The preference dividends are in arrears for 2019, 2020 and 2021. Treasury ordinary shares, 10,000 at cost Subscribed ordinary share capital, 20,000 shares Problem 18-20 (ACP) Simplex Company reported the following shareholders' tequity on December 31, 2021: Preference share capital, 10% cumulative and nonparticipating, P100 par, 20,000 shares inary share capital, P100 par, 40,000 shares Subscription receivable Share premium Betained earnings 2,000,000 4,000,000 2,000,000 500,000 1,000,000 2,400,000 800,000 What a
Q: The classification and therefore subsequent measurement of financial assets depends on.? Select one:…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: d. 33 percent 7. Comparing the amount of a balance sheet item in one year to the amount for the same…
A: An item on the balance sheet is compared to the same item in a prior year in a horizontal analysis.…
Q: Another team member who is preparing the Budgeted Balance Sheet for the business for the same…
A: Trade receivables are those receivables which a company have at the end of the period or at the end…
Q: Notification to the COA for any loss of government funds from unforeseen events shall be made within…
A: The COA stands for Council of Audit. It is a very important council for accounts, finance, and…
Q: Need help with accounting review
A: According to the accounting equation, a company's total assets are equal to the sum of its…
Q: Pesto Company started its business in selling printers with three-year warranty. It estimates its…
A: Warranty means the undertaking given by the company selling the goods that in case of any defect ,…
Q: Can you please add another 100 words on this? Feel like the question could be answered in more…
A: Introduction:- A budget is an important tool for every organization for estimating of revenue,…
Q: Exchange difference arising from the translation of financial statements of a foreign operation into…
A: Functional currency: the currency of the primary economic environment in which the entity operates…
Q: The ship, stretching more than 1,300 feet, ran aground and blocked one of the world’s most vital…
A: Answer:- Transport infrastructure meaning:- The underlying set of public works meant to assist…
Q: uces factory upgraded speakers specifically and speaker cabinets are outsourced with a ussemble the…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: The general ledger of Grumpy Corporation as of December 31, 2021, includes the following accounts:…
A:
Q: Kiko bought a smart TV with Php 135,000. Assuming that there is no downpayment, Kiko needs to pay…
A:
Q: 5. The accounts receivable for PEA Company was P140,000 at the beginning of the year and P180,000 at…
A: The account receivables turnover ratio is calculated as credit sales divided by average account…
Q: A company's bank statement shows $715 direct debits and $353 investment income not recorded in the…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: The original price of a stock is Php 32.75 and its current price is 39.75. For the past year, the…
A: Lets understand the basics. Return on investment is a income earned and gain made on the investment.…
Q: Enumerate and define the two equity accounts that would have to be maintained for every partner in a…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: In the income statement restated to current cost, what the inventory sold for the current year? 3.…
A: Dear student, as per bartleby guidelines we are supposed to answer only first 3 subparts. Kindly…
Q: Kiko bought a smart TV with Php 135,000. Assuming that there is no downpayment, Kiko needs to pay…
A: a) Interest for the first semi annual payment = Principal * Rate * Time = 135000 * 6%…
Q: An auditor's objectives in evaluating accounting estimates include all of the following except to…
A: Audit: It is a procedure for examining a company's financial statements. The goal of auditing is…
Q: Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount…
A: Pension Expense: Pension Cost is a measure of the yearly cost to a business of maintaining a pension…
Q: Roy's Toys is a manufacturer of toys and other children's products. The following are selected items…
A: The practice of scrutinizing and comparing financial data of a corporation using its financial…
Q: Materials are added at the beginning of the production process and ending work in process inventory…
A: A production cost report is a report which calculates and presents the total cost of production in a…
Q: Question 1 The following has been extracted from the financial statements of Rowett: Statement of…
A: Cash conversion cycle indicates that number of days required to recover money from inventories to…
Q: Bravo company lended cash to Charlie company on February 1. It will be paid after a year. The…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: The Hudson Block Company has a trucking department that delivers stones to two plants. The budgeted…
A: 10. Determination of fixed cost allocated to West plant at the end of the year for performance…
Q: Klumper Corporation is a diversified manufacturer of industrial goods. The company's activity-based…
A: The overhead cost is assigned to different products on the basis of predetermined overhead rate.
Q: A company's bank statement shows $715 direct debits and $353 investment income not recorded in the…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: A company's bank statement shows $715 direct debits and $353 investment income not recorded in the…
A: Bank Reconciliation Statement: It is the statement prepared by the business man on a particular date…
Q: Which of the following statements is most correct? Group of answer choices A debenture is a secured…
A: Debenture are long term debt instrument issued by the company to raise funds. The explanation is…
Q: On January 1, year 1, P Company sold a machine for P900,000 to S Company, its wholly owned…
A:
Q: Vicki Vale operates a convenience store while at the same time offers bookkeeping services to her…
A: Taxable income is the one which is computed after deducting the expenses from the revenues. It also…
Q: An adjusting entry in relation to unearned revenues will: а. increase total liabilities. b. increase…
A: The Unearned revenue is the revenue received in cash in advance but not earned yet by the business.
Q: Bentiey Corporation received cash from issuing 12,000 shares of common stock at par on January 1,…
A: Cash received by issuing shared at par = 12000 shares ×$0.02 =$240
Q: 8. Brown Company uses fair value model for its investment property. At December 31, 2021, the…
A: As per IAS – 40, an investment property will be a land or a building or part of a building or both…
Q: An entity issued 1 500 debentures with face value of R20 000 each. The coupon rate on the debentures…
A: Interest to the investor will be paid on face value.
Q: Selected transactions for Ivanhoe Corporation during September 2018, its first month in business,…
A: Ledger accounts are prepared after journal entries. The journal entries are posted into Ledger…
Q: Project ABCD has a 10% cost of capital and the following cash flows: Year Cash Flow -300 1 100 150…
A:
Q: Liabilities which are estimated and payable are; Select one: O a. Not reported on the balance sheet…
A: Liabilities represents the obligation of the entity. It is the amount which is to be paid by the…
Q: A company's bank statement shows $715 direct debits and $353 investment income not recorded in the…
A: Cash book credit balance means overdraft. Bank statement shows direct debit means amount of $715…
Q: difference between IFRS standardization and harmonization
A: Financial Reporting (IFRS) are a set of accounting principles for financial reporting published by…
Q: Independently considering each of the following statements regardin W-4 (Employee's Withholding…
A: Note: As per the Bartleby policy, I can only solve the first 3 subparts of the question and if you…
Q: for comparative financial statements at the end of 2022? 2. What is the weighted.average number of…
A: The shares outstanding do not include the treasury stock shares.
Q: Significant deficiencies in internal control are required to be reported a. Management of the unit…
A: A deficiency in internal control exists when the design or operation of a control does not allow…
Q: 3. On December 31, 2020, GHI Corporation holds 50,000 shares of Harry Company with market value of…
A: the answer is 112,000 Credit. we will transfer 112,000 gain from the unrealized gain or loss to the…
Q: For any given year, your income tax payable can never exceed income tax expense. a) True b) False
A: Lets understand the basics. When there is temporary taxable difference arise book profit and tax…
Q: On December 31, 2020, DEF, Inc. holds 100,000 shares of Devin Company with market value of…
A:
Q: The public accountant submitted to the tax office his revenue of his office for the year 2021…
A:
Q: %24 %24 3. Create Adjusting Journal Entry. a. Select Create (+) icon > Journal Entry b. Enter the…
A: Unearned Revenue: Unearned revenue is money received by a person or firm for a service or product…
Q: For each transaction, (1) analyze the transaction using the accounting equation, (2) record the…
A: Analysis of transactions using Accounting equation Assets = Liabilities + Equity a. $122,000…
Q: What is the 2015 cash flow to stockholders? If net fixed assets
A: Cash flow analysis shows the financial condition of the company It is divided into three activity…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Anoka 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?Contributed 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.Cash dividends on the 10 par value common stock of Garrett Company were as follows: The 4th-quarter cash dividend was declared on December 21, 2019, to shareholders of record on December 31, 2019. Payment of the 4th-quarter cash dividend was made on January 18, 2020. In addition, Garrett declared a 5% stock dividend on its 10 par value common stock on December 3, 2019, when there were 300,000 shares issued and outstanding and the market value of the common stock was 20 per share. The shares were issued on December 24, 2019. What was the effect on Garretts shareholders equity accounts as a result of the preceding transactions?
- Cumulative Preferred Dividends Capital stock of Barr Company includes: As of December 31, 2018, 2 years dividends are in arrears on the preferred stock. During 2019, Barr plans to pay dividends that total S360.000. Required: Determine the amount of dividends that will be paid to Barrs common and preferred stockholders in 2019. If Barr paid $280,000 of dividends, determine how much each group of stockholders would receive.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.Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Stanley Utilities engaged in the following transactions involving its equity accounts: Sold 3,300 shares of common stock for $15 per share. Sold 1,000 shares of 12%, $100 par preferred stock at $105 per share. Declared and paid cash dividends of $8,000. Repurchased 1,000 shares of treasury stock (common) for $38 per share. Sold 400 of the treasury shares for $42 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $87,000. Prepare a statement of stockholders equity at December 31, 2020.
- Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher 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.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.
- Common Dividends Thompson Payroll Service began in 2019 with 1,500,000 authorized and 820,000 issued and outstanding S8 par common shares. During 2019, Thompson entered into the following transactions: Declared a S0.20 per-share cash dividend on March 24. Paid the S0.20 per-share dividend on April 6. Repurchased 13,000 common shares for the treasury at a cost of S12 each on May 9. Sold 2,500 unissued common shares for $15 per share on June 19. Declared a $0.40 per-share cash dividend on August 1. Paid the $0.40 per-share dividend on September 14. Declared and paid a 10% stock dividend on October 25 when the market price of the common stock was $15 per share. Declared a 50.45 per-share cash dividend on November 20. Paid the $0.45 per-share dividend on December 20. Required: Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) What is the total dollar amount of dividends (cash and stock) for the year? CONCEPTUAL CONNECTION Determine the effect on total assets and total stockholders equity of these dividend transactions.Cash Dividends on Common and Preferred Stock Lemon Inc. has the following information regarding its preferred and common stock: Preferred stock, S30 par, 12% cumulative; 300,000 shares authorized; 150,000 shares issued and outstanding Common stock, $2 par; 2,500,000 shares authorized; 1,200,000 shares issued; 1,000,000 outstanding As of December 31, 2019, Lemon was 3 years in arrears on its dividends. During 2020, Lemon declared and paid dividends. As a result, the common stockholders received dividends of $0.45 per share. Required: What was the total amount of dividends declared and paid? What journal entry was made at the date of declaration?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.