Villarama Corporation
Q: B. Villarama Corporation was organized on Jan. 1, 2018. It is authorized to issue 20,000 shares of…
A: Shareholder's Equity section includes share capital, preference share capital, and retained…
Q: Concord Corporation is authorized to issue 23,500 shares of $50 par value, 10% preferred stock and…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Jackson Corporation was authorized to issue 20,000 shares of $50 par value ordinary shares and 3,000…
A: Treasury Stock: It is the reacquired stock , that issuing company buy back its outstanding stock…
Q: Issuance of Ordinary Villarama Corporation was organized on Jan. 1, 2018. It is authorized to issue…
A: Journal entry is a primary entry that records the financial transactions initially.
Q: Sarasota Corporation was organized on January 1, 2022. It is authorized to issue 14,500 shares of…
A: The question is based on the concept of Financial Accounting.
Q: The Nonono Corporation is authorized to issue 100,000 ordinary shares, P17 par value. At the…
A: Calculation of Total share premium Particulars Amount Jan 16, issued 1300 ordinary share…
Q: B. Villarama Corporation was organized on Jan. 1, 2018. It is authorized to issue 20,000 shares of…
A: The shareholders' equity represents the equity capital held by the shareholders of the company. It…
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: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…
A: SOLUTION- NOTE= DIVIDEND ARREARS OF 2 YEARS DOES NOT EFFECT RETAINED EARNING OF THIS YEAR…
Q: Cullumber Company was organized on January 1, 2019. It is authorized to issue 10,000 shares of 8%,…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Crimson Pottery Corporation is authorized to issue 40,000 shares of $7 convertible preferred shares…
A: A journal entry is the first step in recording financial transactions in the books of business…
Q: Alfred Company started its operation with authorization of 50,000 shares of $50 par value ordinary…
A: Journal Entries in the books of Alfred Company
Q: Sheffield Corporation was organized on January 1, 2020. It is authorized to issue 9,400 shares of…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: On September 3, 2021, Mirabel Corporation issued for cash 15,000 shares of no-par ordinary shares…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Sweet Corporation was organized on January 1, 2020. It is authorized to issue 9,200 shares of 8%,…
A: When shares of the company are being issued at a value more than par value, then it means shares are…
Q: On Jan. 1, 2018, the following accounts and their balances appeared in the ledger of Fuentes…
A:
Q: Thank you for.your.help
A: a.Prepare journal entry for the given transactions.
Q: Queen Co. was formed on July 1, 2020. It was authorized to issue 300,000 shares of £40 par value…
A: Stockholder’s equity is a part of balance sheet which shows the total owner’s equity that is…
Q: Ayayai Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%,…
A: Issue of shares is one of the important source of capital and finance being used by the business.…
Q: The Corazon Corporation is authorized to issue 100,000 shares at P20 par ordinary shares. At the…
A: Capital Contributed = Common Stock + Additional Paid in Capital Common Stock refers to the capital…
Q: Sheffield Corporation was organized on January 1, 2020. It is authorized to issue 11,000 shares of…
A: Date Account Titles and explanation Debit Credit Jan.10 Cash (75500*6) $453,000…
Q: Sheffield Corporation is authorized to issue 23,000 shares of $50 par value, 10% preferred stock and…
A: Date Account Titles and Description Debit ($) Credit ($) Feb 1 Land 129,000…
Q: Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of…
A: The common shares represent the ownership portion of the company. The common shareholder is…
Q: Ayayal Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%,…
A: Stockholders equity is one of the important component of balance sheet of the company. It includes…
Q: Alpha Company was organized on January 1, 2019. It is authorized to issue 10,000 shares of 8%, $50…
A: Solution: Introduction: Journal entry is an accounting entry to record every transaction takes place…
Q: Eastport Inc. was organized on June 5, 2018. It was authorized to issue 420,000 shares of $9 par…
A:
Q: Facturanan Corporation was organized on Jan. 1, 202x. It is authorized to issue 20,000 shares of 6%,…
A: Share capital issue is the main source of raising the equity needed by an organization to carry out…
Q: Bramble Corporation was organized on January 1, 2022. It is authorized to issue 10,500 shares of 8%,…
A: The process of recording business transactions in the books of accounts for the first time is…
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: DeLong Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%,…
A: Paid-in Capital in Excess of Par: This is the value of excess amount over the par value of common…
Q: FROZEN Corporation was incorporated on January 1, 2018 with the following authorized capitalization:…
A: SOLUTION- CONTRIBUTED CAPITAL IS THE FINANCING OF A CAPITAL (INDIVIDUAL OR PARTNERSHIP) BY THE…
Q: Tolkin Corporation was organized on January 1, 2019, with an authorization of 5,000,000 shares of $1…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Wildhorse Corporation was organized on January 1, 2020. It is authorized to issue 9,300 shares of…
A: Journal Entries: No. Date Account Titles Debit($) Credit($) 1 Jan. 10 Cash $563,920…
Q: Pronghorn Corp. was organized on January 1, 2022. It is authorized to issue 19,800 shares of 7%, $50…
A: Any amount which is paid in excess of the face value of the stock needs to be credited to paid in…
Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…
A:
Q: Sheridan Company was organized on January 1, 2022. It is authorized to issue 12,500 shares of 8%,…
A: Stated Value: When it issues no-par stock with a stated value, a company carries the shares in the…
Q: Sunland Corporation was organized on January 1, 2022. It is authorized to issue 9,600 shares of 8%,…
A: The journal keeps the record for day to day transactions of the business on regular basis.
Q: Accounting Grouper Corporation is authorized to issue 22,000 shares of $50 par value, 10% preferred…
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…
Q: DeLong Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%,…
A:
Q: ananaQ Company was organized on January 1,2020, with an authorization of 400,000 ordinary shares, a…
A: Solution Given Number of authorized shares 400000 Jan 5 issued 225000 shares July 28…
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: Hazel Company was organized on January 1, 2017. It is authorized to issue 100,000, 10%, $100 par…
A: Journal entries in the books are recorded in order to maintain a proper report of transactions.
Q: Eastport Inc. was organized on June 5, 2018. It was authorized to issue 470,000 shares of $8 par…
A: Stockholders' equity comprises of the issued capital, additional paid in capital, reserves.
Q: Oikawa Corporation has 150,000 Ordinary Shares authorized. As of January 1, 2020, 100,000 shares…
A: Treasury shares are bought by the company itself and therefore these shares are not included in the…
Q: What should Monty report as preferred stocks on its December 31, 2021, balance sheet?
A: The Shares on the company's balance sheet are to be recognized on the par value. Any excess of issue…
Q: The Silver Ray Corporation was organized on January 1, 2018 with authorized share capital consisting…
A: The share premium is the excess amount received from issuance of shares as compared to par value of…
Q: Penn Company was formed on July 1, 2018. It was authorized to issue 300,000 shares of $10 par value…
A:
Q: The Corazon Corporation is authorized to issue 100,000 shares at P20 par ordinary shares. At the…
A: answer with calculations re as follows.
Q: The Corazon Corporation is authorized to issue 100,000 shares at P20 par ordinary shares. At the…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Kathleen Battle Corporation was organized on January 1, 2020. It is authorized to issue 10,000…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Villarama Corporation was organized on Jan. 1, 2018. It is authorized to issue 20,000 shares of 6%, P50 par value
Jan. 10 Issued 10,000 ordinary shares for cash at P35 per share
Mar. 1 Issued 10,000 preference shares for cash at P55 per share
Apr. 1 Issued 2,500 ordinary shares for land. The asking price of the land was P90,000; the fair market value of the land was P85,000.
May 1 Issued 7,500 ordinary shares for cash at P40 per share
Aug. 1 Issues 1,000 ordinary shares to lawyers in payment of their bill for P50,000 pertaining to services rendered in helping the corporation organize
Sep. 1 Issued 500 ordinary shares for cash at P60 per share
Nov. 1 Issued 2,000 preference shares for cash at P53 per share
- Prepare the share capital section of the shareholders’ equity as at December 31, 2018.
Step by step
Solved in 2 steps with 1 images
- MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.Winona Company began 2019 with 10,000 shares of 10 par common stock and 2,000 shares of 9.4%, 100 par, convertible preferred stock outstanding. On April 2 and June 1, respectively, the company issued 2,000 and 6,000 additional shares of common stock. On November 16, Winona declared a 2-for-1 stock split. The preferred stock was issued in 2018. Each share of preferred stock is currently convertible into 4 shares of common stock. To date, no preferred stock has been converted. Current dividends have been paid on both preferred and common stock. Net income after taxes for 2019 totaled 109,800. The company is subject to a 30% income tax rate. The common stock sold at an average market price of 24 per share during 2019. Required: 1. Prepare supporting calculations for Winona and compute its: a. basic earnings per share b. diluted earnings per share 2. Show how Winona would report the earnings per share on its 2019 income statement. Include an accompanying note to the financial statements. 3. Next Level Assume Winona uses IFRS. Discuss what Winona would do differently for computing earnings per share, and then repeat Requirement 1 under IFRS.
- 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.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.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.
- Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.Comprehensive Young Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, 100 par preferred stock. The Contributed Capital section of its January 1, 2019, balance sheet is as follows: Part a. A shareholder has raised the following questions: 1. What is the legal capital of the corporation? 2. At what average price per share has the preferred stock been issued? 3. How many shares of common stock have been issued (the common stock has been issued at an average price of 23 per share)? Part b. The company engaged in the following transactions in 2019: Required: 1. Answer the questions in Part a. 2. Prepare journal entries to record the transactions in Part b. 3. Prepare the Contributed Capital section of Youngs December 31, 2016, balance sheet.EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.
- 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?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.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.