The corporate charter of Alpaca Co. authorized the issuance of 10 million, $1 par common shares. During 2021, its first year of operations, Alpaca had the following transactions: January   1   sold 8 million shares at $15 per share June   3   retired 2 million shares at $18 per share December   28   sold 2 million shares at $20 per share

Q: On January 1, 2021, the start of the current financial year, Tubble Ltd had in issue 36 million…

A: The journal entries to record the issue of bonus shares and EPS for 2020 and 2021 are presented…

Q: Faith Corporation was organized on January 2, 2018 and is authorized to issue 25,000 shares of 10%…

A: In the context of the given question, we are required to prepare the journal entries. The Journal…

Q: s at P21 per sh

A: Memo entry is a function that does not contain items posted in the general manual. These entries are…

Q: On January 1, 2021, Dreamy Company issued 30,000 shares of $2 par value common stock for $150,000.…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: AUBURN Corporation had 120,000 of ordinary shares issued and outstanding at January 1, 2021. On…

A: Formula: Basic earnings per share = Net income available to Ordinary shareholders / No. of Ordinary…

Q: Princess company began operations on January 1, 2020 by issuing at 15 per share one-half of the…

A: given   Princess company began operations on January 1, 2020 by issuing at 15 per share one-half of…

Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…

A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…

Q: IFA Corporations had Net Income of $7,800,000 and the following information for January 2021 to…

A: In this question, we find (a) Calculate the weighted average shares (to the nearest whole number) at…

Q: Oriole Corporation was organized on January 1, 2021. During its first year, the corporation issued…

A: calculation of above requirement are as follows

Q: Sandhill Corporation had 3,500,000 shares of common stock outstanding on January 1, 2021. On April…

A: Basic Earnings Per Share = (Net Income - preferred dividend) / Weighted Average no. of common shares…

Q: Listed below are the transactions that affected the shareholders’ equity of Branch-Rickie…

A: Stockholders’ equity is the measure of assets staying in a business after the sum total of the…

Q: On January 5, 2021, MMC Corporation was authorized to issue 100,000 ordinary shares at P20 par…

A: A journal entry is the first step and an essential function of the accounting process. Journal…

Q: Coda Corporation was organized on January 1, 2019, with an authorization of 2,000,000 shares of $5…

A: Formula: Amount received on issue of shares = Number of shares issued x Issue price Multiplying…

Q: Assume that, on January 1, 2021, Sacramento Corporation paid $1,622,400 for its investment in 62,400…

A:

Q: On January 1, 2021, Wildhorse Corporation had 980,000 shares of common stock outstanding. On March…

A: Note: Assume that the accounting period of Company starts in January and ends in December of every…

Q: Oriole Corporation was organized on January 1, 2021. During its first year, the corporation issued…

A: Calculation of above requirement are as follows

Q: On January 1, 2021, Blossom Corporation had 980,000 shares of common stock outstanding. On March 1,…

A: Calculation of weighted average number of shares : Outstanding shares on JAN 1, 2021 (980,000 *…

Q: On January 1, 2021, the start of the current financial year, Tubble Ltd had in issue 36 million…

A: Calculation of bonus shares issued: Existing no of shares = 36 million Bonus shares proportionate =…

Q: Buffalo Limited has the following information available regarding its share capital at December 31,…

A: Shareholders also invest money in the company and in return they become the owners in proportion to…

Q: Corporation was organized on January 2, 2018 and is authorized to issue 25,000 shares of 10%…

A: Explanation of Concept Journal entries are the accounting treatment done in the books of accounts…

Q: contributed capital

A: Contributed capital includes the amount of capital for which cash has been received.

Q: Madona  Ltd. begins operations on March 1, 2020, by issuing 1,500,000 shares of $5 par value…

A: Ordinary shares: These are the shares issued by a company to an outsider. These shares entitle a…

Q: On January 1, 2021 a corporation was organized. The firm was authorized to Issue 150,000 shares of…

A: Stockholder's equity at the end of 2021 = Common stock + Paid in capital in excess of par common…

Q: Harbottle Corporation was organized on January 3, 2021, with an authorized capital of 100,000 shares…

A: Loss on reissue of treasury shares  = no. of treasury shares  reissued x (Purchase price - reissue…

Q: The beginning of 2019, hard and Company had 210,000 shares of $10 par common stock outstanding.…

A: Stock dividend is a type of dividend which is provided to the shareholders. In this type,…

Q: Jackson Inc. is authorized to issue an unlimited number of common shares and 15,000, $58 stated…

A: Issued shares are the authorized shares sold to and held by the shareholders of a company,…

Q: The ordinary share balance on December 31, 2021? The preference share balance on December 31, 2021?…

A: Company sells the interest to raise the funds and to raise funds Company sells the shares and the…

Q: General Mills is authorized to issue 13 million, $1 par common shares. During 2021, its first year…

A: Introduction: Common shares normally provide shareholders the right to vote at shareholder meetings.…

Q: On January 1, 2021, marine company had 125,000 issued shares and 25,000 treasury shares. During the…

A: No. of shares issued means shares issued by the company including the shares purchased by the…

Q: Sousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulated the following…

A: Sousa caterers Inc.'s Authorized capital is 1. 4500 shares of preference shares = P110 par value 2.…

Q: The following transactions relate to the shareholders' equity of Telecom Corporation for 2021, its…

A: Authorized capital represents the limit of capital set at the time of incorporation where the…

Q: Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020. -…

A: Note : treasury shares do not entitle to stock dividend. On 30 September 30℅ stock dividend declared…

Q: Oriole Corporation was organized on January 1, 2021. During its first year, the corporation issued…

A: recording of journal entry are as follows

Q: At December 31, 2021, MedX Corporation had outstanding 200,000 shares of common stock. Also…

A: Basic earnings per share = (Net income - preferred dividend)/Weighted average outstanding common…

Q: n January 01, 2021, Pagaduan Corporation provided you the following information: Ordinary share…

A: Solution: Treasury shares are those shares which are purchased by a corporation of its own shares.…

Q: Buffalo Limited has the following information available regarding its share capital at December 31,…

A: The dividend represents the distribution of proot among the shareholders of the company. It is…

Q: Mitch Company was organized on January 1, 2021 and issued 100,000 P20 par value shares at P23 per…

A: Shareholder equity means the amount that belong to the owner of the company i.e. share holder.…

Q: Julien Company had $800,000 net income in 2021. On 1 January 2021, there were 400,000 ordinary…

A: Earnings per share is acknowledged as the profit which can be earned by the common stockholders of a…

Q: Poodle Corporation was organized on January 3, 2021. The firm was authorized to issue 100,000 shares…

A: calculation of paid in capital are as follows:

Q: On January 1, 2021, the start of the current financial year, Tubble Ltd had in issue 36 million…

A: 1. Determination of Journal entries to record issue of bonus shares Date Account title and…

Q: Helu Corporation was organized on January 1, 2021, with an authorization of 1,000,000 ordinary…

A: Share premium is the accounting term used to represent the amount collected over the par value of…

Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…

A: A non-participating preferred share, Non-Participating Preference shareholder is only entitled to…

Q: Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020 -…

A: Introduction: A journal entry is a monetary transaction record kept in a company's accounting…

Q: AUBURN Corporation had 120,000 of ordinary shares issued and outstanding at January 1, 2021. On On…

A: Earnings per share indicate the profits per share of common stockholders. It can be calculated by…

Q: Hideo Co. was organized on January 1, 2021, with 300,000 shares of common stock with a $6 par value…

A: Cost method of treasury stock is simple as it considers the cost that is paid to repurchase that…

Q: Carlmont Corporation is authorized to issue 5,000,000 shares of $2 par value common stock. As of…

A: The treasury stock shares decreases the number of outstanding chares. The dividend is declared for…

Q: IFA Corporations had Net Income of $780,000 and the following information for January 2021  to…

A: Ordinary Share- Ordinary shares, also called general shares, are stocks sold on a community swap.…

Q: On January 1, 2021, Blossom Corporation had 950,000 shares of common stock outstanding. On March 1,…

A: In order to calculate weighted average shares, shares outstanding have to be multiplied with the…

Q: Clothing Emporium was organized on January 1, 2021. The firm was authorized to issue 180,000 shares…

A: total paid-in capital at the end of 2021 = Number of shares issued * Price per share