaus Corporation participated in three treasury stock transactions:

On June 30, 2021, the corporation reacquires 250,000 shares for the treasury at a price of $12 per share.
On July 31, 2021, 25,000 treasury shares are reissued at $15 per share.
On September 30, 2021, 25,000 treasury shares are reissued at $10 per share.

Required:
1. Prepare journal entries to record these transactions.
2. Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance sheet prepared at September 30, 2021. (Assume net income for the second and third quarter was $3,250,000.)

Part C
On October 1, 2021, Nicklaus Corporation receives permission to replace its $1 par value common stock (6,000,000 shares authorized, 4,000,000 shares issued, and 3,800,000 shares outstanding) with a new common stock issue having a $0.50 par value. Since the new par value is one-half the amount of the old, this represents a 2-for-1 stock split. That is, the shareholders will receive two shares of the $0.50 par stock in exchange for each share of the $1 par stock they own. The $1 par stock will be collected and destroyed by the issuing corporation.

On November 1, 2021, the Nicklaus Corporation declares a $0.18 per share cash dividend on common stock and a $0.35 per share cash dividend on preferred stock. Payment is scheduled for December 1, 2021, to shareholders of record on November 15, 2021.

On December 2, 2021, the Nicklaus Corporation declares a 1% stock dividend payable on December 28, 2021, to shareholders of record on December 14. At the date of declaration, the common stock was selling in the open market at $10 per share. The dividend will result in 76,000 (0.01 Ã 7,600,000) additional shares being issued to shareholders.

Required:
1. Prepare journal entries to record the declaration and payment of these stock and cash dividends.
2. Prepare the December 31, 2021, shareholders' equity section of the balance sheet for the Nicklaus Corporation. (Assume net income for the fourth quarter was $2,750,000.)
3. Prepare a statement of shareholders' equity for Nicklaus Corporation for 2021.

Answer:

Nicklaus Corporation

1. Journal Entries:

Debit Cash $40 million

Credit Common Stock $4 million

Credit Additional paid-in capital- Common stock $36 million

To record the issue of 4 million shares at $10 each.

Debit Cash $40 million

Credit Preferred stock $10 million

Credit Additional paid-in capital - preferred $30 million

To record the issue of 2 million share at $20 per share.

2. Shareholders' equity as of March 31, 2021:

Capital

Authorized:

Common stock 6 million, $1 par value

Noncumulative, nonparticipating preferred stock, 2 million, $5 par value

Issued and outstanding:

Common stock 4 million, $1 par value       $4 million

Additional paid in capital - common stock 36 million

Preferred stock 2 million, $5 par value      10 million

Additional paid in capital- preferred stock 30 million

Retained Earnings                                          1.75 million

3. Journal Entries:

June 30, 2021:

Debit Treasury stock $3 million

Credit Cash $3 million

To record the purchase of 250,ooo shares of treasury stock at $12.

July 31, 2021:

Debit Cash $375,000

Credit Treasury stock $375,000

To record the reissue of 25,000 shares of treasury stock at $15 per share.

Sept 30, 2021:

Debit Cash $250,000

Credit Treasury stock $250,000

To record the reissue of 25,000 shares of treasury stock at $10 per share.

2. Shareholders' equity as of September 30, 2021:

Capital

Authorized:

Common stock 6 million, $1 par value

Noncumulative, nonparticipating preferred stock, 2 million, $5 par value

Issued and outstanding:

Common stock 4 million, $1 par value       $4 million

Additional paid in capital - common stock 36 million

Preferred stock 2 million, $5 par value      10 million

Additional paid in capital- preferred stock 30 million

Treasury stock - common stock, 200,000 ($2.375 million)

Retained Earnings                                          5 million

Part C:

1. Journal Entries:

Oct. 1, 2021: Memorandum record to note the change:

Stock-split Common stock, 8 million, $0.50 par value

Nov. 1, 2021:

Debit Cash Dividends:

Common stock = $1,368,000

Preferred stock = $700,000

Credit Cash $2,068,000

To record the payment of dividends.

Dec. 2, 2021:

Debit Stock dividend $38,000

Credit Common Stock $38,000

To record the issue of shares.

Debit Retained Earnings $38,000

Credit Stock dividends $38,000

To record the the declaration.

2. Shareholders' equity as of December 31, 2021:

Capital

Authorized:

Common stock 12 million, $0.50 par value

Noncumulative, nonparticipating preferred stock, 2 million, $5 par value

Issued and outstanding:

Common stock 8.076 million, $0.50 par value $4.038 million

Additional paid in capital - common stock 36 million

Preferred stock 2 million, $5 par value      10 million

Additional paid in capital- preferred stock 30 million

Treasury stock - common stock, 200,000 ($2.375 million)

Retained Earnings                                          5.644 million

3. Statement of Shareholders' equity:

Common stock 8.076 million, $0.50 par value $4.038 million

Additional paid in capital - common stock 36 million

Preferred stock 2 million, $5 par value      10 million

Additional paid in capital- preferred stock 30 million

Treasury stock - common stock, 200,000 ($2.375 million)

Retained Earnings $5,000,000

Net income               2,750,000

Dividends paid        (2,068,000)

Stock dividends         ($38,000)                   5.644 million

Explanation:

a) Data and Calculations:

Capital

Authorized:

Common stock 6 million, $1 par value

Noncumulative, nonparticipating preferred stock, 2 million, $5 par value

Issued:

Common stock 4 million, $1 par value, issued at $10

Preferred stock 2 million, $5 par value, issued at $20

June 30, 2021 Treasury stock $3 million Cash $3 million

July 31, 2021 Cash $375,000 Treasury stock ($375,000)

Sept 30, 2021 Cash $250,000 Treasury stock ($250,000)

Oct. 1, 2021:

Stock-split Common stock, 8 million, $0.50 par value

Nov. 1, 2021:

Cash Dividends:

Common stock = $1,368,000 ($0.18 * 7,600,000)

Preferred stock = $700,000 ($0.35 * 2,000,000)

Dec. 2, 2021:

Stock dividends:

Additional shares issued = 76,000 (7,600,000 * 1%)

Issued at par $0.50

Stock dividend = $38,000

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Which statement is true Carol ships goods Ex Works?
a. The buyer would cover shipping and insurance costs assume the risk the door.
b. The seller would cover all insurance costs while the buyer would cover the cost of shipping.
c. The goods be shipped from Stockholm at the seller's expense.
d. The seller would cover all shipping and insurance costs and assume the risk at the factory door.
e. The buyer would cover all insurance costs while the seller would cover the cost of shipping

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How much can you withdraw each month from your account assuming a 30-year withdrawal period?

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The amount of money that is earned on a deposit is​

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Determine how much of Castle’s income is taxable in each of the following states.
a. State 1: $ _________
b. State 2: $ _________
c. State 3: $ _________

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Setting and achieving goals is essential to success.

a. True
b. False

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Questions answer them

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Cooking Canning
Beginning work in process $0 $4,710
Materials 22,030 10,200
Labor 8,740 8,020
Overhead 32,760 28,340
Costs transferred in 55,850
ournalize the April transactions.

Please Help~!!!!









Name one thing you're afraid of when you think of college and career.

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Organizations face myriad barriers and obstacles to effectively increasing and embracing diversity in their workplaces. Some of these barriers stem from people in the organization who are resistant to changing the organization to make it more diverse. This activity is important because resistance to this type of change is an attitude that managers will come up against frequently, and managers should be able to recognize when this occurs so that they can manage the organization and its employees through this challenging but very important type of change.
The goal of this exercise is to challenge your knowledge of the barriers to diversity.
Stereotypes and Prejudices
Fear of Discrimination Against Majority Group Members
Resistance to Diversity Program Priorities
A Negative Diversity Climate
Lack of Support for Family Demands
A Hostile Work Environment for Diverse Employees
First, hover over the terms to read examples of barriers to diversity in action. Then, click and drag each term to indicate the specific barrier to diversity its example best depicts.

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Beginning inventory​:

Direct materials costs $20,000
Conversion costs $11,100

Manufacturing costs added during the accounting period​:

Direct materials costs $70,700
Conversion costs $240,500

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a. $19,783
b. $20,337
c. $10,923
d. $14,916

Which of the following industries is most likely to outsource jobs to another country because of slight increases in labor costs?

a. Milk dairy.
b. High-tech research facility.
c. Textile plant.
d. Automobile assembly plant.