Compute the dividends BG CORPORATION ISSUED THE FOLLOWING; 950 COMMON STOCKS PAR VALUE P100 775 PARTICIPATING PREFERRED STOCKS PAR VALUE P100 AT 3% BG CORPORATION DECLARED P100,000 DIVIDEND IN 2022.
Q: ABC Company uses a job order costing system and the following information is available from the re...
A: The overhead is applied to the production on the basis of predetermined overhead rate. The overhead...
Q: X, Y, and Z formed a partnership on Jnauary 1, 2021, and contributed P150,000; P200,000; P300,000, r...
A: Partners Capital Account is an account created in the books of a partnership firm. It records each a...
Q: Download Schedule D of 1040, given the following information, complete through part III of Schedule ...
A: Tax Credit- A tax credit is a tax benefit that taxpayers can take advantage of while paying their t...
Q: Pocholo Company reported an impairment loss of P512,000 in its income statement for the year 2016. T...
A: Impairment: It is most usually used to denote a significant decline in the recoverable value of a fi...
Q: Problem 5-3 (Algo) Analysis of alternatives [LO5-3, 5-8] Harding Company is in the process of purcha...
A: Present value helps in determining to know present value of money to future value to be received it ...
Q: The partnership of X and Y was formed on June 1, 2021. At that date the following assets were contri...
A: Partnership is one of the agreement between two or more than two partners, in which they invest thei...
Q: On January 1, 2018, the Danelle Company leased a portion of the commercial building owned by Joseph ...
A: Carrying amount of the leasehold improvement on January 1, 2021: The leasehold improvement should be...
Q: During 2019, Analee Company filed suit against another entity seeking damages for patent infringemen...
A: A contingent asset is an economic gain that is contingent on future events that are mostly outside a...
Q: Anne Company has an equipment costing P700,000 with an estimated residual value of P70,000 and an es...
A: The Accumulated depreciation is calculated as sum of Depreciation expense for past years. The book v...
Q: 4. Gap and Duration Analysis a. Take the following balance sheet, which of the assets and labilities...
A: GIVEN Gap and Duration Analysis is
Q: Which of the following statements is incorrect? A. As the risk of material misstatement in the finan...
A: It is important for the Auditors to detect the material misstatement which are involved to the Audit...
Q: Problem 5: Yasuo Company provided the following information for the current year. Cash Sales Gross 2...
A: Using cash basis accounting, the sales are recorded during the period when cash is received from cus...
Q: Compute MV Corp.'s 2020 taxable income given the following information relating to its year 1 activi...
A: Taxable income calculation formula table:
Q: XYZ Enterprises produces high quality blankets sold to hotels and resorts. Blankets must be well mad...
A: The special order should be considered of it provides additional income to the business.
Q: Phillip F lamm's Computer Store in Texas sells a printer for $200. Demand is constant during the yea...
A: Inventory refers to the stock that the company has held for the resale purpose or the goods that are...
Q: Division-A makes a part that it sells to customers outside of the company. Data concerning this part...
A: The variable cost changes with change in number of units produced. The fixed costs remains constant...
Q: The profit or loss section or the statement of profit or loss shall include the following line items...
A: Lets understand the basics. This question deals with the PAS 1. In this standard it is specified tha...
Q: The following are examples of non-adjusting events after the reporting period that would generally r...
A: The determination after the reporting period of the amount of profit sharing or bonus payments, is a...
Q: Problem 3 Kyrie Company produces different sizes of basketballs. The following costs were incurred ...
A: The period cost comprises of selling and administrative cost, which are to be expensed in the period...
Q: ABC Co. owns a branch. At the end of the month, the balance of the Allowance on overvaluation is P95...
A: Percentage of profit on cost= Allowance on overvaluation/ Cost*100
Q: 3.The Mark Company acquired a helicopter in 2018. At the time of acquisition, the cost of the jet fr...
A: Solution Depreciation refer as the reduction of the recorded cost of fixed assets in a systematic ma...
Q: XYZ Drinks makes three products: iced tea, soda, and lemonade. The following data are available: ...
A: Lets understand the basics. When there is more than one alternatives are there and there is scare re...
Q: What is Accounting
A: Bookkeeping refers to the process of identifying, measuring and recording of financial transactions....
Q: An equipment costing P375,000 with an eight-year estimated useful life and an estimated residual val...
A: Life of equipment = 8 Years Sum of years digits = 8+7+6+5+4+3+2+1 = 36 Cost = P375,000 Salvage value...
Q: a. The home office has billed the branch the amount of P37,500 for the merchandise, which was in tra...
A:
Q: On October 1, 2005, Steve admits Martin for an interest in his business. On this date, Steve's capit...
A: At the time of admission of new partner into the partnership, existing assets and liabilities are be...
Q: All of the following statements regarding charitable remainder annuity trusts (CRATs) and charitable...
A: A charitable remainder trust refers to the gift paid in cash or in property to an irrevocable trust....
Q: PSc 3-5 Calculate Federal Income Tax Withholding Using Two Methods (Pre-2020 Form W-4) For each empl...
A: Solution Tax is the means by which a government or taxing authority imposes or levies a tax on its c...
Q: Which one of the following would not be included in Doug's gross income? C Doug's employer pays $100...
A: Gross income: It refers to the income that is received by an individual before providing for any ded...
Q: 20. The following details were extracted from the records of Mari Jose Cor. As of December 31, 2020....
A: This statement shows income earned and expenses incurred during a particular time period. Net result...
Q: Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on Jan...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: After further analysis of the aged accounts receivable, it is determined that the allowance for doub...
A: Accounts receivables are those receivables which the company have as a result of the either the cred...
Q: With the information given below from ABC Ltd,prepare cash flow from financing activities. 1. Redemp...
A: Cash flow from financing activity forms part of cash flow statement prepared by an entity where all ...
Q: During 2021, because of favorable business operations in the area, Yam negotiated for the extension ...
A: On January 1, 2018, the Yam Company leased a portion of the commercial building owned by Ying Commer...
Q: Additional information: a. Included in the cash account are the following: compensating cash fu...
A: Current assets refer to those resources of a company that can be easily converted into cash.
Q: Sabas Company has 20,000 shares of $100 par, 2% cumulative preferred stock and 100,000 shares of $50...
A: Cumulative Preference Shares - Cumulative preference shares are the shareholders which gets the divi...
Q: Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow palid $...
A: Machinery is the non-current asset for an entity that can used for running the business operations.
Q: A number of graphs displaying cost behavior patterns are shown below. The vertical axis on each grap...
A: A. Electricity bill graph is 6 as in this graph, the cost is constant for some specified volume and ...
Q: What is Accou
A: Accounting: It is defined as a process of gathering, recording, summarizing, analyzing, and communic...
Q: Calculate the amount of goodwill recognized, if any, on July 31, 2020, Goodwill
A: On July 31, 2020 Swifty company acquired all the shares of Blue Spruce Incorporated for $ 35,40,000....
Q: Ikaw passed the very difficult CPA board examination in October and immediately set-up his bookkeepi...
A: Accounting equation refers the double entry system of each transaction and the way the journal entry...
Q: On January 1, 2021, Stoops Entertainment purchases a building for $550,000, paying $10,000 down and ...
A: Lets understand the basics. For recording financial event or transaction occur during a particular p...
Q: If the partners opted to continue the books of the sole proprietor and the Merchandise inventory has...
A: Partnership is one of the agreement between two or more than two persons in which they invest their ...
Q: What are age of receivables and how do you calculate them? Please explain
A: Accounts receivable form a part of assets of the entity and represents the amount due from the custo...
Q: Dery Trade has the following cash transactions for the period. Accounts Amounts Cash received from s...
A: A cash flow statement is a financial statement that describes all cash inflows received by a company...
Q: PLEASE ANSWER ONLY IF 100% RIGHT Q- An investor buys a Class A office building in downtown Columbus...
A: Core investments are the investments that generate stable and low risk incomes. These involves very...
Q: Daley Company prepared the following aging of receivables analysis at December 31. Total Days P...
A: Solution: Bad debts expense is recognized every year based on estimated uncollectible s at year end....
Q: 5. See the below table for the Dog Voices Corporation (DVC): a. Pick any three (3) ratios and explai...
A: Answer of part (a) 3 ratios chosen for this answer are: 1. Current Ratio 2. Inventory Turnover &...
Q: Ether trading unit given the following information for the year ended March 31, 2020 for one of its ...
A: Journal proper contains details of transactions which are not there in the book of accounts as they ...
Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $1,200 note receivable that offers 6%...
A: Interest revenue for the period from September 1, 2021 to December 31, 2021 will be recognized in th...
Step by step
Solved in 2 steps
- Stock Dividends Crystal Corporation has the following information regarding its common stock: S10 par. with 500.000 shares authorized, 213,000 shares issued, and 183,700 shares outstanding. On August 22, 2019, Crystal declared and paid a 15% stock dividend when the market price of the common stock was $30 per share. Required: Prepare the journal entries to record declaration and payment of this stock dividend. Prepare the journal entries to record declaration and payment assuming it was a 30% stock dividend.Preferred Stock Dividends Seashell Corporation has 25,000 shares outstanding of 8%, S10 par value, cumulative preferred stock. In 2017 and 2018, no dividends were declared on preferred stock. In 2019, Seashell had a profitable year and decided to pay dividends to stockholders of both preferred and common stock. Required: If Seashell has $200,000 available for dividends in 2019, how much could it pay to the common stockholders Seashell Corporation has 25,000 shares outstanding of 8%, S10 par value, cumulative preferred stock. In 2017 and 2018, no dividends were declared on preferred stock. In 2019, Seashell had a profitable year and decided to pay dividends to stockholders of both preferred and common stock. Required: If Seashell has S200,000 available for dividends in 2019, how much could it pay to the common stockholdersTreasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018, balance sheet: The following transactions were reported by the company during 2019: 1. Reacquired 200 shares of its preferred stock at 57 per share. 2. Reacquired 500 shares of its common stock at 16 per share. 3. Sold 100 shares of preferred treasury stock at 58 per share. 4. Sold 200 shares of common treasury stock at 17 per share. 5. Sold 100 shares of common treasury stock at 9 per share. 6. Retired the shares of common stock remaining in the treasury. The company maintains separate treasury stock accounts and related additional paid-in capital accounts for each class of stock. Required: 1. Prepare the journal entries required to record the treasury stock transactions using the cost method. 2. Assuming the company earned a net income in 2019 of 30.000 and declared and paid dividends of 10,000, prepare the shareholders equity section of its balance sheet at December 31, 2019.
- Cumulative Preferred Dividends Capital stock of Barr Company includes: As of December 31, 2018, 2 years dividends are in arrears on the preferred stock. During 2019, Barr plans to pay dividends that total S360.000. Required: Determine the amount of dividends that will be paid to Barrs common and preferred stockholders in 2019. If Barr paid $280,000 of dividends, determine how much each group of stockholders would receive.Cash dividends on the 10 par value common stock of Garrett Company were as follows: The 4th-quarter cash dividend was declared on December 21, 2019, to shareholders of record on December 31, 2019. Payment of the 4th-quarter cash dividend was made on January 18, 2020. In addition, Garrett declared a 5% stock dividend on its 10 par value common stock on December 3, 2019, when there were 300,000 shares issued and outstanding and the market value of the common stock was 20 per share. The shares were issued on December 24, 2019. What was the effect on Garretts shareholders equity accounts as a result of the preceding transactions?Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.
- Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher financial statements.Common Dividends Fusion Payroll Service began 2019 with 1,200,000 authorized and 375,000 issued and outstand ing $5 par common shares. During 2019, Fusion entered into the following transactions: Declared a S0.30 per-share cash dividend on March 10. Paid the $0.30 per-share dividend on April 10. Repurchased 8,000 common shares at a cost of $18 each on May 2. Sold 1.500 unissued common shares for $23 per share on June 9. Declared a $0.45 per-share cash dividend on August 10. Paid the $0.45 per-share dividend on September 10. Declared and paid a 5% stock dividend on October 15 when the market price of the common stock was $25 per share. Declared a $0.50 per-share cash dividend on November 10. Paid the $0.50 per-share dividend on December 10. Required: Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) Determine the total dollar amount of dividends (cash and stock) for the year. CONCEPTUAL CONNECTION Determine the effect on total assets and total stockholders equity of these dividend transactions.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.
- Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Stanley Utilities engaged in the following transactions involving its equity accounts: Sold 3,300 shares of common stock for $15 per share. Sold 1,000 shares of 12%, $100 par preferred stock at $105 per share. Declared and paid cash dividends of $8,000. Repurchased 1,000 shares of treasury stock (common) for $38 per share. Sold 400 of the treasury shares for $42 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $87,000. Prepare a statement of stockholders equity at December 31, 2020.Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73