ko Babagsak Company has 10,000 P50-par convertible preference shares which were originally issued at P60. Each share is convertible into 5 P7-par ordinary shares. On August 1, 3,000 of these were converted. How much is the resulting Share Premium-Ordinary Share from the conversion?
Q: Charles, Ward, and Nelson formed a partnership on January 1, 2016, with investments of $100,000,…
A: Capital is the amount of money invested by the partners in the partnership firm. It is the amount…
Q: Osprey Cycles, Inc. projected sales of 61,611 bicycles for the year. The estimated January 1…
A: Budgeted production (in units) = Projected sales + Beginning inventory - Ending inventory
Q: Garza Company had sales of $145.000, sales discounts of $2,175, and sales retums of $3,480 Garza…
A: Sale is the amount of goods sold by an entity and through this an entity earned revenue. The net…
Q: Absorption Statement Absorption costing does not distinguish between variable and fixed costs. All…
A: Note: In the given question there are more than 3 sub parts, as per the Bartleby policy the first 3…
Q: What amount of interest should be capitalized for the fiscal year ending December 31, 2020,…
A: Interest Capitalization According to IAS 23 which specifies the details of the calculation of…
Q: The company has Fixed cost of 500,000 and CMR of 30%. If the company projected that net loss of…
A: Contribution Margin Ratio: A company's contribution margin ratio, also known as the CM ratio, is…
Q: Discounting an investment’s cash flows using the internal rate of return will result in which of the…
A: Introduction: The internal rate of return (IRR) is a research and consulting metric used to assess…
Q: At December 31, 2017, Arnold Corporation reported the following plant assets. Land $ 3,000,000…
A: Depreciation :— The monetary value of an asset decreases over time due to use, wear and tear or…
Q: Discuss the relevant accounting treatments Kof-Let Berhad acquired 20% and 55% of equity interests…
A: Consolidation is the process of accounting where the parent company reports the financial statement…
Q: Date 7. You have a credit card that charges an interest rate of 5% compounded monthly. The table…
A: According to the given question, we are required to compute the average daily balance for the…
Q: Below is budgeted production and sales information for Flushing Company for the month of December.…
A: Product XXX Region I, anticipated sales 332000 Region II, anticipated sales 194000 Total…
Q: Sheila is also concerned that she is doesn't understand numbers well enough. She wants to learn more…
A: A company's general objective is to increase its profit margin or, at the very least, avoid a loss.…
Q: Compute the firm’s predetermined factory overhead rate for the year. 2. Prepare journal entries…
A: 1. Predetermined factory overhead rate=Estimated factory overhead/Budgeted direct labor hours…
Q: Prior to the split, Zebra Corp. had 200,000 shares of P30 par value share. On December 31, Zebra…
A: Introduction:- A par value for a stock is its per-share value decided by the company. It is used for…
Q: The cash payments expected for Finch Company in the month of April are a.$122,895 b.$119,475…
A: Usually cash flow analysis is important for survival of any organization. Hence, organization need…
Q: Nakashima Gallery had the following petty cash transactions in February of the current year.…
A: Petty cash is the small amount of cash which is kept with the cashier of an entity for the…
Q: Exercise 19-9 (Algo) Absorption costing and variable costing income statements LO P2 Rey Company’s…
A: 1. Income statement for the year using absorption costing2. Income statement for the year using…
Q: At the end of 2020, Monty Corp. has accounts receivable of $2.95 million and an allowance for…
A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.…
Q: Record the following transactions in the general journal. 2. Post the…
A: Journal Entries Date Particulars Debit Credit 01-04-2022 Cash 40000 Common Stock 40000…
Q: Tendler Co. produces two products, X and Y, using a joint process. The following data has been given…
A: Joint Cost : This is the collective Expense incurred in specifice process of goods, where…
Q: Journalize the 2022 transactions. (Record journal entries in the order presented in the problem.…
A: Journal Entries Date Particulars Debit ($) Credit ($) Jul-01 Cash 10840 Dividend…
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: Calculate the Margin of Safety, expressed as a data: Sales $6,000,000.00 Variable Costs = 60% of…
A: Margin of Safety is the difference between actual sales revenue and break even sales. It the…
Q: Carolina, the accountant for Duke Manufacturing, tells Jacob, who works in customer service for…
A: Customer Satisfaction Rating: The Customer Satisfaction Score, often known as CSAT, is a…
Q: a. Using the information given in the above table, construct income statements for each company and…
A: Given in the question: Domestics Used Best Average Average Selling Price…
Q: On June 1, 2020, Golden Warriors Corporation declared a share capital dividend entitling its…
A: Given, Market Value per share = P100 Par value per share = P50 Shares issued = 65,000 Shares in the…
Q: Determine the rate of depreciation, the total depreciation up to end of the 8th year, and the book…
A: Methods of Depreciation 1. Declining Balance Method: Under this method, a depreciation rate is fixed…
Q: Prepare the company's income statement under absorption costing.
A: Absorption costing is also called as full costing. This is a managerial accounting method for…
Q: Bank + Other assets = Equity + Liabilities
A: Accounting equation refers that there should be debit equals to credit. That means the trial balance…
Q: Daley Company prepared the following aging of receivables analysis at December 31. Days Past…
A: a. Computation of balance of allowance for doubtful accounts Ageing Balance Percentage…
Q: A fixed-price-incentive -- firm target (FPIF) contract has a target cost of $100,000, a target…
A: A Fixed price incentive contract is a fixed price contract with an incentive benefit if the…
Q: The company reported a sales of 586,500 (36% variable cost). Fixed cost and annual interest expense…
A: Combined Leverage is one of the type of leverage which shows high profits due to fixed costs in the…
Q: Cost of goods manufactured Selling expenses Administrative expenses Sales Finished goods inventory,…
A: Cost of goods sold :- Cost of goods sold refers to the total expenses that are incurred by an…
Q: Alec inherited ₱1,000,000 from his grandparents. He planned to invest it for his future. He was…
A: Introduction: In financial accounting, ownership interest refers to the extent to which one company…
Q: Preble Company manufactures one product. Its variable manufacturing overhead is applied to…
A: The variance is the difference between standard budgeted data and actual production results of…
Q: Kenzi, a manufacturer of kayaks, began operations this year. During this year, the company produced…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Scott Corporation's production budget for the upcoming quarter reveals total manufacturing costs of…
A: Introduction: The cost of goods sold (COGS) budget is primarily a part of your operating budget. The…
Q: Raw materials inventory should not include indirect materials. True or False True False
A: Raw materials are the material used at any point during the production process. The material could…
Q: Why would a buyer want to have a contract with a real estate brokerage? What benefits would there…
A: Contract - It is kind of written agreement in the arrangement where one concerning about sales,…
Q: Materials requisitioned: $5,000 for Job #600 and $6,250 for Job #601 and $400 for indirect…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: On January 1, the Matthews Band pays $68,600 for sound equipment. The band estimates it will use…
A: Revised Depreciation Expense :— It is the revision of depreciation expense due to change in…
Q: On April 10, Salt Company received a cheque trom Pepper Company for payment of an invoice dated…
A: Introduction:- The term is 2/10 , n 30 means 2% discount is allowed if payment made in less than 10…
Q: uan dela Cruz, a newly hired operations manager of ABC Company, wondered how much would be his…
A: Tax on compensation income refers to the tax levied on compensation received by the employee from…
Q: Calculate the debt to equity ratio for both companies at the end of 2020. (Round answers to 2…
A: Debt means total liabilities of the business. It means all obligations which needs to be paid or…
Q: Bellingham Company produced 2,300 units that require 16 standard pounds per unit at a $10 standard…
A: Variance is the result the amount of expected value and actual results. It can be calculated by…
Q: Lindstrom Company produces two fountain pen models. Information about its products follows: Product…
A: Contribution margin per unit is calculated as difference between sales price and variable cost per…
Q: 14. Cash Flow Statement Required: Prepare a statement of Cash Flows For Year Ended December 31, 2021…
A: Under indirect method of cash flow statement, cash flow from operating activities calculated by net…
Q: repare the entry to accrue the interest on June 30. (List all debit entries before credit entries.…
A: Accrued interest expense is one of the liability of the business which means interest expenses are…
Q: The shareholder' equity of M Corp on Dec 31, 2021 follows: 10% Preference share capital P100 par,…
A: The dividend in arrears are paid to only cumulative preference shareholders. The book value per…
Q: Following is a list of credit customers along with their amounts owed due and the days past due at…
A: Allowance for doubtful accounts - Allowance for doubtful accounts is the provision made by the…
Di Ako Babagsak Company has 10,000 P50-par convertible
Step by step
Solved in 2 steps
- 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.Ammon Company is authorized to issue 500,000 shares of $5 par value preferred stock. In its first year, the company has the following transaction: Mar. 1, issued 40,000 shares of preferred stock at $20.50 per share. Journalize the transaction.Winona Company began 2019 with 10,000 shares of 10 par common stock and 2,000 shares of 9.4%, 100 par, convertible preferred stock outstanding. On April 2 and June 1, respectively, the company issued 2,000 and 6,000 additional shares of common stock. On November 16, Winona declared a 2-for-1 stock split. The preferred stock was issued in 2018. Each share of preferred stock is currently convertible into 4 shares of common stock. To date, no preferred stock has been converted. Current dividends have been paid on both preferred and common stock. Net income after taxes for 2019 totaled 109,800. The company is subject to a 30% income tax rate. The common stock sold at an average market price of 24 per share during 2019. Required: 1. Prepare supporting calculations for Winona and compute its: a. basic earnings per share b. diluted earnings per share 2. Show how Winona would report the earnings per share on its 2019 income statement. Include an accompanying note to the financial statements. 3. Next Level Assume Winona uses IFRS. Discuss what Winona would do differently for computing earnings per share, and then repeat Requirement 1 under IFRS.
- Effective May 1, the shareholders of Baltimore Corporation approved a 2-for-1 split of the companys common stock and an increase in authorized common shares from 100,000 shares (par value 20 per share) to 200,000 shares (par value 10 per share). Baltimores shareholders equity items immediately before issuance of the stock split shares were as follows: What should be the balances in Baltimores Additional Paid-in Capital and Retained Earnings accounts immediately after the stock split is effected?MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% cumulative preferred stock. It is also authorized to issue 750,000 shares of $6 par value common stock. It has issued 50,000 of the common shares and 1,000 of the cumulative preferred shares. The corporation has never declared a dividend and the preferred shares are one years in arrears. Aggregate Mining has the following transactions this year: Journalize these transactions. For the stock split, show the calculation for how many shares are outstanding after the split and the par value per share after the split
- Sun Corporation issues 500 shares of 8 par common stock for a patent. The stock is currently selling for 37 per share on the open market, and no significant impact on the market price is expected by the issuance of the additional shares. Prepare the journal entry to record this transaction.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. 3,370,000Cary 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