Intermediate Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (2nd Edition)
2nd Edition
ISBN: 9780134833118
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 15, Problem 15.7P
To determine
To prepare: The journal entries to reflect the
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Financial Statement data for the years ended December 31st for the Top Corporation follow:2018 2017Net Income $775,000 $966,000Preferred Dividends $35,000 $35,000Average number of 80,000 shares 95,000 sharescommon shares outstandinga. Determine the earnings per share for 2018 and 2017. b. Does the change in the earnings per share from 2017 to 2018 include a favorable or unfavorable trend?
Following are the Balance Sheets of X Ltd. for the year 2014 and 2015.
2014
2015
sin '000 sin '00
L Equity and Liabilities
(1) Shareholders' Funds
(a) Share Capital :
Equity Share Capital
8% Redeemable Preference Share Capital
(b) Reserves and Surplus :
General Reserve
Surplus Account
(2) Non-current Liabilities
200
320
150
90
40
70
15
38
Debentures
100
90
(3) Current Liabilities
Creditors
55
83
Bills Payable
Proposed Dividend (Treating it as non-current liability)
Provision for Tax (NCL)
20
16
42
50
40
50
Total Equity and Liabilities
662
807
II. Assets
(1) Non-current Assets
Fixed Assets:
Land & Building
Plant & Machinery
Intangible Asset : Goodwill
200
80
170
200
80
100
(2) Current Assets
Stock
Debtors
B/R
Cash & Bank Balances
59
250
30
18
87
150
20
25
Total Assets
662
807
Additional Information:
(1)
(1)
(I)
(IV)
An interim dividend of $ 20,000 has been paid in 2015.
$ 35,000 income tax was paid during the year 2015.
Dividend of $ 28,000 was paid during the year 2015.
During the year…
Balance Sheet of Do Well Ltd. As on 31st March, 2016 was as follows:
1. Equity and Liabilities
(1) Shareholders' Funds
(a)
Share Capital:
Equity Shares @ $10 each
2,00,000
(Ь)
Reserves and Surplus :
Surplus Account
1,20,000
(2)
Non-current Liabilities
6% Debentures
1,20,000
(2)
Current Liabilities
Creditors
60,000
Proposed Dividend
20,000
Total Equity and Liabilities
5,20,000
II. Assets
(1)
Non-current Assets
Fixed Assets : Freehold Property
1,00,000
(2)
Current Assets
Stock
1,20,000
Debtors
80,000
Balance at Bank
2,20,000
Total Assets
5,20,000
At the annual general meeting held on 18th April, 2016 it was resolved:
(i)
To declare dividend of 10% for the accounting year ended on 31st March, 2016.
(ii)
To issue one bonus share for every 4 shares held out of Surplus Account.
(iii)
To give existing shareholders the option to purchase for cash one share for $15 for every 4
shares held prior to the bonus distribution. This option was accepted by all the
shareholders. (On this no bonus share…
Chapter 15 Solutions
Intermediate Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (2nd Edition)
Ch. 15 - Prob. 15.1QCh. 15 - What are the retained earnings of a firm?Ch. 15 - Prob. 15.3QCh. 15 - Prob. 15.4QCh. 15 - Does an entity have to legally dissolve treasury...Ch. 15 - Prob. 15.6QCh. 15 - Prob. 15.7QCh. 15 - Prob. 15.8QCh. 15 - Prob. 15.9QCh. 15 - Prob. 15.10Q
Ch. 15 - Prob. 15.11QCh. 15 - Do firms often use stock dividends to avoid...Ch. 15 - Prob. 15.13QCh. 15 - What is included in other comprehensive income?Ch. 15 - Is a specific format required for reporting...Ch. 15 - Prob. 15.16QCh. 15 - Boone Corporations outstanding capital stock on...Ch. 15 - Prob. 15.2MCCh. 15 - Prob. 15.3MCCh. 15 - Prob. 15.4MCCh. 15 - Prob. 15.5MCCh. 15 - Prob. 15.6MCCh. 15 - Prob. 15.7MCCh. 15 - Prob. 15.1BECh. 15 - Stockholders Equity Terminology, U.S. GAAP, IFRS....Ch. 15 - Common Stock Issuance, No Par Value. Perdido...Ch. 15 - Prob. 15.4BECh. 15 - Prob. 15.5BECh. 15 - Prob. 15.6BECh. 15 - Prob. 15.7BECh. 15 - Prob. 15.8BECh. 15 - Treasury Stock Transactions. Ginger Spice...Ch. 15 - Treasury Stock Transactions. On March 15, Chief...Ch. 15 - Treasury Stock Transactions, Retirement. Using the...Ch. 15 - Prob. 15.12BECh. 15 - Prob. 15.13BECh. 15 - Prob. 15.14BECh. 15 - Common Stock Issuance, Stated Value, Issue Costs....Ch. 15 - Common Stock Issuance. Par Value, Issue Costs,...Ch. 15 - Prob. 15.3ECh. 15 - Prob. 15.4ECh. 15 - Prob. 15.5ECh. 15 - Treasury Stock Transactions, Retirement,...Ch. 15 - Treasury Stock Transactions, Disclosure. The...Ch. 15 - Treasury Stock Transactions. Several years ago,...Ch. 15 - Prob. 15.9ECh. 15 - Prob. 15.10ECh. 15 - Prob. 15.11ECh. 15 - Prob. 15.12ECh. 15 - Preferred Stock Issuance Dividends, Disclosure....Ch. 15 - Prob. 15.14ECh. 15 - Prob. 15.15ECh. 15 - Prob. 15.16ECh. 15 - Prob. 15.17ECh. 15 - Prob. 15.18ECh. 15 - Prob. 15.19ECh. 15 - Prob. 15.20ECh. 15 - Prob. 15.21ECh. 15 - Prob. 15.22ECh. 15 - Prob. 15.1PCh. 15 - Prob. 15.2PCh. 15 - Prob. 15.3PCh. 15 - Prob. 15.4PCh. 15 - Prob. 15.5PCh. 15 - Common Stock Issuance, Treasury Stock, Dividends,...Ch. 15 - Prob. 15.7PCh. 15 - Prob. 15.8PCh. 15 - Prob. 15.9PCh. 15 - Prob. 1JCCh. 15 - Judgment Case 2: Impact of Judgment in Accounting...Ch. 15 - Surfing the Standards Cases Surfing the Standards...Ch. 15 - Prob. 1BCCCh. 15 - Prob. 2BCC
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