3TATEMENT For (In Philippine Peso) Capital Stock Common Stock (20,000 outstanding shares @ P100.00 par value) Retained Earnings, Beginning Add: Net Income Total Less: Dividends Paid Retained Earnings, End Stockholders' Equity, End Using the above Statement of C solutions. 1. How many additional shares How many outstanding share - How many percent was the in How much dividend was paid How much dividend was rece How many percent was the in
Q: Knox Corp has a selling price of $18, variable costs of $13.86 per unit, and fixed costs of $23,500....
A: The question is based on the concept of Financial Management. Contribution Margin is the difference ...
Q: A time deposit with a bank or a fixed deposit with an original maturity of 4 months would not qualif...
A: Solution Concept Cash and cash equivalent is present in the balance sheet as a current assets Cash a...
Q: SALAMAGUNDI, INC. Income Statement For the Year Ended December 31, 2021 Net Sales $160 Cost of Goods...
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If yo...
Q: What is the balance of the unrealized profit in branch inventory on december 31, 2016?
A: A method of bookkeeping in which separate accounts are prepared for each branch and reported to head...
Q: Margin of Safety Yellow Sticker Company’s variable expenses are 40% of sales. The company has month...
A: The margin of safety is a tool of cost volume profit analysis. It can be calculated by deducting bre...
Q: MainCo Company's accounting policies require the company to maintain a petty cash balance of $235. M...
A: Answer) The correct option is: Account Titles Debit Credit Office Supplies expense ...
Q: A factory produces a cheddar snack flavor with a Fixed Factory Overhead Cost of P60,000 and Fixed Se...
A:
Q: end öf each following year. a) To what sum will the investment grow at the time of the 10th deposit?...
A: Interest is amount of money which the company earns on the investment made by the company which has ...
Q: On February 3, Smart Company sold merchandise in the amount of $2,400 to Truman Company, with credit...
A: Journal entries are used to keep financial transactions organized. You enter transaction data into y...
Q: On January 2, 2020, Guitar Company leased a warehouse to Violin Corporation under an operating lease...
A: As per IFRS 16, Lease incentive given by lessor is reduced by lessee while computing lease liability...
Q: How does the Estate Tax affect the Business valuation/estate planning industry?
A: Estate tax- An estate tax is a levy on estates whose worth exceeds an omission limit set by law. Onl...
Q: Jessie buys 100 shares of stock at $29.52 per share and then sells the stock 9 months later at $37.8...
A: Annual interest or gain is the gain which is calculated on an annual basis by extrapolating the gain...
Q: Before the allocation of loss, the following items are allocated first, except: A. Salaries to manag...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: Can A recognize the $25,000 loss in 2016? How much loss will A recognize on the IBM calls in 2017? W...
A: Here, in the example, A has made loss on two counts. The 1st loss is incurred when the shares acquir...
Q: Give any three types of examples in each of operating activities, financing activities and investing...
A: Cash Flow statement has been used to identify amount of cash which was earned and spent on activitie...
Q: rate of return of 10%. For one of your prospects (i.e. Charmaine’s Champagnes), you expect a rate of...
A: Following is the answer.
Q: Which of the following options regarding income earned will not be classified as revenue? Select on...
A: Lets understand the meaning of revenue and gain. Revenue is a income generated from the normal busin...
Q: These items are taken from the financial statements of Drew League II Corporation fo 2020. $33,000 R...
A: A balance sheet is a statement statement that shows the assets, liabilities, and shareholder equity ...
Q: On January 1, 2020, CDO Corporation created a special building fund by depositing a single sum of P1...
A: Trust Fund: It is the fund containing assets that is held by the trustees for the beneficiaries. I...
Q: Mark Javier is an active partner in the Javier & Dela Rosa partnership, receives an annual bonus of ...
A: Lets understand the basics. Partnership is a agreement between two or more person who works together...
Q: Moede Motors applies overhead based a single plant-wide rate and uses direct labor hours as the basi...
A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...
Q: Cameron is single and has taxable income of $53,342. Determine his tax liability using the tax table...
A: Particulars Amount$ Taxable Income 53,342 Upto $9,950 at 10% 995 $9,951-$40,525 a...
Q: Content Learning Worksheet - Answer the question and provide the page number of your solution. 1. __...
A: Oly 3 sub-parts are allowed as per policy and first 3 sub-parts have been solved.
Q: What is the total amount that was disclosed as compensation to key management personnel for the pare...
A: Compensation is the amount of money which has been earned by the employees of the company or which i...
Q: Birk applies overhead to jobs at a predetermined rate of 80% of direct labour cost. The total manufa...
A: Overhead cost = 80% of direct labour cost = £2,000 x 80% = £1,600
Q: Required: Prepare a statement of cost of goods manufactured.
A: Solution In cost of goods manufactured ,freight out is not included as it is selling cost COGS is af...
Q: 1) the requested loan can be repaid in 1, 2, 3, or 4 periods, while the emergency loan must be refun...
A: 1) The requested loan can be repaid in 1, 2, 3, or 4 periods, while the emergency loan must be refun...
Q: e payments are $382.74/month. If Henry pay 5% of his income to taxes and insurance, can e afford thi...
A: Solution Working note Calculation of total income Income per hour =13.67 Hours worked p...
Q: eBook ley Corporation issued perpetual preferred stock with a 10% annual dividend. The stock current...
A: Solution:- A) Calculation of the stock's value as follows:- Note:- Dividend = Par value x Annual di...
Q: In case the partnership makes profit, how will an industrial partner be given a share? A. what is ju...
A: There are many type of partners in partnership agreement. industrial partners is different type of p...
Q: Africa Traders is a business that sells furniture and equipment items to its customers. Due to an in...
A: Lets understand the basics. As per double entry accounting system, all the accounting transaction is...
Q: Super Ltd acquired a plant for R1 000 000 on 1 January 2020. The plant has a useful life of 4 years ...
A: Journal Entries for the year 2020: Date Account Title Post ref. Debit Credit Jan 1, 2020 Pr...
Q: anufacturer is: a. factory insurance b. sales office salaries c. sales commissions d. materials hand...
A: Labour cost are of two types : Direct and Indirect Direct labour cost can be directly assigned to th...
Q: Inventory, Inventory Count, del 1st 2nd Зrd December 31 January 1 4 at $ 39 4 at $ 42 4 at $ 45 8 at...
A: periodic inventory system is method of inventory valuation which is common nowadays . This inventory...
Q: 1. Relevant of differential cost analysis a takes all variable and fixed costs into account to analy...
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: What is the impact of the error in 2022 net income?
A: Hardy Man Inc. incurred repair costs of a machine in 2021 for P 30,000 and erroneously capitalized t...
Q: 1. Revenue calculation. 2. Calculation of The activity rate for each activity cost pool. 3. Computat...
A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first three ...
Q: Required: a- Prepare cost of goods manufactured statement b- Prepare income statement
A: Cost of Manufactured Goods = Beginning WIP + Direct Material Consumed + Direct Manufacturing Labor +...
Q: If estimated production overhead in the printing department is $120,000 and actual overhead is $116,...
A: Formula: Predetermined overhead rate = Estimated production overhead / Estimated machine hours
Q: Required information Use the following information for the Exercises below. [The following informati...
A: Journal entries are required to be passed where the entries are not passed in the books. No journal ...
Q: On April 30, 2019, Min
A:
Q: Suppose you are an investment advisor and are looking at two companies to recommend to your clients,...
A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the f...
Q: Name Paper Works Inc. makes paper products and dumps its waste into the Fish River. The waste has ha...
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...
Q: 2018 2019 2020 2021 Revenue net income Revenue Net income Rev...
A: Horizontal analysis refers to comparison of items of financial statements as the preceding year or a...
Q: ABC Company established a petty cash fund for small expenses of the offices of the main building whi...
A: Petty Cash refers to the cash that is kept aside for day-to-day expenses and has a small amount.
Q: Discuss the differences in the evaluation methods for PP&E permitted under IFRS and under US GAAP. W...
A: US GAAP and IFRS are accounting standards used for preparation and presentation of financial stateme...
Q: a. Journalize the transactions (Assume all their investment are trading securities). b. Prepare the ...
A: Investments at fair value means that the investment like the investment in the shares is recorded by...
Q: iler of sailing boats, negotiating the payment delays with your providers and clients. How can you i...
A: Company has to maintain the sufficient cash to operate and maintain the company without which compan...
Q: Valley Spa purchased $8,000 in plumbing components from Tubman Co. Valley Spa signed a 60-day, 12% p...
A: Account receivables are considered negotiable instruments. It is classified in the balance sheet und...
Q: On 17 January 2021, SA Traders, a debtor of Africa Traders, did a direct deposit payment of R11 0 Tr...
A: JF termed as Journal entries reporting of the transactions into the day book of the business and it ...
Step by step
Solved in 3 steps
- Common Dividends Thompson Payroll Service began in 2019 with 1,500,000 authorized and 820,000 issued and outstanding S8 par common shares. During 2019, Thompson entered into the following transactions: Declared a S0.20 per-share cash dividend on March 24. Paid the S0.20 per-share dividend on April 6. Repurchased 13,000 common shares for the treasury at a cost of S12 each on May 9. Sold 2,500 unissued common shares for $15 per share on June 19. Declared a $0.40 per-share cash dividend on August 1. Paid the $0.40 per-share dividend on September 14. Declared and paid a 10% stock dividend on October 25 when the market price of the common stock was $15 per share. Declared a 50.45 per-share cash dividend on November 20. Paid the $0.45 per-share dividend on December 20. Required: Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) What is the total dollar amount of dividends (cash and stock) for the year? CONCEPTUAL CONNECTION Determine the effect on total assets and total stockholders equity of these dividend transactions.Cumulative Preferred Dividends Capital stock of Barr Company includes: As of December 31, 2018, 2 years dividends are in arrears on the preferred stock. During 2019, Barr plans to pay dividends that total S360.000. Required: Determine the amount of dividends that will be paid to Barrs common and preferred stockholders in 2019. If Barr paid $280,000 of dividends, determine how much each group of stockholders would receive.Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Stanley Utilities engaged in the following transactions involving its equity accounts: Sold 3,300 shares of common stock for $15 per share. Sold 1,000 shares of 12%, $100 par preferred stock at $105 per share. Declared and paid cash dividends of $8,000. Repurchased 1,000 shares of treasury stock (common) for $38 per share. Sold 400 of the treasury shares for $42 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $87,000. Prepare a statement of stockholders equity at December 31, 2020.
- Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Haley engaged in the following transactions involving its equity accounts: Sold 5,000 shares of common stock for $19 per share. Sold 1.200 shares of 12%, $50 par preferred stock at $75 per share. Declared and paid cash dividends of $22,000. Repurchased 1,000 shares of treasury stock (common) for $24 per share. Sold 300 of the treasury shares for $26 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $123,700. Prepare a statement of stockholders equity at December 31, 2020.Common Dividends Fusion Payroll Service began 2019 with 1,200,000 authorized and 375,000 issued and outstand ing $5 par common shares. During 2019, Fusion entered into the following transactions: Declared a S0.30 per-share cash dividend on March 10. Paid the $0.30 per-share dividend on April 10. Repurchased 8,000 common shares at a cost of $18 each on May 2. Sold 1.500 unissued common shares for $23 per share on June 9. Declared a $0.45 per-share cash dividend on August 10. Paid the $0.45 per-share dividend on September 10. Declared and paid a 5% stock dividend on October 15 when the market price of the common stock was $25 per share. Declared a $0.50 per-share cash dividend on November 10. Paid the $0.50 per-share dividend on December 10. Required: Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) Determine the total dollar amount of dividends (cash and stock) for the year. CONCEPTUAL CONNECTION Determine the effect on total assets and total stockholders equity of these dividend transactions.Leverage Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,2019 Assets $8,000,000 Liabilities $1,200,000 Stockholders' equity (300,000 shares) $6,800,000 Income statement for 2019: Income from operations $1,200,000 Less: Interest expense (100,000) Income before taxes $1,100,000 Less: Income taxes expense (0,30) (330,000) Net income $ 770,000 The levels of assets, liabilities, stockholders' equity, and operating income have been stable in recent years; however, Cook Corporation is planning a 51,800,000 expansion program that will increase income from operations by $350,000 to $1,550,000, Cook is planning to sell 8.5% notes at par to finance the expansion. Required: What earnings per share does Cook report before the expansion?
- 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?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.Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as follows: During 2019, the following events and transactions occurred: 1. JR recognized sales revenues of 108,000. It incurred cost of goods sold of 62,000 and operating expenses of 12,000, 2. JR issued 1,000 shares of its 5 par common stock for 14 per share. 3. JR invested 30,000 in available-for-sale securities. At the end of the year, the securities had a fair value of 35,000. 4. JR paid dividends of 6,000. The income tax rate on all items of income is 30%. Required: 1. Prepare a 2019 income statement for JR which includes net income and comprehensive income ignore earnings per share). 2. For 2016 prepare a separate (a) income statement (ignore earnings per share) and (b) statement of comprehensive income.
- 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.Calculating the Number of Shares Issued Castanet Inc. issued shares of its $1. 50 par value common stock on November 9,2019, for $13 per share. In recording the issuance of the stock, Castanet credited the Additional Paid-In Capital- Common Stock account for $416,300. Required: How many shares were issued on November 9, 2019?Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018, balance sheet: The following transactions were reported by the company during 2019: 1. Reacquired 200 shares of its preferred stock at 57 per share. 2. Reacquired 500 shares of its common stock at 16 per share. 3. Sold 100 shares of preferred treasury stock at 58 per share. 4. Sold 200 shares of common treasury stock at 17 per share. 5. Sold 100 shares of common treasury stock at 9 per share. 6. Retired the shares of common stock remaining in the treasury. The company maintains separate treasury stock accounts and related additional paid-in capital accounts for each class of stock. Required: 1. Prepare the journal entries required to record the treasury stock transactions using the cost method. 2. Assuming the company earned a net income in 2019 of 30.000 and declared and paid dividends of 10,000, prepare the shareholders equity section of its balance sheet at December 31, 2019.
