PROBLEM 30-15 Comprehensive Problem ou are engaged in the first-time audit of the financial statements of Trina Claire Co, which began operations in 2015. The following ratios and other data ertaining to the financial statements of Trina Claire Co. for the year ended December 31, 2016 were provided to you by the company's accountant:
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- Problem 10-86A Stock Dividends and Stock Splits Lance Products balance sheet includes total assets of $587,000 and the following equity account balances at December 31, 2019: Lances common stock is selling for $12 per share on December 31, 2019. Required: How much would Lance Products have reported for total assets and retained earnings on December 31, 2019, if the firm had declared and paid a $15,000 cash dividend on December 31, 2019? Prepare the journal entry for this cash dividend. How much would Lance have reported for total assets and retained earnings on December 31, 2019, if the firm had issued a 15% stock dividend on December 31, 2019? Prepare the journal entry for this stock dividend. CONCEPTUAL CONNECTION How much would Lance have reported for total assets and retained earnings on December 31, 2019, if the firm had effected a 2-for-l stock split on December 31, 2019? Is a journal entry needed to record the stock split? Why or why not?Earnings per share Financial statement data for the years ended December 31 for Black Bull Inc. follows: 2016 2015 Net income 2,485,700 1,538,000 Preferred dividends 50,000 50,000 Average number of common shares outstanding 115,000 shares 80,000 shares a. Determine the earnings per share for 2016 and 2015. b. Does the change in the earnings per share from 2015 to 2016 indicate a favorable or an unfavorable trend?Decision Case 11-1 Comparing Two Companies in the Same Industry: Kellogg's and General Mills Refer to the Stockholders' Equity Section of the balance sheets of Kellogg's as of December 31, 2010, and General Mills as of May 30, 2010. Required For each company, what are the numbers of shares of common stock authorized, issued, and outstanding as of the balance sheet date? Did the balance of the Retained Earnings account of each company increase or decrease dur- ing the year? What factors can affect the Retained Earnings balance? How does the total stockholders' equity of each company compare to that of the other company? Does the difference mean that one company's stock is more valuable than the other's? Explain your answer.
- Problem 16-09 a-b Ivanhoe Corporation is preparing the comparative financial statements to be included in the annual report to stockholders. Ivanhoe employs a fiscal year ending May 31. Income from operations before income taxes for Ivanhoe was $1,319,000 and $621,000, respectively, for fiscal years ended May 31, 2021 and 2020. Ivanhoe experienced a loss from discontinued operations of $416,000 on March 3, 2021. A 20% combined income tax rate pertains to any and all of Ivanhoe Corporation’s profits, gains, and losses. Ivanhoe’s capital structure consists of preferred stock and common stock. The company has not issued any convertible securities or warrants and there are no outstanding stock options. Ivanhoe issued 37,300 shares of $100 par value, 6% cumulative preferred stock in 2017. All of this stock is outstanding, and no preferred dividends are in arrears. There were 1,071,600 shares of $1 par common stock outstanding on June 1, 2019. On September 1, 2019, Ivanhoe sold an additional…Brief Exercise 12-65Profitability Ratios Tinker Corporation operates in the highly competitive consulting industry. Tinker's balance sheet indicates the following balances as of December 31, 2019. Cash $80,000 Accounts receivable 87,000 Inventory 52,000 Property, plant, and equipment 485,000 Accounts payable 73,000 Bonds payable (due in 2021) 110,000 Common stock (12/31/2018) 250,000 Common stock (12/31/2019) 275,000 Retained earnings (12/31/2018) 180,000 Retained earnings (12/31/2019) 220,000 Required: Calculate Tinker's return on equity if Tinker's 2019 net income is $90,000. Round your answer to two decimal places. %Problem 17-10 Marin, Inc. had the following equity investment portfolio at January 1, 2020. Evers Company 960 shares @ $15 each $14,400 Rogers Company 860 shares @ $19 each 16,340 Chance Company 480 shares @ $8 each 3,840 Equity investments @ cost 34,580 Fair value adjustment (7,780 ) Equity investments @ fair value $26,800 During 2020, the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30, Marin, Inc. sold 300 shares of Chance Company for $12 per share. 3. On May 15, Marin, Inc. purchased 110 more shares of Evers Company stock at $16 per share. 4. At December 31, 2020, the stocks had the following price per share values: Evers $17, Rogers $18, and Chance $7. During 2021, the following transactions took place. 5. On February 1, Marin, Inc. sold the remaining Chance shares for $7 per share. 6. On March 1, Rogers Company paid a $2 per share…
- Problem 15-06 Sheffield Company has the following stockholders’ equity accounts at December 31, 2020. Common Stock ($100 par value, authorized 8,700 shares) $502,800 Retained Earnings 277,400 Prepare entries in journal form to record the following transactions, which took place during 2021 (1) 260 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.) (2) A $20 per share cash dividend was declared. (3) The dividend declared in (2) above was paid. (4) The treasury shares purchased in (1) above were resold at $103 per share. (5) 480 shares of outstanding stock were purchased at $106 per share. (6) 370 of the shares purchased in (5) above were resold at $96 per share.Comprehensive Problem 11-1 Floyd Corporation was formed and began operations on January 1, 2020. The corporation is located at 210 N. Main St., Pearisburg, VA 24134 and the EIN is 91-1111111. The corporation's income statement for the year and the balance sheet at year-end are presented below. The Floyd Corporation Income Statementfor the Year Ended December 31, 2020 Gross income from operations $320,000 Qualified dividends received from a 15percent-owned domestic corporation 20,000 Total gross income 340,000 Cost of goods sold (70,000) Total income 270,000 Other expenses: Compensation of officers $80,000 Salaries and wages 20,000 Bad debts (direct charge-offs) 9,000 Repairs 3,000 Depreciation for book (tax depreciation = $90,000) 10,000 Advertising 3,000 Payroll taxes 15,000 Total other expenses (140,000) Pretax book income 130,000 Income tax expense 25,200 Net income…41 Problem No. 1 AACA Corporation was incorporated on Dec. 1, 2021, and began operations one week later. Before closing the books for the fiscal year ended Nov. 30, 2022, the controller prepared the following financial statements: AACA Corporation Statement of Financial Position November 30, 2022 Assets Current assets Cash P150,000 Marketable securities, at cost 60,000 Accounts receivable 450,000 Allowance for doubtful accounts ( 59,000) Inventories 430,000 Prepaid insurance 15,000 Total current assets 1,046,000 Property, plant and equipment 426,000 Less accumulated depreciation ( 40,000) Property, plant and equipment, net 386,000 Research and development costs 120,000 Total assets P1,552,000 Liabilities and Shareholders' Equity Current liabilities Accounts payable and accrued…
- 34. You audited the financial statements of PIS Corp. for the first time in 2022. The company started its operation in early 2020. Upon investigation, you discovered the following information: The company reported the net income at P104,000, P140,000 and P160,000 in 2020, 2021, and 2022, respectively. The company consistently omitted the following: 2020 2021 2022 Prepaid insurance 2,000 4,000 6,000 Accrued salaries 7,500 6,200 8,300 Unearned rent 5,000 6,000 7,000 Deliveries of merchandise to customers at December 31 of each year end were recorded as sales upon collection the following year. The corresponding sales price of the said deliveries were P15,000, P12,000 and…Problem 6 (Adapted)Anna company presented the following account balances in the shareholders’ equity section for the year ended December 31, 2018: Preference share capital, 12% P50 par, P3,000,000, Ordinary share capital, P100 par, P6,000,000 and deficit, (P1,350,000). No dividends have been paid on the preference share since 2016. Determine the book value per share under the following conditions:a. Preference share is preferred as to assetsb. Preference share is preferred as to dividend