What is the total contributed capital as of December 31, 2020?
Q: GIVEN THE INFORMATION (YEAR END 2020) ABOUT PLUTO INCOPORTATION. ΑΚΕ TS INCOME STATEMENT (2020)…
A: Income Statement is used to report a company financial statement during the accounting period and…
Q: Find working capital for years 2017, 2018, and 2019.
A: Given:
Q: What amount should be recognized as pretax revaluation surplus on January 1, 2019?
A:
Q: Net income was $504,500 in 2020, $489,000 in 2021, and $526,500 in 2022. What is the percentage of…
A: Percentage change in net income from year 2020 to 2021 = (Change in net income between 2020 to…
Q: depletion expense should be recognized for 2021? 550,000
A:
Q: years
A: Financial performances of a company can be usually analyzed by using the financial statements of the…
Q: During 2020, ABC Company constructed various assets. The weighted average expenditures for…
A: This question deals with the IAS 23 'Borrowing cost". As per IAS, interest expense incurred on…
Q: Income statement for the 30.09.2020
A: An income statement is one of the financial statements of a company, prepared at the end of the…
Q: How about these other questions? 4.Using the same information above, how much is the balance of the…
A: Construction work in progress means the cost related to the work in progress of each incomplete work…
Q: are incurred by the company on an annual basis. What should be the carrying value of the investment…
A: After initial recognition, investment property is accounted for in accordance with the cost model -…
Q: REQUIRED: 1. Prepare a forecast cash flow statoment for 2020,
A: Cash Flow Statement is prepared by an organisation to show the flow of cash during the accounting…
Q: Required: [Dikehendaki:] Prepare statement of cash flow for ShafNita Sdn. Bhd. for the year ended 31…
A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…
Q: depreciation expense
A: Depreciation expense = (Cost or last fair value - Residual value)/Useful life in years
Q: Using the indirect method, prepare a statement of cash flow for 2020
A: The cash flow statement is helpful for the stakeholders as they can identify the organization's…
Q: Using the relevant information in this table, compute the cash flow impact from the change in net…
A: Particulars 2019 2020 Inventory 150 175 Account receivable 20 25 Account payable 25 20…
Q: What is the total balance of SHAREHOLDERS' EQUITY as of December 31, 2020?
A: Shareholder's equity is the sum total of all the classes of shares, share premium and retained…
Q: b. The January 7, 2020, collection from Lomas Industries. Amount
A: T account: T account is a T-shaped appearance of the journal entries related to a specific account…
Q: How much is the total assets for 2021?
A: Total Assets = Net Book value of Non current assets or Plant and equipments + Total current assets
Q: What is the minimum amount of net rental income to be reported in 2020? What is the UCC balance for…
A: Rental Income can be defined as the form of income or revenue generated from providing the fixed…
Q: For the next 3 questions.. What amount should be reported as pretax revaluation surplus on…
A: solution : What amount should be reported as pretax revaluation surplus on December 31, 2019?…
Q: What was the total value of issues to production on 08 May 2020, using the first-in-first-out…
A: In the first-in, first-out (FIFO) is one of the inventory valuation methods in which it is assumed…
Q: What is the loss on repayment of the grant on January 1, 2022? What is the depreciation of the…
A: The solutions are as per your requirement which relate to the situation number 2 Depreciation is a…
Q: How much should PINK report as current assets on December 31, 2021?
A: Current assets are those assets which are already in cash or can be converted into cash into short…
Q: Your corporation has net fixed assets of $8,000,000 at the beginning of the year, and at the end of…
A: Net capital spending is the amount that is spend to buy the new assets by the company .It is…
Q: On De 500,00
A: The expense recognition is based on the concept of accrual accounting. Property taxes paid for the…
Q: What amount should be reported as income from discontinued operations for 2020? A. 5,000,000 B.…
A: Income tax is the amount that a business owes to the government for working within the territory of…
Q: In 2020, Ted Baker had total assets of S510.31 million, of which $219.92 million were total…
A: Lets understand the basics. Current asset to total assets is a ratio in which current asset is…
Q: 1. What amount should be recognized as investment income for 2021 as a result of the investment? a.…
A: Investment refers to those mechanism which is used by the company for the purpose of generating…
Q: profit. The total amount of dividends to be paid by Estrada Corporation at May 31, 2020 is
A: Dividend: This is the part of the profit which is distributed among shareholders. When a business…
Q: What is the revenue earned from award credits for 2022? *see attached a. P 0 b. P 28,000 c. P…
A: Given, Total Sales for 3 years = P 2,800,000 Actual Warranty Expenditure = P 136,000 Total expected…
Q: How much is the return on plan assets during the year? c. 101,000 a. 51,000 b. 81,000 d. 1,000
A: Solution:- Actual Return :- An actual return refers to the actual gain or loss an investor…
Q: Using Financial Statements for 2020, return on assets for the year 2020 is 0.28. True or False?
A: Return on asset shows the profitability or profit making efficiency of the company with the use of…
Q: Answers the days of Working capital based on the information below:…
A: Given: Particulars 2020 2021 Trade receivables $260,000 $285,000 Inventories $350,000…
Q: Cornerstone Development Company’s balance sheet information at the end of 2019 and 2020 is provided…
A: Assets = Liabilities + equity Working capital = Current assets - current liabilities Ending…
Q: Operating Expense
A: Operating expense = Direct costs + General and administrative expenses
Q: Compute the annual depreciation to be charged, beginning with 2022. (Round answer to O decimal…
A: Cost of building = $2,160,000 Salvage value = $65,600 Useful life = 40 years Depreciation per…
Q: Calculate the depreciation expense by sum-of-the-years'-digits for 2021.
A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to its…
Q: Using the following Balance Sheet summary information, for the two years presented calculate the…
A: Solution: working capital for 2018 = current assets - current liabilities for 2018 = 101600 - 33650…
Q: legal capital at the end of the year 20213
A: Legal capital is equal to the par value of shares issued.
Q: What amount will be charged to profit or loss for the year ended 30th September 2021 in respect of…
A: Research and development costs are those costs which has been incurred by the company in order to…
Q: Net income for 2020 was P1,825,600. In 2021, it decreased by 53%. Still using the 2020 net income as…
A: Introduction:- Net income denotes the amount of a profit a company after deduction of all expenses.…
Q: Cash Flow From Assets If your corporation's operating cash flow for 2020 is $7,300, net capital…
A: Cash flow from assets =Operating cash flow -net capital spending -change in working capital
Q: what is the carrying value of the property at December 31, 2020?
A: In fair value method of investment property, the investment property would be valued at its fair…
Q: Perform a vertical analysis on the following information.…
A: Vertical analysis: The comparison of an item of a financial statement against the total amount of…
Q: What is the amount of income Inkjet Company would report from its investment in GIC for the year…
A: The answer for the multiple choice question and relevant working are presented hereunder : Inkjet…
Q: How much is the correct cash balance on December 31, 2020?
A: The bank reconciliation statement is prepared to adjust the cash balance and bank balance to match…
Q: How many percent was the increase in gross sales?
A: Note: This post has two questions. The second question needs data from the balance sheet, which has…
Q: Required: Complete the following schedules to calculate the following for 2020: ) Actual interest…
A: Interest Capitalization: Capitalized interest is the borrowing cost for acquiring the long-term…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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. 6.73Anoka 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?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.
- 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.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.Cash dividends on the 10 par value common stock of Garrett Company were as follows: The 4th-quarter cash dividend was declared on December 21, 2019, to shareholders of record on December 31, 2019. Payment of the 4th-quarter cash dividend was made on January 18, 2020. In addition, Garrett declared a 5% stock dividend on its 10 par value common stock on December 3, 2019, when there were 300,000 shares issued and outstanding and the market value of the common stock was 20 per share. The shares were issued on December 24, 2019. What was the effect on Garretts shareholders equity accounts as a result of the preceding transactions?
- 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.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
- 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.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.Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Haley engaged in the following transactions involving its equity accounts: Sold 5,000 shares of common stock for $19 per share. Sold 1.200 shares of 12%, $50 par preferred stock at $75 per share. Declared and paid cash dividends of $22,000. Repurchased 1,000 shares of treasury stock (common) for $24 per share. Sold 300 of the treasury shares for $26 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $123,700. Prepare a statement of stockholders equity at December 31, 2020.