On December 31, 2020, GMA Corp. has 5,000, 6% cumulative and non-participating preference shares issued at ₱100 per share and 100,000 ordinary shares at ₱120 per share. The board of directors declared and paid dividends in 2020. There is no change in the issued shares for 2021. In 2021, ₱113,000 of dividends are declared and paid. How much is the dividends received by the ordinary shareholders in 2021?
Q: JIBT DISTRIBUTORS APRIL 1 The business, JIBT DISTRIBUTORS, was registered as a single…
A: JIBT Distributors Journal Entries (Perpetual Inventory System) (Amount in P)…
Q: Required:- (i) Sales day book and explain why some entries are not recorded (ii) Respective ledger…
A: Sales day book is prepared to record the credit sales of the entity. It is a subsidiary book…
Q: Create a General Journal Merchandise Operation (Perpetual Activity) on JIBT DISTRIBUTORS
A: Under the perpetual inventory system the inventory account is update at the time of each sale and…
Q: The following jobs are waiting to be processed at the same machine centre. Jobs are logged as they…
A: Under First come first serve rule, the jobs are processed in the sequence they arrive. Job…
Q: Anthoney Cash $535 Accounts Receivable $278 What is the amount of total credits for this trial…
A: Introduction: Trial Balance: All the final ledger accounts balances are posted in Trial balance to…
Q: A company owns machinery with a book value of P2,200,000. It is estimated that the machinery will…
A: Impairment loss can be calculated with the help of its book value, where the book value of the…
Q: Required information Ramos Co. provides the following sales forecast and production budget for the…
A: The Direct materials purchase budget becomes the base for the purpose of determining the materials…
Q: In recording the entry to record the purchase of raw materials on account in a job order cost…
A: Job order cost accounting is being followed by many manufacturing companies.It helps to record all…
Q: . Price per unit: $10 . Variable cost per unit: $7 . Fixed costs: $1,500 Given these data, compute…
A: Introduction: Break even sales units: It tells the level of sales units where there is no profit nor…
Q: Arca Company reports the following for its product for its first year of operations. Direct…
A: Gross profit is the amount which is computed by reducing the cost of goods from the total revenue.…
Q: 8. Prepare a post-closing trial balance. (Enter your answers in thousands of dollars.)
A: Post Closing Trial Balance :— List of All Closing Balances of Debit and Credit Balances of Ledger…
Q: Zachary Company has 600,000 shares of common stock outstanding. Perette Corporation purchases…
A: Introduction: Common stock outstanding: It shows the number of share issued by the company which are…
Q: If 12,500 units are produced, what is the average fixed manufacturing cost per unit produced? (Round…
A: In accounting fixed costs remain fixed only within the relevant range of production. When the…
Q: Statement of comprehensive income for the year ended 31 December 2021 Sales 10 000 000 Cost of…
A: Budgeted Statement of Comprehensive Income is a statement prepared as a future forecast or future…
Q: If the company sells 4,900 units, its total contribution margin should be closest to: (Do not round…
A: Contribution margin is that portion of sales, which comes after subtracting total variable cost from…
Q: Walker Company prepares monthly budgets. Company policy is to end each month with merchandise…
A: Required units for the period is budget sales plus closing stock. By deducting opening stock From…
Q: On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account…
A: Return on equity=Net IncomeTotal Equity×100 Earning per share for January=Net IncomeAverage shares…
Q: able - £30,000 Notes Payable - £30,000 Building and Improvements - £250,000 Account…
A: whenever the preparation of balance sheet is done by the company there are certain rules which…
Q: Mind Explorers issues bonds with a stated interest rate of 7%, face value of $220,000, and due in 10…
A: Current Price of Bond: The current interest rate is compared to the interest rate that is indicated…
Q: mpany’s financial statements as well as the Industry Average Ratios are provided as follows. Star…
A: Ratio Analysis : It is the numeric relationship between the two items of the financial statements to…
Q: On January 1 of its first month of business, Bags Bunny, Inc., paid $74,000 for six months rent…
A: Introduction: Income statement: All revenues and expenses are to be shown in Income statement. It…
Q: Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and…
A: Manufacturing Overhead: The cost of manufacturing overhead, often known as MOH, is the aggregate of…
Q: 1. Calculate the normal tax consequences arising from the above distributions for Sehari (Pty) Ltd’s…
A: The tax slab rate as applicable is as follows: Taxable Income (R) Tax Rate R1 - R216,200 18%…
Q: McPupper Steel has products that cost $10,500 to manufacture. The products can be sold as is for…
A: Calculation of profit or loss (when selling them as it is , i.e. without further processing) :…
Q: You have just been hired at ABC Manufacturing, and your supervisor has invited you to sit in on…
A: The budgeting process is the process of developing a budget. This process comprises implementing,…
Q: On January 1 of its first month of business, Bags Bunny, Inc., paid $74,000 for six months rent…
A: Lets understand the basics. Adjustment entry is need to pass to record correct amount of revenue and…
Q: The table below provides the total revenues and costs for a dental practice for one year Total…
A: Explicit costs is a payments made to others during the course of running a business that represent…
Q: 4-4, LO 4-5, LO 4-6] [The following information applies to the questions displayed below.] Brothers…
A: Unadjusted Trial Balance - Unadjusted Trial Balance is the trial balance before making adjustments.…
Q: Hex Industries reports the following information for May: Sales Fixed cost of goods sold Variable…
A: Gross profit can be calculated by deducting the cost of goods sold from net sales. The cost of goods…
Q: Comparing Three Depreciation Methods Dexter Industries purchased packaging equipment on January 8…
A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the…
Q: Lukaku's Bakery is a local bakery that operates in Kuwait. Their controller is trying to determine…
A: A.1. Using High-low method, Variable Cost per unit = Highest Activity Cost-Lowest Activity…
Q: A business purchased a new car at the start of October for $16,800 cash. The car has a useful life…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: ABC and DEF are asked by the ABC to handle the marketing of a benefit basketball game. Being avid…
A: Here given the details of the joint arrangement between the parties who share the commission for the…
Q: Cascade Enterprises enjoys a substantial amount of market power in this market. Cascade has fixed…
A: Profit = Sales revenue - Variable Cost - Fixed cost
Q: Partners ABC, DEF and GHI share profits and losses in the ratio of 2:3:5, respectively. At the end…
A: Partnership means where the two or more partners agrees to do the business jointly and share the…
Q: Dudley Transport Company divides its operations into four divisions. A recent income statement for…
A: Note: While taking the decision for the elimination of a particular division, profit and loss for…
Q: QUESTION 3 Sehat (Pty) Ltd, a resident company that was formed in 2005, has a 31 March financial…
A: The tax slab rate as applicable is as follows: Taxable Income (R) Tax Rate 1 - 216,200 18%…
Q: The Bomb Pop Corporation sold ice cream equipment for $18,500. The equipment was originally…
A: Particulars Amount Cost of Equipment $ 40,000 Less: Depreciation till the date of sale ($…
Q: MAKE A BASIS AND DISCUSSION ON THE EFFICIENCY RATIO OF NESTLE (ASSET TURNOVER, INVENTORY TURNOVER,…
A: Efficiency ratios are the ratios that are calculated to check the efficiency of the organization or…
Q: 4. A certain sum of money is invested at 2 years at 12% compounded quarterly. If the sum is P43,000,…
A: Future Value = Future Value means Value of Amount in Future. Compound Interest :— It means…
Q: Record the journal entries for the 2 listed events below. 1. On June 13, 2022, Best Buy issued…
A: Lets understand the basics. Journal entry is required to make to record event and transaction that…
Q: Partners ABC, DEF and GHI share profits and losses in the ratio of 2:3:5, respectively. At the end…
A: Liquidation: "dissolution of partnership firm" refers to the process by which the link that existed…
Q: Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and…
A: The incremental cost is also known as marginal cost. It is an additional cost incurred due to an…
Q: Winds Inc. originally has four branches. The North Branch was already sold due to downsizing reasons…
A: Price to Book Value Ratio (P/B Ratio) :— It is the Ratio between Market Price & Book value of…
Q: Timeless Toys hopes to raise as much long-term capital as possible for corporate expansion. However,…
A: The best way for a company to raise long-term capital while maintaining corporate control is to…
Q: The acquisition of a used machine with a purchase price of $44,994, requiring an overhaul costing…
A: Debit to the asset account implies that the business possesses more (for example builds the…
Q: The following company information is available for March. The direct materials price variance is:…
A: Variance is the result of the amount of expected value and actual results. It can be calculated by…
Q: If 12,500 units are produced, what is the total amount of manufacturing overhead cost incurred to…
A: Relevant range of production is an important concept in accounting in general and in costing in…
Q: Partners ABC, DEF and GHI share profits and losses in the ratio of 2:3:5, respectively. At the end…
A: Partnership is the association of two or more persons who have agreed to share profit and loss in…
Q: 2.1 Use the information provided below to calculate the number of units of Product Tex that must be…
A: Given that, Estimated Sales volume for ; June = 25 000 units July = 21 000 units August = 30 000…
Please answer asap! UPVOTE will be given! No long explanation needed..
On December 31, 2020, GMA Corp. has 5,000, 6% cumulative and non-participating
Step by step
Solved in 3 steps
- 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.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.According to a company press release, on January 5, 2012, Hansen Natural Corporation changed its name to Monster Beverage Corporation. According to Yahoo Finance, on that day the value of the company stock (symbol: MNST) was $15.64 per share. On January 5, 2018, the stock closed at $63.49 per share. This represents an increase of nearly 306%. A. Discuss the factors that might influence the increase in share price. B. Consider yourself as a potential shareholder. What factors would you consider when deciding whether or not to purchase shares in Monster Beverage Corporation today?
- 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. 3,370,000Anoka 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?Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
- 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.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.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.
- Stockholders' Equity Terminology A list of terms and a list of definitions or examples are presented below. Make a list of the numbers 1 through 12 and match the letter of the most directly related definition or example with each number Definitions and Examples Capitalizes retained earnings. Shares issued minus treasury shares. Emerson Electric will pay a dividend to all persons holding shares of its common stock on December 15, 2019, even if they just bought the shares and sell them a few days later. The accumulated earnings over the entire life of the corporation that have not been paid out in dividends. Common Stock account balance divided by the number of shares issued. The state of Louisiana set an upper limit of 1,000,000 on the number of shares that Gumps Catch Inc. can issue. Shares that never earn dividends. Any changes to stockholders equity from transactions with no owners. A right to purchase stock at a specified future time and specified price. j. A stock issue that requires no journal entry. k. Shares that may earn guaranteed dividends. 1. On October 15, 2019, General Electric announced its intention to pay a dividend on common stock.Percy Company has 15,000 shares of common stock outstanding during all of 2019. It also has 2 convertible securities outstanding at the end of 2019. These are: 1. Convertible preferred stock: 1,000 shares of 9%, 100 par, preferred stock were issued in 2015 for 140 per share. Each share of preferred stock is convertible into 3.5 shares of common stock. The current dividends have been paid. To date, no preferred stock has been converted. 2. Convertible bonds: Bonds with a face value of 100,000 and an interest rate of 10% were issued at par on July 1, 2019. Each 1,000 bond is convertible into 35 shares of common stock. To date, no bonds have been converted. Percy earned net income of 54,000 during 2019. Its income tax rate is 30%. Required: Compute the 2019 diluted earnings per share. What earnings per share amount(s) would Percy report on its 2019 income statement?Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73
