What is the number of shares to be used in computing basic EPS? O 2,000,000 O 2,205,000.
Q: Fitzee, Chesher and Klotia have a partnership. They share income on the basis of the following…
A: Answer:- Meaning of liquidation of partnership:- Liquidation of the partnership generally occurs…
Q: Equipment that cost 412000 and on which 191000 of accumulated depreciation has been recorded was…
A: Banks play an active role in the capital market. Banks are active participants in the financial…
Q: as: ucas Company recorded the following events for the year just ended: Retirement of preferred…
A: Cash flow statement : This is the statement which measures flow cash in an organization from three…
Q: CCC Manufacturing Inc. sold equipment that it uses in its business for $110,000. CCC bought the…
A: Capital gain occurs when the sale price exceeds the adjusted value of the equipment. Capital loss…
Q: A book keeper recorded the purchase of office supplies on accounts as follows: Dr. Supplies expense…
A: Purchase of office supplies on accounts should be debited to Supplies expense and credited to the…
Q: An entity is preparing its financial statements for the first time in accordance with PFRS for SMEs…
A: Financial statements are the reports presenting the financial position and profitability of an…
Q: On Jan. 1, 2021, ABC Corporation entered into a P5,000,000 IRG 1-10, 9% contract with its bank.…
A: The cash to be received from a contract at any point in time is equal to the initial value of the…
Q: The following information on a de fined benefit plan is provided: FVPA, beg 2,800,000 PVOBO, beg…
A: Employees of the entity are given with a defined benefit plan after they have retired from service.…
Q: Calculate the amounts to be recognized for this contract in the statement of profit or loss for the…
A: Answer
Q: Swifty Company uses the perpetual inventory system and the moving-average method to value…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: Sequoia Furniture Company's sales over the past three months, half of which are for cash, were as…
A: A. Collection period is 60 days. Half of the sales of each month are credit Thus credit sales of…
Q: The inventory data for an item for November are: Nov. 1 20 units at $19 Inventory Sold 4 10 units 10…
A: Introduction: The price of the goods sold by the wholesaler or retailer is referred to as the cost…
Q: On January 1, 2021, Gringo Company had capitalized cost of P5,000,000 for a new computer software…
A: Units of activity method is a depreciation method in which the depreciation is calculated based on…
Q: a. Compute the book value of the ordinary shares at December 31, 2023. b. Compute the book value of…
A: a) Computation of Book Value per share : Particulars Amount Amount Preferred Stock 260,000…
Q: Sherwin Company uses straight line depreciation for its property, plant, and equipment, which,…
A: Depreciation expense on property, plant & equipment is credited to accumulated depreciation…
Q: How much is the loss on excess freight to be recognized in 2023? How much is the inventory to be…
A: On December 31, 2022, the home office of ABC Company sent a shipment of merchandise to its Manila…
Q: For Questions 36-38 refer to problem below: On August 1, 2020, Tempest Company bought a property…
A: Prepaid insurance are current assets disclosed in the Balance Sheet.
Q: n June 15, 2022, Lucas Corporation accepted delivery of merchandise which it purchased on account.…
A: Purchase of inventory on account results in: Increase is Assets by the purchase price as inventory…
Q: vanhoe Variety Store unes the LIFO retal inventory method. Information relating to the computation…
A: Inventory is the current asset reported on the balance sheet of the company. It is used in the…
Q: The adjusted trial balance data given below is from Cameron White Company's worksheet for the year…
A: Balance sheet is the financial statement which tells about the financial health of the entity.
Q: 5. Compute the following financial ratios for 2015 and 2016 and interpreting the results in the…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Statement 1: When the residual value is guaranteed by the lessee, the lessor shall include the same…
A: sale and lease back is a simple financial transaction which allows a person to leave the Asset to…
Q: 3.Unadjusted Trial Balance
A: Answer:
Q: e just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door ope The…
A: Activity variances are based on Budgeted amounts at the planned level and budgeted amounts at the…
Q: Question Three AU Ltd manufactures and sells a single product, the company's sales and expenses for…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: On December 3, 2009, the home office of Jimin Company recorded a shipment of merchandise to its…
A: Journalizing- Journalizing is the process by which businesses record their transactions in a…
Q: Matubig Corporation is VAT registered and a holder of franchise from the government engaged in the…
A: ANSWER Here in this question Matubig corporation is a holder of franchise from government in the…
Q: ABC Co. is engaged in providing cable TV services. On November 1, 2021, the Company entered a cable…
A: As per IAS 115, Revenue recognition standard, The installation and subscription together considered…
Q: On January 1, 2021, Golden Company acquires $400,000 of ABC Company's 10- year, 6% bonds at a price…
A: Introduction Carrying value of bond refers to face value of bond plus unamortized premium, during…
Q: A company reports the following: Cost of goods sold $216,080 Average inventory 54,020 Determine (a)…
A: Formulas: Inventory turnover = Cost of goods sold / Average Inventory Number of days' sales in…
Q: Required: 1. What is the financial advantage (disadvantage) of accepting the special order? 2. As a…
A: This whole question is based on the concept Relevant cost What is Relevant cost? In simple words,…
Q: Cost of Goods Sold $164,000 Income Tax Expense 17,470 Merchandise Sales (gross revenue) for Cash…
A: Formula for Calculating Gross profit: Gross Profit = Net sales revenue - Cost of goods sold
Q: Liam Byrne borrowed Php 1,500,000 at 3% interest from Erik Torsten on July 1, 2022, the promissory…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: 20.Courts do not prohibit people from using elsewhere the general knowledge and skills they…
A: Skill, general knowledge and experience can not be protected as a trade mark. All these go with the…
Q: this ofIce room kWh Eur april 721.95 187.11 march 760.7 189.04 feb 652.52 175.03
A: Renting: Renting is act where the owner of house or office space allowed another party to use it for…
Q: Cleone has a taxable income of P270,000 for the year 2019. Opted to use the graduated tax table.…
A: The tax due is also referred to as the tax payable on the taxable income. The tax liability depends…
Q: Loren Company uses many kinds of machines in operations. The entity acquires some machines from…
A: Expenditure incurred by the organisation may be capital expenditure or revenue expenditure. It…
Q: Shale Remodeling uses time and materials pricing. It reports the following information: Direct…
A: Material mark up percentage is based on the material related overhead and markup rate on the…
Q: Identify the natural balance of each of the following accounts (DR = Debit, CR = Credit) - Inventory…
A: As per the Golden rules of accounting: • For Real Accounts, the rule follows as: debit what…
Q: Company bought the ordinary shares of Mad Company designated as equity securities at fair value…
A: Holdings in the equity shares of other companies that are held for sale are valued at their fair…
Q: The amount of gain (loss) on sale and leaseback transaction is: A. The difference of fair value and…
A: Gain is booked when money is received on the sale of the asset. leasing back can be assumed to be…
Q: On January 1, 2021, Raffy Company took out a loan of P24,000,000 in order to finance specifically…
A: Borrowing costs are capitalized on the assets when its directly attributable to the acquisition,…
Q: ackie, a non-business taxpayer, paid for the following relevant figures (in pesos) anent his…
A: Dutiable Goods are calculated on a CIF basis. Note 1. CIF is Cost, Insurance, and Freight (here…
Q: How much is the contributions receivable to be presented in the statement of financial position of…
A: solution concept Whenever there are pledges made by the contributor , the estimation relating to its…
Q: 00 cash plus accrued interest. Gi burse and assesses a finance cha
A: Fair market value refers to the monetary value of an asset at which the asset will be sold in the…
Q: Solen Corporation's break-even-point in sales is $850,000, and its variable expenses are 80% of…
A: Formula used : Sales value = Contribution margin / ( 100 - variable expenses % )
Q: ABC Corporation granted by the government to operate a franchise with their respective receipts for…
A: Franchise grantees: Gas and water utilities Radio and television broadcasting companies whose…
Q: Calculate the Direct expenses and factory cost from the following information: Direct Labor RO…
A: Solution Concept While preparing cost sheet statement prime cost and factory cost shall be shown…
Q: xplain the functioning of different players in financial market.
A: Financial Market In general, a financial market is a market where we can sell and buy securities.…
Q: Question 13 Which of the following alternatives represents the correct amount that must be disclosed…
A: Cash Flow Statement is the summary of Cash Receipts and Cash Payments for the period. There are…
Step by step
Solved in 2 steps
- 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 37 5. The bonds are classified as a held-to-maturity 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 issue d 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 (I). 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 h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [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 in come statement for the year ended December 31, 201 6, 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, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.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.
- Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.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.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. In the space provided below, prepare the stockholders equity section of Chen Corporations balance sheet as of December 31, 2012. Use proper headings and provide full disclosure of all appropriate information. Chens corporate charter authorizes the issuance of 1,000 shares of preferred stock and 100,000 shares of common stock.
- Alert Companys shareholders equity prior to any of the following events is as follows: The company is considering the following alternative items: 1. An 8% stock dividend on the common stock when it is selling for 30 per share. 2. A 30% stock dividend on the common stock when it is selling for 32 per share. 3. A special stock dividend to common shareholders consisting of 1 share of preferred stock for every 100 shares of common stock. The preferred stock and common stock are selling for 123 and 31 per share, respectively. 4. A 2-for-1 stock split on the common stock, reducing the par value to 5 per share (assume the same date for declaration and issuance). The market price is 30 per share on the common stock. 5. A property dividend to common shareholders consisting of 100 bonds issued by West Company. These bonds are carried on the Alert Company books as an available-for sale investment at a fair value of 48,000 (which is also its cost); it has a current value of 54,000. 6. A cash dividend, consisting of a normal dividend and a liquidating dividend, on both the preferred and the common stock. The 10% preferred dividend includes a 2% liquidating dividend, and the 2.30 per share common dividend includes a 0.30 per share liquidating dividend (separate liquidating dividend contra accounts should be used). Required: For each of the preceding alternative items: 1. Record (a) the journal entry at the date of declaration and (b) the journal entry at the date of issuance. 2. Compute the balances in the shareholders equity accounts immediately after the issuance (any gains or losses are to be reflected in the retained earnings balance; ignore income taxes).Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. Preferred stock subscriptions receivable 50,000 Preferred stock, 10 par, 9% (200,000 shares authorized; 20,000 shares issued)200,000 Preferred stock subscribed (10,000 shares)100,000 Paid-in capital in excess of parpreferred stock40,000 Common stock, 10 par (100,000 shares authorized; 60,000 shares issued)600,000 Paid-in capital in excess of parcommon stock250,000 Retained earnings750,000 During 20--, Gonzales Company completed the following transactions affecting stockholders equity: (a) Received 20,000 for the balance due on subscriptions for 4,000 shares of preferred stock with a par value of 40,000 and issued the stock. (b) Purchased 10,000 shares of common treasury stock for 18 per share. (c) Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d) Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e) Sold 5,000 shares of common treasury stock for 100,000. (f) Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g) Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.
- 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.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.Selected stock transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 200,000 shares of common stock at 12, receiving cash. b. Issued 8,000 shares of preferred 2% stock at 115. c. Purchased 175,000 shares of treasury common for 10 per share. d. Sold 110,000 shares of treasury common for 14 per share. e. Sold 30,000 shares of treasury common for 8 per share. f. Declared cash dividends of 1.25 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.