XXX Company had 100,000 of P 15 par value ordinary shares on January 1,2019. During 2019, the following transactions pertaining to its ordinary shares occurred: • Purchased 5,000 shares as treasury at P 30 each. • The ordinary share was split 3-for-1. • Reissued 3,000 treasury shares at P 14 each. What is the total cost of the remaining treasury shares at the end of 2019
Q: RUSS corporation was organized May 1, 2020 with authorized 120,000 ordinary shares of P15 stated…
A: * As per the bartleby guidelines, in case of interlinked question answer first 3 only 1.…
Q: What is the correct answer?
A: The treasury stock are the own shares of the company that are repurchased from the shareholders of…
Q: The shareholders’ equity section of Haemul Pajeon Co. as of Dec. 31, 2019, contained the ff.…
A: Retained Earnings: When a company's direct and indirect expenses, income taxes, and dividends to…
Q: J Corporation issued 400,000 ordinary shares when it began operations in 2019 and issued an…
A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…
Q: ATC Company issued all of its outstanding shares for P150 in 2018. On January 10, 2019, ATC acquired…
A: No. of shares retired on December 31, 2020 = Total no. of treasury shares - shares reissued =…
Q: In 2018, Broyles, Inc. reacquired 3,000 shares of its common stock at $55 per share. In 2019,…
A: Treasury stock: Treaseury stock are the shares which are bought back by the company from the open…
Q: 1: Cyrell Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2019, the…
A: Introduction Retained earnings are the earnings that is left after dividend distribution to…
Q: On January 1, 2019, Bain Company purchased 2,000 shares of On March 2, 2019 sold treasury stock for…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Victorino Corp. issued 200,000 ordinary shares when it began operations in Jan. 25, 2018 and issued…
A:
Q: STAR Company purchased 10,000 shares of MOON Corporation ordinary shares at P90 share on January 3,…
A: Here discuss about the details of dividend income and its accounting treatment which are received in…
Q: At December 31,2018, ABC Company had 20,000 shares of P 20 par value treasury shares that were…
A: Treasury stock represents the value of own shares that have been purchased by the entity.
Q: The following is a summary of all relevant transactions of LUNA INC. since it was organized in 2019.…
A: Shareholders equity is the total amount attributable to the shareholders of the company. It includes…
Q: The capital structure of Park Do Ha Company on December 31, 2019 follows: 12% Preference share…
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…
Q: The shareholders’ equity section of Haemul Pajeon Co. as of Dec. 31, 2019, contained the ff.…
A: No. of shares issued under bonus issue = No. of shares outstanding x bonus rate Amount charged to…
Q: Pluto Company began operations on January 1, 2019 with an authorized capital of 500,000 preference…
A: Contributed capital: It is the total value of shares issued during a period. The shares issued…
Q: retained earnings?
A: Definition: Retained Earnings: It is the amount that is obtained after distribution of dividend to…
Q: Required information [The following information applies to the questions displayed below.] On…
A: Treasury stock seems to be the share in a corporation that has been bought by the issuer. The…
Q: pital structure of Thor Company on December 31, 2019 follows: 12% Preference share capital, P200…
A: Stockholders' equity, also known as shareholders' or owners' equity, is the amount of assets…
Q: Thank you for.your.help
A: a.Prepare journal entry for the given transactions.
Q: BC Company had 20,000 shares par value treasury shares that ere acquired in 2018 at P 24 per share.…
A: The treasury stock includes the buy back of shares by company.
Q: ABS Co. had 900,000 ordinary shares issued and outstanding at December 31, 2019. On July 1, 2020 an…
A: First, calculate the diluted effect on stocks: Stock option dilluted effect=Share option…
Q: During its first year of operations, Cupola Fan Corporation issued 40,000 of $1 par Class B shares…
A: Journal entries No. Date account titles and explanation Debit…
Q: The Shareholders' Equity of M. Gangoso Corporation at Jan 1, 2019, appears below: 8% Preference…
A: T-Accounts-: A T-Account is the graphic indication of a common ledger that documents a company's…
Q: On January 1, 2019, Rama Company issued 3,000 shares of 8%, OMR100 par value, preferred stock for…
A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…
Q: ABC began operations in January 2019 and reported the following results for each of its three years…
A: Balance in retained earnings on December 31, 2020 = 2019 loss + 2020 loss + 2021 profit = -P520,000…
Q: ABC Company had 100,000 of P 15 par value ordinary shares on January 1,2019. During 2019, the…
A: The treasury share are the buy back shares of the company.
Q: ABC began operations in January 2019 and reported the following results for each of its three years…
A: Balance in retained earnings on December 31, 2020 = 2019 loss + 2020 loss + 2021 profit = -P520,000…
Q: Flexsteel acquired 1,000 shares of its $1 par value stock for $44 per share on April 4, 2019 and…
A: Treasury stock: Shares that are bought back by the company from the open market but not retired from…
Q: The Murphy Corporation is authorized to issue 500,000 shares of $1 par value common stock. During…
A: Common stock refers to such security that shows the amount of capital contributed for getting the…
Q: In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had…
A: Prepare journal entries for each of the following transactions: 1. Date Account titles and…
Q: Required information (The following information applies to the questions displayed below.] On…
A: Assets=Liabilities+Stockholder's Equity
Q: Loxery Ltd initially issued 300,000 of OMR1 par value common stock for OMR 1,000,000 in 2017. In…
A: Treasury stock: Treaseury stock are the shares which are bought back by the company from the open…
Q: At December 31,2018, ABC Company had 20,000 shares of P 20 par value treasury shares that were…
A: difference in repurchase price and issue price are transferred to additional paid in…
Q: ATC Company issued all of its outstanding shares for P150 in 2018. On January 10, 2019, ATC acquired…
A: Calculations 1 Balance of Share Capital Account on 31 Dec 2019 150,000,000 2 Par value…
Q: GMA Co. had 900,000 ordinary shares issued and outstanding at December 31, 2019. On July 1, 2020 an…
A: Diluted Weighted Average Shares is the number of shares used to measure Diluted EPS. This is used as…
Q: At Dec. 31, 2018 and 2019, L. Pestano Corp. had outstanding 2,000 shares of P1,000 par value, 6%…
A: At Dec. 31, 2018 and 2019, L. Pestano Corp. had outstanding 2,000 shares of P1,000 par value, 6%…
Q: 12. On Jan. 1, 2019, Giron Corp. reported the following on its shareholders' equity section:…
A: Treasury Stock:- These are also known as treasury shares which get buy back from the shareholders by…
Q: TJH Corp organized on January 1, 2019, at which date it issued 200,000 shares of P10 par ordinary…
A: Tje shareholders' equity section represents the total equity belongings to shareholders.
Q: GMA Co. had 900,000 ordinary shares issued and outstanding at December 31, 2019. On July 1, 2020 an…
A: Share dilution occurs when a business issues new stock, reducing a current shareholder's ownership…
Q: anuary 1, 2019, ABC Corporation had 125,000 shares of its $2 par value ordinary shares outstanding.…
A: Solution: Weighted-average number of shares outstanding are the number of outstanding share which…
Q: In 2019, Jed Incorporated issued 75,000 shares of P10 par value for P100 per share. In 2020, the…
A: Buyback of shares - it means when the company buybacks its own holdings that was earlier subscribed…
Q: ABC began operations in January 2019 and reported the following results for each of its three years…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: The stockholders equity section of K Pop Corp balance sheet at December 31, 2019 was as follows:…
A:
Q: DOUBLE Company issued 1,000,000 shares of ordinary shares. Of these, 150,000 shares were held as…
A: Outstanding shares before stock split = Outstanding shares at beginning of year + Reissue of…
Q: Viel Corporation’s outstanding shares at December 15, 2020, consisted of the following: • 200,000…
A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…
Q: On January 1, 2019, Rama Company issued 3,000 shares of 8%, OMR100 par value, preferred stock for…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: ABC Co. issued share capital of 20,000 shares, P5 par, at P10 per share. The accumulated profits on…
A: Treasury Stock refers to the company’s own outstanding stock bought back from stockholders. These…
XXX Company had 100,000 of P 15 par value ordinary shares on January 1,2019. During 2019, the following transactions pertaining to its ordinary shares occurred:
• Purchased 5,000 shares as treasury at P 30 each.
• The ordinary share was split 3-for-1.
• Reissued 3,000 treasury shares at P 14 each.
What is the total cost of the remaining treasury shares at the end of 2019?
Step by step
Solved in 2 steps
- 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.Cary 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. 190,000Kent 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. 3,370,000
- Percy Company has 15,000 shares of common stock outstanding during all of 2019. It also has 2 convertible securities outstanding at the end of 2019. These are: 1. Convertible preferred stock: 1,000 shares of 9%, 100 par, preferred stock were issued in 2015 for 140 per share. Each share of preferred stock is convertible into 3.5 shares of common stock. The current dividends have been paid. To date, no preferred stock has been converted. 2. Convertible bonds: Bonds with a face value of 100,000 and an interest rate of 10% were issued at par on July 1, 2019. Each 1,000 bond is convertible into 35 shares of common stock. To date, no bonds have been converted. Percy earned net income of 54,000 during 2019. Its income tax rate is 30%. Required: Compute the 2019 diluted earnings per share. What earnings per share amount(s) would Percy report on its 2019 income statement?Tama Companys capital structure consists of common stock and convertible bonds. At the beginning of 2019, Tama had 15,000 shares of common stock outstanding; an additional 4,500 shares were issued on May 4. The 7% convertible bonds have a face value of 80,000 and were issued in 2016 at par. Each 1,000 bond is convertible into 25 shares of common stock; to date, none of the bonds have been converted. During 2019, the company earned net income of 79,200 and was subject to an income tax rate of 30%. Required: Compute the 2019 diluted earnings per share.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
- Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?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.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.
- 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.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?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.