What amount should be
Q: Prepare a departmental flexible overhead budget for 30,000 machine hours and for 40,000 machine…
A: A flexible budget adjusts to changes in actual production levels. Actual production or other…
Q: (c) Make at least three (3) specific recommendations to the management of Dee Corporation that would…
A: The answer is stated below:
Q: Consider the following production and cost data for two products, L and C: Product L Product C…
A: Cost volume profit analysis is the technique used by the management for decision-making. The methods…
Q: I need the answer to closing entries . Part 2 and 3 continued for a T account . So confused
A: The T-accounts records the final balances for specific accounts of the business, which are…
Q: Weighted Average Method, Two-Department Analysis, Change inOutput Measure Healthway uses a…
A: The reports are shown as,
Q: ney Co sa wholesale orstnoutor or auto parts and uses the cash method of accountbing. The company's…
A: Here discussion about the details of the threshold limit which are related with the cash method…
Q: Which of the following types of messages might the Active Auditor display? Question 9 options:…
A: The Active Auditor displays: Notifications of key dates or deadlines Warnings about possible…
Q: A. Compute the return on average total assets. B. Compute the return on average ordinary…
A: Average total assets refer to the value of assets that are to be recorded at the end of the…
Q: If husband and wife are both employed, which is correct regarding their income tax exemption in the…
A: As per our protocol we provide solution to the one question only and you have asked more than one…
Q: Prepare the necessary closing entries. (List a ic torod Do not ont manualh, If n
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: ACCO FINANCIAL ACCOUNTING 2. Mr. A does not maintain complete double entry books of accounts. From…
A: 1. Determination of profit for the year Determination of opening and closing capital balance…
Q: How much is the business tax payable for the October?
A: Vat payable is the amount of tax which a business have to pay to the government which has been…
Q: Assume that in a maintenance organization we have the following data: Total number of annual hours =…
A: Maintenance Activity: Maintenance operations include partial or total overhauls at defined times,…
Q: Inventories affect O only the balance sheet. O only the income statement. O both the balance sheet…
A: Inventory is a kind of raw material or goods used for business transections.
Q: Sand Company provided the following data at current year-end:
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: how much is the non-controlling interest in net assets as of December 31, 2022?
A: P Company is the holding company of S company. P company holds 80% shares in S company. The shares…
Q: Using the following categories, discuss the differences that exist between accounting for these…
A: Accounting is the process of defining, assessing, and reporting transactions to oversight…
Q: Which depreciation method is most frequently used in businesses today? O Straight-line O…
A: Introduction: Depreciation is a reduction in the price of a tangible item that affects the asset's…
Q: Questions 7-9 are based on the following lease amortization schedule. The five payments are made…
A: The amortization schedule helps to know the outstanding balance at year end.
Q: Keeping the partnership assets and liabilities separated from the personal assets and liabilities of…
A: Assets are company-owned resources (tangible and intangible) that can bring future economic…
Q: Cobe Company nas manufactured 200 partially finished cabinets at a cost of $50,000, These can be…
A: Lets understand the basics. When there is option to choose between sell it as it is or process…
Q: Calculate the unit product cost for the month under absorption costing method
A: Solution: Unit product cost under absorption costing consist of variable manufacturing cost per unit…
Q: 00,000 d revenue from subscri
A: The deferred revenues from subscriptions account accounts for subscription fees which was received…
Q: The following changes in the statement of financial position accounts of MGT were gathered for…
A: The cash flow section from financing activities include the cash flow from long term liabilities,…
Q: Determine the following as a result of your audit: 1. How much is the correct carrying value of the…
A: Financial liabilities that are held for trading are measured at Fair Value through Profit and Loss.…
Q: 1.) How much is adjusted Interest Expense on December 31, 2021?
A: An adjusting entry is an entry made to assign the right amount of revenue and expenses to each…
Q: At the beginning of September, 2020, Bonita Company reported Inventory of $8200. During the month,…
A: Cost of goods sold can be calculated by adding purchases and deducting ending inventory from…
Q: ended 30 June 2021. Prepare an income statement for the year ended 30 June 2021. Note: An Earnings…
A:
Q: d. P 268,605 December 31. Before disposition, othe,underapplied, overhead,gelected December 31…
A: The overhead is said to be underapplied when actual overhead cost is more the Applied overhead cost.…
Q: nsultancy Services, prepares financial statements to an accounting date of 31 March ch year. ring…
A: National Insurance Contrition is the payment which is to be made by the persons as per UK laws who…
Q: 18. Troy's Tire Mart has a replacement value of $965, 000 and is insured for $588, 000, with an 80%…
A: Introduction: A loss is defined as an increase in costs above revenues, whether for a single…
Q: Star Company provided the following data for the preparation of statement of cash flows for the…
A: A cash flow statement is one of a company's financial statements that describes the cash flows into…
Q: dividend earned should be appear in bank reconciliation in: The following information for Dana…
A: Dividend has been the balance per bank statement but not yet to the balance per cash book.
Q: RELEVANT DECISION MAKING Barkworth Ltd produces a single product. The company has 10,000 machine…
A:
Q: balances on efore adjust-
A: It is given that the debit and the credit balances.
Q: Prepare Cash Budget from Budgeted Transactions Prepare a cash budget for the month ended May 31,…
A: A cash budget is prepared to estimate the total cash received and total cash disbursement. It is…
Q: Rocky Mountain Corporation makes two types of hiking boots—Xactive and Pathbreaker. Data concerning…
A: The question is related to Activity Based Costing and overheads. The pre-determined overhead rate…
Q: nbulk Ltd. Lilydale Ltd Monbulk $2 950 300 17 100 ales (net credit) revenue for year llowance for…
A: Concepts Receivable Turnover Ratio indicate that, how many time sales are made and collection did…
Q: In the long-term liabilities section of its balance sheet at December 31, 2016, Welington Company…
A: Lease refers to an agreement in order to rent an asset in exchange of periodic payments. The two…
Q: Sheridan Company lends Carla Vista Company $9400 on April 1, accepting a four-month, 6% interest…
A: Introduction: The amount of interest generated by a corporation over a given time period is referred…
Q: he following transactions occurred for Salamon Co. in 2021. The beginning balance of Accounts…
A: The allowance for doubtful accounts is a contra assets account which decreases the balance of…
Q: of $75000. How much is Meghan's 2021 QBI deducation?
A: QBI is an acronym, abbreviation and stands for the qualified business income deduction, it is the…
Q: 1 In the statement of financial position restated to current cost, what amount should be reported as…
A: Solution Concept Inventory which are stated at historical cost means the actual purchase cost are…
Q: 6.) A contractor imported a bulldozer for his job, paying P250,000 to the manufacturer. Freight and…
A:
Q: Angsa Mas Sdn.Bhd. uses a job-order cost system and applied manufacturing overhead cost to jobs on…
A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base…
Q: Calculate the amounts to be recognized for this contract in the statement of profit or loss for the…
A: Answer
Q: Requirement: 1.Provide the reconciling entries in the books of home office. 2.Provide the…
A: NOSOME Co. operates a branch in Quezon City. At close of business on December 31, 20x9, Quezon…
Q: 13
A: An asset that is worth less than its book or net carrying value is considered impaired. In other…
Q: Sheffield Co.uses a periodic inventory system. Its records show the following for the month of May,…
A: FIFO (First -In - First -Out) Method: Under this method,materials received first are issued first.…
Q: 3ournalize thhe transaction for the purchase of a truck on April 4 for $61,420, paying $5,800 cash…
A: Account Payable: - Account payable refers to the amount of money that a business owes its suppliers…
1. What amount should be reported as basic earnings per share?
a. 6.00
b. 5.50
c. 5.00
2. What amount should be reported as diluted earnings per share?
a. 6.88
b. 6.11
c. 5.24
Step by step
Solved in 2 steps
- 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. 3,370,000Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000Contributed 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.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.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. 6.73
- 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?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.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.
- The controller of Red Lake Corporation has requested assistance in determining income, basic earnings per share, and diluted earnings per share for presentation on the companys income statement for the year ended September 30, 2020. As currently calculated, Red Lakes net income is 540,000 for fiscal year 2019-2020. Your working papers disclose the following opening balances and transactions in the companys capital stock accounts during the year: 1. Common stock (at October 1, 2019, stated value 10, authorized 300,000 shares; effective December 1, 2019, stated value 5, authorized 600,000 shares): Balance, October 1, 2019issued and outstanding 60,000 shares December 1, 201960,000 shares issued in a 2-for-l stock split December 1, 2019280,000 shares (stated value 5) issued at 39 per share 2. Treasury stockcommon: March 3, 2020purchased 40,000 shares at 38 per share April 1, 2020sold 40,000 shares at 40 per share 3. Noncompensatory stock purchase warrants, Series A (initially, each warrant was exchangeable with 60 for 1 common share; effective December 1, 2019, each warrant became exchangeable for 2 common shares at 30 per share): October 1, 201925,000 warrants issued at 6 each 4. Noncompensatory stock purchase warrants, Series B (each warrant is exchangeable with 40 for 1 common share): April 1, 202020,000 warrants authorized and issued at 10 each 5. First mortgage bonds, 5%, due 2029 (nonconvertible; priced to yield 5% when issued): Balance October 1, 2019authorized, issued, and outstandingthe face value of 1,400,000 6. Convertible debentures, 7%, due 2036 (initially, each 1,000 bond was convertible at any time until maturity into 20 common shares; effective December 1, 2019, the conversion rate became 40 shares for each bond): October 1, 2019authorized and issued at their face value (no premium or discount) of 2,400,000 The following table shows the average market prices for the companys securities during 2019-2020: Adjusted for stock split Required: Prepare a schedule computing: 1. the basic earnings per share 2. the diluted earnings per share that should be presented on Red Lakes income statement for the year ended September 30, 2020 A supporting schedule computing the numbers of shares to be used in these computations should also be prepared. Assume an income tax rate of 30%.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.Effective May 1, the shareholders of Baltimore Corporation approved a 2-for-1 split of the companys common stock and an increase in authorized common shares from 100,000 shares (par value 20 per share) to 200,000 shares (par value 10 per share). Baltimores shareholders equity items immediately before issuance of the stock split shares were as follows: What should be the balances in Baltimores Additional Paid-in Capital and Retained Earnings accounts immediately after the stock split is effected?