M. Suave Inc. was organized on January 1, 2018 with authorized ordinary share capital of P 2.000,000, P 50 par value. Subsequently, incorporators subscribed for 25,000 ordinary shares at P 54. How much must be paid up upon subscription to comply with the requirement of the SEC?
Q: In order to generate interim financial reports that contain a reasonable portion of annual expenses,…
A: a. an allocation of a portion of an annual bonus would be made as an interim adjustment
Q: Engineering Economics: Please answer the following provide explaination and Solution Clin…
A: The alternative which will give least present value of costs that alternative will be choose.…
Q: Develop a production schedule to produce the exact production requirements by varying the workforce…
A: Given data:
Q: Jan. Issued 1,000 shares of Common Stock, $2 par for $12 per share. Record the journal entry.
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Jam produces siomai (10,000 units is needed per month) and incurred the following: DM is 5 per…
A: There are several types of costs being incurred in business. Variable costs changes with change in…
Q: How much is the carrying value of the Investment in associate-Yellow at Dec 31, 20X2? 2,372,000…
A: The ABC company has acquired 20% interest or shares of the Yellow company as on January 2, 20X1. ABC…
Q: If the traffic speed of the requirements of Iason SA is 5 what is the average collection time of…
A: Answer : Option b -73
Q: Bau Long-Haul, Inc., is considering the purchase of a tractor-trailer that would cost $432,605,…
A: IRR is a rate at which the present value of cash inflows is equal to the present value of cash…
Q: Exercise of rectifying errors using suspense account Rectify the following accounting errors through…
A: The journal entries are prepared to record the daily transactions of the business.
Q: PROBLEM 2 Fleming Sign Company uses the allowance method in accounting for uncollectible accounts.…
A:
Q: Cost of merchandise sold reported on the income statement was $159,380. The accounts payable balance…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Extracts from trial balance at 31 March, 2019 GH¢ Current tax credit balance 1,600,000 Deferred tax…
A:
Q: A textbook publisher produces a textbook for $25 per book and sells 160 books to the Campus…
A: Given, Publisher produces a textbook for $25 per book, Cost to Bookstore for $50 per unit, Bookstore…
Q: Evaporation is 8% for 20 days processing Compute for the original quantity of each of the ff: 1)…
A: Lets understand the basics. For calculating gross quantity, we need to use below formula. Gross…
Q: An item will need replacing in 6 years from now at a cost of ₱128,000.00. How much should the owner…
A: In the given question, the item will be replaced at the end of 6 years at a cost of P 128,000. In…
Q: 1. Twenty-two years ago, Lorenz was a wanderer. At that time, he decided to settle down on an…
A: Adverse possession refers to the purchase of a property by a person who has possessed it for 30 to…
Q: Phoenix Company’s 2019 master budget included the following fixed budget report. It is based on an…
A:
Q: A measure of asset utilization is A. Sales divided by working capital b. Return on total assets c.…
A: Notes:- Formula:- Return on Assets =Net Income/Average Total Assets Concept:- The return on assets…
Q: OUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands of…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: On June 1, 20x10, HEAD and ACHE decided to form a partnership contributing their existing…
A: Adjusted capital balance of a partner at the time of beginning the partnership business will be…
Q: Exercise 5-2 Recording journal entries for merchandise purchase transactions-perpetual Journalize…
A: Journal entries are the primary step to record the transaction in the books of account. The amount…
Q: a. Compute profitability measures: RNOA, ROA and ROE for 2019 and 2018 using the numbers as reported…
A: Given in the Question: (Amount in Millions) Particulars 2019 2018 2017 Net…
Q: The interim period is viewed as an integral part of the annual accounting period. b. The interim…
A: The correct option is (a) The interim period is viewed as an integral part of the annual accounting…
Q: The following were selected from among the transactions completed by Babcock Company during November…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: (a) The bank statement balance is $4,690. (b) The cash account balance is $5,080. (c) Outstanding…
A: Introduction: Bank reconciliation statement: To reconcile the differences between Cash book and pass…
Q: CASE 2 Harry Potter has been appointed as a divisional controller at the Electronics Division of…
A: Here discuss about the details of the decision which are taken by the Harry Porter to reduce the…
Q: bank dealing in foreign currency tells you that the foreign currency will buy you $.80 US dollars.…
A: The correct option is (a) a direct quote
Q: On January 1, Pulse Recording Studio (PRS) had the following account balances. Accounts Payable $…
A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…
Q: s) Green Bank Corporation follows a calendar year tax period. During its 2020 tax year, the business…
A: Bonus Depreciation: It is also called as additional depreciation on the purchase of new assets U/s…
Q: On May 31, the bank statement for the Casio Tile Company checking account showed $ 6,804.60 in the…
A: BRS statement provides the details for adjusted cash balance after various adjustments to bank…
Q: A city transfers cash of $90,000 from its general fund to start construction on a police station.…
A: Particulars Debit credit Cash 1800000 Bonds payable 1800000 ( being to record Bonds…
Q: Petrus Framing's cost formula for its supplies cost is $1,790 per month plus $10 per frame. For the…
A: Supplies expense is the cost of consumables used during a fiscal quarter. This might be one of the…
Q: A written code of ethics is a document for reference: it is never actively enforced or practiced in…
A: Disclaimer: "Since you have asked multiple questions in a single question so we answered the first…
Q: Prepare a closing entries, post-closing trial balance and reversing entries, use your columnar paper…
A: Requirement: 1. Post Journal Entries 2. Prepare Trial Balance
Q: E4-5 (Algo) Recording Adjusting Entries and Reporting Balances in Financial Statements LO4-1, 4-2…
A: Under the accrual basis of accounting, transactions are recorded as and when they occur irrespective…
Q: Chan Company received a bill totaling $3,700 for machine parts used in maintaining factory…
A: Introduction: Journal: All the business transactions are to be recorded in Journals. Journals are…
Q: Do you believe that contingency theory has made adequate contribution to management accounting? Why?…
A: According to the contingency theory of management accounting, there is no one-size-fits-all approach…
Q: 2. How many years will 100,000 earned a compound interest of P 50,000 if the interest rate is 9%…
A: There are two type of interest being charged on the invested amount. One is simple interest and…
Q: On June 1, 20x10, HEAD and ACHE decided to form a partnership contributing their existing…
A: A partnership is the form of ownership of an entity in which two or more persons jointly run the…
Q: the ratio of 4: 2: 4. Set out below was their balance sheet as on 31-12-2021. Balance Sheet…
A: Reconstitution of Partnership Firm: Partnership has a partnership agreement and whenever a change is…
Q: Label the following look-back periods for 20XC by months. A B C D 20XB 20XA
A: The lock-back period means the period that is used to determine whether the organization fulfills…
Q: ! Required information E4-8 (Algo) Recording Seven Typical Adjusting Entries LO4-1 [The following…
A: Working notes. b) supplies used during the year Opening balance of office supplies= $530 Add…
Q: March Issued 3,000 share of Common Stock, $2 par for $15 per share.
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Another name…
Q: A partial work sheet for Marge's Place is shown below. Prepare the following adjustments on this…
A: Every business wants to report its financial statements accurately at the end of each accounting…
Q: 17. A is engaged in two (2) lines of businesses, one is VAT-registered and the other is Non- VAT.…
A: Under VAT system taxes collected on Sales is set off against taxes paid on purchase and only NET VAT…
Q: Briefly explain the four general types of adjustments provided by our authors and why they are…
A: Answer:- Adjustment entry meaning:- Adjustment entry is basically adjustment in the books of…
Q: Montrose Construction Ltd. had 64,000 common shares and 22,000 preferred shares outstanding on…
A: Earnings per share is one of the important calculation being made in business. It shows how much…
Q: On January 13, 20xx, Karl Co. sold on account goods with selling price of P300,000 with terms of…
A: The term FOB shipping point refers to the free on board, which means that the sale completes when…
Q: 4. Roberts and Smith drafted a partnership agreement that lists the following assets contributed at…
A: Lets understanf the basics. Partnership is an agreement between two or more person who works…
Q: O One of construction company purchased a construction machine 195,000$ having useful life of 12…
A: Hi student Since there are multiple questions, we will answer only first question. Depreciation is…
Step by step
Solved in 2 steps
- 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. 3,370,000Silva 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.Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Apr. 10, issued 1,000 shares of stock for legal services valued at $15,000. Journalize the transaction.
- Juniper Company is authorized to issue 5,000,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Mar. 1, issued 4,000 shares of stock in exchange for equipment worth $250,000. Journalize the transaction.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.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
- Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?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?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?
- 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.Comprehensive Young Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, 100 par preferred stock. The Contributed Capital section of its January 1, 2019, balance sheet is as follows: Part a. A shareholder has raised the following questions: 1. What is the legal capital of the corporation? 2. At what average price per share has the preferred stock been issued? 3. How many shares of common stock have been issued (the common stock has been issued at an average price of 23 per share)? Part b. The company engaged in the following transactions in 2019: Required: 1. Answer the questions in Part a. 2. Prepare journal entries to record the transactions in Part b. 3. Prepare the Contributed Capital section of Youngs December 31, 2016, balance sheet.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.
