Problem 14-01a a-c (part level submission) (video) on january 1, 2020, pharoah corporation had the following stockholders’ equity accounts. common stock ($20 par value, 57,000 shares issued and outstanding) $1,140,000 paid-in capital in excess of par—common stock 194,000 retained earnings 593,000 during the year, the following transactions occurred. feb. 1 declared a $1 cash dividend per share to stockholders of record on february 15, payable march 1. mar. 1 paid the dividend declared in february. apr. 1 announced a 2-for-1 stock split. prior to the split, the market price per share was $39. july 1 declared a 10% stock dividend to stockholders of record on july 15, distributable july 31. on july 1, the market price of the stock was $14 per share. 31 issued the shares for the stock dividend. dec. 1 declared a $0.50 per share dividend to stockholders of record on december 15, payable january 5, 2021. 31 determined that net income for the year was $319,500.

Wren pork company uses the value basis of allocating joint costs in its production of pork products. relevant information for the current period follows: product pounds price/lb. loin chops 3,000 $ 5.00 ground 10,000 2.00 ribs 4,000 4.75 bacon 6,000 3.50 the total joint cost for the current period was $43,000. how much of this cost should wren pork allocate to loin chops?

Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?

Amethod of allocating merchandise cost that assumes the first merchandise bought was the first merchandise sold is called the a. last-in, first-out method. b. first-in, first-out method. c. specific identification method. d. average cost method.