Debacle Company was organized on January 1, 2012. On that date, it issued 200,000 shares with P10 par value at P15 per share. During the period January 1, 2012 through December 31, 2013, the entity reported net income of P2,000,000 and paid cash dividends of P500,000. On January 5, 2013, the entity purchased 10,000 shares at P20 per share to be held as treasury. On December 31, 2013, 5,000 treasury shares were sold at P30 per share and the remaining treasury shares were retired. What is the total shareholders' equity on December 31, 2013? a. 4,450,000 b. 4,350,000 c. 4,400,000 d. 4,950,000
Q: Saved Help e A local Sports Authority ordered 50 pairs of tennis shoes from Nike Corporation. The…
A: 4/10,2/30,n/60 means 4% discount will be given if payment is made within 10 days from date of…
Q: Question 16 Increasing the sales price will increase the contribution margin per unit. True False
A: Variable costing: It implies to a method of accounting where only variable costs are assigned to the…
Q: e broad conceptual definition of management accounting presented in the text excludes a. public…
A: Definition of management accounting and its component Definition of financial accounting and its…
Q: 8c. A large profitable corporation is considering a capital investment of $50,000. The equipment has…
A: The fee charged by the government from the individuals and various business entities on the income…
Q: Inc. issued 55 bonds with a $1,500 face value, a five-year life, and a stated annual coupon of 5%…
A: In the given case the bonds are issued at discount (as its face value is $ 1,500 and issue price is…
Q: an Co. During 2021, BabyM earned a net income of P320,600 from its own operatic s suffered a loss of…
A: The consolidated profit is 284,690 Explanation: First, we compute the consolidated profit for…
Q: Moo
A: Shareholders also invest money in the company and in return they become the owners in proportion to…
Q: Prepare a trial balance, listing the following accounts in proper sequence. The accounts (all normal…
A: Introduction: Trial Balance: All the final ledger accounts balances are posted in Trial balance to…
Q: Carpark Services began operations in 20X1 and mantans investments in avalate or sale debt securtes…
A: A journal entry is being used to record a business arrangement in a corporation's accounting…
Q: The Sisters Corporation has 1000 shares of its $50 par, 6% cumulative preferred stock, 1,000 shares…
A: Cumulative preference shares: These are the preference shares those have an option to receive the…
Q: .On December 31, 2021, Alfonso Company had the following cash balances: Cash in bank, 15,000,000…
A:
Q: What ne future value
A: This is a question relating to time value of money. Present value and future balue calculations are…
Q: On January 1, 2021, the start of the current financial year, Tubble Ltd had in issue 36 million…
A: Calculation of bonus shares issued: Existing no of shares = 36 million Bonus shares proportionate =…
Q: Recognition of tax benefits in the loss year due to a NOL carry back involves: O The establishment…
A: Recognition of Tax Benefits in the loss year due to NOL carry back Basically its a treatment of Tax…
Q: On the December 31, 2020, the Statement of Financial Position of LOVE Partnership shows the…
A: Given information, Lina contribution = P 20,000,000 Lina capital interest = 50% Total value of firm…
Q: Requirements: 1. Prepare Journal Entries of each transaction. (With explanations) 2. Prepare…
A: Here asked for multi sub part question we will solve first three sub part question. If you need…
Q: Prepare an Income Statement of Company Alfex as at 31 Dec. 2020. a) Write off (in minus) of…
A: Income Statement- An income statement is a financial statement that shows a company's income and…
Q: USE THE AMORTIZATION TABLE TO ANSWER THIS QUESTION: Bob Jones bought a new log cabin for $…
A: Given information Log Cabin Price = $325,000 Down Payment = 20% Interest rate = 8% for 30 years No…
Q: Antiques Pty Lid made three frankable distributions during the 2020/2021 franking period as follows:…
A: Benchmark franking percentage is determined by the first distribution in the franking. This is shown…
Q: 000 are due December 31 for 10 years. The equipment’s useful life is 10 years, and the interest…
A: Given: Annual lease payments of P400,000 Interest 10% First lease payment P 2,700,000
Q: Year 1 Year 2 YR 1 YR2 Sales (S) $ 614,405.00 $ 600,343.00 Cost…
A: Mark-up percentage refers to the percentage imposed on the cost of the product to have a profit by…
Q: Maribeth Company made the following expenditures relating to Product Zee: Legal costs to file a…
A: As per IAS 38 Intangible Assets, Cost of intangible asset includes purchase cost and includes import…
Q: The total of the partners' capital accounts was P770,000 before the recognition of partnership asset…
A: Revaluation of asset means to re-value the worth of the assets as per market price of the same.
Q: What percentage of the intercompany gain on plant asset sale should be used to reduce consolidated…
A: Under the these stream transactions, unrealized loss on the transfer of non-current assets should…
Q: A 50-year-old employee retired during the year after 30 years of continuous service and received the…
A: Taxable compensation: It implies to the amount that is received by a taxpayer from his employer for…
Q: Cost of Goods Sold Budget Play-Disc makes Frisbee-type plastic discs. Each 12-inch diameter plastic…
A: Total budgeted manufacturing cost=Budgeted direct materials+Budgeted direct labor+Budgeted overhead
Q: A company uses job-order costing and allocates overhead costs using direct labor hours as the cost…
A: Computation of total manufacturing costs is enumerated as below :
Q: 1. The machine costs P210 000 and expected to have a salvage value of P15 000 after 12 years.…
A: Given information, Cost of the machine =P210,000 Useful life =12 years Salvage value =P15,000…
Q: The company produces the same number of units every month, although the sales in units vary from…
A: Product cost under marginal costing is enumerated as below:
Q: orrection to m
A: The taxable total income of the individual taxpayer includes the income earned by the respective…
Q: W e b s e r v e f s a re co m pute r s ·
A: On the hardware side, it's a computer. It stores web server software and website' s component file…
Q: 3. Which of the following is NOT an issue that prevents reliance on the statement of cash flows in…
A: Cash flow statement consists of 3 type of activities 1. Cash flow from operating activities 2. Cash…
Q: lajor medical complexes and their service providers continue to move toward advanced health…
A: Depreciation refers to decrease or reduction in the value of fixed assets as it assign the cost of…
Q: A 50-y
A: The taxable total income of the individual taxpayer includes the income earned by the respective…
Q: Winsor Clothing Store had a balance in the Accounts Receivable account of $760,000 at the beginning…
A: Solution:- Given, Winsor Clothing Store had a balance in the Accounts Receivable account at…
Q: 4. A management accountant was working on a cash budget for Boone Company when he accidentally…
A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…
Q: What amount will be recorded in the settlement discount received column of the cash payments journal…
A: Settlement Discount A settlement discount is where a business offers another business a discount…
Q: Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct…
A: Material price variance = (Standard price - Actual price)*Actual quantity purchased Material…
Q: A large profitable corporation is considering a capltal --year project period. The annual gross…
A: Taxable income is income available after the deduction of all expenses from the annual gross income…
Q: ABC Co established a petty cash fund of P40,000. Fund disbursements during the period was P27,363.…
A: At the end of the period, petty cash fund should stand at P40,000.
Q: Betty sells an interest in a passive activity for $100,000. Her adjusted basis is $70,000 and losses…
A: The loss which is deductible can be offset against active income.
Q: Branch Book Dr. Cr. Cash 400,000 Home office | 400,000 Equipment 180,000 Home Office 180,000…
A: Profit refers to the net revenue earned by a business from its operations. This amount is determined…
Q: Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells…
A: Answer- Current Year Quarter 3 Quarter 4 Budgeted Sales 5,370,000 7,740,000 Cash Sales -…
Q: The table below presents the information of revenues and costs for Pandora in 2009. Assume a…
A: The Break-even point indicates that total units are to be sold by the business entity to recover its…
Q: A company has two different products that sell to separate markets. Financial data are as follows:…
A: Fixed cost remains constant even though the product B is dropped.
Q: Bell & Porter has the following average times (in hours). 1.60 Inspecting product Manufacturing…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Axis corporation has a balance of 300K on its retained earnings. During the year the company…
A: whenever company sale there is generation of profit. For generation of such profit their has to be…
Q: The following information was extracted from the records of Lodh Ltd for the year ended 30 June…
A: A deferred tax liability is a balance-sheet item that indicates taxes that are owed but are not due…
Q: Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present,…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Home Office transferred merchandise worth 320,000. Home Office paid for the freight of 5,000 to be…
A: Journal entry: It is the first step of recording transactions of a company. Before this, no other…
Step by step
Solved in 2 steps with 2 images
- 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.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.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. In the space provided below, prepare the stockholders equity section of Chen Corporations balance sheet as of December 31, 2012. Use proper headings and provide full disclosure of all appropriate information. Chens corporate charter authorizes the issuance of 1,000 shares of preferred stock and 100,000 shares of common stock.
- 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.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.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)
- Juniper Company is authorized to issue 5,000,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Mar. 1, issued 4,000 shares of stock in exchange for equipment worth $250,000. Journalize the transaction.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.The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 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.
- The following selected transactions and events occurred during 2013: a. Issued 200 shares of preferred stock for 20,000. b. Sold 800 shares of treasury stock for 2,800. c. Declared and issued a 4% common stock dividend. The market value on the date of declaration was 5 per share. d. Generated a net loss for the year of 16,000. e. Declared and paid the full years dividend on all the preferred stock and a dividend of 15 per share on common stock outstanding at the end of the year. Enter beginning balances for 2013 on STOCKEQ2. Then erase all 2012 entries and enter the transactions for 2013. Save the results as STOCKEQ4. Print the results.Ponce 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). As vice president of finance for the firm, you have been asked to calculate earnings per share for 2011. The worksheet EPS has been provided to assist you.MacKenzie 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.