How much dividends will be received by the preference shares holders?
Q: High-low method-missing amounts The following data have been ekracted from the records of Puzzle Inc…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Papasa Ka Sa Quali Corporation earned P540,000 during the year. The shareholder’s equity is composed…
A: The dividend is declared to the shareholders from the retained earnings of the business. The…
Q: Juztine Company produces a single type of necklace being sold for P 25 per unit. The following…
A: Partial productivity describes the relationship between the output and the single input that is…
Q: Karim Corporation requires a minimum $8,800 cash balance. Loans taken to meet this requirement cost…
A: A cash budget is an instructional statement to managers. The initial cash balance is taken into…
Q: Why are discounted cash flow methods of making capital budgeting decisions superior to allother…
A: Discounted cash flow: it is a valuation method. This method helps in determining the Value of a…
Q: Use the following information for the Exercise below. (Algo) Skip to question [The…
A: Variable Costing - Variable costing formula = Sales - Variable Costs - Fixed Cost = Operating Income…
Q: Required information [The following information applies to the questions displayed below] Alvarez…
A: Answer:- Overhead meaning:- Overhead expenses are those expenses which are not directly related to…
Q: The shareholder' equity of L Corp on Dec 31, 2021 follows: 10% Preference share capital P100 par,…
A: Issue of shares is one of the source of capital for the business. There can be common shares or…
Q: Calculate the Margin of Safety, expressed as a percentage of Sales, given the following data: Sales…
A: Formula, Margin of Safety (Dollars) = Actual Sales - Break Even Sales Margin of Safety…
Q: Prepare journal entries to record the following merchandising transactions of Zhang's, which uses…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Exercise 9-6 Percent of sales method; write-off LO P3 At year-end (December 31), Chan Company…
A: Bad debts expenses is the expense which company is unable to collect from its debtors. Allowance…
Q: Intemal Growth Rate (IGR) Net Income ($) Total dividend paid ($) Retention ratio (%) Total assets…
A: Here discuss about the details of calculating the formula for the Internal growth Rate and…
Q: The Ruff Jeans Company produces two different types of jeans, Simple Life, and Fancy Life. The…
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: Mr Jose Peralta, a Filipino merchant residing in Greenhils, made the following gifts in 2021 and…
A: Mr Jose Peralta, a Filipino merchant residing in Greenhils has given a few gifts during the year…
Q: A firm can purchase a centrifugal separator (5-year MACRS property) for $22,000. The estimated…
A: Net Present Value=(Present Value of Cash Inflows-Present Value of Cash Outflows)
Q: A deposit of 500 was credited by the ban for 5000 What is the influence of the bank error? What we…
A: Bank reconciliation statement which is prepared to reconcile the difference between the balances…
Q: b) Using the information provided, prepare an income statement for 2001 similar to Exhibit 16.2…
A: Income Statements have various formats depending on the type of business a company is reporting. It…
Q: Morganton Company makes one product and it provided the following information to help prepare the…
A:
Q: Required information [The following information applies to the questions displayed below.] The T. L.…
A: Dear student, Since you have asked multiple subpart we will answer first 3 subpart only as per…
Q: Internal Growth Rate (IGR) Net Income ($) Total dividend paid ($) Retention ratio (%) Total assets…
A: Besides borrowing, the rate at which an organization can grow is known as the sustainable growth…
Q: Based on the following information, prepare the Master Budget for Brindle Arts,Inc. for Quarter 2,…
A: The master budget includes all the possible budgets so that the management can analyze how much they…
Q: Cases A B C DE Sales Beginning Revenue Inventory S 1,100 S 1,300 1,280 1,400 Purchases 500 $ 1,200…
A: Working Notes : A. Cost of Goods Available for Sale = Beginning Inventory + Purchases…
Q: From the following list indicate which of the liabilities that would be classified as current. O a.…
A: The balance sheet represents the financial position of the business with assets and liabilities on a…
Q: Least-squares regression is a statistical method for identifying cost behavior. True or False True…
A: According to the given question, we are required to give the answer that the statement is true or…
Q: 2) A 40 year, $100, 000 loan with effective annual interest i = 4% is paid by making payments of K…
A:
Q: Exercise 10-1 (Algo) Direct Materials Variances [LO10-1] Bandar Industries manufactures sporting…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Intemal Growth Rate (IGR) Net Income ($) Total dividend paid ($) Retention ratio (%) Total assets…
A: Internal Growth Rate (IGR) The purpose of calculating the Internal growth Rate is the maximum rate…
Q: Business of Zeo Itd. As on 31st March 2018 Liabilities Share capital Reserves & surplus Creditors…
A: A company's goodwill is an intangible asset that increases its value. Goodwill is affected by…
Q: In manufacturing a product, if the per-unit cost of direct materials is decreased, what effect will…
A: The sales volume at which a company makes exactly no money is known as the breakeven point. In order…
Q: Explain the following: How Generally Accepted Accounting Practices are utilized in financial…
A: Introduction: Financial statements are documents that describe a company's operations and…
Q: The details of the equipment lease agreement that Taj Corp. (lessee) recently entered into with…
A: Operating lease is short term lease where the company rent an asset for temporary use purposes. In…
Q: 3: Prepare Adjusting Entries in a two-column journal: 1. On June 30, 2018, Mr. De Gurman received…
A: Journal Entry :- A journal entry is the act of recording any transaction, whether one that is…
Q: A friend is celebrating her birthday and wants to start saving for her anticipated retirement. She…
A:
Q: A manufacturer completed the production of goods costing $350,000 and transferred them to finished…
A: Lets understand the basics. When inventory is transferred from WIP to finished goods then journal…
Q: Preble Company manufactures one product. Its variable manufacturing overhead is applied to…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: Miller and Sons' static budget for 10,500 units of production includes $44,700 for direct materials,…
A:
Q: Seasons has sales of $42,000, beginning inventory of $4,900, purchases of $24.500, and ending…
A: Introduction: Cost of goods sold is the term used to describe the direct expenses incurred by a…
Q: Maroon Company's contribution margin ratio is 24%. Total fixed costs are $84,000. What is Maroon's…
A: Break-even point refers to the amount of revenue to make the loss or profit zero i.e the total…
Q: A business that has a low operating leverage is considered normal for highly automated manufacturing…
A: Business is defined as any activity that assists in earning an income for the owner or the person…
Q: Differential Analysis for Sales Promotion Proposal Raisa Cosmetics Company is planning a one-month…
A: Variable cost means the cost which vary with the level of output where as fixed cost remain fixed…
Q: Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: 1. What is the total effect of the errors on the 2020 net income? a. Overstated by P80,400b.…
A: Retained earnings Retained earnings are the total amount of a company's profits that are set aside…
Q: On June 1, 2020, Golden Warriors Corporation declared a share capital dividend entitling its…
A: The dividend is declared to the shareholders from the retained earnings of the business. The…
Q: At the end of 2020, Monty Corp. has accounts receivable of $2.95 million and an allowance for…
A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.…
Q: Schoen Corp. manufactures three types of electrical motors. Type A is sold upon completion of the…
A: In the above question, firstly we have to find total profit if product B are not sent for further…
Q: Cash Budget June and July
A: It has been given in the question that the minimum cash balance at the end of each month should be…
Q: Sales last year is 6M and decreased to 5.2M in the current year. The sales price increased by 30%.…
A: Sales price variance happens when there is a change in selling price. If the change is positive then…
Q: Prepare the necessary journal entries for the Goodman Company for the month of January in order from…
A: Transactions for the Goodman company for the month of January given. The journal entries for the…
Q: Company Z has a deposit with ABC Bank. It obtained a loan from ASAP Financing Corp. in connection…
A: Here discuss about the details of the allowable deduction from the interest expenses which are…
Q: Marks Co. has a capacity of 100,000 units. They are currently producing and selling 90,000 units at…
A: The question is related to accepting an special order or not. In this case the price of special…
NEED ASAP. Solve correctly and show your computations.
The ABC Corp has the following classes of share capital outstanding as of Dec 31, 2021.
Ordinary share capital, P20 par value, 20,000 shares outstanding
No dividends were paid on Preference shares for two years. On Dec 31, 2021 a total Cash dividend of P210,000 was declared.
How much dividends will be received by the preference shares holders?
Step by step
Solved in 2 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.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.Alert Companys shareholders equity prior to any of the following events is as follows: The company is considering the following alternative items: 1. An 8% stock dividend on the common stock when it is selling for 30 per share. 2. A 30% stock dividend on the common stock when it is selling for 32 per share. 3. A special stock dividend to common shareholders consisting of 1 share of preferred stock for every 100 shares of common stock. The preferred stock and common stock are selling for 123 and 31 per share, respectively. 4. A 2-for-1 stock split on the common stock, reducing the par value to 5 per share (assume the same date for declaration and issuance). The market price is 30 per share on the common stock. 5. A property dividend to common shareholders consisting of 100 bonds issued by West Company. These bonds are carried on the Alert Company books as an available-for sale investment at a fair value of 48,000 (which is also its cost); it has a current value of 54,000. 6. A cash dividend, consisting of a normal dividend and a liquidating dividend, on both the preferred and the common stock. The 10% preferred dividend includes a 2% liquidating dividend, and the 2.30 per share common dividend includes a 0.30 per share liquidating dividend (separate liquidating dividend contra accounts should be used). Required: For each of the preceding alternative items: 1. Record (a) the journal entry at the date of declaration and (b) the journal entry at the date of issuance. 2. Compute the balances in the shareholders equity accounts immediately after the issuance (any gains or losses are to be reflected in the retained earnings balance; ignore income taxes).
- 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.Anoka 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?Cash Dividends on Common and Preferred Stock Lemon Inc. has the following information regarding its preferred and common stock: Preferred stock, S30 par, 12% cumulative; 300,000 shares authorized; 150,000 shares issued and outstanding Common stock, $2 par; 2,500,000 shares authorized; 1,200,000 shares issued; 1,000,000 outstanding As of December 31, 2019, Lemon was 3 years in arrears on its dividends. During 2020, Lemon declared and paid dividends. As a result, the common stockholders received dividends of $0.45 per share. Required: What was the total amount of dividends declared and paid? What journal entry was made at the date of declaration?
- 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?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. 3,370,000On 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.