Bulldogs Inc., a corporation that can only legally issue ordinary shares with par value, recently completed a 2-for-1 stock split on a stock that recently pays P15 dividend per share. The total legal capital of Bulldogs Inc. is P31,000,000 and it has a total number of outstanding shares at 980,000. What is the new par value of each shares? * O 15.00 O 7.50 O 31.63 O 15.82
Q: Barbara's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information r...
A: Moving average cost can be calculated by cost of goods available for sale divided by units of invent...
Q: Allen Inc. took out a 1-year, 8%, $100,000 loan on March 31, 2018. Interest is due upon maturity of ...
A: Interest payable: It refers to the interest that is charged on the loan for the related period of ac...
Q: Melissa Jackson, bookkeeper for Kinko Company, cannot prepare a bank reconciliation. From the follow...
A: Bank reconciliation statement is prepared with a view to reconcile the cash balance as per cash book...
Q: Prepare journal entries for the City of Pudding's governmental funds to record the following transac...
A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms. The...
Q: On January 1, 2019 Pink Corp. sold a machine for $7,400 to slink Corp., its wholly-owned subsidiary....
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...
Q: Most home insurance policies cover jewellery and silverware for a limited amount unless items are co...
A: Amount not covered=Stolen Worth-Total Claim
Q: ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions du...
A: No. of shares outstanding = Total no. of shares issued - number of shares reacquired but not retired
Q: On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amo...
A: Loan proceeds = Face value of the Notes - discount amount where, discount amount = Face value of the...
Q: Catalina Corporation begins the year with a $195 balance in Retained Earnings and a $320 balance in ...
A: Introduction: Balance sheet: All Assets , liabilities and owners equity are shown in Balance sheet. ...
Q: st rate over four years.
A: In this question, we have to calculate annual Payments finance costs and principal repayments.
Q: Panel Corp. owns 75% of the voting ordinary shares of Saturated Corp. acquired at book value during ...
A: Cost of Sales: The cost of goods sold as displayed on the consolidated financial statements of the B...
Q: On January 1,2020, Cielo Company leased an equipment from a lessor with the following pertinent info...
A: Annual rental payable at the end of each year P5,00,000 Lease Term 8 years Implicit interest rat...
Q: When a preference share is cumulative and non-participating: a. Any dividends not distributed from t...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: True or False Questions Statements 1. Unlike merchandising companies, income statements of service c...
A: Solution:- 1)Unlike merchandising companies, income statements of service companies include cost of ...
Q: How does peer to peer lending is different from traditional banking lending for Credit Mutuel Group?
A: Peer-to-peer lending is a type of crowd-funding that allows those who wish to invest to lend money t...
Q: Bulldogs Inc. had credit sales last year amounted to P18,600,000. The firm also had an average accou...
A: Solution.. Credit sales = P18,600,000 Average accounts receivable = P1,380,000 Average collection ...
Q: The stock of Payout Corp. will go ex-dividend tomorrow. The dividend will be $1 per share, and there...
A: Dividend is the amount of return on the shares of an entity.
Q: business transactions. Determine the effect on assets, liabilities, and owner's equity of the follow...
A: Accounting refers to recording, analysing, communicating as well as interpreting the results to end ...
Q: Anthony's basis in the WAM Partnership interest was $200,000 Just before he received a proportionate...
A: The profit or loss of partner of firm on liquidation will be difference between the basis of the par...
Q: Blue Spruce Limited reported profit of $436,010 for its November 30, 2021, year end. Cash dividends ...
A: Profit available to common shareholders = Net income - Preferred dividends = $436,010 - $69,500 = $3...
Q: Rahim and Karim undertook jointly to build a house for a company at an agreed price of Tk. 60,000, p...
A: Answer:- Joint venture definition:- Joint venture is one of the unique type of commercial partnersh...
Q: On January 1,2020, an equipment of ABC Company with a carrying value of P 1,500,000 was sold at P 2,...
A: Gain on sale leaseback = Cash received on sales + Right of Use asset - Cost of assets sold - Presen...
Q: 21. Parent company acquired 15% of subsidiary company's common stock for 500,000 cash and carried th...
A: Consolidation statement:- When one company takes over another company's share by paying purchase con...
Q: Parent Company acquired 15% of Subsidiary Company's common stock for P500,000 cash and carried the i...
A: Calculation of the amount of goodwill to be recognized.
Q: Pharoah has 21,200, $4 noncumulative preferred shares issued. It paid the preferred shareholders the...
A: Error in accounting entry can be corrected by either reversing entry which is incorrect and entering...
Q: Wilma Company experienced a P500,000 decline in the market value of inventory at the end of the firs...
A: ANSWER The correct option is d.) first quarter 0 , Second quarter 0 EXPLANATION Interim periods are ...
Q: A man owes his partner Ba sum of Rs. 1,50,000 in a business deal is requested by the latter to pay t...
A: This can be solved using simple excel based calculation. we may calculate the profit and loss by usi...
Q: Required information Exercise 7-5 (Algo) Notes payable—discount basis LO 2 Skip to question [The ...
A: The amount for loan proceeds is collected after making adjustments for interest charged on loan.
Q: During the current year, Mute Corporation expected to sell 22,200 telephone switches. Fixed costs fo...
A: Contribution per unit = Selling price per unit - Variable cost per unit = $3,100 - $1,280 = $1,820 P...
Q: The Gourmand Cooking School runs short cooking courses at Its small campus. Management has Identifie...
A: The flexible budget performance report is prepared to compare the results of actual performance, pla...
Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume t...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: How is the Non-Controlling Interest displayed in a consolidated balance sheet? As a separate item in...
A: The correct Answer for the above mentioned question is given in the following steps for your referen...
Q: At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant n...
A: When liability is created we credit liability account and debit the expense account
Q: A city orders a new computer for its police department that is recorded within its general fund. The...
A: Given information, Anticipated cost of computer =$89,600 Actual cost of computer =$91,880 Journal ...
Q: Kim Locke and Mary Leigh Coker have capital accounts of $430,000 and $484,000, respectively. Jeff Do...
A: Note: Consideration paid to Locke and Coker for purchasing the share in partnership is not relevant ...
Q: b. Suppose that Jack also reported income of $8,800 from a half share of profits from a partnership....
A: AGI is an acronym and stands for the adjusted gross income of the taxpayer which is computed when ce...
Q: Factory overhead for the period amounted to P1,200,000. Normal production of the finished goods is 5...
A: Overheads are the estimated cost which are not directly related with production. In simple, it is ag...
Q: Direct Materials Purchases Budget Tobin's Frozen Pizza Inc. has determined from its production budge...
A: Direct material purchase budget is a statement which is prepared in order to estimated the number of...
Q: Inc. offered a one-year loan to a customer client. The instrument is a discounted note with a nomina...
A: Discount rate of note (R) = 15%
Q: Prosperity Company holds 40% of the voting rights of MNO Co. The remaining shares was held by thousa...
A: Protective right is the right which protect the interest of party who holds that right but does not ...
Q: What is the estimated annual fixed manufacturing overhead ? If estimated fixed overhead is equal to ...
A: Gramps' Remedy manufactures athlete foot powder. The company uses standard costing system. Standard ...
Q: ABC Company's bonds have a provision which stipulates that the ratio of senior debt to total assets ...
A: As specified in the question, the company is at the limit of 45%. So in order to maintain the ratio ...
Q: Tech Co. and Robotics Co. are joint operators in the development of Super OS, a mobile phone operati...
A: Lets understand the basic. Joint operation is an arrangement in which two or more parties contribute...
Q: Bulldogs Inc. had credit sales last year amounted to P18,600,000. The firm also had an average accou...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: What should be reported as total shareholders’ equity on December 31, 2020?
A: Total Shareholders' equity computation includes: a) Outstanding shares b) additional paid up capita...
Q: S1] When the entity issues a long-term debt instrument, it exposes itself to solvency risk. [S2] Whe...
A: The correct answer is given in the following steps for your reference.
Q: Amount Percent Amount Per $ 148,000 100.00 S 148,000 10 88,800 60.00 44,400 34
A: MOS is the dollar amount in which actual sales volume exceeds the break-even sales volume. The margi...
Q: [S1] By executing a rights offering, we acknowledge the preemptive right of current ordinary shareho...
A: Rights offering or rights issue means a group of rights is offered to existing or current shareholde...
Q: At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant n...
A: Understated (overstated) expense in 2020 = Actual expense for the year - Expenses booked in this ye...
Q: QUESTION 1 The following is the Trial Balance of Sonia HR Enterprises, a dealer in HR Software, as a...
A: The income statement and financial position is given as,
2
Step by step
Solved in 2 steps with 1 images
- Nutritious Pet Food Companys board of directors declares a 2-for-1 stock split on June 30 when the stocks market value per share is $30. At that time, there are 10,000 shares of $1 par value common stock outstanding (none held in treasury). What is the new par value of the shares and how many shares are outstanding after the split?According to a company press release, on January 5, 2012, Hansen Natural Corporation changed its name to Monster Beverage Corporation. According to Yahoo Finance, on that day the value of the company stock (symbol: MNST) was $15.64 per share. On January 5, 2018, the stock closed at $63.49 per share. This represents an increase of nearly 306%. A. Discuss the factors that might influence the increase in share price. B. Consider yourself as a potential shareholder. What factors would you consider when deciding whether or not to purchase shares in Monster Beverage Corporation today?Nutritious Pet Food Companys board of directors declares a 2-for-1 stock split on June 30 when the stocks market value per share is $30. At that time, there are 10,000 shares of $1 par value common stock outstanding (none held in treasury). What is the new par value of the shares and how many shares are outstanding after the split? What is the total amount of equity before and after the split?
- 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?Alert Companys shareholders equity prior to any of the following events is as follows: The company is considering the following alternative items: 1. An 8% stock dividend on the common stock when it is selling for 30 per share. 2. A 30% stock dividend on the common stock when it is selling for 32 per share. 3. A special stock dividend to common shareholders consisting of 1 share of preferred stock for every 100 shares of common stock. The preferred stock and common stock are selling for 123 and 31 per share, respectively. 4. A 2-for-1 stock split on the common stock, reducing the par value to 5 per share (assume the same date for declaration and issuance). The market price is 30 per share on the common stock. 5. A property dividend to common shareholders consisting of 100 bonds issued by West Company. These bonds are carried on the Alert Company books as an available-for sale investment at a fair value of 48,000 (which is also its cost); it has a current value of 54,000. 6. A cash dividend, consisting of a normal dividend and a liquidating dividend, on both the preferred and the common stock. The 10% preferred dividend includes a 2% liquidating dividend, and the 2.30 per share common dividend includes a 0.30 per share liquidating dividend (separate liquidating dividend contra accounts should be used). Required: For each of the preceding alternative items: 1. Record (a) the journal entry at the date of declaration and (b) the journal entry at the date of issuance. 2. Compute the balances in the shareholders equity accounts immediately after the issuance (any gains or losses are to be reflected in the retained earnings balance; ignore income taxes).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.
- Sun Corporation issues 500 shares of 8 par common stock for a patent. The stock is currently selling for 37 per share on the open market, and no significant impact on the market price is expected by the issuance of the additional shares. Prepare the journal entry to record this transaction.Assume that Lily Corporation has outstanding 1,500 shares of 150 par callable preferred stock that were issued at 175 per share, and that no dividends are in arrears. If the call price is 185 per share, what journal entry will Lily make to record the recall of these shares?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.
- Tent Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated ten years ago. It is authorized to issue 50,000 shares of $10 par value 5% preferred stock. It is also authorized to issue 500,000 shares of $1 par value common stock. It has issued 5,000 common shares and 2,000 of the preferred shares. The corporation has never declared a dividend and the preferred shares are one years in arrears. Tent Tarp has the following transactions: Journalize these transactions. For the stock split, show the calculation for how many shares are outstanding after the split and the par value per share after the splitPonce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). Open the file EPS from the website for this book at cengagebrain.com. Enter all input items (AF) in the appropriate cells in the Data Section. Enter all formulas in the appropriate cells in the Answer Section. Enter your name in cell A1. Save the completed file as EPS2. Print the worksheet when done. Also print your formulas. Check figure: Basic earnings per share from continuing operations (cell D29), 5.94.Comprehensive Young Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, 100 par preferred stock. The Contributed Capital section of its January 1, 2019, balance sheet is as follows: Part a. A shareholder has raised the following questions: 1. What is the legal capital of the corporation? 2. At what average price per share has the preferred stock been issued? 3. How many shares of common stock have been issued (the common stock has been issued at an average price of 23 per share)? Part b. The company engaged in the following transactions in 2019: Required: 1. Answer the questions in Part a. 2. Prepare journal entries to record the transactions in Part b. 3. Prepare the Contributed Capital section of Youngs December 31, 2016, balance sheet.