BFAR Corp. was authorized to issue 200,000 ordinary shares with P50 par value. The company had the following chronological transactions during the year: • Issued 80,000 shares at P60 per share • Received subscription for 37,000 shares at par Re-acquired 9,000 treasury shares at P65 per share • Re-issued 2,400 treasury shares at P30 per share How many shares are outstanding at year-end? ●
Q: Use the information provided below to calculate the number of units of Product Tex that must be…
A: Required units to be produced = Estimated units of sale + Required closing inventory - opening…
Q: Ultimo Co. operates three production departments as profit centers. The following information is…
A: Contribution to Overhead :— It means Sale minus variable Overhead cost. Contribution to Overhead…
Q: Sarasota Corp. reported net sales $ 600,000, cost of goods sold $336,000, operating expenses $…
A: Introduction: Profit margin: 1 ) It tells the profitability of the company so its a profitability…
Q: Bedox during the year purchased a coal mine for 2,000,000. It cost 500,000 to prepare the coal mine…
A: Depletion rate per ton for the coal mine can be computed with the purchase cost where it was…
Q: Required information PA9-3 (Algo) Analyzing and Recording Long-Lived Asset Transactions with…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: this is a compound interest problem. do this typewritten, please. I will upvote. thank you. no…
A: Calculation of compound interest which can be incurred in many form like compounded in monthly…
Q: The following transactions and adjusting entries were completed by a paper-packaging company called…
A: Date General Journal Debit Credit 2020 Building-Storage $ 98,000 Jan. 02 Cash $ 98,000…
Q: Partners ABC, DEF, GHI and JKL initially invested P45,000; P60,000; P65,000 and P85,000 each to form…
A: Net income of partnership is the amount of profits earned by the partnership firm. This is to be…
Q: If JoBlo Inc., has a retained earnings opening balance of $50,000 at the beginning of the year, and…
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after…
Q: QUESTION THREE a) Dalware enterprise estimates that its bad debts amount to 1% of the sales which…
A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…
Q: a. The market value of the comps should be available. b. The valuation object should be compared…
A: d. The prices of the comps should be standardized, meaning a price ratio instead of the absolute…
Q: On January 1 of its first month of business, Bags Bunny, Inc., paid $74,000 for six months rent…
A: Lets understand the basics. Adjustment entry is need to pass to record correct amount of revenue and…
Q: Sky Company is unable to reconcile the bayk balance at January 31. Sky's reconciliation is as…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: The partner equity balances are Jack, Capital 30000,Current 90000; Bob, Capital 35000, Current…
A: Lets understand the basics. In partnership, partners accounts divided into two types. (1) Capital…
Q: Casas Modernas of Juarez, Mexico, is contemplating a major change in its cost structure. Currently,…
A: Introduction: The last line of the financial statements is net income. However, some income…
Q: Prepare a journal entry on June 30 for the payment of dividends of $16,000. If an amount box does…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Corporations Question 1 M & C Corporation charter authorizes 1,000,000 shares of common stock and…
A: According to the given question, we are required to prepare the journal entries, stockholders'…
Q: compute for the cash distributed to DEF. ENTIN DIFIC
A: At the time of liquidation of partnership firm, Realization account is prepared by the entity. All…
Q: Ernest Company uses an imprest petty cash system. The fund was established on March 1 with a balance…
A: Solution: Petty cash fund is established to provide business with sufficient to cash to meet minor…
Q: Required: 1. Compute (a) the CM ratio and the break-even point in skateboards, and (b) the degree of…
A: Introduction:- Break-even point point means, where no profit or loss At Break-even point point,…
Q: Warner Company's year-end unadjusted trial balance shows accounts receivable of $104,000, allowance…
A: Allowance for uncollectible accounts is considered a contra asset account. It is prepared against…
Q: Urban Window Company had gross wages of $248,000 during the week ended July 15. The amount of wages…
A:
Q: 2) A purchase of equipment for $18 000 also involved freight charges of $500 and installation costs…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: 3.1 Calculate the ratio (expressed to two decimal places) for 2021 to reflect each of the following:…
A: 3.1.1 The rate at which inventory is sold = Cost of Sales / Average Inventory 3.1.2 Net Profit to…
Q: Entries for Equity Investments: Less than 20% Ownership The following equity investment…
A: Investment in equity is done by the individual or a company when stocks are issued by another…
Q: Monty Corp. reported net sales $610,000, cost of goods sold $366,000, operating expenses $151,000,…
A: Introduction: Profit margin: It tells the profitability of the company so its a profitability ratio.…
Q: Hi-Tek Manufacturing, Incorporated, makes two types of industrial component parts-the 5300 and the…
A: Traditional costing system allocated the overhead on the basis of some plat wise, company wise or…
Q: 3. Determine the final amount and interest if P17,000 is invested at 12% compounded bimonthly for 3…
A: Lets understand the basics. Compound interest is a interest which compound on principal as well as…
Q: Instructions: Identify each of the following accounts as an asset, Liability or Equity. DESCRIPTION…
A: Introduction: Balance sheet: All the assets and liabilities are to be shown in Balance sheet. It…
Q: Wesley Power Tools manufactures a wide variety of tools and accessories. One of its more popular…
A:
Q: Walker Company prepares monthly budgets. Company policy is to end each month with merchandise…
A: Required units for the period is budget sales plus closing stock. By deducting opening stock From…
Q: Starlight Drive-Ins Ltd. borrowed money by issuing $5,000,000 of 7% bonds payable at 95.5 on July 1,…
A: The bonds are the financial instruments for the business that are used to raise money from the…
Q: Illes Corporation's comparative balance sheet appears below: Beginning Balance Assets: Current…
A: Cash flow statement termed as CFS which is one of the financial statements of the company and it…
Q: budgeted income statement
A: Fortune, Incorporated Budgeted Income Statement For the Quarter ended March 31 Particulars…
Q: Belle Company reports the following information for the current year. All beginning inventory…
A: In the absorption costing, fixed manufacturing overhead is treated as product cost and allocated to…
Q: Required: Prepare a cash budget in Excel from May to August
A: Given in the question: Beginning Cash Balance in May £2,200 Sales in March £54,000…
Q: Partners ABC, DEF and GHI share profits and losses in the ratio of 2:3:5, respectively. At the end…
A: Partnership is the association of two or more persons who have agreed to share profit and loss in…
Q: "In the annual meeting of Brixton company, the Head of the accounting department of the company…
A: In Brixton Company, the current budgeting style is Zero-based budgeting wherein the management…
Q: Prepare a Debtors Collection Schedule using the below information?
A: Debtors Collection Schedule :— In this schedule we makes schedule of cash collection of Credit sales…
Q: Hillside Excursions issues bonds due in 15 years with a stated interest rate of 9% and a face value…
A: The current interest rate is compared to the interest rate that is listed on the bond to figure out…
Q: Suppose that you are the manager of a coffee shop, and you are planning to invest o new coffee-maker…
A: Income Statement : It is the financial statement to prepared to know the performance and net income…
Q: The table below provides the total revenues and costs for a dental practice for one year Total…
A: Explicit costs is a payments made to others during the course of running a business that represent…
Q: Which of the following would be considered as direct labor for the manufacture of denim jeans?…
A: Direct Labor - Direct Labor is the manpower used to operate some machine used in the manufacturing…
Q: ABC Corporation is experiencing difficulty in paying its bills and is considering filing for…
A: The net free assets are the amount of realized value of an asset after secured creditor and…
Q: The Bomb Pop Corporation sold ice cream equipment for $18,500. The equipment was originally…
A: Introduction: Depreciation: 1 ) Decreasing value of fixed assets over its useful life period called…
Q: How much do ten ₱ 6,945 quarterly payments amount at present,
A: Time Value of Money (TVM) concept is used to discount the future cash flows or to compound the…
Q: On January 1, ABC, DEF and GHI admitted JKL as a new partner. The partners were sharing profits in a…
A: The capital balance of the partners after the admission of partners are adjusted as per the balance…
Q: A fundamental analyst uses the discounted cashflow method to value firms, and has a short-term…
A: Fundamental Analysis is a technique to value firms on the basis of their fundamentals i.e. their…
Q: At December 31, 2020, BFAR Corp. had 20,000 treasury shares that had been re-acquired in 2020 at P14…
A: Treasury stock: Shares that are bought back by the company from the open market but not retired from…
Q: Basic CVP Analysis – Using Goal Seek Determine the breakeven point for the Drill/Driver product…
A: As per our protocol we provide solution to the one question or to the first three sub-parts and you…
Step by step
Solved in 2 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. 3,370,000MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.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.
- Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 7% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.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.
- Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. It has issued only 50,000 of the common shares and none of the preferred shares. In its seventh year, the corporation has the following transactions: Journalize these transactions.Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. It has issued only 50,000 of the common shares and none of the preferred shares. In its sixth year, the corporation has the following transactions: Journalize these transactions.EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.
- 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.Issuances of Stock Cada Corporation is authorized to issue 10,000 shares of 100 par, convertible, callable preferred stock and 80,000 shares of no-par, no-stated value common stock. There are currently 7,000 shares of preferred and 30,000 shares of common stock outstanding. The following are several alternative transactions: 1. Purchased land by issuing 640 shares of preferred stock and 1,000 shares of common stock. Preferred and common are currently selling at 113 and 36 per share, respectively, No reliable appraisal of the land is available. 2. Same as Transaction 1, except that land is appraised at 104,000, and the preferred stock has no current market value. 3. Issued, for 99,000 cash, a combination of 400 shares of preferred stock and bonds payable with a face value of 50,000. Currently, the preferred stock is selling for 120 per share and the bonds at 104. 4. Same as Transaction 3, except that the bonds do not have a current market value. 5. Same as Transaction 3, except that the preferred stock does not have a current market value. 6. Preferred shareholders (who had originally paid the corporation 110 per share for their stock) convert 6,500 preferred shares into 19,500 shares of common stock. The current market prices of the preferred stock and the common stock are 120 and 41 per share, respectively. 7. The corporation calls the 7,000 shares of preferred stock (originally issued at 110 per share) at 123 per share. Common stock is currently selling for 42 per share. Shareholders elect not to convert into common stock. 8. Same as Transaction 7, except that shareholders owning 2,000 shares of preferred stock elect to convert each share into 3 shares of common stock The remaining 5,000 preferred shares are retired. Required: Next Level Prepare the journal entry necessary to record each transaction. Below each entry, explain your reason for the values used.Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.