1. On January 1, 2020, Addy Company had 110,000 shares issued and 100,000 shares outstanding. The entity had the following transactions in 2020: March 1 - Issued 15,000 shares. June 1 - Resold 2,500 shares of treasury. September 1 Completed a 2-for-1 share split. What is the number of shares outstanding on December 31, 2020 a. 230,000 b. 250,000 c. 117,500 d. 235,000
Q: The accounts and balances that follow are from Comel Bhd's records on 31 December 2020. Items RM…
A: Step2 in solution.
Q: 1: Cyrell Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2019, the…
A: Introduction Retained earnings are the earnings that is left after dividend distribution to…
Q: On January 1, 2020, vic Corporation had the following shareholders’ equity accounts: vic…
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…
Q: The shareholders’ equity section of Pottery Corporation’s statement of financial position as of…
A: Stockholder's equity is the amount belongs to the stockholder's of the business. It is the sum of…
Q: Wok N Roll, Inc. began on January 1, 2018 by issuing 100,000 shares of $1 par value common stock and…
A:
Q: IFA Corporations had Net Income of $7,800,000 and the following information for January 2021 to…
A: In this question, we find (a) Calculate the weighted average shares (to the nearest whole number) at…
Q: On January 1, 2020, Kingbird, Inc. had 85,000 shares of $1 par value common stock issued and…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: At the beginning of current year, CFAS Company was organized and authorized to issue 100,000 shares…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: 77,000 shares authorized and issued* 1,232,000
A: A Dividend is a payment given to stakeholders by a corporation. When a firm makes a profit or has a…
Q: Adham Corporation was organized on January 1, 2019. During its first year, the corporation issued…
A: (1) Allocation of dividends to each class of stock, assuming that the preferred stock is 9% and not…
Q: tive, preferred stock were outstanding. (convertible into 40,000 shares of common). No dividends…
A: After distributing the net income to the preference shareholders whatever has been left is divided…
Q: Elston Limited had the following equity accounts on January 1, 2020: Share Capital—Ordinary ($5 par)…
A: Answer - Part 1 - Journal Entries Date Particulars Debit Credit…
Q: Determine the balance of share premium to be reported in statement of financial position for the…
A: Share premium : As the name suggests, it is the premium amount paid by the subscribers or…
Q: 1. Jets Corp. had 200,000 shares of common stock outstanding on January 1, issued 400,000 shares on…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Joy Ashliy Company reported the following amounts in the shareholders' equity section Of its…
A: Retained earnings is an account which represents the accumulated earnings of a firm till the balance…
Q: The equity section of Gunkel Corporation as of December 31, 2021, was as follows: Share…
A: Retained earnings is increases with net income and decreases with net loss . Also the dividends…
Q: On January 1, 2020, Addy Company had 110,000 shares issued and 100,000 shares outstanding. The…
A: No. of shares issued before share split = No. of shares issued on January 1, 2020 + shares issued…
Q: ALI Company issued 120,000 ordinary shares, of which 5,000 shares were held as treasury on January…
A:
Q: On the first day of 2021, Paccar had 100,000 shares of common stock outstanding. The following…
A: Earnings per share are the amount of earnings of the entity during the current period that is…
Q: Paris Co. has a December 31 year-end date. Data for 2021 shows: • There were 60,000, $3, cumulative…
A: Number of common shares Common shares as on January 1 370000 Shares issued 60000 Less; shares…
Q: On December 31, 2020 and 2019, Bucks Corporation had 105,000 Ordinary Shares issued, 5,000 shares in…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: Gogalor Co. was incorporated on January 1, 2020. Upon inspection of its stock and transfer book, the…
A: Number of outstanding shares means number of shares which are issued and outstanding in the name of…
Q: The analysis of shareholder’s equity of AAA Company at January 1, 2020 showed the following:…
A:
Q: Garda World Security Corporation has the following shares, taken from the equity section of its…
A: Dividend - Dividend is the amount paid by the company to its preference and common shareholder's.…
Q: On January 1, 2021, had 2, 000, 0000 ordinary shares outstanding. On July 1, 2021, the entity issued…
A: Diluted earnings per share refers to a company’s per-share profit based on the number of common…
Q: The following data were compiled prior to preparing the balance sheet of the Conrad Corporation as…
A: Appropriated retained earnings is that portion of retained earnings that is specifically kept aside…
Q: the end of 2021, selected records and accounts of Megamoth Corporation reflected the following…
A: 1) Calculate the weighted average number of shares outstanding: Months Actual Share Outstanding…
Q: On January 1, 2020, Addy Company had 110,000 shares issued and 100,000 shares outstanding. The…
A: Gven, Shares outstanding on Jan 1, 2020 = 100,000 shares Shares issued on march 1 = 15,000 Treasury…
Q: CFAS Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2022, the…
A: Under the cost method, the purchase of treasury stock is recorded by debiting treasury stock account…
Q: ABC Company reported the following in its statement of shareholders' equity on January 1, 2019:…
A: Treasury stock represents the shares of a company that have been bought back (but not yet cancelled)…
Q: On January 1, 2020, Addy Company had 110,000 shares issued and 100,000 shares outstanding. The…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: On January 1, 2020, Leilanie Company reported the following shareholders' equity Share capital…
A: The appropriated retained earnings earnings are the amount of retained earnings set aside by the…
Q: transactions that affected the Common Stock account. February 1 Issued 120,000 shares March 1…
A: a. Computation of weighted average outastanding shares Number of shares Stock Dividend…
Q: On January 1, 2020, LeiLanie Company reported the following shareholders' equity: Share capital…
A: The shareholders' equity section records the total equity that belongs to the shareholders of the…
Q: The shareholders' equity section of Raja Corporation's statement of financial position as of…
A: Retained earnings is the accumulated profit of the firm which is used to expand the business or…
Q: The shareholders' equity of the ABA Company on January 1, 2020 is presented below: Share capital,…
A: It shows the sum of the amount invested by shareholders and retained earnings. It is divided into…
Q: Adham Corporation was organized on January 1, 2019. During its first year, the corporation issued…
A: The preferred stockholders should give a preference at the time of payment of dividend and the…
Q: Hill Corp. had 600,000 shares of common stock outstanding on January 1, issued 900,000 shares on…
A: Earnings per share is used to measure income earned per share. Earnings per share is equal to…
Q: On January 1, 2020, LeiLanie Company reported the following shareholders' equity: Share capital…
A: Equity shares are the contribution to the capital of the company. Capital is divided into a small…
Q: CarFind Inc. showed the following equity information at December 31, 2019. Common shares, unlimited…
A: The date of declaration is relevant among all Dates for making declaration of dividend and…
Q: on january 1, 2020, abc corporation had 200,000 ordinary shares issued and outstanding. on april 1,…
A: Earnings per share are the earnings earned by each shareholder from the earnings or net income of…
Q: The shareholders’ equity section of Pottery Corporation’s statement of financial position as of…
A:
Q: Southwestern Exposure Ltd. began operations on January 2, 2020. During the year, the following…
A: Shareholders' equity on the balance sheet is affected by the on the k issue, preference stock…
Q: n January 1, 2021, Splish Corp. had 478,000 shares of common stock outstanding. During 2021, it had…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: he accounts from the shareholders' equity section of the balance sheet of Western Company showed the…
A: Given Information: Ordinary shares P475,000 Share premium P6,650,000 Retained earnings…
Q: Oikawa Corporation has 150,000 Ordinary Shares authorized. As of January 1, 2020, 100,000 shares…
A: Treasury shares are bought by the company itself and therefore these shares are not included in the…
Q: During the current year, the entity had the following organized and authorized to issue 100,000…
A: Treasury shares means the share which has been buy back by the company . It will be shown as…
Q: On January 1, 2021, Blossom Corporation had 950,000 shares of common stock outstanding. On March 1,…
A: In order to calculate weighted average shares, shares outstanding have to be multiplied with the…
Q: Current Assets $ 270,000 Investments $ 312,000 Share Capital - Ordinary (par Value $10) $ 300,000…
A: Dividends: This is the amount of cash distributed to stockholders by a company out its earnings,…
1. On January 1, 2020, Addy Company had 110,000 shares issued and 100,000 shares outstanding. The entity had the following transactions in 2020:
March 1 - Issued 15,000 shares.
June 1 - Resold 2,500 shares of treasury.
September 1 Completed a 2-for-1 share split.
What is the number of shares outstanding on December 31, 2020
2. In 2019, Cassandra Company issued for P110 per share, 15,000 convertible preference shares of P100 par value. One
a. P1,800,000
Step by step
Solved in 2 steps
- Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
- Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000Winona Company began 2019 with 10,000 shares of 10 par common stock and 2,000 shares of 9.4%, 100 par, convertible preferred stock outstanding. On April 2 and June 1, respectively, the company issued 2,000 and 6,000 additional shares of common stock. On November 16, Winona declared a 2-for-1 stock split. The preferred stock was issued in 2018. Each share of preferred stock is currently convertible into 4 shares of common stock. To date, no preferred stock has been converted. Current dividends have been paid on both preferred and common stock. Net income after taxes for 2019 totaled 109,800. The company is subject to a 30% income tax rate. The common stock sold at an average market price of 24 per share during 2019. Required: 1. Prepare supporting calculations for Winona and compute its: a. basic earnings per share b. diluted earnings per share 2. Show how Winona would report the earnings per share on its 2019 income statement. Include an accompanying note to the financial statements. 3. Next Level Assume Winona uses IFRS. Discuss what Winona would do differently for computing earnings per share, and then repeat Requirement 1 under IFRS.
- Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher financial statements.Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.
- On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.Comprehensive Young Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, 100 par preferred stock. The Contributed Capital section of its January 1, 2019, balance sheet is as follows: Part a. A shareholder has raised the following questions: 1. What is the legal capital of the corporation? 2. At what average price per share has the preferred stock been issued? 3. How many shares of common stock have been issued (the common stock has been issued at an average price of 23 per share)? Part b. The company engaged in the following transactions in 2019: Required: 1. Answer the questions in Part a. 2. Prepare journal entries to record the transactions in Part b. 3. Prepare the Contributed Capital section of Youngs December 31, 2016, balance sheet.