13. How much is the paid in share capital? a. P 5M. b. P6.2M. c. P6.54M. Item Nos 14 and 15 are based on the following informatic d. P 20M.
Q: efficiency
A: Step 1 Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the…
Q: sider the cash flow data in the table below for two competing investment projects. At i= 10%, which…
A: To make Decision which project is more Benifical we Have to compute Net Present value of both…
Q: om the following Income and Expenditure Account and the Balance Sheet of a club, prepare its ceipts…
A: The receipt and payment account are prepared in order to calculate and summarize the actual cash…
Q: Direct labor expense for Job C15 was $24,128. Actual overhead was incurred on account of $32,849.…
A: Introduction: Journals: Recording of all the business transactions is called Journalising. Journals…
Q: Samer Corp. uses a job order cost accounting system. The following is selected information…
A:
Q: Q #3 The following transactions were completed by IQBAL COMPANY Limited: i) Issued 50,000 ordinary…
A: Journal entries uploading below:
Q: A manufacturing company has a beginning finished goods inventory of $28,600, raw material purchases…
A: Cost of goods sold represents the cost of those goods that are sold by the entity. These are…
Q: 3. Prepare a worksheet for the month of July from the following trial balance. k 1. Gereluk Trial…
A:
Q: Rembrandt Paint Company had the following income statement items for the year ended December 31,…
A: A multi-step statement of income divides total income and expenses into operating and quasi…
Q: related to cash? What are the most important assertions related to cash? How will auditors test…
A: Answer Audit of Cash Assertion to be examined 1. Existence :- To establish the existence of cash…
Q: Profitability Analysis Alex Enterprises reports the following information on its year-end income…
A: The gross profit is calculated as difference between sales and cost of goods sold. The operating…
Q: D Question 2 The following costs are included in a recent summary of data for a company: advertising…
A: It is type of costs.In detail we can refer it to an ongoing expense of operating a business.…
Q: PA4-4 (Algo) Identifying and Preparing Adjusting Journal Entries [LO 4-1, LO 4-2, LO 4-3, LO 4-6]…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…
Q: This Grey and Redd Company was founded on January 2, 2021, and each partner has an equal beginning…
A: The Bonus Payment Act of 1965 mandates a minimal bonus of 8.33 percentage of income. The income…
Q: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the…
A: Under CVP analysis, variable costs per unit will be the same and the total variable costs will…
Q: DCF Enterprises Inc.'s capital structure consists of 18 million shares of common stock and 1 million…
A: A percentage, on the other hand, refers to a company's inventory certificate that is positive. A…
Q: ractor Division makes a part that it sells to customers outside of the company. Data concerning this…
A: $26…
Q: In one month, a c credit accounts a recorded in the s OA. $250, OB. $320, OC. $180, OD. $70,0
A: Cash Flow Statement- A cash flow statement is an important component of the company's financial…
Q: From the balance sheet prepare a proforma income statement where revenues can increase by 2% and the…
A: A projected income statement is a statement in which the future income statements are projected by…
Q: Net income may be based on estimates. true or False
A: Lets understand the basics. Net income is a main result of the business. It is a revenue less…
Q: Using the following accounts and their amounts, prepare in good format a balance sheet for Bright…
A: The balance sheet is one of the financial statements of the business, which represents the financial…
Q: Baekhyun Company distributes annual bonuses to its sales manager and two sales supervisors. The…
A: Bonus is the additional pay that a company pays to its employees over and above their regular…
Q: 6. The local non-profit symphony is planninga concert fundraiser. The organization estimates that…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: A company has an overhead application rate of 120% of direct labor costs. How much overhead would be…
A: Overhead:- It is those costs that are required for the day-to-day operation of the business but…
Q: done this by issuing ordinary shares, preferences shares and debentures to the public Flynn Ltd has…
A: Debenture- Debentures are a type of bond, but debentures are riskier than bonds. Overall, these two…
Q: Q2. The comparative historical-cost balance sheets of Maiikstan Enterprises for 2010 and 2011 are…
A: Net monetary assets or liabilities is the difference between the sum total of the following and the…
Q: Balance sheet? Sales 46,828 Purchases 32,222 Capital 80,000
A: Introduction: Balance sheet: All Assets and liabilities are to be shown in Balance sheet. It tells…
Q: Dividends are subtracted from revenues on the income statement. True or False
A: The dividend is declared to the shareholders from the retained earnings of the business.
Q: Oa, allows an organization to develop new products and production a. Ob. allow an organization to…
A: Dynamic Capabilities: These are the organization's efficiency and capacity to reconstruct the…
Q: X sold her principal residence for 5M when the market value was 6M. The house was purchased 4 years…
A: Capital gains arise when it is an appreciation in the value of capital assets. The gain realized on…
Q: 7-1: Sparrow purchases a diamond bracelet from DeBeers $50,000. The payment terms are 2/10N/30. The…
A: Perpetual inventory system continuously records the movement of inventory. It impacts the inventory…
Q: February 2 February 7 February 14 Pay $600 for radio advertising for February. Purchase beauty…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: 11 A company that has a large investment in property, plant and equipment and that fails to…
A: Investment is a type of process wherein a person puts money into for a specific period of time ,…
Q: Business of Zeo Itd. As on 31st March 2018 Liabilities Amount (P) Asset Amount (P) Share capital…
A: Average Profit = (785000 + 845000 + 850000 + 860000)/4 = 835000 Average normal profit = 835000 -…
Q: Aaron, an individual taxpayer in the 28% tax bracket, acquired stock in AB Corporation 5 years ago…
A: The sale or exchange treatment and dividend treatment are types of transactions under which the…
Q: x Enterprises reports the following information on its year-end income st t Sales $190,000 Operating…
A: Explanation of Concept Gross Profit Percentage is been calculated with the help of following formula…
Q: JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2020 Account Title Cash Accounts…
A: Financial statements (FS) are those statements which comprises of income statement, cash flow…
Q: Gently Laser Clinic purchased laser equipment for $6,320 and paid $661 down, with the remainder to…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Crane Company leased machinery to Stine Company on July 1, 2021, for a 10-year period expiring June…
A: Introduction:- Interest Revenue is the interest earned by a company during the period of time.
Q: a) Discuss the procedures to be followed by you at the time of examining the evidences? b) How can…
A: Audit inquiry: An auditor questions management about specific business transactions or occurrences…
Q: On August 1, AA and BB pooled their assets to form a partnership, with the firm to take over their…
A: Several forms of business organisation are being used. These can be corporation, partnership or sole…
Q: Which of the following is NOT a method commonly used to determine the residual value of a property?
A: 1.d) Hire an appraiser to perform a forward-looking appraisal of the property This is not an…
Q: The entry recorded by a law firm after providing services previously recorded as Deferred Revenue…
A: Deferred revenue, often known as unearned income, refers to payments received in advance for items…
Q: Which of the following financial statements shows how net income (loss) and dividends impacted a…
A: Out of the profit earned by the business organization, some of the profit is distributed by them to…
Q: Your friend has come to you for advice on how to record a transaction in their accounting records…
A: Introduction: A trial balance is created in the form of a statement that indicates the debit and…
Q: The ledger of Casper Consulting at January 31, 2014 includes the following selected accounts: Debit…
A: Adjusting Entries- An adjusting journal entry is one that occurs in a company's general ledger at…
Q: The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal…
A: A trial balance is the summary of the general ledger balances. And the total of debits and credits…
Q: Accounts Cash Capital Prepaid insurance Salary expense Service Revenue mission revenu Debit (OMR)…
A: Introduction: Net income: Deduction of all expenses from revenues derives the Net income. Net income…
Q: Waterway Industries produces a product that requires 2.60 pounds of materials per unit. The…
A: Standard direct materials price per pound is the purchase price of raw materials after excluding…
Q: At November 1, 2021, the following existed in the records of Lauren Company:Plant and equipment…
A: In this question, we are required to compute the net amount that should appear in Lauren’s statement…
Step by step
Solved in 3 steps
- 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.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.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.
- Alert Companys shareholders equity prior to any of the following events is as follows: The company is considering the following alternative items: 1. An 8% stock dividend on the common stock when it is selling for 30 per share. 2. A 30% stock dividend on the common stock when it is selling for 32 per share. 3. A special stock dividend to common shareholders consisting of 1 share of preferred stock for every 100 shares of common stock. The preferred stock and common stock are selling for 123 and 31 per share, respectively. 4. A 2-for-1 stock split on the common stock, reducing the par value to 5 per share (assume the same date for declaration and issuance). The market price is 30 per share on the common stock. 5. A property dividend to common shareholders consisting of 100 bonds issued by West Company. These bonds are carried on the Alert Company books as an available-for sale investment at a fair value of 48,000 (which is also its cost); it has a current value of 54,000. 6. A cash dividend, consisting of a normal dividend and a liquidating dividend, on both the preferred and the common stock. The 10% preferred dividend includes a 2% liquidating dividend, and the 2.30 per share common dividend includes a 0.30 per share liquidating dividend (separate liquidating dividend contra accounts should be used). Required: For each of the preceding alternative items: 1. Record (a) the journal entry at the date of declaration and (b) the journal entry at the date of issuance. 2. Compute the balances in the shareholders equity accounts immediately after the issuance (any gains or losses are to be reflected in the retained earnings balance; ignore income taxes).The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. Open the file STOCKEQ from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then fill in the columns to show the effect of each of the selected transactions and events listed earlier. Enter your name in cell A1. Save the completed worksheet as STOCKEQ2. Print the worksheet. Also print your formulas. Check figure: Total stockholders equity balance at 12/31/12 (cell G21). 398,800.
- Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. In the space provided below, prepare the stockholders equity section of Chen Corporations balance sheet as of December 31, 2012. Use proper headings and provide full disclosure of all appropriate information. Chens corporate charter authorizes the issuance of 1,000 shares of preferred stock and 100,000 shares of common stock.Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.
- Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements.