How much is the issuance price for the Preference Share Capital? How much is the issuance price for the Ordinary Share Capital? How much is the total Share Capital? How much is the total Additional Paid In Capital? How much is the total Contributed Capital? How much is the Total Shareholders ’Equity?
Q: On June 30th dogwood limited issues 8%, 20 year bonds payable with a face value of $100,000. The…
A: Here,it is assumed that face value per bond is $ 100. Therefore number of bonds issue=$100,000/$100…
Q: What is the amount of total assets? 398,800 598,000 613,000 493,000
A: Assets are the resources being held by the business. These can be current assets or non current…
Q: tion below using 2-5 sentences ONLY. 1.) Is it fair for small businesses (like a sari-s
A: Explanation of Concept:- Tax:- A tax is the compulsory payment which is imposed by the government…
Q: A restaurant manager served 3,000 guests last January. For this coming January, they predict a…
A: Introduction: The value of all revenues from products and services identified by a company over a…
Q: A sports equipment company issued a $6 cumulative preferred stock issue. In 2010 the firm's board of…
A: Cumulative preference stock holders has the right to get the dividend in arrears and the current…
Q: Accounts payable Income tax payable Other liabilities Total liabilities Common stock Retained…
A: >Financial Statements are prepared at the end of accounting period, and these include: #1:…
Q: learning resource from Cengage Learning A Company Reports The Following eBook Show Me How Return on…
A: The ratio analysis helps to analyse the financial statements of the business. The return on total…
Q: .LO.4 (Cost accumulation) Barfield Mfg. Co. applies overhead to jobs at a rate of 140 percent of…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: The ownership of goods is transferred upon receipt of the goods by the buyer and the seller is the…
A: The invoice is prepared at the time of sale of goods on credit. The invoice details about the…
Q: Lou Gue Trading sold merchanise to Boom Co. Given the following information, determine the amount of…
A: The list price is the price that is written on the product. The trade discount is the discount that…
Q: What is difference between general ledger and balance sheet. If possible, can you give me an…
A: The accounting is a process to record the financial transactions on regular basis and prepare the…
Q: 20,000 when it sells 40,000 units. If total fixed costs are $40,000,
A: A variable cost is an expense that changes depending on how much product is produced or sold.…
Q: What may be defined as sufficiently important to influence decisions made by reasonable users of…
A: Users of financial statements are those who are linked to organization in some way and uses the…
Q: Mary Canfield purchased the All-Canadian Compound bond fund. While this fund doesn't charge a…
A: Given, Amount withdrawn = $11,800 Contingent deferred sales load percentage = 3% Contingent deferred…
Q: Identify the cause of an unfavorable variance in profit. a.Actual labor cost is lower than budget…
A: The variance is the difference between the actual data and standard output of the production.
Q: List Price (LP) P580 P6200 (5) (7) (9) Rate of Trade Discount (D₁) (1) (3) (6) 85% 2.8% Trade…
A: List Price (LP) Rate of Trade Discount Trade Discount Net Price 580.00 7.5%…
Q: 1. Directions Make a journal entry of Modern Laundry Centre using following the business…
A: Journal entry: The first step in accounting is a journal entry, which is used to record a business…
Q: QUESTION 20 Gyro Company sells its only product for $77. Variable costs per unit are $35. Total…
A: The contribution margin is calculated as difference between sales revenue and variable costs. The…
Q: Consider this problem for the next five questions: At Kahel Enterprises, a producer of orange crates…
A: Labor productivity means the per unit of the goods or service (output) produced for per unit of…
Q: Shays' Rebellion demonstrated the immense power of the federal government under the Articles…
A: Shays' Rebellion was the series which is of armed protests staged in the year 1786 through farmers…
Q: What is the noncontrolling interest's share of Rockne's 2021 income? Prepare Doone's 2021…
A: The term acquisition means when a company purchased the majority share of the other company then…
Q: Required: 1. Prepare journal entries to recognize revenue for 2018, 2019 and 2020. I
A: In Year 2018 Construction contract price: $8,360,000 %age completion= $2,120,000…
Q: Under the gross profit method, if the gross profit rate is based on cost, the cost of sales is…
A: The gross profit method is the one wherein the amount of inventory is measured using the gross…
Q: 2. What amount would a person with actual cash value (ACV) coverage receive for three-year- old…
A: The amount that would be received by a person with Actual Cash Value ( ACV) coverage for a three…
Q: Adriana Graphic Design receives $2,200 from a client billed in a previous month for services…
A: Answer:- Account Title Debit Credit Cash 2,200 Account Receivable 2,200
Q: 4/2 Purchased three computers and a printer from Best Buy for $2,000 how to solve this problem? with…
A: • Basic Accounting Equation is given as under: Assets = Equity + Liabilities Meaning, Total…
Q: 5. Assume that three years ago, you purchased a 10-year corporate bond that pays 8.0 percent. The…
A: Bond: It is the acknowledgement or certificate which is given by the company against the debt taken…
Q: Factory overhead costs for a given period were 1.5 times as much as the direct material costs. Prime…
A: Conversion Costs = Direct Labor Costs+Factory Overhead Costs
Q: If the cost of an item of inventory is $49 and the current r Oa. $63 Ob. $112 Oc. $49 Od. $14
A: In case of lower of cost or market method of inventory valuation, inventory is measured at cost or…
Q: Required information [The following information applies to the questions displayed below.] Fields…
A: >Process costing includes calculation of Equivalent units and cost per equivalent units.…
Q: Exercise 1. Ping Co. bought merchandise from Pong Co. Given the following information, determine the…
A: The trade discount is not recorded in the books, it is just deducted from the list price to get the…
Q: (a) On September 30, the firm received its utilities bill for the month of September amounting to…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: (a) From a review of the information above identify the areas which you would concentrate on in your…
A: Student asked for multi sub part question we will solve for first three sub part question for you.…
Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…
A: In case of LIFO inventory cost method the latest purchased goods will be sold first.
Q: 7. A sports equipment company issued a $6 cumulative preferred stock issue. In 2010 the firm's board…
A: Preferred stock is the stock which is issued by the company for the purpose of raising long term…
Q: 64) Tom "Tom Terrific" Seaver is looking to eliminate unsystematic risk in his portfolio which…
A: Unsystematic risks are those risks that are not shared by different industries and different…
Q: Quant was providing Tax Services and deals in two lines of services namely accounting and tax.…
A: Break even revenue can be found out by subtracting the entities total fixed cost with weighted…
Q: What does common stock represent?
A: The shareholders' equity section is presented on the liabilities side of balance sheet. This section…
Q: Explain how factoring works. Of what benefit is factoring to a firm that sells its receivables?
A: This kind of the financial transaction helps the business in raising quick amount of cash through…
Q: shareholders' equity of Red Corporation includes $320,000 of $1 par common stock and $520,000 par of…
A: Dividends refer to the concept when a company disperses either cash or shares to its shareholders.
Q: 39. (2 Suppose variable expenses were to decrease by $3.00 per unit. What effect would this have on…
A: The contribution margin is calculated as difference between sales and variable costs. The break…
Q: Define a capital budget.
A: Capital Capital has somewhat similar meanings in accounting and finance in economics. In accounting,…
Q: 4. You and your spouse are in good health and have reasonably secure careers. You make about $75,000…
A: As per the family need method, the life insurance needed is the sum of immediate needs and present…
Q: 7. A sports equipment company issued a $6 cumulative preferred stock issue. In 2010 the firm's board…
A: Preferred stock is the stock which is issued by the company for the purpose of raising long term…
Q: of interest can be calculated using the formula reff = 1 + r m m − 1
A: The answer has been mentioned below.
Q: Stockholders' equity consists of which of the following? Multiple Choice O O Paid-in (or…
A: Stockholders' equity=Paid in capital+Retained earnings
Q: Taking a physical count of inventory Oa. is not necessary when a perpetual inventory system is used…
A: Under the perpetual inventory system, inventory is recorded on every inventory transaction. So a…
Q: Waterway Industries manufactures and sells solar chargers for $70 each. Variable costs are $30 per…
A: Formula used: Units to sell to earn a target income = ( Fixed cost + target profit ) / Unit…
Q: Stockton Company Adjusted Trial Balance December 31 Account No. 11 12 13 18 19 21 22 31 32 41 51 52…
A: Liabilities are the amount of debt owed by company towards outsiders . These are the financial…
Q: Brown Sporting Goods, inc. buys baseball at $10 per dozen from its wholesales. Brown buys 1,600…
A: economic order quantity is the point where there is minimum cost incurred for for purchasing the…
H. |
Below is a partial list of account titles and balances for the TNT Corporation as of December 31, 2018. |
|||
|
|
|||
|
|
Cash |
P 320,000 |
|
|
|
Notes Receivable |
24,000 |
|
|
|
|
400,000 |
|
|
|
Ordinary Share Capital, P 20 par, 100,000 shares authorized |
1,000,000 |
|
|
|
Preference share premium |
150,000 |
|
|
|
Ordinary share premium |
200,000 |
|
|
|
|
250,000 |
|
|
|
Accounts Payable |
150,000 |
|
|
|
Sales |
950,000 |
|
|
|
|
|
- How much is the premium per share for the Ordinary Share Capital?
- How much is the issuance price for the Preference Share Capital?
- How much is the issuance price for the Ordinary Share Capital?
- How much is the total Share Capital?
- How much is the total Additional Paid In Capital?
- How much is the total Contributed Capital?
- How much is the Total Shareholders ’Equity?
Step by step
Solved in 2 steps
- How much is the total Share Capital?
- How much is the total Additional Paid In Capital?
- How much is the total Contributed Capital?
- How much is the Total Shareholders ’Equity?
- 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.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 37 5. The bonds are classified as a held-to-maturity 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 issue d 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 (I). 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 h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [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 in come statement for the year ended December 31, 201 6, 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, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.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.
- 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.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)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.
- 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.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. 3,370,000
- 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.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. 190,000