Required information [The following information applies to the questions displayed below.] Year 1 total cash dividends Year 2 total cash dividends Year 3 total cash dividends Year 4 total cash dividends $ 15,000 24,200 265,000 415,000 York's outstanding stock consists of 70,000 shares of noncumulative 7.5% preferred stock with a $5 par value and also 120,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends: Determine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. (Round your "Dividend per Preferred Share" answer to 3 decimal places.) Par Value per Preferred Dividend Rate Dividend per Preferred Share Number of Preferred Shares Preferred Dividend Share Annual Preferred Dividend: Paid to Total Cash Dividend Paid Paid to Preferred Dividends in Arrears at Common year-end Year 1 $ 15,000 Year 2 24,200 Year 3 265,000 Year 4 415,000 Total: 719,200 $
Q: Over the past year Meredith and Shunt Manufacturing had an average quarterly sales for the past 5…
A: Total average= Total seasonal average/4 Seasonal index= Season average/Total average
Q: On July 15, 2024, Ortiz & Company signed a contract to provide EverFresh Bakery with an…
A: Calibration contract service is for one year. However scale and software has been delivered in the…
Q: According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0%…
A: Formula : Social security tax amount = Payroll amount x Social security tax rate
Q: Required information [The following information applies to the questions displayed below.] Russell…
A: Sale value of asset means value for which asset is being sold out. Basis in asset means adjusted…
Q: D Question 39 If the selling price per unit is $10, the unit contribution margin is $5, fixed…
A: Cost volume profit analysis is one of the important analysis being performed in cost accounting.…
Q: Equipment with a cost of $65,520, an estimated residual value of $3,120, and an estimated life of 13…
A: Depreciation as per straight line method is calculated by taking cost reduced by salvage value and…
Q: Entries for Waterway 25-Apr-20 inventory on consignment inventory 30-Jun-20 cash ? ? ? ? ? ? סיי ?
A: Journal- Journalizing is the process by which businesses record their transactions in a systematic…
Q: ind and Lucky formed a partnership by contributing cash amounting to P240,000 and P480,000…
A: Partnership : It is the relationship between two or more person who carried on business with the…
Q: Here is my situation. I currently own a heating and cooling business here in Indianapolis. I'm…
A: Introduction: A business organization is a legal kind of enterprise that is founded for commercial…
Q: If Service Revenue has a normal balance of $30,000, to close it you must credit it for $30,000 debit…
A: If Service Revenue is an revenue account which normally has the credit balance, because when an…
Q: Bikes Ltd. offers customers a loyalty card whereby customers receive a stamp every time they have…
A: IFRS 15 : Customer Loyalty Program takes into effect the discount given in the option, the discount…
Q: The accounting information of Haiti Inc shows the records where it adheres to ASPE, find the cash…
A: Cash flow statement was used by organisation to identify cash earned and spent on its various…
Q: The following information relates to Gatsby, Inc. as of December 31 of the current year. The company…
A: * As per Bartleby policy, if multiple questions are asked then answer first three only.
Q: Coffee Co. incurred P5,000,000 on a self-created computer software, P2,100,000 of which was incurred…
A: Lets understand the basics. Ass per IAS 38 "Intangible assets", all expenditure incurred up to…
Q: Llungby AB spent 1,000,000 krone in 2020 on the development of a new product. The company determined…
A: Journal entry is a process of recording and classifying business transactions into books of account…
Q: pos.
A: This statement is also known as Statement of Profit and Loss or Profit and Loss Account. Income…
Q: show solution for All fixed assets are depreciated using straight line method.
A: Depreciation is being charged on cost of fixed assets in order to record reduction in value over the…
Q: Prepare an income statement for the month ended July 31, 20Y2. Refer to the lists of Accounts,…
A: Computation of Fees earned during the month of July Fess Earned = Cash based fees earned during the…
Q: Wellington Company manufactures custom-designed pens. Previously, the company has been using a…
A: ABC method uses cost drivers to allocate the overhead or general costs that can't be specifically…
Q: Equipment with a cost of $95,550, an estimated residual value of $4,550, and an estimated life of 13…
A: Depreciation as per straight line method is given as under: = (Original cost - Salvage value) ÷…
Q: Problem #2: AMA cooperative store had the following activities for year ended 2021: gross sales…
A: Introduction: Net sales : Deduction of sales returns from gross sales derives the Net sales.
Q: On December 31, Strike Company sold one of its batting cages for $10,952. The equipment had an…
A: Formulas: Gain (Loss) on the sale of the assets = Sale value of the assets - Net book value of the…
Q: Auto sales at Carmen's Chevrolet are shown below. Using a 3-week moving average, what is the…
A: Working:
Q: E3-11 A partial adjusted trial balance of Frangesch Company a the following. FRANGESCH COMPANY…
A: Introduction: Supplies expense is the cost of goods used in a financial quarter. Depending on the…
Q: Thompson Company gathered the following reconciling information in preparing its October bank…
A: Cash: The term "cash and cash equivalents" refers to the line item on the balance sheet that…
Q: new merchandising business, Dazzle Corporation started its operations last January 1, 2020.…
A: Journal entries recording is the first step of accounting cycle process, under which at least one…
Q: Sales Net Beg Net Ending Sales returns Sales Inventory Purchases Inventory 1 5,000 80,000 24,000…
A: For solving this question, we need to use below formulas. Net sales = Sales - Sales return Cost of…
Q: Punch Manufacturing Corporation owns 80 percent of the common shares of Short Retail Stores. The…
A: Basic earnings per share Branch Manufacturing income from operations 125000 Short Retail…
Q: The Masquerade is a casino that operates on a river. Casinos attain a profit by collecting the…
A: The operating leverage of an entity is a measurement technique to measure the amount of increase in…
Q: Wolfort Blade Limited, a manufacturing company, produces a single product. The followiing…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: suming you a ofitable mix. are the management accountant of this company, advice management on the…
A:
Q: Considering whether to use historical cost or fair value relates to which of the following…
A: The procedures applied and principles followed by the company to prepare its financial statements…
Q: Agritech constructed an warehouse with the capacity storage of 25,000 MT of products at the cost of…
A: Depreciation is an method used to record the assets value which was over the period of time gone…
Q: Thomas Martin receives an hourly wage rate of $15, with time-and-a-half pay for all hours worked in…
A: Gross pay: Gross pay means the salary before the deduction of any taxes, benefits, and other payroll…
Q: ling to per week supply, the th- $40, the sixth - $30, the seventh - $20, and the eighth - $10.…
A:
Q: The balance in the equipment account is P518,500 and the balance in the accumulated depreciation -…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: calculate gross earnings, cpp contribution, ei premium, federal income tax, provincial income tax…
A: The components of CPP contribution, ei premium, federal income tax, and provincial income tax will…
Q: The entity's management is currently reviewing all costs of production. • If the entity's accounting…
A: Answer:- Cost of production meaning:- Production costs are generally the expenses incurred by a…
Q: Yoric Company listed the net changes in its balance sheet accounts for the past year as follows:…
A: Statement of cash flow is the sum of all cash inflows and cash outflows during the year. The…
Q: Cost of goods manufactured Selling expenses Administrative expenses Sales Finished goods inventory,…
A: Formula: Cost of finished goods available for sale = Beginning finished goods - Cost of goods…
Q: Part 1: Prepare a bank reconciliation for may. Part 2: 1. Record the interest of $110 receipt from…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: Record journal entries for the following purchase transactions of Apex Industries. Nov. 6 Purchased…
A: Introduction: Journals: All the business transactions are to be recorded in journals. Journals are…
Q: Champion Contractors completed the following transactions involving equipment. Year 1 January 1 Paid…
A: The journal entries are prepared to record the transactions on regular expenses. The major expenses…
Q: A firm uses simple exponential smoothing with "a = 0.5" to forecast demand. The forecast for the 1st…
A: Given that, Actual demand = 452 units Forecast for 1st week of January = 505 units alphaα = 0.5
Q: Explain Accrual concept and provide example.
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Concord Corporation purchased for $285,000 a 25% interest in Murphy, Inc. This investment enables…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Compute the thed Be
A: * As per Bartleby policy, when multiple different questions are asked then answer first only.…
Q: Required information Problem 9-7B Calculate the issue price of a bond and prepare amortization…
A: Given: - Face value of bond= $720,000 Semiannual coupon: - $720,000×6%2=$21,600 Semiannual market…
Q: The following transactions has transpired during 2021: a. Furniture & fixtures was purchased on…
A: Working note:
Q: only Answerg question Cost of Gross Goods Profit Sales Net Beg Net Ending Sales returns Sales…
A: Since you have asked for part 2 only so we have answered the same for you. Sale is the amount of…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- 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.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.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.
- 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.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.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).
- 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.! Required information [The following information applies to the questions displayed below.] Year 1 total cash dividends Year 2 total cash dividends Year 3 total cash dividends Year 4 total cash dividends Annual Preferred Dividend: Year 1 Year 2 Year 3 Year 4 Totals York's outstanding stock consists of 60,000 shares of cumulative 8.0% preferred stock with a $5 par value and also 280,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends: (Round your "Dividend per Preferred Share" answer to 3 decimal places.) Par Value per Preferred Share Total Cash Dividend Paid $ $ 13,200 22,000 13,200 22,000 240,000 390,000 665,200 240,000 390,000 Dividend Rate Paid to Preferred Dividend per Number of Preferred Share Preferred Shares Paid to Common Dividends in Arrears at year-end Preferred DividendRequirea information [The following information applies to the questions displayed below.] Year 1 total cash dividends Year 2 total cash dividends Year 3 total cash dividends Year 4 total cash dividends $ 15,500 24,000 225,000 375,000 York's outstanding stock consists of 80,000 shares of cumulative 6.5% preferred stock with a $5 par value and also 250,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends: Note: Round your "Dividend per Preferred Share" answer to 3 decimal places. Par Value per Preferred Share Dividend Rate Dividend per Preferred Share Number of Preferred Preferred Dividend Shares Annual Preferred Dividend: Dividends in Total Cash Dividend Paid Paid to Preferred Paid to Common Arrears at year-end Year 1 Year 2 Year 3 Year 4 $ 15,500 24,000 225,000 375,000 Totals $ 639,500
- ! Required Information [The following information applies to the questions displayed below.] Refer to the following transactions. a. Sold 2,010 shares of $9 par value preferred stock at $14.50 per share. b. Declared the annual cash dividend of $3.6 per share on common stock. There were 9,000 shares of $1 par value common stock issued and outstanding throughout the year. c. Issued 3,400 shares of $11.5 par value preferred stock in exchange for a building when the market price of preferred stock was $16 per share. d. Purchased 180 shares of preferred stock for the treasury at a price of $12.00 per share. e. Sold 70 shares of the preferred stock held in treasury (see d) for $17.5 per share. f. Declared and issued a 20% stock dividend on the $1 par value common stock (see b) when the market price per share was $39. Required: Show the effect (if any) of each of the above transactions on each financial statement category by selecting a plus (+) or minus (-) sign and the amount in the…Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Year 1 total cash dividends Year 2 total cash dividends Year 3 total cash dividends Year 4 total cash dividends Exercise 13-12 (Algo) Dividends on common and cumulative preferred LO C2 York's outstanding stock consists of 90,000 shares of cumulative 7.5% preferred stock with a $5 par value and also 270,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends: Note: Round your "Dividend per Preferred Share" answer to 3 decimal places. Annual Preferred Dividend: Year 1 Year 2 Year 3 Year 4 Totals Par Value per Preferred Share Total Cash Dividend Paid $ $ $ 23,000 31,700 235,000 385,000 Dividend Rate 23,000 31,700 235,000 385,000 674,700 $ Paid to Preferred Dividend per Preferred Share 0 $ Paid to Common 0 Number of Preferred Shares…Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Year 1 total cash dividends Year 2 total cash dividends Year 3 total cash dividends Year 4 total cash dividends xercise 11-11 (Algo) Dividends on common and noncumulative preferred stock LO C2 ork's outstanding stock consists of 80,000 shares of noncumulative 6.0% preferred stock with a $5 par value and also 300,000 ares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following tal cash dividends: etermine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. ote: Round your "Dividend per Preferred Share" answer to 3 decimal places. nnual Preferred Dividend: ear 1 ear 2 ear 3 ear 4 otal: Par Value per Preferred Share $ 5.00 Total Cash Dividend Paid $ 13,000 22,000 250,000 400,000 Dividend Rate 13,000 22,000 250,000 400,000 685,000 $ $…