"ellow Enterprises reported the following ($ in thousands) as of December 31, 2021. All accounts have normal balances. Deficit (debit balance in retained earnings) $ 1,600 Common stock 3,000 1,000 Paid-in capital-share repurchase Treasury stock (at cost) Paid-in capital-excess of par 350 30,500 During 2022 ($ in thousands), net income was $10,000, 25% of the treasury stock was resold for $530; cash dividends declared were $750; cash dividends paid were $ Vhat ($ in thousands) was shareholders' equity as of Deember 31, 2021?
Q: Stowe Company’s December 31, 2020, trial balance includes the following accounts: Investment in…
A: STOWE COMPANY Balance Sheet (Partial) December 31, 2020 Stockholders' Equity Common stock…
Q: Minnesota Manufacturing's balance sheet showed total common equity of $3,000,000 and 500,000 shares…
A: Book value per share can be calculated by dividing total shareholders equity at the end of the year…
Q: The following data were taken from the balance sheet accounts of Masefield Corporation on December…
A: Step 1 The first journal entry is recorded for a declaration of 5% stock dividend under which…
Q: 100,000 Common stock, $10 par 500,000 Additional paid-in capital on preferred stock 20,000…
A: feb 2 dividend payable : preferred 4,000 dividend payable : common 40,000 to cash…
Q: Lizbeth Johnson, controller of Detroit Industries, a public company, is currently preparing the…
A: Basic earnings per share = (Net Income - Preferred Dividends)/ Weighted-Average Shares Diluted…
Q: Following is the stockholders' equity section from the Cisco Systems Inc. balance sheet for the t…
A: Market capitalization = Market price × outstanding shares
Q: Metlock, Inc. reported the following balances at December 31, 2021: common stock $409,000, paid-in…
A: Caluclation of Retained Earnings Opening Retained Earnings - $249000 + Net Income…
Q: On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts.…
A: FASCOM INC Balance Sheet ( Partial ) Particulars Amount($) Shareholders' Equity…
Q: Listed below are the transactions that affected the shareholders’ equity of Branch-Rickie…
A:
Q: Cullumber Rental Corporation had the following balances in its shareholders' equity accounts at…
A: Journal entries refer to recording and classyfing business transactions into books of accounts…
Q: Yellow Enterprises reported the following ($ in thousands) as of December 31, 2021. All accounts…
A: Stockholders' equity refers to the value of assets remaining after the settlement of all the…
Q: Accounting Richard Tandy Company reported the following balances at December 31, 2019: common stock…
A: The ratio analysis helps to analyse the financial statements of the business on regular basis.…
Q: On January 1, 2020, Ivanhoe Corporation had $1,470,000 of common stock outstanding that was issued…
A: On January 1,2020 Ivanhoe corporation had 1470000 of common stock Calculating with option A) Par…
Q: Pineapple Co. reported total assets of P2,100,000 and total liabilities of P1,360,000 in its…
A: Stockholder's equity: It implies to the remaining value of net assets that are owned by the…
Q: Wendell Company provided the following pertaining to its accounting year that ended December 31,…
A: Additional paid-in capital on Common stock sold = Sale value of Common stock - Par value of Common…
Q: On December 31, 2020, Blue Devil Inc. has a ending balance of total shareholders' equity of…
A: Dividends means part of profits that is distributed to the shareholders of the company. It can be in…
Q: Red Hat Company began operations in January 2018 and reported the following results of operations…
A: Book value per common stock = (Total stockholder's equity-(liquidation value of preferred stock+…
Q: on December 31, 2021. Avon, Inc has the following account balances pertaining to its stockholder’s…
A: Calculation of stockholders equity on Dec 31, 2021 are as follows
Q: As of December 31, 2021, Ameren Corp reported the following: Cash dividends payable $…
A: The question is multiple choice question. Required Choose the Correct Option.
Q: Hawthorn Corporation’s adjusted trial balance contained the following accounts at December 31, 2020:…
A: Hawthorn CorporationBalance sheet (Partial)At December 31, 2020 Stockholders’ equity: Common…
Q: Accrued Expenses = P50,000 Accounts Payable = P400,000 Accounts Receivable = P220,000…
A: Given: The ledger accounts of the Ilano Corporation was given with and to find the financial…
Q: At December 31, 2021, the financial statements of Hollingsworth Industries included the following: $…
A: Diluted EPS Diluted EPS is used to evaluate the quality of a company's profits per share after all…
Q: At the end of Malasia Inc.'s third fiscal quarter in 2020, the shareholders' equity section of the…
A: SOLUTION- TOTAL SHAREHOLDERS EQUITY- ITS REPRESENTS THE NET WORTH OF A COMPANY , WHICH IS THE…
Q: Assume that the records of Ardell Consulting show the following balances in the stockholders' equity…
A: a) If the preferred stock is noncumulative, the distribution will be allocated as: Common…
Q: After formation on Aug. 1, 2018, the ledger accounts of the Ilano Corporation have the following…
A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…
Q: After formation on Aug. 1, 2018, the ledger accounts of the Ilano Corporation have the following…
A: Preference shares are those which have the preference in receiving the dividends and are redeemed…
Q: Listed below are the transactions that affected the shareholders’ equity of Branch-Rickie…
A: Journal entries are used to hold track of financial transactions. You enter transaction data into…
Q: Bramble Inc. began operations in January 2018 and reported the following results for each of its 3…
A: Requirement 1:
Q: The books of Oriole corporation carried the following account balances as of December 31, 2020. Cash…
A: The answer is stated below:
Q: The 2022 sale of half of the treasury stock would: Multiple Choice Reduce income before tax by…
A: Given: Cash dividends payable $34,000 Treasury stock…
Q: Detroit Inc reported the following ($ in thousands) as of December 31, 2021. All accounts have…
A: Shareholder's equity balance on Dec 31, 2021 :- = Common Stock + Paid in capital(excess of Par) +…
Q: Morgan Sondgeroth Inc. began operations in January 2018 and reported the following results for each…
A: a. Compute the book value of the common stock at December 31, 2020.
Q: At December 31, 2021, Hancock Company had 500,000 shares of common stock issued and outstanding,…
A: Earnings per share = Net IncomeWeighted Average number of shares
Q: Can you help me with this problem with step by step explanation, please? Thank you :) On January…
A: The journal entries can be defined as the process of recording the business transaction into the…
Q: On January 1, 2021, the stockholders' equity section of Seef Inc. was as follows: Common stock ($10…
A: Treasury stock is the company's shares that are purchased by the company from the market. These…
Q: Drake Co. summarized select account balances on December 31, 2020, and activity for 2020 in the…
A: Stockholders' equity: Stockholders' equity means the remaining net assets available to shareholders.…
Q: Abajo, Inc. went into business on January 1, 2017 when it issued 100 shares of stock for $10,000. No…
A: Return on Equity = Net IncomeShareholder's Equity it is the measure of financial performance and it…
Q: At December 31, 2021, Hancock Company had 500,000 shares of common stock issued and outstanding,…
A: Answer) Calculation of Earnings per Common Share Earnings per common share = Earnings available for…
Q: After formation on Aug. 1, 2018, the ledger accounts of the Ilano Corporation have the following…
A: Stock is the total amount of money hold by any company that is generated through selling shares in…
Q: On January 1, 2020, Jack and Jill Companies had condensed balance sheets as shown below: Jack…
A: Journal entry: it is the second step in the accounts, it is the passing on the basis of the…
Q: On January 1, 2021, Covid, Inc. had the following account balances in its shareholders' equity…
A: Working notes of statement of other equity is as follows: Resultant table:
Q: As of December 31, 2021, Warner Corporation reported the following: Cash dividends payable 20,000…
A: Shareholders' equity is the total amount of ownership investment in a company.Shareholders' equity…
Q: As of January 1, 2021, the equity section of Superstore Foods Ltd. (SFL) balance sheet contained the…
A: The journal entries are prepared to record daily transactions of the business.
Q: The account of Retained Earnings has a credit balance of $224,000 on 1 Apr 2021 The following is…
A: On issue of equity and preferred stock, any payment in excess of par value then it is credited to…
Q: A company was organized on January 2, 2018. During the first year of operation, it issued 60,000…
A: Paid in Capital Common Stock will consist of preferred and common stock in total. It is also called…
Q: On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts.…
A: Common Stock: [Common stock – treasury stock] x 2 in 1 stock split [253000 – 5300] x 2/1 495,400 x…
Q: Yellow Enterprises reported the following ($ in thousands) as of December 31, 2021. All accounts…
A: Particulars Amount Opening Balance (Deficit) $ (1800) Common stock $ 4000…
Q: Torres Company began business on June 30, 2018. At that time, it issued 17,500 shares of $40 par…
A: Dividend Distribution : Cumulative Preferred stockholder have the right to receive dividend on…
Q: On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity…
A: Answer :For this problem we have to record all transaction in Journal entry format.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.On 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.
- Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total assets of $150,000. As of December 31, 20Y8, Sylvester has total liabilities of $200,000 and total stockholders’ equity of $400,000. (a) What was Sylvester’s stockholders’ equity as of January 1, 20Y8? (b) Assume that Sylvester did not pay any dividends during 20Y8. What was the amount of net income for 20Y8?Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the beginning of the year, its retained earnings had a balance of 95,000. During the year, Vidalia paid 11,000 dividends to shareholders. Its contributed capital was 56,000 at the beginning of the year, and it did not issue any new stock during the year. Vidalias assets total 237,500 on December 31 of the current year. What are Vidalias total liabilities on December 31 of the current year?
- Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital expenditures of $112,900, cash dividends of $35,800, and average maturities of long-term debt over the next 5 years of $122,300. What is Chasses free cash flow and cash flow adequacy ratio? a. $94,300 and 0.77, respectively c. $130,100 and 1.06, respectively b. $94,300 and 0.82, respectively d. $165,900 and 1.36, respectivelyLyon 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.
- Roseau Company is preparing its annual earnings per share amounts to be disclosed on its 2019 income statement. It has collected the following information at the end of 2019: 1. Net income: 120,400. Included in the net income is income from continuing operations of 130,400 and a loss from discontinued operations (net of income taxes) of 10,000. Corporate income tax rate: 30%. 2. Common stock outstanding on January 1, 2019: 20,000 shares. 3. Common stock issuances during 2019: July 6, 4,000 shares; August 24, 3,000 shares. 4. Stock dividend: On October 19, 2019, the company declared a 10% stock dividend that resulted in 2,700 additional outstanding shares of common stock. 5. Common stock prices: 2019 average market price, 30 per share; 2019 ending market price, 27 per share. 6. 7% preferred stock outstanding on January 1, 2019: 1,000 shares. Terms: 100 par, nonconvertible. Current dividends have been paid. No preferred stock issued during 2019. 7. 8% convertible preferred stock outstanding on January 1, 2019: 800 shares. The stock was issued in 2018 at 130 per share. Each 100 par preferred stock is currently convertible into 1.7 shares of common stock. Current dividends have been paid. To date, no preferred stock has been converted. 8. Bonds payable outstanding on January 1, 2019: 100,000 face value. These bonds were issued several years ago at 97 and pay annual interest of 9.6%. The discount is being amortized in the amount of 300 per year. Each 1,000 bond is currently convertible into 22 shares of common stock. To date, no bonds have been converted. 9. Compensatory share options outstanding: Key executives may currently acquire 3,000 shares of common stock at 20 per share. The options were granted in 2018. To date, none have been exercised. The unrecognized compensation cost (net of tax) related to the options is 4 per share. Required: 1. Compute the basic earnings per share. Show supporting calculations. 2. Compute the diluted earnings per share. Show supporting calculations. 3. Show how Roseau would report these earnings per share figures on its 2019 income statement. Include an explanatory note to the financial statements.Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as follows: During 2019, the following events and transactions occurred: 1. JR recognized sales revenues of 108,000. It incurred cost of goods sold of 62,000 and operating expenses of 12,000, 2. JR issued 1,000 shares of its 5 par common stock for 14 per share. 3. JR invested 30,000 in available-for-sale securities. At the end of the year, the securities had a fair value of 35,000. 4. JR paid dividends of 6,000. The income tax rate on all items of income is 30%. Required: 1. Prepare a 2019 income statement for JR which includes net income and comprehensive income ignore earnings per share). 2. For 2016 prepare a separate (a) income statement (ignore earnings per share) and (b) statement of comprehensive income.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.