Sandpiper Company has 10,000 shares of cumulative preferred 3% stock, $50 par and 50,000 shares of $10 par common stock. The following amounts were distributed as dividends: 20Y1 20Y2 $37,500 6,000 45,000 Determine the dividends per share for preferred and common stock for each year. Round all answers to two decimal places. If an answer is zero, enter '0'. Preferred Stock (dividends per share) 15,000 X 20Y3 20Y1 20Y2 2013 $ $ $ 0 X 0 X Common Stock (dividends per share) 0 X 0 ✓ 0 X
Q: A corporation declared a 40% share capital dividend on its 60,000 shares of P20 par ordinary shares…
A: Introduction: Current profits less any dividends or even other distributions to shareholders are a…
Q: From the following list indicate which of the liabilities that would be classified as current. a.…
A: As per the relevant IFRS, while preparing the Statement of Financial Position, it is compulsory to…
Q: [The following information applies to the questions displayed below.] The Platter Valley factory of…
A: The study of variances between actual behavior and predicted or planned behavior in budgeting or…
Q: Morganton Company makes one product and it provided the following information to help prepare the…
A: Direct Labor Cost: The cost of direct labor takes into account both the standard number of working…
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: On September 1, 2019 Philips corporation sold merchandise to a foreign customer for 300,000…
A: Date Account Titles Debit ($) Credit ($) 01-Sep-19 Account Receivable (K) (300,000 x 0.46) 138,000…
Q: Schoen Corp. manufactures three types of electrical motors. Type A is sold upon completion of the…
A: In the above question, firstly we have to find total profit if product B are not sent for further…
Q: The City of Newport operates its own solid waste landfill and charges fees to users who dump solid…
A: Introduction landfill waste: A method for getting rid of rubbish and garbage in which the waste is…
Q: Journalize the necessary adjusting entry at the end of the accounting period, assuming that the…
A: The calculation for outstanding salary Outstanding salary = Weekly salary x Day's salary outstanding…
Q: Maroon Company's contribution margin ratio is 24%. Total fixed costs are $84,000. What is Maroon's…
A: Break-even point refers to the amount of revenue to make the loss or profit zero i.e the total…
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: The higher the debt-to-equity ratio, the less debt a company is using co finance its assets. O True…
A: Debt to equity ratio is an important leverage ratio that we use in the world of accounting and…
Q: Which of the following would be the most appropriate cost driver allocating the service department…
A: Cost drivers are direct reason of cost incurred. Allocation of overhead is made on the basis of cost…
Q: For each of the four independent situations below, prepare a single journal entry that summarizes…
A: Situation Interest Expense Interest payable Increase (Decrease) Unamortized Discount Increase…
Q: Exercise 9-15 (Algo) Flexible Budgets and Revenue and Spending Variances [LO9-1, LO9-3] Via Gelato…
A: The revenue and spending variance is the difference between actual results and flexible budget data.…
Q: What is the total expected amount that the company will have at the end of the 4th year?
A: Compound Interest is one of the method of interest payment, under this, interest is paid to the…
Q: Required information [The following information applies to the questions displayed below.] At the…
A: Job costing is used for accounting of costs when each job or project is unique and different from…
Q: X Corp has the following budgeted data: Cash, beginning, is 100,000; Cash, ending, is 80,000. Net…
A: Cash Flow Statement: A cash flow statement is a kind of financial statement that offers aggregate…
Q: 2) A 40 year, $100, 000 loan with effective annual interest i = 4% is paid by making payments of K…
A:
Q: Process costing systems are used only by companies that manufacture physical products; companies…
A: Process Costing - Process costing is a method of allocating manufacturing costs to finished goods.…
Q: Define stock repurchase. Evaluate the advantages and disadvantages to of stock repurchase. Explain…
A: A corporation may repurchase its own stock from the market in a process known as a share repurchase.…
Q: Scott Company purchased equipment for $350,000 on 2020. It is estimated that the equipment will have…
A: Depreciation expense is a non cash expense and it is charged each year for the amount of asset…
Q: Briefly explain the determination of temporary differences
A: Introduction MFRS 112: According to the MFRS 112 Amendments, businesses must pay for deferred tax on…
Q: QUESTION 2 Ravinash Limited is a manufacturing company going through significant growth. It has…
A: Accounting information seems to be the qualitative as well as quantitative information supplied by a…
Q: What is the Yield to Maturity of this bond? (HINT: USE EXCEL)
A: Yield to maturity is a long-term bond yield but is expressed as an annual rate. It is the internal…
Q: Motorcycle Manufacturers, Inc., projected sales of 50,700 machines for the year. The estimated…
A: Inventory refers to the stock the company has held for resale or the good is not sold yet. It can be…
Q: Calculate variances. P12.52B (LO 2, 3) Excel Ranier Corporation manufactures a single product. The…
A: Total material variances=SQ×SP-AQ×AP Material price variance=AQ×SP-AQ×AP Material quantity…
Q: Compute for the approximate after tax-cost of debt.
A: Part-1 The after-tax cost of debt is the interest paid on debt less any tax savings due to claim…
Q: If
A:
Q: Using the following information, prepare a bank reconciliation. Bank balance: $6,626 Deposits in…
A: Lets understand the basics. Bank reconciliation statement is a statement prepare to tally the…
Q: [The following information applies to the questions displayed below.] Victory Company uses weighted…
A: Process Costing - Process costing is a method of allocating manufacturing costs to finished goods.…
Q: Complete the following table using the data in the preceding income statement to compare the effects…
A: To make differential analysis we have to: Analyze relevant cost and revenue for each option Compare…
Q: Augusta has a municipal water and gas utility district (MUD). The trial balance on January 1, 20X1,…
A: A journal is a detailed account that records all the financial transactions of a business, to be…
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: Instructions: 1. 2. 3. 4. Prepare ten-column journal entries (with description) that were required…
A: Journal Entry :- A journal entry is the act of recording any transaction, whether one that is…
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: Assume that Demand (D)= 10,000 units and Ordering Cost (S) = $10 (per order). Suppose that we order…
A: Economic order quantity indicates the number of units to be ordered, So that company can minimize…
Q: As of December 31, 2020, Dayton Industries had $2,000 of raw materials Inventory. At the beginning…
A: Inventory is the value of goods manufactured, bought, kept or sold by a business entity. It includes…
Q: Dawn is a single taxpayer. Her income and expenses for the year is as follows: Income…
A:
Q: Goofy Ltd was incorporated on 1 July 2016 and issued a prospectus inviting applications for 500,000…
A: The purpose of maintaining an accurate and orderly record of financial dealings is the goal of…
Q: If 91,000 pounds of raw materials are needed to meet production in August, how many pounds of raw…
A: Raw Material Purchase :— It is the units of Raw materials needed to be purchase for production…
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: A machine with a cost of $65,900 has an estimated residual value of $3,425 and an estimated fe of 5…
A: The double declining balance method of depreciation is an accelerated method of depreciation. In…
Q: Determining Net Cash Flow from Investing Activities Orlando Inc. reported the following information:…
A: Introduction:- A cash flow statement denotes total amount cash is inflows and cash outflows your…
Q: If a company record a $200 cheque by debiting salary expense and credit cash for $20, what will it…
A: Lets understand the basics. For understanding how it influence the bank reconciliation statement, we…
Q: Question 2 TYT Partnership is established by Teesha and Yeen in January 2018. Teesha contributes…
A: Teesha's capital =RM50000 Yeen's capital=3/4*50000=RM37500 Hence, interest on capital of:…
Q: Stephanie Corporation sells a single product. Budgeted sales for the year are anticipated to be…
A: Number of units to be produced is based on the budgeted sales units, taking into consideration…
Q: On January 1, 2013, Jackie Corp. purchased 30% of the voting common stock of Rob Co., paying…
A: Initial Value (A) Life (B) Amortization (C=A/B) Amortization related to this investment (Cx30%)…
Q: Based on last year’s Statement of Comprehensive Income, the company’s marginal tax rate was 35%.…
A: Lease Lease agreements are contracts or instruments that transfer property from one person to…
Q: 6) A company is considering purchasing a new automated machine that is expected to generate an…
A: Net present value refers to the present value on the basis of a future stream of payments. It…
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
- Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. Preferred stock subscriptions receivable 50,000 Preferred stock, 10 par, 9% (200,000 shares authorized; 20,000 shares issued)200,000 Preferred stock subscribed (10,000 shares)100,000 Paid-in capital in excess of parpreferred stock40,000 Common stock, 10 par (100,000 shares authorized; 60,000 shares issued)600,000 Paid-in capital in excess of parcommon stock250,000 Retained earnings750,000 During 20--, Gonzales Company completed the following transactions affecting stockholders equity: (a) Received 20,000 for the balance due on subscriptions for 4,000 shares of preferred stock with a par value of 40,000 and issued the stock. (b) Purchased 10,000 shares of common treasury stock for 18 per share. (c) Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d) Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e) Sold 5,000 shares of common treasury stock for 100,000. (f) Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g) Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.
- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.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.Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?
- Nutritious Pet Food Companys board of directors declares a large stock dividend (50%) on June 30 when the stocks market value per share is $30. At that time, there are 10,000 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the stock dividend distribution on July 31?COMMON AND PREFERRED CASH DIVIDENDS Ramirez Company currently has 100,000 shares of 1 par common stock outstanding and 5,000 shares of 50 par preferred stock outstanding. On July 10, the board of directors declared a semiannual dividend of 0.30 per share on common stock to shareholders of record on August 1, payable on August 5. On July 15, the board of directors declared a semiannual dividend of 5 per share on preferred stock to shareholders of record on August 5, payable on August 10. Prepare journal entries for the declaration and payment of the common and preferred stock cash dividends.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. Open the file STOCKEQ from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then fill in the columns to show the effect of each of the selected transactions and events listed earlier. Enter your name in cell A1. Save the completed worksheet as STOCKEQ2. Print the worksheet. Also print your formulas. Check figure: Total stockholders equity balance at 12/31/12 (cell G21). 398,800.
- Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. In the space provided below, prepare the stockholders equity section of Chen Corporations balance sheet as of December 31, 2012. Use proper headings and provide full disclosure of all appropriate information. Chens corporate charter authorizes the issuance of 1,000 shares of preferred stock and 100,000 shares of common stock.The following selected transactions and events occurred during 2013: a. Issued 200 shares of preferred stock for 20,000. b. Sold 800 shares of treasury stock for 2,800. c. Declared and issued a 4% common stock dividend. The market value on the date of declaration was 5 per share. d. Generated a net loss for the year of 16,000. e. Declared and paid the full years dividend on all the preferred stock and a dividend of 15 per share on common stock outstanding at the end of the year. Enter beginning balances for 2013 on STOCKEQ2. Then erase all 2012 entries and enter the transactions for 2013. Save the results as STOCKEQ4. Print the results.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements.