Del Valle Company provided the following shareholders’ equity on December 31, 2021:
Q: StorSmart Company makes plastic organizing bins. The company has the following inventory balances at...
A: The cost of goods manufactured timetable is used to determine the cost of producing goods over a spe...
Q: . Landscape, Inc. includes an estimate of warranty expense in the year in which it sells its lawn mo...
A: The principle of recognizing expenses and liabilities as soon as possible when there is uncertainty ...
Q: Php8,860.50 round to nearest dollar. What will be the answer?
A: In this question, we have to calculate PHP to nearest dollar PHP means = Philippine Peso It is the ...
Q: he local hamburger restaurant expenses all spatulas, french fry baskets, and other cooking utensils ...
A: Revenue recognize principle represents that the revenues would be recognized when it is certain that...
Q: In the audit of loans payable, which of the following audit procedure would be most likely performed...
A: Answer: Audit procedures are the methods that are followed by Auditors during the period of audit of...
Q: Assuming there have been no intercompany transactions, which of the following is an incorrect statem...
A: Consolidation is the process of combining two or more entities' assets, liabilities, and other finan...
Q: Amber sold her personal property in 2019, with details as follows: Cost ...
A: Working Note :- Particulars Amount P Amount P Cost of the land [a] 600,000 ...
Q: 10. Compute for the amount of Revenue from Monthly clients * Berthold Tax Services Income Statement ...
A: Expenses represents the amount incurred on the daily operations of the business. These are reported ...
Q: weekly $fill in the blank 1 $fill in the blank 2 Starr, P. MFJ N/A 1,929 weekly fill in the blank ...
A: Wage-Bracket Method:
Q: 1. Borrowed money amounting to 5,000 from Baguio city bank for business purpose. 2. Some food produc...
A: Accounting equation of the business says that total assets must be equal to total liabilities and eq...
Q: Identify the accounting assumption, accounting principle, or reporting constraint that mos appropria...
A: Accounting principles are those rules, regulations and guidelines which are used by the accountants ...
Q: Support the answers with calculations
A: The income statement explains the financial performance of the company for a particular period of ti...
Q: What is the amount of sales under cash basis? What is the amount of purchases under cash basis? W...
A: Solution Note : as per the Q&A guideline we are required to answer the first three subparts only...
Q: Salaries Expense $ 91,500 Accounts receivable $ 86,500 Share Capital 40,000 Insurance Expense 10,800...
A: The income statement is prepared using trial balance and it tells about the profitability of the org...
Q: The December 31, 2021 and 2020 comparative financial statements of Galley Company showed equipment w...
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...
Q: GG Co. had the following transactions with two subsidiaries, OO and RR during 2020: Sales of P105,00...
A: In consolidated Balance sheet any transaction which is happen between holding and subsidiary company...
Q: HomeLife Life Insurance Company has two service departments (actuarial and premium rating) and two p...
A:
Q: The amount of assets consumed during the performance of business operations in a period while delive...
A: Assets can be defined as any resource which has its own intrinsic economic value, owned and controll...
Q: income of P160,000 and P180,000, respectively. During 20A, Vullaby sold merchandise to Braviary Corp...
A: Minority interest is established when someone holds less than 50% share in the company. It is outsid...
Q: Marcel Yang is a young college graduate who did not take a planning course. personal finance. Now he...
A: Personal financial statements aid an individual to plan their finances in a better manner in the nea...
Q: indicate why you would or would not want to be involved in a Limited Partnership investment
A: A limited partnership (LP), as opposed to a limited partnership (LLP), is a partnership formed by tw...
Q: answer true or false: gains are increases in net assets from peripheral activities while revenues ar...
A: revenue is generated from sale of goods or service. it is recurring in nature as it is generated f...
Q: Roquan, a single taxpayer, is an attorney and practices as a sole proprietor. This year, Roquan had ...
A: For tax purposes, business income is a type of income earned that falls under the category of ordina...
Q: On January 1, 2017, Persephone Company sold a piece of transportation equipment with a historical co...
A: Cost of equipment : P1,000,000 Accumulated depreciation : P300,000 Note receivable : P800,000 , 12%
Q: One of the basic purposes of managerial accounting is to provide information to various management l...
A: Answer: Managerial accounting is the accounting method that generates the reports that helps the man...
Q: YELLOW Company owns an office building and leases the offices under a variety of rental agreements i...
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...
Q: radpit Inc. has constructed a production equipment needed for the company’s expansion program. Bradp...
A: Borrowing costs relating to the acquisition, construction, and production of qualifying assets shoul...
Q: Insurance expense Office expense Supplies expense Real estate and payroll taxes Depreciation expense...
A: Expenses are those cash outflows which is done for earning revenue. It is part of Income Statement. ...
Q: An analysis of the cash book and other records of Byle Corporation data:
A: Net credit purchases during the year = Closing accounts payable + Payments on accounts payable durin...
Q: The following financial statement information is from five separate companies. Company A Company B C...
A: The accounting equation states that assets equal to sum of liabilities and equity. The equity compri...
Q: Question: A new manager of a retail company suggests that the company should prepare its Statement o...
A: SOLUTION FINANCIAL STATEMENTS ARE WRITTEN RECORDS THAT CONVEY THE BUSINESS ACTIVITIES AND THE FINANC...
Q: 1. Given below are adjustmentd made in December 31, 2021. Provide the original entries. a. Prepaid...
A: Income and expenses are required to be recorded on accrual basis in the books of accounts. So for al...
Q: Sage Hill, Inc. leases a piece of equipment to Bucks Company on January 1, 2020. The contract stipul...
A: Lease: When one party lets out its assets to another party for some time or specific time mentioned ...
Q: Using the double-declining-balance method of depreciation, complete the schedule below showing depr...
A: Double-declining-balance method Depreciation rate = 1/Useful life * 100 * 2 Useful life, given in qu...
Q: COMPUTE FOR THE GROSS COMPENSATION INCOME OF JEN. COMPUTE FOR THE TAXABLE COMPENSATION INCOME OF JE...
A: Gross compensation income is the income which is earned by the employee which has been received by t...
Q: Direct Materials, Direct Labor, and Overhead Variances, Journal Entries Rand Company produces dry f...
A: Direct Material- Direct material refers to the unprocessed materials that are directly used in the p...
Q: Angel owned a property costing Php. 2,000,000.00. She exchanged her property with the lot of Princes...
A: At the time of acquisition of assets, sometimes old asset needs to be exchanged and some amount of c...
Q: The Polaris Company uses a job-order costing system. The following transactions occurred in October:...
A: A T-account is a colloquial term for a set of financial records that employ double-entry bookkeeping...
Q: answer if true or false 1. Merchandise or goods' ownership is transferred from the seller to the cus...
A: Sale of goods means when goods are transferred from one party to another party. Prepaid expenses are...
Q: Assume that a relatively new company you and you group members are involved wilth has presented you ...
A: An income statement is a financial report that indicates the revenue and expenses of a business. It ...
Q: Honda Motor Company is considering offering a $2,100 rebate on its minivan, lowering the vehicle'...
A: Answer - Incremental revenuer efers to the additional revenue generated from an additional quantity...
Q: Bank Reconciliation Lidia has the following information from her books and her August bank statement...
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...
Q: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inven...
A: Manufacturing overhead costs seem to be the total of all indirect expenses involved during the produ...
Q: Basic illustration corp. produces and sells product X. The selling price is 25 and the variable cost...
A: Ans. The break even point is determined by dividing Fixed cost by contribution per unit. Contributio...
Q: Leonard should report Retained Earnings, 1/1/19, as adjusted at [ Select ] [ Select] $2,000,000 $2,5...
A: >Financial Statements are prepared at the end of accounting period, and these include: #1: In...
Q: Which of the following is recorded as a cost when purchasing an existing building? O A. cost to reno...
A: The correct solution is given in the following steps for your reference
Q: Which of the following items will not be shown in the balance sheet of ahotel
A: Balance sheet is an orderly arrangement of assets and liabilities of a business entity on a particu...
Q: Statement 1: Under the single entry method, the owner maintains a cash book and separate list of rec...
A: Single entry system: the single entry system is an accounting system used by small companies to reco...
Q: For the 2021 audit of the financial statements, you are tasked to audit EMPLEO Corporation's liabili...
A: Number of outstanding ordinary shares = 800000
Del Valle Company provided the following shareholders’ equity on December 31, 2021:
Preference share capital, 8% P50 par (noncumulative and participating) 1,500,000
Ordinary share capital, P100 2,500,000
Share premium 500,000
Dividends have been paid on the preference share up to December 31, 2018.
compute the book value per ordinary share
Step by step
Solved in 2 steps
- 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.Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.
- 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. 6.73Kent 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. 3,370,000Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?
- Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.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.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.
- 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?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.Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Haley engaged in the following transactions involving its equity accounts: Sold 5,000 shares of common stock for $19 per share. Sold 1.200 shares of 12%, $50 par preferred stock at $75 per share. Declared and paid cash dividends of $22,000. Repurchased 1,000 shares of treasury stock (common) for $24 per share. Sold 300 of the treasury shares for $26 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $123,700. Prepare a statement of stockholders equity at December 31, 2020.