Please complete the following problems using Excel or Word. 7 question in total.26. Going Corporation has issued 100,000 shares of $5 par value common stock of which 500,000 shares were authorized. The additional paid-in capital in excess of par value on the common stock was $120,000. The corporation has reacquired 7,000 shares at a cost of $46,000 and is currently holding those shares. Treasury stock was reissued in prior years for $47,000 more than its cost. The corporation also has 2,000 shares issued and outstanding of 7% $100 par-value preferred stock. It authorized 5,000 shares. The paid-in capital in excess of par value on the preferred stock was $12,000. Retained earnings at December 31, 2010 was $172,000. Prepare the stockholder’s equity section of the balance sheet, as of December 31, 2010. If need be, prepare in an Excel sheet.27)Beta Corporation had retained earnings of $253,000 on January 1, 2010. The company has a net loss of $43,500 during 2010. It declared and paid a dividend of $21,000 as a cash dividend. In 2010, the company recorded and adjustment of $10,000 due to the understatement (from a math error) of 2009 depreciation. Prepare a retained earnings statement for the year ending December 31, 2010.28) Soap Corporation issued a $350,000, 6% 15-year mortgage note to obtain needed financing for new office. The terms of the note call for semiannual payments of $17,857 each. Prepare the entries to record the mortgage laon and the first installment.29. The Biltmore Company leased new equipment on December 31, 2010. The lease agreement transfers the ownership of the equipment to the Biltmore Company at the end of the lease. The present value of the lease payments are $192,000. After recording the lease, the Company has assets of $1,800,000, liabilities of $1,100,000 and stockholder’s equity of $700,000. (a) prepare the journal entry to record the lease, and (b) compute the and comment on the debt to total assets ratio at the year-end.33. During 2010, Ace Company had sales of $376,000, operating expenses of $66,000, gross margin of 30%, cash dividends $30,000, other expenses/losses $15,000 and corporation income taxes of 30%. What was the income tax expense for 2010?34. Green Corporation had the following long-term investments as of December 31, 2010. (a) Common stock of E Company (10% ownership) held as available-for-sale securities, cost $120,000, fair value of $115,000 & (b) common stock of F Company (30% ownership) cost $215,000, equity of $250,000. Prepare the investments section of the balance sheet as of December 31, 2010.35. The comparative balance sheets for G Company for 2010 show these changes in non-cash current assets accounts: accounts receivables increase $82,000, prepaid expenses increased by $10,000, inventory increased by $14,000. Also, cash increased by $12,000 and there was a purchase of a BMW for $45,000. Compute the net cash provided by operating activities using the indirect method assuming that net income was $125,000 for the year.
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