Cequired: - Prepare the journal entries to record these transactions. E Prepare the share capital section of the shareholders' equity as at Dec. 31, 2018 and Dec. 31, 2019. diuidendr por share for 2018 and
Q: REQUIRED: (Show all the working) (a) Prepare necessary journal entries to record the above…
A: (a). Journal entries Date Account title and explanation Debit Credit 2021 1 Dividend…
Q: correct journal entry for the July 2013 sale of the treasury shares?
A: Repurchase price of 5000 Treasury Stock 5000 @$10 = $50000 Sale price of 5000 Treasury Stock 5000…
Q: Forevermore Company uses journal entry method in recording share capital transaction. On January 1,…
A: Journal entries are the first accounting treatment without we can't prepare financial statements.
Q: Recording Entries for Equity Investment: FV-NI Adjust FVA at Year-End At December 31, 2019, the…
A: Step 1 Journal is the part of the book keeping.
Q: Required information (The following information applies to the questions displayed below Financial…
A: Earnings per share = Net Income available for equity shareholders/ Average outstanding shares Net…
Q: Access the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ). Determine…
A: Financial Accounting Standards Board (FASB): FASB is the organization which creates, develops, and…
Q: Required: 1. Journalize the transactions. 2. Post to the shareholders' equity accounts. 3. Prepare…
A: Shareholder’s Equity shows how much the owner of company have invested in business.
Q: Cheyenne Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par…
A: Solution: CHEYENNE COMPANY Stakeholder's Equity December 31, 2021 A B C
Q: How many are the ordinary shares outstanding after reflecting the foregoing transactions for the…
A: Ordinary shares refer to the equity shares of the company. Ordinary or common shareholders are…
Q: 1. Prepare the journal entries to record these transactions. 2. Prepare the share capital section of…
A: Dividends refers to the sum of money distributed from the profits of the company to its…
Q: Instructions: Based on the given information, compute for each of the items listed belC 1. Balance…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Use the information provided below to prepare the Statement of Financial Position of Glendale…
A: The statement of financial position represents the assets, liabilities and owner's equity for a firm…
Q: See the attached image for information: a. How many treasury shares are held by the corporation as…
A: Following worksheet is prepared for calculation of required information: Date Ordinary…
Q: Required: Journal entries to record transactions of 2021 to determine the following 1. Total amount…
A: Shareholders Equity Shareholders equity which consist of both equity shares and preference shares…
Q: Based on the above journal: Prepare the company’s Stockholders equity section of the balance sheet…
A: Shareholders Equity Shareholders equity which is comprises of common stock and preference stock…
Q: 1. What is the total share premium to be reported in the December 31, 2021 Statement of Financial…
A: Preference shares are given by an organization to raise fund. Preference investor has particular…
Q: In additin to the above question: Prepare the company’s Stockholders equity section of the balance…
A: Introduction: Stockholders' equity is the total funds contributed by the shareholders of the company…
Q: 1) The applicant for 10 000 shares Appli Applications for 20.000 shares v Or
A:
Q: How much is the ordinary share capital as of December 31,2019? How much is the total shareholder's…
A: Ordinary share capital is the capital for which there is voting…
Q: 1. How many shares of its stock did 3M repurchase during fiscal 2019? 2. What journal entry did…
A: Statement of shareholder's equity is prepared to analyze and record the changes made in…
Q: Preparation of the statement of changes in stockholders' equity The purpose of this exercise is to…
A: Stockholder’s Equity is the amount of remaining assets if all the liabilities in the business are…
Q: 45 On January 1, 2019, an entity purchased equity investments held for trading (see attached image).…
A: Expenses - An expense is a cost associated with the production and sale of a product. In a firm,…
Q: The information below is available for XYZ Co. . The number of shares to be used in computing…
A: Earnings per ordinary share means how much earnings is attributable to one share. Earnings…
Q: When are ordinary shares issued as part of a business combination included in the earnings per share…
A: Answer:
Q: 1. Determine the amount of the ordinary share capital at the end of 2021. 2. Total share premium…
A: Treasury shares are own shares that are purchased for the purpose of re-issuing them at a higher…
Q: Entity A invested in 222,000 shares of a listed company on 1 November 2019 at a cost of $4.25 per…
A: Available-for-sale investments represent the investment made by the organization in acquiring the…
Q: The total Stockholders Equity in the consolidated balance sheet on January 2,2019 is: P32,232,000 b.…
A: Investment amount = P5,600,000 Add: Non Controlling Interest = P1432000 Less: Identifiable Net…
Q: The adjusted share capital as of December 31, 2020. b. The total share premium as of Dec. 31, 2020…
A: Computation of sale price of treasury shares Sale price of treasury share = Total Amount received…
Q: al b) C) d) Prepare the journal entries to record the transactions and net income. Show the…
A: Share holders Equity Shareholders equity which consist of equity and preference shares which are…
Q: In connection with the audit of Dreamy Company's financial statements for the year ended December…
A:
Q: Required: Give the journal entries to record the foregoing transactions and prepare the equity…
A: Journal Entry The purpose of providing the journal entry to enter the required transaction into debt…
Q: 1. Journalize the transactions. 2. Post to the shareholders' equity accounts. 3. Prepare the share…
A: (1)
Q: Direction. Read and understand the case and answer the requirements. On December 31, 2020, Shipyard,…
A: The cumulative profit that remains with the firm after the dividend payment is made is referred to…
Q: Laurente Corp. had the following shareholders' equity section on its statement of financial position…
A: Treasury Stock-: Treasury Stock, also realized as Treasury shares or reacquired stock relates to…
Q: Instructions a. Journalize the transactions. b. Post to the stockholders’ equity accounts. (Use…
A: Stockholders equity is also known as shareholders’ equity. It indicates the net asset available to…
Q: Prepare the note disclosure required (e) On 10 September 2021, the company paid a dividend of…
A: Notes to accounts are disclosures made by the company regarding the calculation and other details of…
Q: FINISHING TOUCHES Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders'…
A: Balance sheet: It is the financial statement that includes the assets, liabilities, and equity of…
Q: Use the information above for FD W Co. to answer the following question: On March 1, 2020, what will…
A: The answer for the multiple choice question and relevant explanation are presented hereunder :
Q: Preparation of the Shareholders' Equity Section of a Statement of Financial Position The accounts…
A: Shareholder’s Equity is the net amount of total net asset and total liability of the company. It is…
Q: What is the correct balance of ordinary share capital on December 31, 2021
A: We are given an extract of shareholder's equity from the statement of financial position of Rudolph…
Q: Statement of Stockholders' Equity You have been asked to assist with the preparation of a statement…
A: A statement of stockholders’ equity is a financial statement prepared at the end of an accounting…
Q: Information related to the common shares of Empresas ABC for the year 2019 is presented below:…
A: The stock dividend is declared when the company has no cash to pay to its shareholders, so it pays…
Q: Prepare the shar (b) financial position at Decen to shareholders' equity 1. The following…
A: Comment - Multiple Questions Asked. Shares- The business's financial resources are its shares.…
Q: a) Prepare all journal entries necessary for the investment-related transactions in 2021. 1. b)…
A: Fair value is the price agreed upon by a willing buyer and seller. The fair value of the stock is…
Q: share. On the date of payment, the shares were selli The journal entry to record the foregoing…
A: When liability is repaid the liabilities of company would decrease and since liabilities have credit…
Q: What terminology best describes the EPS (earnings per share) formula below? Net income available…
A: Earnings per share (EPS) represent the earnings earned for each share of the company. As per the…
Q: An entity granted a share appreciation right to the Business development manager of the company on…
A: The question is related to the appreciation right. The price at the inception and the price at the…
Q: REQUIRED Use the information provided below to prepare the Statement of Financial Position of…
A: Statement of financial position is one of the financial statements of a company that depicts its…
Answer in a memorandom entry
Step by step
Solved in 4 steps
- 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.Selected 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)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.
- Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?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.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.
- 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. 3,370,000Stockholders 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.
- Calculating the Number of Shares Issued Castanet Inc. issued shares of its $1. 50 par value common stock on November 9,2019, for $13 per share. In recording the issuance of the stock, Castanet credited the Additional Paid-In Capital- Common Stock account for $416,300. Required: How many shares were issued on November 9, 2019?Selected stock transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 200,000 shares of common stock at 12, receiving cash. b. Issued 8,000 shares of preferred 2% stock at 115. c. Purchased 175,000 shares of treasury common for 10 per share. d. Sold 110,000 shares of treasury common for 14 per share. e. Sold 30,000 shares of treasury common for 8 per share. f. Declared cash dividends of 1.25 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.