How much is the ordinary shares issued?
Q: Exercise 14-11 (Algo) Preference Ranking of Investment Projects [LO14-5] Oxford Company has limited…
A: Solution:- 1)Computation of the profitability index for each project as follows under:-…
Q: Classify each of the following as direct or indirect with respect to traceability to product and as…
A: Direct costs are costs that are directly with the production and manufacturing of goods. Indirect…
Q: All of Serrano Company's sales are on credit basis. The following information is available for the…
A: In this question, firstly we calculate the doubtful accounts expense by multiplying the net sales by…
Q: 20. Joining rallies is the best form of active citizenship. 2 pointsA. True B. False
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…
Q: the co-ownership?
A: The co-owners are the owners of the property, they own the property jointly. Co-owners enjoy the…
Q: Use the following information for numbers 13 to 18. The capital accounts of Sonia and Olga…
A: " Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: QUESTION 25 Betty Corporation, a calendar year S Corporation, has an Operating Loss of $80,000 and a…
A: Here discuss about the details of amount of deduction which are applicable in the federal income…
Q: Part V. Unearned Revenue On November 1, Luna Repair Shop receives P80,000 from a customer as payment…
A: Adjusting entries are those journal entries which are passed at the end of accounting period for the…
Q: Q66. A, B and C were partners in a firm sharing profits in the ratio of 2:2:1. Cwas guaranteed to be…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: A. Instructions: Create the T-accounts of the following set of transactions. 1. Mrs. Bautista…
A: T accounts are the general ledger accounts which are used for posting of recording journal entries.…
Q: AASB 116 – Property, Plant and Equipment standards explain the accounting treatment of increment and…
A: Increments and decrements in non-current assets happen after the revaluation of assets. When the…
Q: Hendrickson Inc. ended the current year with Revenues of $245,459 COGS of $123,492 Wage Expense of…
A: Net profit = Revenues - COGS - Wage expense = $245,459 - $123,492 - $52,770 = $69,197
Q: The stockholders’ equity of A Company at the end of 2023 and 2022 are as follows: 2023 2022…
A: To calculate the issue price per share of preferred stock, firstly we need to calculate the no. of…
Q: Which of the following bond is the safest? Treasury Bonds Corporate Bonds Savings Bonds
A: Bonds are a form of liability for the business, for which regular interest payments along with value…
Q: Nafari Company's sales budget has the following unit sales projections for each quarter of Year 4:…
A: Production Budget: Production budget is usually based on the sales budget and the desired inventory…
Q: . TRUE or FALSE: During a winding up of a partnership, all debts of the partnership are paid and the…
A: Partnership is one of the arrangement or agreement between two or more than two persons, in which…
Q: Service volume for the coming budget year will be 10,000 units per week of service type 1 and 20,000…
A: Lets understand the basics. Gross revenue is revenue earned with out considering any bad debt. On…
Q: REQUIREMENT: Determine the net income of Mr. Me assuming that he is a Purely Self Employed and/or…
A: Gross Sales are total sales executed by an entity without considering any Sales return.
Q: Use the given statement of comprehensive income below in answering the question. DEF Company, Income…
A: Formula: Operating Expenses as a percentage of sales = Operating Expenses of the year/ Sales of the…
Q: What would be the average life time value of a customer?
A: Based on the data given we need to calculate the average life time value of a customer. Firstly let…
Q: define cash flow activities used in Busine
A: A statement of cash flow is a basic financial report that depicts a company's cash inflows (cash…
Q: John purchased an office building in 2010 for $450,000. In 2020 he sells the building for $950.000.…
A: calculation of adjusted basis of building and realized gain are as follows
Q: The petty cash fund of Liwanag Company on December 31, 20XX is composed of the following:…
A: Petty cash or petty cash fund is the amount that is kept in hand by a company or individual for day…
Q: Why does it matter to have derivative positions classified as qualified hedges?
A: Derivative Positions: The term "Derivative Position" refers to any option, warrant, convertible…
Q: MORGAN Merchandising is preparing its Production Budget for the 3rd Quarter of 2020. Its Sales…
A: Lets understand the basics. Management prepares master budget and various budgets based on the…
Q: Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall…
A: Number of days' sales in receivables is the number of days required to get collection from accounts…
Q: rrent Attempt in Progress an inexperienced accountant for Cheyenne Ceramics made the following…
A: For the error in 1st subpart we should credit sales revenue account inorder to correct.
Q: MORGAN Merchandising is preparing its Production Budget for the 3rd Quarter of 2020. Its Sales…
A: Beginning Inventory for the next year is equal to the ending inventory of the last quarter of the…
Q: 35.Shown below is the bank reconciliation of ABC Corp for may 31, 20X1: Balance per bank, May 31…
A: Total deposits in bank during June = P55,000 Deposits pertaining to May = P12,000 Deposits in…
Q: Current assets $745,000 $820,000 Property, plant, and equipment 1,510,000 1,400,000 Current…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Until its involvement as Enron’s auditor, Arthur Andersen was recognized as one of the most…
A: Financial statement fraud refers to the willful misrepresentation of financial statements by one or…
Q: Part I. Using the adjusted trial balance of Margie Decorating Services, compute for the following:…
A: Financial statement means the statement which include the income statement and the balance sheet.…
Q: · An analysts wants to project the financial statements of a company in 2020. He has gathered the…
A: The current liabilities are the amount due to be paid within one year. The current liabilities can…
Q: On Jan 1, 20X4, ABC Corp sold goods and receive a P400,000 non-interest bearing note due on Jan 1,…
A: Interest on the Note = Present value of the Note x rate of interest x no. of months / 12 where,…
Q: Financial statement data for the year ending December 31 for Langford Company are as follows: Net…
A: As per IAS 33 Earnings per share Earnings per share = (Net income - preferred Dividend)/weighted…
Q: The total fixed cost and Operating Income are incorrect. Total fixed costs 27450…
A: Solution: Total fixed costs = Fixed manufacturing costs + Fixed selling and administrative expenses
Q: he Break Division
A: Operating income is used to calculate the profits or the entity's cash flow. A residual is an amount…
Q: .On March 1, 20X1, ABC Corp received a 12% note dated Jan 1, 20X1. The principal and interest is due…
A: Principal and interest, both will be received after 3 years. But interest revenue will be recognized…
Q: Scutty Marrison lives in Frankston, Melbourne. In January 2022, he receives a job offer to work in…
A: As per Comprehensive capital gains tax (CGT), Australia, any resident leaving Australia will be…
Q: Marigold Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the…
A: Pension Expenses: It is the sum that a business charges to expense according to its liabilities…
Q: I: Vertical analysis all accounts are presented as percentage of total assets in Balance sheet II:…
A: Vertical analysis means the analysis which is done with the figures of one financial year. For…
Q: Sisa Corporation has the following data: Selling price per unit Variable cost per unit.…
A: Current credit standard: A Selling price per unit 70 B Variable cost per unit 45 C Variable…
Q: show solution and final answers ASAP Thank you. INSTRUCTION: Compute the missing amounts in the SCE…
A: Under statement of owners equity, any additional investment and net income earned will increase the…
Q: On July 1, 2020, Ron Company purchased 25% of Buck Company's ordinary shares. No goodwill resulted…
A: As per the equity method of accounting for investment in associates the investor's share in…
Q: My understanding of cash restrictins might be limited so perhaps my proposals might not correspond…
A: Current assets are assets that can be converted into cash within a year. Because it shows the net…
Q: Research about the meaning of the culture of an organization. Explain how it is related to building…
A: Meaning of culture in an organization : Culture is a value and belief that are followed by the…
Q: Air corporation has the following projected sales: P958,450.00 (October) P1,001,515.00 (November)…
A: Cash budget is one of the important budget being prepared in the business. It shows expected cash…
Q: When a petty cash fund is used, which of the following is true? A. Entries that include a credit to…
A: The petty cash fund is established to maintain the cash balance for the minor cash transactions of…
Q: Five year property costing $25,000 was placed in service on January 11, 2021 and $75,000 of five…
A: Introduction: Depreciation is the process of dispersing the cost of a physical item over its useful…
Q: A wood products company has decided to purchase new logging equipment for $139805 with a trade-in of…
A: Depreciation Accounting is the method of debiting the cost of an asset and crediting it to a…
63.
A partial list of the accounts and ending account balances taken from the post-closing
|
410,000 |
Bonds payable |
220,000 |
Ordinary share subscribed |
50,000 |
Long-term investments in equity securities |
210,000 |
Additional paid-in capital on ordinary shares |
460,000 |
Premium on bonds payable |
30,000 |
Authorized ordinary share at P10 par value |
900,000 |
|
45,000 |
Additional paid-in capital on preference shares |
112,000 |
Authorized preference shares at P50 par value |
400,000 |
Gain on sale of treasury shares |
4,000 |
Unrealized increase in value of securities available-for-sale |
3,000 |
Ordinary share warranty outstanding |
20,000 |
Unissued ordinary shares |
500,000 |
Unissued preference shares |
100,000 |
Cash dividends payable – preference |
50,000 |
Donated capital |
25,000 |
Reserve for bond sinking fund |
220,000 |
Reserve for |
150,000 |
Revaluation increment in properties |
100,000 |
Subscription receivable – preference |
15,000 |
Subscription receivable – ordinary |
20,000 |
How much is the ordinary shares issued?
Step by step
Solved in 3 steps
- Tama Companys capital structure consists of common stock and convertible bonds. At the beginning of 2019, Tama had 15,000 shares of common stock outstanding; an additional 4,500 shares were issued on May 4. The 7% convertible bonds have a face value of 80,000 and were issued in 2016 at par. Each 1,000 bond is convertible into 25 shares of common stock; to date, none of the bonds have been converted. During 2019, the company earned net income of 79,200 and was subject to an income tax rate of 30%. Required: Compute the 2019 diluted earnings per share.Frost Company has accumulated the following information relevant to its 2019 earningsper share. 1. Net income for 2019: 150,500. 2. Bonds payable: On January 1, 2019, the company had issued 10%, 200,000 bonds at 110. The premium is being amortized in the amount of 1,000 per year. Each 1,000 bond is currently convertible into 22 shares of common stock. To date, no bonds have been converted. 3. Bonds payable: On December 31, 2017, the company had issued 540,000 of 5.8% bonds at par. Each 1,000 bond is currently convertible into 11.6 shares of common stock. To date, no bonds have been converted. 4. Preferred stock: On July 3, 2018, the company had issued 3,800 shares of 7.5%, 100 par, preferred stock at 108 per share. Each share of preferred stock is currently convertible into 2.45 shares of common stock. To date, no preferred stock has been converted and no additional shares of preferred stock have been issued. The current dividends have been paid. 5. Common stock: At the beginning of 2019, 25,000 shares were outstanding. On August 3, 7,000 additional shares were issued. During September, a 20% stock dividend was declared and issued. On November 30, 2,000 shares were reacquired as treasury stock. 6. Compensatory share options: Options to acquire common stock at a price of 33 per share were outstanding during all of 2019. Currently, 4,000 shares may be acquired. To date, no options have been exercised. The unrecognized compens Frost Company has accumulated the following information relevant to its 2019 earnings ns is 5 per share. 7. Miscellaneous: Stock market prices on common stock averaged 41 per share during 2019, and the 2019 ending stock market price was 40 per share. The corporate income tax rate is 30%. Required: 1. Compute the basic earnings per share. Show supporting calculations. 2. Compute the diluted earnings per share. Show supporting calculations. 3. Indicate which earnings per share figure(s) Frost would report on its 2019 income statement.During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 loss
- 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.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)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.
- 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.Waseca Company had 5 convertible securities outstanding during all of 2019. It paid the appropriate interest (and amortized any related premium or discount using the straight line method) and dividends on each security during 2019. Each of the convertible securities is described in the following table: Additional data: Net income for 2019 totaled 119,460. The weighted average number of common shares outstanding during 2019 was 40,000 shares. No share options or warrants arc outstanding. The effective corporate income tax rate is 30%. Required: 1. Prepare a schedule that lists the impact of the assumed conversion of each convertible security on diluted earnings per share. 2. Prepare a ranking of the order in which each of the convertible securities should be included in diluted earnings per share. 3. Compute basic earnings per share. 4. Compute diluted earnings per share. 5. Indicate the amount(s) of the earnings per share that Waseca would report on its 2019 income statement.The investments of Steelers Inc. include a single investment: 33,100 shares of Bengals Inc. common stock purchased on September 12, 2016, for 13 per share including brokerage commission. These shares were classified as available-for-sale securities. As of the December 31, 2016, balance sheet date, the share price declined to 11 per share. a. Journalize the entries to acquire the investment on September 12 and record the adjustment to fair value on December 31, 2016. b. How is the unrealized gain or loss for available-for-sale investments disclosed on the financial statements?