At the start of the fiscal year, Comfortable Company has 100,000 shares of its ₱10 par value common stock. The stocks were initially issued at ₱18 per share. On June 16, the company issued additional 20,000 shares at ₱20 per share. Comfortable Company has retained earnings of ₱245,600 at the beginning of the fiscal year. The company reported net income of ₱89,540. On September 30, cash dividend of ₱60,000 were distributed to stockholders. How much would be the stockholders' equity at the end of fiscal year October 31, 2019?
Q: For 2010 and 2011, Sabil Corporation earned net income of $480,000 and S640.000 and paid dividends…
A: Journal entries is the recording of transaction at the initial stage of incurring the transactions.
Q: James Corporation earned net income of $90,000 this year. The company began the year with 600 shares…
A: Theory part: EPS: Full form of EPS is Earnings per share. This ratio tells the profit earned on each…
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: Nikron Corporation issued 10,000 shares of $5 par value common stock during the year for $60 each.…
A: Total stockholders equity of the business means total amount attributable to the shareholders of the…
Q: On December 31, Noah Co. had 40,000 weighted average outstanding ordinary shares. During the year,…
A: Calculation of basic learning for shares is done then consideration of only ordinary shares is taken…
Q: During Year 3, Blue Ridge Corporation reported after-tax net income of $4,150,000, During the year,…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: February 16, Hawthorne Co. declares a $0.34 dividend to be paid on April 5. Hawthorne has 2,000,000…
A: Dividend pay will result in cash outflows
Q: On December 31, 2022, Voice Company had 500,000 ordinary shares issued and outstanding, 400,000 of…
A: SOLUTION- COMPUTATION OF WEIGHTED AVERAGE NUMBER OF SHARES - DATE NUMBER OF SHARES MONTHS…
Q: During Year 3, Blue Ridge Corporation reported after-tax net income of $4,150,000, During the year,…
A: Dividend yield = Dividend per share to common stockholders / Market price per share
Q: Lucky Corporation began the year with a simple capital structure consisting of $240,000 shares of…
A: Formula: Earnings per share = Net Income / outstanding Weighted average common shares Division of…
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: The condensed balance sheet of C Company as of December 31, 2020 is shown below: On January 1,…
A: Business combination refers to the combination of transaction or event under which the investor…
Q: Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued…
A: No of shares issued = 60,000 shares Par value of shares issued = $2 Net Income = $250,000 Dividend =…
Q: Kakhie Company issued share capital of 20,000 shares with USD5 par at USD10 per share. On January 1,…
A: The calculation is given below
Q: Bentiey Corporation received cash from issuing 12,000 shares of common stock at par on January 1,…
A: Issue of common stock is one of the ways in which the companies can raise funds for financing the…
Q: n April 2, 2011, Caesar Corporation’s BOD declared a 15% stock dividend for stockholders on record…
A: The question is based on the concept of Financial Accounting. When a dividend is declared the amount…
Q: ABC Corporation was organized on January 3, 2007, with authorized capital of 100,000 shares of P10…
A: January 7 :- Common stock = 40,000 x 10 = 400,000 Additional paid in capital =…
Q: FRANCE, INC. began operations in January 2016, and reported the following results for each of its…
A: Answer: Book Value: It is the equity of the company and the book value per share is indicated the…
Q: At the beginning of the year, a company has issued a total of 500,000 shares of common stock,…
A: Introduction: Retained earnings: Retained earnings refer to the income residing in the business…
Q: The annual report for Sneer Corporation disclosed that the company declared and paid…
A: 1.
Q: During its first year of operations, Harlan Corporation had the following transactions pertaining to…
A: A par value stock is a type of common or preferred stock having a nominal amount (known as par…
Q: Lucky Corporation began the year with a simple capital structure consisting of 200,000 shares of…
A: Formula: Earnings per share = Net income / Weighted average number of equity shares
Q: FRANCE, INC. began operations in January 2016, and reported the following results for each of its…
A: Book Value Per shares: It is the minimum value of equity per-share basis and is calculated by…
Q: Almond, Inc held its quarterly dividend meeting on December 8. At that time, the directors declared…
A: Dividend payable = No. of shares * Dividend per share
Q: AUBURN Corporation had 120,000 of ordinary shares issued and January 2 of the same year, the company…
A: Earnings per share represent the earnings held in hands of each shareholder of the company. It is…
Q: Company A has net sales revenue of $780,000, cost of goods sold of $343,200 and all other expenses…
A: Basic EPS = Net Income / Weighted Average No. of Shares Sales Revenue = $780000 Cost of Goods Sold =…
Q: meric Response Sample Corp. was organized on January 1, 2021, with authorized capital of 100,000…
A: The balance of RE is determined from the net income and dividend declared during the year. The…
Q: At the beginning of the current year, BFAR Corp. was authorized to issue 100,000 shares with P50 par…
A: The retained earnings increases with revenue and decreases with losses during the period. 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: Milo Co. had 800,000 shares of common stock outstanding on January 1, issued 126,000 shares on May…
A: Basic earnings per share = (Net income - Preferred dividend) / Weighted average no. of common shares…
Q: Belton, Inc. had the following transactions in 2018, its first year of operations: Issued 37,000…
A: The total paid-in capital will be calculated by multiplying the shares issued by the company by the…
Q: aranji Tegar Bhd (KTB), an oil and gas company has 6,000,000 ordinary shares with a market value of…
A: (A) the appropriate journal entries to record the above transactions. S.NO DATE…
Q: Spring Company is authorized to issue 7500,000 shares of $2 par value common stock. In its first…
A: Journal entry is defined as the book of accounts which records or maintain the transactions of the…
Q: For the last three years, Squarepants Corporation paid the following cash dividends: 2016 - P…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Junior Berhad is a company that, during the year ended 31 December2020, paid RM25,000 debenture…
A: Profit of the business can be calculated by subtracting all the costs from the total sales revenue…
Q: During the first year of operation, a company issued 60,000 shares of $2 par value common stock at a…
A: Paid in Capital Common Stock will consist of preferred and common stock in total. It is also called…
Q: On September 1, Reedy Company has 500,000 shares of $30 par value ($330 market value) common stock…
A: Stock splits: Stock split means dividing single stock into multiple number of shares. Under stock…
Q: On January 1, 2010, Deweese Corporation had $1,000,000 of common stock outstanding that was issued…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: A company was organized on January 2, 2018. During the first year of operation, it issued 60,000…
A: Paid in Capital Common Stock will consist of preferred and common stock in total. It is also called…
Q: The Channing Company earmed $64,000 last year. The capital stock of the company consists of $500.000…
A: Dividend: It can be defined as the distribution of the net profits of the company to its…
Q: On January 1, 2007, Part Corporation had issued and outstanding 10,000 shares of P10 par common…
A: The dividend can be paid in cash form or shares form. The stock dividend less than 25% is issued at…
Q: Myrtle Corporation began the year with a simple capital structure consisting of 480,000 shares of…
A: Earnings per share is a financial ratio that indicates a company’s ability to earn revenue for its…
Q: Compute for the book value of preference shares on December 31, 2018 and book value of ordinary…
A: FRANCE, INC. began operations in January 2016, and reported the following results for each of its…
Q: PickApart Arts, Inc., had earnings of $398,000 for the year. The company had 44,000 shares of common…
A: It is the income which is available to the common shareholders per share after giving preferred…
Q: Monitor Company has 120,000 ordinary shares issued and outstanding at January 1, 2020. On January 2…
A: Earnings per share represent the earnings held in hands of each shareholder of the company. It is…
Q: Junkyard Arts, Inc., had earnings of $446,400 for the year. The company had 54,000 shares of common…
A: Junkyard earnings = $ 446400 Common stock outstanding = 54000 shares Number of preferred stock =…
Q: On January 1, 2021, Eugene Co. had retained earnings of P1,240,000. During 2021, the co. earned net…
A: Retained earnings balances are adjusted for many reasons. This is the summary of retained earnings.…
At the start of the fiscal year, Comfortable Company has 100,000 shares of its ₱10 par value common
stock. The stocks were initially issued at ₱18 per share. On June 16, the company issued additional 20,000
shares at ₱20 per share. Comfortable Company has
fiscal year. The company reported net income of ₱89,540. On September 30, cash dividend of ₱60,000
were distributed to stockholders. How much would be the stockholders' equity at the end of fiscal year
October 31, 2019?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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?Bastion Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the EPS for the year for Bastion?Jupiter 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 Jupiter Corporations weighted average number of shares for the year?
- Brunleigh Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is Brunleigh Corporations weighted average number of shares for the year?Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. The company pays the dividend on December 14. What is the journal entry to record the payment of the dividend?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.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.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.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 375. The bonds are classified as a heldtomaturity 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 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 (l). 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 1. Journalize the selected transactions. 2. 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.