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Acct 221 (Principles of Accounting Ii) Final Exam - Latest One

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ACCT 221 (Principles of Accounting II) FINAL EXAM - Latest One

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Part A.
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par value common stock issued and outstanding. There was a $3,000,000 balance in the Retained Earnings account at the beginning of the year. During the first quarter of the year, the following transactions occurred:

Jan. 8 Issued 40,000 shares of its own common stock for $400,000.
Jan. 18 Declared a cash dividend of $1 per share to stockholders of record on Jan. 10.
Jan. 31 Paid the $1 cash dividend declared on Jan. 18.
Feb. 2 Purchased 3,000 shares of its own common stock for the treasury at $11 per share.
Feb. 14 Sold 2,000 shares of the treasury stock purchased on Feb. 2 for $12 per share.
March 25 Declared a 2 for 1 stock split on outstanding shares.

Prepare journal entries to record the above transactions.

Part B.
The following information is available for Flip Corporation for the year ended December 31, 2014:

Beginning retained earnings                                                         $   340,000
Cost of goods sold                                                                             620,000
Declared cash dividends                                                                     50,000
Operating expenses                                                                           170,000
Other expenses and losses                                                                 40,000
Other revenues and gains                                                                   60,000
Sales                                                                                               1,000,000
Tax rate...


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