Bernie Bird Co. adjusted trial balance on December 31, 20x1, includes the following account balances: Ordinary shares, P5 par 800,000 Subscribed share capital 100,000 Share premium 1,120,000 Subscription receivable 80,000 Cumulative losses on translation of foreign operation 60,000 Retained earnings - appropriated 320,000 Retained earnings - unappropriated 700,000 Treasury shares, at cost 200,000 What amount should Bernie report as total shareholders' equity in its December 31, 20x1 statement of financial position? O 2,760,000 O 2,860,000 O 3,380,000

Bernie Bird Co. adjusted trial balance on December 31, 20x1, includes the following account balances: Ordinary shares, P5 par 800,000 Subscribed share capital 100,000 Share premium 1,120,000 Subscription receivable 80,000 Cumulative losses on translation of foreign operation 60,000 Retained earnings - appropriated 320,000 Retained earnings - unappropriated 700,000 Treasury shares, at cost 200,000 What amount should Bernie report as total shareholders' equity in its December 31, 20x1 statement of financial position? O 2,760,000 O 2,860,000 O 3,380,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.23E

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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.
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Kalinga Company reported the following adjusted account balances at year-end: Share capital 15,000,000 Share premium 5,000,000 Treasury shares, at cost 2,000,000 Actuarial loss on defined benefit plan 1,000,000 Retained earnings unappropriated 6,000,000 Retained earning appropriated 3,000,000 Revaluation surplus 4,000,000 Cumulative translation adjustment- credit 1,500,000 REQUIRED: What amount sjould be reported as shareholder's equity at year-end? a. 31,500,000 b. 32,500,000 c. 28,500,000 d. 25,500,000
ABC Company reported the following information on December 31, 2020: Ordinary share capital, P3 par 600,000 Share premium 800,000 Treasury shares, at cost 50,000 Net unrealized loss on available for sale securities (investment at FVTOCI) 20,000 Retained earnings appropriated for unissued earthquake loss 150,000 Retained earnings unappropriated 200,000 What amount should be reported as total shareholders' equity on December 31, 2020?
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