The board of directors of Westlake Limited declared a cash dividend of $2.50 per share on 22,000 ordinary shares on 15 July 2023. The dividend is to be paid on 15 August 2023 to shareholders of record on 31 July 2023. The correct entry to be recorded on 15 August 2023 will include a: Select the one correct answer: O debit $55,000 to Dividends payable. O credit $22,000 to Dividends payable. O debit $22,000 to Retained earnings. O credit $55,000 to Retained earnings.
Q: 10. The Augusta Health Company purchased land, buildings and equipment for $2,400,000. The land has…
A: The lump-sum amount was paid for land, buildings and equipment. The ratio of individual appraised…
Q: on hand in materials inventory. Compute Preston's direct materials purchases budget for July and…
A: The budgeting is very important part of costing. There are various types of budgets which are…
Q: erations on January 5,000 units. During it ministrative expense
A: Answer : Fixed manufacturing cost in ending inventory = $340,000 - $382,500 = 42,500 Fixed…
Q: Osage Corporation issued 2,000 shares of stock. Instructions Prepare the entry for the issuance…
A: Journal entries are the transactions reported in the books in order to prepare the day to day…
Q: If a partner contributes depreciable or amortizable property to the partnership, how is the basis of…
A: The basis of depreciable or amortisable property contributed to a partnership is recovered through…
Q: Scholastic Furniture, Inc., manufactures a variety of desks, chairs, tables, and shelf units that…
A: A plan that is written down and followed to determine how one will spend money on a monthly basis is…
Q: DriveTrain, Incorporated instituted a new process in October 2023. During October, 10,800 units were…
A: Weighted Average Method :— In this method, equivalent units is calculated by adding equivalent units…
Q: ce tr ร ns are forfeited c ber 31, 2025, ass
A: Answer : Calculation of compensation expenses : Stock options 500,000 Fair value of options 4…
Q: Pharoah Landscaping Inc. is preparing its budget for the first quarter of 2022. The next step is to…
A: Lets understand the basics. Budget is an estimation of future profit and loss account in advance.…
Q: The partners in Crawford Company decide to liquidate the firm when the balance sheet shows the…
A: Partnership means where the two or more partners agrees to do the business jointly and share the…
Q: Shimmer Incorporated is a calendar-year-end, accrual-method corporation. This year, it sells the…
A: Taxable income is the base income upon which tax is levied. It includes some or all items of income…
Q: The shareholders' equity of Chu Chen Company includes the items shown below. The board of directors…
A: Lets understand the basics. There are generally two type of shareholdings are there which are, (1)…
Q: Mechforce, Incorporated had net income of $158,900 for the year ended December 31, 2022. At the…
A: Number of common shares issued is the common stock. Treasury stock is the shares repurchased.…
Q: Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes…
A: Introduction:- Standard costs are estimates of the actual costs in a company’s production process…
Q: The pay clerk prepares 20 correctly Labelled, sealed pay envelopes and placed them next to the time…
A: Payroll - The process of paying employees' salaries is known as payroll. Making a list of the…
Q: 3. Dave's Guitar Shop is thinking about building an additional property onto the back of its…
A: Debt Ratio :— It is calculated by dividing total debt or total liabilities by total assets.…
Q: Hardaway Inc. purchased inventory as: Jan.10- 200 units at $5.00, Jan. 20- 500 units at $10.00, Jan-…
A: Specific identification method shows that the inventory is counted individually and each level of…
Q: Records at Hal’s Accounting Services show the following costs for year 1. Direct…
A: The total cost is the sum of all the expenses a business has incurred to create a specific level of…
Q: Question content area top Part 1 Sullivan Company issued $240,000, 10%, 10-year bonds payable at…
A: Bonds means the instrument where the bond holder gives money to bond issuer and in return bond…
Q: On December 31, 2019, Ulster Co. issued P200,000 of 8% serial bonds, to be repaid in the amount of…
A: Answer:- Unamortized discount meaning:- Unamortized bond discounts are the differences between a…
Q: Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat.…
A: Budgeted income statement is the one which is prepared to estimated the revenues and expenses…
Q: Golden Corporation's current year income statement, comparative balance sheets, and additional…
A: Cash Flow Statement :— It is one of the financial statement that shows change in cash and cash…
Q: What is true about pro forma financial statements? Select one: a. None of the choices listed b. They…
A: Financial statements: These imply to the written records maintained by the business to convey it's…
Q: A company uses 1,500 units of Zeron per year. Each unit has an invoice cost of P222, including…
A: Inventory is one of the current assets of the company which is recorded on the statement of…
Q: Does the IRS acquiesce in decisions of U.S. district courts? O A. Yes. However, the IRS can only…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…
Q: 2. CDE Corporation recorded the following transactions for the just completed month. $10,000 in raw…
A: Lets understand the basics. Material is having two types which are, (1) Direct material (2) Indirect…
Q: 2 3 4 5 6 Sales 7 Espresso 8 Drip Coffee 9 Food/Beverage 10 Merchandise 11 Computer 12 Total Sales…
A: Total sales are defined as the amount an entity collects by trading all of its products. It means if…
Q: Epsilon Corporation has P1,425,000 cash balance as of Jan. 1, 2022. During the month, it forecasts…
A: Cash budget : The cash budget is the estimation of cash inflow and outflow during the period. It…
Q: Analyze whether Mr. Lu is entitled to an excess social security tax credit. ______________ (if…
A: The answer for the question on the social security tax is analysed hereunder : Mr Lu earned the…
Q: Firoz Corp. obtained a trade name in January 2010, incurring legal costs of SAR15,000. The company…
A: Amortization expense is the decrease in the value of intangible assets over the useful life of such…
Q: lext Books The marketing department of Jessi Corporation has submitted the following sales forecast…
A: Jessi Corporation Sales Budget Q1 Q2 Q3 Q4 Year Budgeted Unit Sales 12400 13400 15400 14400…
Q: .63. Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a $2,630…
A: IRA is individual retirement account and the contribution to IRA are tax exempted but there are some…
Q: What is the difference between the effective interest method and the straight line method when…
A: Lets understand the basics. When face value of instrument is less than the issue price of the…
Q: With net sales of $40,000, beginning inventory at retail of $14,000, ending inventory at retail of…
A: Given, Beginning inventory = $14,000 Ending inventory = $20,000 Net sales = $40,000
Q: John Corporation bases its overhead rate on direct labour hours. The expected direct labour hours at…
A: A pre-determined overhead rate is the rate used to apply manufacturing overhead to work-in-process…
Q: O A. Lucas v. Earl, the Supreme Court held that earnings from labor are taxed to the person who…
A: explain the significance of lucas v. earl and helvering v. horst (A) Lucas v. Earl, the Supreme…
Q: On January 1, 2019, Lynch Company acquired 13% bonds with a face value of $50,000. The bonds pay…
A: Answer:- Bond meaning:- An IOU-like debt security called a bond. Bonds are issued by the borrowers…
Q: Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net…
A: Debt ratio is the ratio that measures what percentage of the total assets of a company are funded by…
Q: Five Guys is an American fast food restaurant chain focused on hamburgers, hot dogs, and French…
A: INTRODUCTION: The cost of goods sold (COGS) is the amount paid for a product by a distributor,…
Q: What is the purpose of a bridge loan?
A: Dear student, since you have posted six multiple questions at a time, only one question i e the…
Q: Share in profit and loss ratio Income from other business Expenses Amount withdrawn from partnership…
A: Taxable income is income available after payment of all expenses from the total revenue or income…
Q: You have accumulated savings of $50,000 and decided that you will invest in one of the following…
A: It has been provided: Required: Value of each investment? Decision?
Q: 3,875 600 800 4,600 4,450 Total costs to account for Determine the company's cost per equivalent…
A: The question deals with process costing. Under process costing, statement of equivalent production…
Q: Need all 11 required answers to the questions, thank you so much! very important assignment so dont…
A: Ratio analysis involves the calculation of ratios from the financial information provided by the…
Q: Ricardo owns a small unincorporated business. His 15-year-old daughter Jane works in the business on…
A: Ricardo owns a small unincorporated business. His 15-year-old daugtter Jane works in the business on…
Q: Carla Vista Inc. is considering two alternatives to finance its construction of a new $1.40 million…
A: The part of a company's income that is made accessible to shareholders and is distributed among all…
Q: Zulu sells its waterproof phone case for $93 per unit. Fixed costs total $208,000, and variable…
A: Break-even point (BEP): Breakeven is the point where total expenses are equal to total revenue. at…
Q: The accountant for ABX Limited compiled the following cost information regarding the budgetary…
A: Cash budget is a statement which provides an estimation about the cash receipts and cash payments…
Q: On December 31, 2023, Li-Wu Company had 100,000 shares of common stock outstanding and 30,000 shares…
A: To determine a company's basic EPS, take its net income and deduct any preferred dividends, then…
Q: The accounting department of a large limousine company is analyzing the costs of its services. The…
A: Cost data is an important part of costing and it means factual information concerning the cost of…
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.
- 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. 3,370,000Contributed 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.
- Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.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.Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.
- 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.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.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.
