At the beginning of the current year, SCARLET Company's issued and outstanding shares total 100,000 shares of P10 par value, Share Premium of P400,000 and Retained Earnings of P360,000. The following transactions occurred during the year: January 10 Sold 40,000 shares at P15 per share March 27 Purchased 5,000 treasury shares at a cost of P12 per share. October 31 Issued P5,000,000 convertible bonds at 120.The bonds are quoted at 98 without the conversion feature. November 10 Declared a 2 for 1 split when the market value of the share was P16. December 15 Sold 20,000 shares at P10 per share. December 31 Net income for the year was P550,000
Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…
A: Preference shares-Cumulative These are the shareholders having right to receive dividends if…
Q: Instructions: prepare the journal entries on above transactions.
A: Calculation of Dividend Paid :- Shares outstanding at the beginning 60000 Add : New issue…
Q: July 3, 20x2, Yami issued 150,000 of its ordinary shares for P1,950,000. A 5% share dividend was…
A: Solution: Working: Date Particulars Ordinary Share (P) paid in capital of excess of par retained…
Q: At the beginning of the current year, SCARLET Company's issued and outstanding shares total 100,000…
A: Opening shareholder's equity balances: Common stock:100,000 shares @10 par value=1,000,000 Share…
Q: AUBURN Corporation had 120,000 of ordinary shares issued and outstanding at January 1, 2021. On…
A: Formula: Basic earnings per share = Net income available to Ordinary shareholders / No. of Ordinary…
Q: At the beginning of the current year, Relay Company was organized and authorized to issue 100,000…
A: Shareholders equity is the amount that the owner has invested in the business including retained…
Q: The corporate charter of Reilly Corporation allows the issuance of a maximum of 10,000,000 shares of…
A: Shares are the units of the total stock of a company which shows the fractional ownership of the…
Q: Abs Company had 20,000 ordinary shares outstanding on January 1 of the current year. On May 1, the…
A: Earning per share: It implies to the earnings that is being received by the company's shareholders…
Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…
A: Dividend: It is the distribution of profits to its shareholders when a corporation makes profit .
Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…
Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…
A: SOLUTION- NOTE= DIVIDEND ARREARS OF 2 YEARS DOES NOT EFFECT RETAINED EARNING OF THIS YEAR…
Q: Sizzle Company shareholders' equity at the beginning of 2010 is shown at the table below: Ordinary…
A: The shares in treasury stock are not outstanding as these are not with the shareholders and company…
Q: An entity had issued 950,000 P50-par ordinary shares. Of these, 32,000 shares were held as treasury…
A: Given that, Opening balance in retained earnings = P12900000 An entity had issued 950,000 ordinary…
Q: Helu Corporation was organized on January 1, with an authorization of 1,000,000 ordinary shares with…
A: Shares of the company can be issued at par value or value more than par value or less than par…
Q: On January 2, Year 1, Torres Corporation issued 17,000 shares of $12 par-value common stock for $18…
A: Issue of common stock more than par value: When a company issues common stock at a value more than…
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: At year-end, Lazy Company had 10,000 ordinary shares and 20,000 convertible preference shares…
A: In order to determine the Earning per share, the earnings available to the common shareholders are…
Q: During May 1, 20x1, Yami Inc. issued 90,000 of its P10 par value ordinary shares for P1,080,000. Net…
A: 1) Journal Entries Date Particulars No of share Debit Credit Retained Earning May-20x1 Bank…
Q: At the beginning of the current year, SCARLET Company's issued and outstanding shares total 100,000…
A: What is meant by Stock Split? As the name suggests, when one stock is split into more stocks…
Q: Sampson Corp. had 500,000 shares of common stock outstanding at the beginning of the year. The…
A: Solution Concept Basic earning per share =earning available for common shareholders / weighted…
Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…
A: SOLUTION- CUMULATIVE PREFERENCE SHARES ARE REGULAR PREFERENCE SHARES WITH ONE ADDITIONAL BENEFIT.
Q: The annual report for Sneer Corporation disclosed that the company declared and paid…
A: 1.
Q: Sizzle Company shareholders' equity at the beginning of 2010 is shown at the table below: value,…
A: The treasury stock includes the shares that are repurchased from the shareholders.
Q: On January 1, Vermont Corporation had 43,000 shares of $9 par value common stock issued and…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: An entity had issued 950,000 P50-par ordinary shares. Of these, 32,000 shares were held as treasury…
A: The treasury stock reduces the number of outstanding shares but issued shares are not effected with…
Q: Badway Co. reported profit for the year amounting to ₱4,000,000. Badway Co. has the following equity…
A: Diluted EPS is determined for the purpose of identifying earnings per share of the corporation if…
Q: Helu Corporation was organized on January 1, with an authorization of 1,000,000 ordinary shares with…
A: Treasury stock: Shares which are bought back by the company from the open market but not retired…
Q: Gotham Inc. issued 10,000 shares of its $2 par value common stock for $25 per share. The journal…
A: Cash (10,000 x $25) 250,000 Common Stock (10,000 x $2) 20,000 Additional Paid-in Capital…
Q: the shares issued for cash the year would be _____shares.
A: Legal capital refers to the amount of the corporation's equity that cannot be legally allowed to…
Q: Al Anwar Company has 10,000 shares authorized, OMR2 par value, 4,000 shares issued and outstanding…
A: Given that: Number of shares repurchased = 400 shares at a cost of OMR 5 per share Shares reissued =…
Q: An entity had issued 950,000 P50-par ordinary shares. Of these, 32,000 shares were held as treasury…
A: The treasury shares includes the buy back of its own shares by company.
Q: Sizzle Company shareholders' equity at the beginning of 2010 is shown at the table below: Ordinary…
A: The treasury stock includes the shares that are repurchased from the shareholders of the business.
Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…
A:
Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…
A: 5B. Number of PREFERENCE shares outstanding = No. of shares issued -tresaury shares = 20000 - 4000 =…
Q: Field Company's stockholders' equity account balances at December 31, 2006, were as follows: Common…
A: Total stockholders equity in the business means total amount attributable to the shareholders of the…
Q: Katrina Company reported the following information at the end of reporting period: 1,500,000 Bonds…
A: Earnings per share are of two types 1. Basic Earnings per Share is calculated by dividing net…
Q: Simon Corporation is authorized to issue 4,000,000 shares of P4 par value ordinary shares. The…
A: Stockholders' equity= Equity share capital + retained earnings - treasury shares Or All assets -…
Q: On January 1, Vermont Corporation had 46,400 shares of $9 par value common stock issued and…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: At the beginning of the current year, Bella Company was organized and authorized to issue 100,000…
A: The shareholders' equity section displays all the capital, income or losses that belongs to…
Q: At year-end, Gaze Company had 100,000 ordinary shares and 20,000 convertible preference shares…
A: In order to determine the earning per share, the total earning available o equity shareholders are…
Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…
A: A non-participating preferred share, Non-Participating Preference shareholder is only entitled to…
Q: On January 1, Vermont Corporation had 40,000 shares of $10 par value common stock issued and…
A: Treasury stock: Shares which are bought back by the company from the open market but not retired…
Q: An analyst has gathered the following information about a company: 110,000 shares of common…
A: The question is based on the concept of Finacial Accounting.
Q: CFAS Company showed the following information from its shareholders' equity at year-end before the…
A: Accounting Entry to be made: General Journal Debit Credit Common Stock (5100 shares * P125)…
Q: Andam Corporation has outstanding 60,000 shares of 5% preference shares with a P50 par value and…
A: The details of capital structure of company is given. Required Calculate total dividend to be…
Q: Atlanta Company provided the following information at the beginning of the current year: Ordinary…
A: Calculation of earnings attributable to ordinary shares : Particulars Amount Net income for…
Q: An entity had issued 950,000 P50-par ordinary shares. Of these, 32,000 shares were held as treasury…
A: 1. Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders…
Q: An entity had issued 950,000 P50-par ordinary shares. Of these, 32,000 shares were held as treasury…
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…
Please answer in good accounting form. Thankyou
What is the total shareholders' equity at year-end?
Step by step
Solved in 2 steps
- 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.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.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.
- 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.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.CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT During the year ended December 31, 20--, Baggio Company completed the following transactions: Apr. 15 Declared a semiannual dividend of 0.65 per share on preferred stock and 0.45 per share on common stock to shareholders of record on May 5, payable on May 10. Currently, 6,000 shares of 50 par preferred stock and 70,000 shares of 1 par common stock are outstanding. May 10 Paid the cash dividends. Oct. 15 Declared semiannual dividend of 0.65 per share on preferred stock and 0.45 per share on common stock to shareholders of record on November 5, payable on November 20. Nov. 20 Paid the cash dividends. 22 Declared a 10% stock dividend to shareholders of record on December 8, distributable on December 16. Market value of the common stock was estimated at 15 per share. Dec. 16 Issued certificates for common stock dividend. 20 Board of directors declared a two-for-one common stock split. REQUIRED Prepare journal entries for the transactions.
- 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.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.
- Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?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. 3,370,000Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 0 par common stock at 0, 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 375. The bonds are classified as a held- to-maturitv 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 545, including commission. p. Recorded the payment of semiannual interest on the bonds issued 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 (1). 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 had a beginning balance of zero. Instructions Journalize the selected transactions. After all of the transactions for the year ended December 31, 2016, had been posted [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 income statement for the year ended December 31, 2016, 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, 2016. c. Prepare a balance sheet in report form as of December 31, 2016. Income statement data: Advertising expense 150,000 Cost of merchandise sold 3,700,000 Delivery expense 30,000 Depreciation expense -office buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Dividend revenue 4,500 Gain on sale of investment 4,980 Income from Pinkberry Co. investment 76,800 Income tax expense 140,500 Interest expense 21,000 Interest revenue 2,720 Miscellaneous administrative expense 7.500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,254,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Available for sale investments (at cost) 260,130 Bonds payable. 5%. due 2024 500,000 Cash 246,000 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued. 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 500,000 Income tax payable 44,000 Interest receivable 1,125 Investment in Pinkberry Co. stock (equity method) 1,009,300 Investment in Dream Inc. bonds (long term) 90,000 Merchandise inventory [December 31, 2016). at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4.320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock. 80 par (30,000 shares authorized; 20,000 shares issued] 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 2016 9,319,725 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 Unrealized gain (loss) on available for sale investments (6,500) Valuation allowance for available for sale investments (6,500)