the beginning of 2013, U Company had retained earnings of P250,000. During the year U reported net income of P100,000, sold treasury stock at a “gain” of P36,000, declared a cash dividend of P60,000, and declared and issued a small stock dividend of 3,000 shares (P10 par value) when the fair value of the stock was P20 per share. The amount of retained earnings available for dividends at the end of 2013 was?
Q: The previous year's balance sheet for Brown's Produce showed total common equity of…
A: Given information: Previous year’s common equity is $4,050,000 Net income during the year is…
Q: PLEASE PROVIDE COMPUTATION!
A: Equity Share - Share capital and equity finance are other names for equity capital. It is referred…
Q: On December 31, 2014, Zeus Company showed shareholders' equity of P4,000,000. During the current…
A: Retained Earnings: Retained earnings are the amount of profit that a firm has left over after paying…
Q: a. What amount of net income for 2013 will be reported in Gluco's 2014 annual report? b. Calculate…
A: Requirement a: Compute the EPS.
Q: Compute diluted earnings per share
A: Earnings per share is a financial measure that determines the residual earnings generated by each…
Q: On January 1, 2020, Volume Company had the following account balance carried over from the previous…
A: The treasury share are the shares that are repurchased by the company fron its own issued shares.
Q: FRANCE, INC. began operations in January 2016, and reported the following results for each of its…
A: The book value per preferred share is calculated by dividing the call price or par valueplus the…
Q: On May 1, 2012, Ziek Corp. declared and issued a 10% common stock dividend. Prior to this dividend,…
A: Payment of Cash dividend will reduce retained earnings and as a result the total stockholders'…
Q: LASAY Company received dividends from its investments in ordinary shares during the year 2013 as…
A: Particulars Amount - Share Dividend from Company A (20000*P30) 600000 - Cash Dividend from…
Q: Riftwalker Company was incorporated on January 1, 2015 with proceeds from issuance of P7,500,000 in…
A: Answer) Calculation of value of Total Assets on December 31, 2015 Total Assets = Stockholders’…
Q: On January 1, 2016, Samuel Company had 21,000 shares of common stock outstanding and issued an…
A: Basic earning per share can be calculated by dividing net income after dividend by the weighted…
Q: The data below are from the December 31, 2017, balance sheet of CAREBEAR CO Common stock, P10 par…
A: No. of common stock = Common stock value / Par value per share = P500,000 / P10 = 50,000 shares
Q: Riftwalker Company was incorporated on January 1, 2015 with proceeds from issuance of P7,500,000 in…
A: SOLUTION- NET PROFIT = SALES - EXPENSES. = 8200000-6400000…
Q: On January 1, 2020, Volume Company had the following account balance carried over from the previous…
A: Shares are used to divide the capital of the company into small parts, so that it is will be…
Q: December 31, 2013, Melissa Company showed shareholders' canny of P5,000,000. The share capital of…
A: Retained earnings on 31st december, 2013 = P20,00,000 Less)Depreciation = (100000) Add) Gain on sale…
Q: DiCenta Corporation reported net income of $270,000 in 2017 and had 50,000 shares of common stock…
A: Formula to calculate diluted earnings per share; Diluted EPS = Net income / weighted average number…
Q: #22 At the beginning of the current year, Flor company had retained earnings of P4,800,000. During…
A: Retained Earnings - Retained Earnings is the amount accumulated by the company over a period of…
Q: On December 31, 2014, Bradshaw Corporation had $485,000 as an ending balance for its retained…
A: opening balance of retained earnings as of jan1 2015 = $485000 dividend declared during the year =…
Q: Wendell Company provided the following pertaining to its accounting year that ended December 31,…
A: Additional paid-in capital on Common stock sold = Sale value of Common stock - Par value of Common…
Q: Care Company received dividends from its share investments during the year ended December 31, 2011…
A: Dividend refers to the amount of profit that is distributed by the company to its shareholder. It is…
Q: Nagy Industries reported a net income of $600,360 on December 31, 2021. At the beginning of the…
A: Basic EPS is the earnings per share which only includes the effect of common shares while…
Q: At the beginning of 2021, Sunland Company had retained earnings of $402000. During the year Sunland…
A: Retained earnings, ending balance = Retained earnings, beginning balance + Net Income - Cash…
Q: Cracker Company had 2 million shares of common stock outstanding all through 2012. On April 1, 2013,…
A: EARNING PER SHARE (EPS) : = (NET INCOME - PREFERRED DIVIDENDS) / AVERAGE NUMBER OF COMMON SHARES…
Q: In 2014, ABC has net income of P5,000,000, and it has 2,000,000 shares of common stock outstanding.…
A: Net income = P 5 million Number of shares = 2 million Stock price initially = P 30
Q: Culver Corporation reported net income of $682,000 in 2017 and had 217,000 shares of common stock…
A:
Q: FRANCE, INC. began operations in January 2016, and reported the following results for each of its…
A: Book Value Per shares: It is the minimum value of equity per-share basis and is calculated by…
Q: On January 1, 2020, Volume Company had the following account balance carried over from the previous…
A: Treasury Stock The purpose of issue of treasury stock which describes as the repurchase of own stock…
Q: The Cheesecake Factory Incorporated is publicly held and had more than 93 million common shares…
A: Since you have posted question with multiple sub-parts , we will do the first three sub-parts for…
Q: The balance in the retained earnings account of Indigo Corporation was P450,000 at December 31,…
A: Treasury stock: Shares which are bought back by the company from the open market but not retired…
Q: At the beginning of 2021, Sunland Company had retained earnings of $409000. During the year Sunland…
A: Sunland company shall not recognize any gain or loss from stock transactions with its own…
Q: On January, 2009, the accounts of Mac Corporation showed the following: Common stock, par P1…
A: The stockholders' equity section of the firm includes the common share capital, preferred share…
Q: At the beginning of fiscal 2010 Phoebe Bridgers INC had retained earnings of USD1,000,000 and at the…
A: The question is based on the concept of Financial Accounting. The profit earned during the year is…
Q: On 1 October 2013, Hoy had R2-5 million of equity shares of 50 cents each in issue. No new shares…
A: Diluted earnings per share=Profit after taxNumber of shares after dilution
Q: Denfort corp had 4,000 shares of P7.00, P100 par preferred stock and 50,000 shares of common stock…
A: Earnings per share (EPS) was used to measure profitability. Earnings per share: =(Net income -…
Q: For the last three years, Squarepants Corporation paid the following cash dividends: 2016 - P…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: For the year ended 31 December 2009, Dim-Cool Utility Company had net income of $1,750,000. The…
A: For year ended 31.12.2009, Dim- Cool Utility company had net income = $1750000 Company had Common…
Q: At the end of the accounting year, December 31, 2007, Emme's records reflected the following:…
A: Total stock Holder's equity: Particulars Amount…
Q: On January 1, 2017, an entity reported the following shareholders' equity Share capital, 100,000…
A: No. of shares issued under stock dividend = No. of shares outstanding x 10% = 50,000 shares x 10% =…
Q: LASAY Company received dividends from its investments in ordinary shares during the year 2013 as…
A: Step 1 In the financial statements, the dividend in kind is reported as increase in the investment…
Q: During 2016, Moore Corp. had the following two classes of stock issued and outstanding for the…
A: Answer: Option c.
Q: Care Company received dividends from its share investments during the year ended December 31, 2011…
A: Out of the profit earned by the business entity, some of the profit is distributed by the business…
Q: Jupiter corporation had the following shares outstanding at December 31, 2018: Ordinary shares, par…
A: The calculation of annual preference dividend has been made as follows: Annual preference…
At the beginning of 2013, U Company had
The amount of retained earnings available for dividends at the end of 2013 was?
Step by step
Solved in 2 steps
- 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.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.
- 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.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.Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 0 par common stock at 0, 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 375. The bonds are classified as a held- to-maturitv 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 545, including commission. p. Recorded the payment of semiannual interest on the bonds issued 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 (1). 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 had a beginning balance of zero. Instructions Journalize the selected transactions. After all of the transactions for the year ended December 31, 2016, had been posted [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 income statement for the year ended December 31, 2016, 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, 2016. c. Prepare a balance sheet in report form as of December 31, 2016. Income statement data: Advertising expense 150,000 Cost of merchandise sold 3,700,000 Delivery expense 30,000 Depreciation expense -office buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Dividend revenue 4,500 Gain on sale of investment 4,980 Income from Pinkberry Co. investment 76,800 Income tax expense 140,500 Interest expense 21,000 Interest revenue 2,720 Miscellaneous administrative expense 7.500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,254,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Available for sale investments (at cost) 260,130 Bonds payable. 5%. due 2024 500,000 Cash 246,000 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued. 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 500,000 Income tax payable 44,000 Interest receivable 1,125 Investment in Pinkberry Co. stock (equity method) 1,009,300 Investment in Dream Inc. bonds (long term) 90,000 Merchandise inventory [December 31, 2016). at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4.320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock. 80 par (30,000 shares authorized; 20,000 shares issued] 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 2016 9,319,725 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 Unrealized gain (loss) on available for sale investments (6,500) Valuation allowance for available for sale investments (6,500)
- 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 375. The bonds are classified as a heldtomaturity 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 issued 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 (l). 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 had a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 2016, had been posted [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 income statement for the year ended December 31, 2016, 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, 2016. c. Prepare a balance sheet in report form as of December 31, 2016.Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). As vice president of finance for the firm, you have been asked to calculate earnings per share for 2011. The worksheet EPS has been provided to assist you.Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). Open the file EPS from the website for this book at cengagebrain.com. Enter all input items (AF) in the appropriate cells in the Data Section. Enter all formulas in the appropriate cells in the Answer Section. Enter your name in cell A1. Save the completed file as EPS2. Print the worksheet when done. Also print your formulas. Check figure: Basic earnings per share from continuing operations (cell D29), 5.94.
- 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.Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the numerator of the EPS calculation for Errol?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.
