ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions during the year: Jan. 1 Feb. 2 June 1 Dec 1 150,000 O 110,000 What is the number of ABC Corp.'s ordinary share outstanding at December 31, 2020? 120,000 number of shares authorized number of shares issued number of shares reacquired but not retired 2 for 1 share split O 115,000 80,000 60,000 5,000
Q: Revenue on account amounted to $5,000. Cash collections of accounts receivable amounted to $4,700.…
A: The portion of a company's cash flow statement titled "cash flow from operations" shows how much…
Q: Zachary Company's cost and production data for two recent months included the following: Production…
A: Every organization even if a manufacturing unit or trading company has some predetermined set of…
Q: The financial statements of Calloway Company prepared at the end of the current year contained the…
A: The balance sheet shows the financial position of the company. It includes assets, liabilities, and…
Q: Define and explain the relationship between Assets, Liabilities, Equity, Revenues and Expens
A: Corporation - An organization that has been registered as a corporation under a corporation act has…
Q: A manufacturer's Raw Materials Inventory account appears as follows: Raw Materials Inventory 26, 100…
A: Cost of Manufacturing :— Cost of Manufacturing Include all type of Cost Incurred during the…
Q: The business started with a capital of 100,000 dinars in cash. Which account is ?debited Bank Assets…
A: Capital: Capital is the amount of cash and other assets invested in the business. whenever any…
Q: Required: 1. Prepare journal entries for 2021, 2022, 2023 and 2024 to record income tax expense and…
A: Please fallow the answer below : Statement showing the Income Tax Payable 2021 2022 2023 2024…
Q: George and Wanda received $29,100 of Social Security benefits this year ($11,000 for George, $18,300…
A: Answer:- Social Security benefits meaning:- Benefits from Social Security offer qualify the retired…
Q: Required: Prepare all the necessary consolidation journal entries at 31 December 20X5, the year-end.…
A: Consolidation means combining assets, liabilities, and other items on the balance sheet. In this, a…
Q: Badgersize Company has the following information for its Forming Department for the month of August.…
A: The work-in-process inventories at the conclusion of an accounting cycle are generally referred to…
Q: Muhammad bought goods for the amount of 800,000 dinars from Al-Fayhaa ?Trading Company on the…
A: The different accounts in the business have debit and credit balance. The journal entries are…
Q: V Co.acquires 70% interest in W Co. its supplier of raw materials by issuing 100,000 of its own…
A: Acquisition-related costs are the cost which are incurred by the acquirer to effect the business…
Q: Problem 3. Mala Prohibita Inc. is evaluating a proposal to acquire a new equipment. The equipment…
A: The cost of capital is the return a business must obtain to cover the expense of a proposed…
Q: from for services to be one-year period beginning on that date. How On September 1, Year 1, Gomez…
A: The cash flow statement is a guidance statement for the organization. This written report stating…
Q: Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Factory Overhead Rates, Entries, and Account Balance Eclipse Solar Company operates two factories.…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Which of the following shows the effects of providing services for cash on the accounting equation?…
A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets =…
Q: Pan Shoe Inc., sells luxury shoes. On May 17th, Pan Shoe Inc., sold $1,000 worth of shoes on…
A: The journal entries are prepared to keep the record of day to day transactions of the business.…
Q: How do I calculate the percentage of total revenue that end as net earnings
A: The net earnings are the net profit drives from the sale revenue after deducting cost, operating and…
Q: Pacific Gas and Electric Company is a large gas and electric utility operating in northern and…
A: Lets understand the basics. For calculating earning per share, we need to use below formula. Earning…
Q: You have been asked by the proprietor of the SANDOVAL CO. to verify the accountability of the…
A: Hi, as you have posted more than three sub parts but as per the bartleby policy we are only able to…
Q: On November 30, JT's Consulting Services wrote Check 1004 for $7,000 to prepay ? rent for December…
A: A journal entry records a transaction in the accounting system for an organization. Generally There…
Q: Use the information below for 3M Company to answer the requirements (perform these computations from…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Mar. 25) The company completed work for another client for $6,800 on credit. Note: Enter debits…
A: Introduction: A journal entry is a record of a business transaction in an organization's accounting…
Q: Is depreciation expense closed? If so, is it closed to income summary like the other expense…
A: Depreciation Expenses It's crucial to think about how long assets will keep worth as well as how to…
Q: Cactus Inc. purchased a machine on January 1, 2022, at a cost of $60,000. The machine is expected to…
A: Depreciation expense using double declining balance method :— Under this method, depreciation…
Q: Which of the following shows how the year-end adjustment to recognize supplies expense will affect a…
A: Supplies Expense :— It is an expense account. It means purchase of inventory. Year end adjustment…
Q: Required information [The following information applies to the questions displayed below.) Martinez…
A: Lets understand the bascics. Cost are divided into two types which are, (1) Variable cost (2) Fixed…
Q: Express the following comparative income statements in common-size percents. Using the common-size…
A: Common size comparative income statement :— It is an income statement in which all items of income…
Q: The following are accounts taken from the books of WEI LONG TRADING for year ended December 31,…
A: Multi Step income statement :— It is an income that is spilted into small items. Rows of this…
Q: Accounting standard IAS16: Property, Plant and Equipment make a number of recognition, measurement…
A: Every organization uses assets to conduct business and manufacture products such as Machinery,…
Q: Prepare a job cost sheet for Job 201 and for Job 202 for the month. 2. Compute gross profit on the…
A: Job costing is one of the important form of costing. Under this costing, all costs are accumulated…
Q: Bonds Payable has a balance of $867,000 and Premium on Bonds Payable has a balance of $9,537. If the…
A: Assumed Bonds has a face value = 100 Bonds Payable has a balance = 867000 Number of Bonds =…
Q: Distinguish between current assets and non-current assets, giving TWO examples of each type of…
A: Assets are the resources owned by an entity for running the daily operations of the business. These…
Q: Hi so is the sales discount forfeited not used?
A: Business organizations generate income statements so that they may determine how much gross profit…
Q: Tamarisk Company produces golf discs, which it normally sells to retailers for $8 each. The cost of…
A: Accept or reject a special order is the managerial decision making process that helps in analyzing…
Q: How much is the share premium and acquired fair value of Net assets ?
A: Given in the question: Fair value of the V company’s equity instrument = 2030 per share Fair value…
Q: Asap A company purchased plant and equipment 4 years ago for $100 000. Depreciation is provided…
A: Introduction: Replacement cost is the cost of replacing a crucial resource, such as a residential…
Q: The Ted Williams Corporation has the following stock outstanding: 100,000 shares of…
A: Dividend :— The annual or Interim Return paid by the Company to their Preference Shareholders or…
Q: Using the information from your worksheet above, prepare appropriate journal entries to record the…
A: Depreciation Accounting :— Depreciation is the Decrease in Value of Assets due to wear, Tear and…
Q: Exercise 2-11 (Algo) Understanding financial statement relationships LO 2-2, 2-3 The information…
A: Accounting Equation :— It is the relationship between assets, liabilities and owner's equity.…
Q: Mar. 31) The company paid $1,000 cash for this month’s utility bill. Note: Enter debits before…
A: Recording of journal entries is one of the starting step of accounting cycle process. Under this,…
Q: PROBLEM 4 Marquess Corporation has provided the following partial listing of costs incurred during…
A: Answer:- Product cost meaning:- The overall expenses associated with creating and preparing a…
Q: Amelia, a sole proprietor of Amelia Camera Gear, extracted the following balances from the books of…
A: Financial statements are those reports and statements which are prepared at the end of accounting…
Q: During the month of May, Russnak Corporation, a manufacturing company, purchased raw materials…
A: Formulas 1. Cost of raw material used in production Beginning balance of raw material +…
Q: depreciable, the absence of depreciation
A: Depreciation refers to the decrease in the value of an intangible asset over a period of time. There…
Q: In decimal notation, the average amount of taxes paid is % of the total amount of money taken in. In…
A: The taxes are collected by the government for the multiple services provided by it to the public…
Q: 1 Build the unadjusted trial balance columns from the given information. Only input amounts for…
A:
Q: Lawson Consulting had the following accounts and amounts on December 31. The Retained Earnings…
A: The financial statements of the business includes the income statement and balance sheet. The income…
Q: Bag Teeth manufactures dental supplies & equipment. Bag Teeth Act's Total sales for year 2022 is…
A: 1. The direct labour to be calculated as multiplication of number of assembly employees with wages…
Step by step
Solved in 3 steps
- Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000Calculating 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. 190,000
- Winona 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.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.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.
- 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.Effective May 1, the shareholders of Baltimore Corporation approved a 2-for-1 split of the companys common stock and an increase in authorized common shares from 100,000 shares (par value 20 per share) to 200,000 shares (par value 10 per share). Baltimores shareholders equity items immediately before issuance of the stock split shares were as follows: What should be the balances in Baltimores Additional Paid-in Capital and Retained Earnings accounts immediately after the stock split is effected?
- 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?Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Apr. 10, issued 1,000 shares of stock for legal services valued at $15,000. Journalize the transaction.