res and 100,000, 10% 100 par value convertible cumulative preference shares are convertible into 100,000 ordinary s re split. During the current year, the following transactions a
Q: 6. What is the depreciation expense for the year ended December 31, 2021? BLACK JACK Company…
A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the…
Q: please show all work for calculations. Where $11,845 and $12,535 come from
A: The ready-for-sale stock you have leftover towards the conclusion of an accounting period is…
Q: gnoring income tax, the accounting change should preferably be reported by the company in its year…
A: As the question specified ignoring income taxes, the cumulative effect on retained earnings will be…
Q: Which of the following information should Starting Right Corporation present on its financial…
A: Answer: Introduction: Financial statements are the documents that any company prepares to show the…
Q: company is using target costing to establish whether it needs to redesign a proposed product. The…
A: Desired profit margin=25% Sale price unit: £125 Desired profit: £125*25%= £31.25 Cost for desired…
Q: A stock pays an annual dividend of ₱4.50/share. How much dividend is paid to a shareholder who has…
A: Dividend is the profit distributed by the company to its shareholders. When a company have surplus…
Q: SCARLET Corporation has an authorized capital of 10,000 shares of 100 par, 8% cumulative preference…
A: Formula: Book value per ordinary share = Total Equity available to Ordinary shareholders / No. of…
Q: Carol contributes property with a $10,000 basis and a $60,000 book value to a partnership for a 25%…
A: Liability: - Liability is an obligation, debt, or responsibility owed to someone. Given: -…
Q: At the beginning of current year, BLACKPINK Company had 480,000 $60 par value ordinary shares and…
A: Diluted earnings per share (Diluted EPS) : Diluted EPS is the company's earnings per share if all…
Q: Charlton Company provided the following information concerning a defined benefit plan at the…
A: A diary entry is a type of accounting entry that is used to record a business transaction in the…
Q: This is your first month working as a bookkeeper and you notice a discrepancy when trying to…
A: A new bookkeeping personal it is the duty to provide all the correct information to the senior…
Q: BLACK JACK Company purchased an automotive equipment on June 30, 2018 for $3,000,000. At the date of…
A: Equipment each year used up and hence we need to charge it against the income each year under the…
Q: Sophia and Anna are partners operating a chain of retail stores. The partnership agreement provides…
A: Partnership is one of the agreement or arrangement between two or more than two persons, in which…
Q: FINANCIAL STATEMENT ANALYSIS AND RATIO ANALYSIS The following are the balance sheet and income…
A: If we have to evaluate the vertical analysis of the financial position then we have to use the…
Q: What are liabilities that will be due within a short time (usually one year or less) and that are to…
A: Today we are going to discuss the three primary types of liabilities which include: short-term…
Q: The balance sheets at the end of each of the first two years of operations indicate the following:…
A: Earnings per share are the amount of income that the shareholders earn on each share purchased by…
Q: Which of the following accounts ordinarily appears in the post-closing trial balance? Hint:…
A: The financial statement shows the financial data of the company that is used by various financial…
Q: You borrow $30,000 for 10 years to pay tuition and fees. The annual interest rate is 12 percent.…
A: Note: Since the payment is being made on monthly basis, the effective rate of interest will be…
Q: partnership of X, Y and Z provides for the division of net income as follows: i. Y, who manages…
A: In the given problem it is required that calculate balance of capital of Y one of the partner in…
Q: riton Company provided the following information concerning a defined at the beginning of current…
A: In a company's accounting records, a journal entry is used to memorialize a commercial transaction.…
Q: CERISE Company uses accrual basis of accounting. Wages expense account had a balance of $255,000 at…
A: Cash paid for the wages will be calculated by the following formula: Cash paid for wages during the…
Q: What form or forms of financial statement fraud is this? Where would we expect to see the impact of…
A:
Q: Sophia and Anna are partners operating a chain of retail stores. The partnership agreement provides…
A: The agreement between/ among the partners must be to share the profits and losses of the business.…
Q: The balance in the supplies account before adjustment on December 31, 2007 is $3,000. The amount of…
A: The supplies expense for the period = supplies account before adjustment on December 31, 2007 -…
Q: Total production costs for Gallop, Inc. are budgeted at £350,000 for 50,000 units of budgeted output…
A: The high low method is used to separate the fixed and variable cost from the mixed costs. Variable…
Q: Suppose you bought a digital camera for a total purchase price of $277.99. If state taxes were 5.4%,…
A: The total purchase price includes both the actual purchase price and also state tax.
Q: You have just been appointed as the financial controller of Sanchez & Gomez Limited, a privately…
A: Introduction: Ratio analysis examines row data from a company's financial records to suggest a…
Q: Required a) Explain, including calculations, how the issue of the bond would be accounted for by…
A: On 1st January 2021 Corgi Ltd. issued bonds of £5 million at par value, the bonds are redeemable on…
Q: AUSTERE Co. owns 20% of the ordinary shares of SEVERE, Inc. SEVERE additiona redeemable preference…
A: Explanation of concept Preference Shares are the shares which have been issued with preference right…
Q: Determine the present equivalent value (PW) of the following cash flow when the annual interest rate…
A: Present Worth: The idea of present value asserts that a sum of money in the here and now is worth…
Q: ____ are held for the purpose of meeting short-term cash commitments rather than for investment or…
A: Short term highly liquid investments that are readily convertible into known amounts of cash and…
Q: Semans is a manufacturer that produces bracket assemblies. Demand for bracket assemblies (0) is 138…
A: The answer is stated below:
Q: Q4.The trial balance before adjustment of Taylor Swift Inc. shows the following balances. Dr. Cr.…
A: Answer) Journal Entry Sno Account Titles and Explanation Debit Credit (a) Bad…
Q: dvertising expense ravel expense Demonstration models given out Total variable xed expenses Rent…
A: Flexible Budget: Flexible budget is determining the variability of the variable and fixed cost at…
Q: General Mills is authorized to issue 13 million, $1 par common shares. During 2021, its first year…
A: Introduction: Common shares normally provide shareholders the right to vote at shareholder meetings.…
Q: 1. Calculate the total direct materials variance and total direct labour variance, together with…
A:
Q: How is the account Prepaid Insurance classified and on which financial statement should it be…
A: Prepaid insurance is the portion of an insurance premium that has been paid in advance and has not…
Q: ter for rupees 50000. He invested rupees 80000 in PPF. One of his existing life insurance policy got…
A: The taxable income of taxpayers is the income liable to tax and it is the income used to determine…
Q: John owns 5, 000 shares of stocks from Easter Union Company. The shares were purchased at ₱47.45 per…
A: Issue of shares is one of the important source of finance being used by the business. Broker charges…
Q: Projected benefit obligation 5,500,000 Unrecognized actuarial gain 850,000 The transactions for the…
A: The practice of assessing a long-term amount reliability or foreign exchange in a financial…
Q: 170,000 100,000 150,000 340,000 110,000 80,000 20,000 20,000 122,000 8,000 200,000 200,000 100,000…
A: To compute the following as, Gross margin ratio Profit margin ratio Return on total assets Return on…
Q: FINANCIAL STATEMENT ANALYSIS AND RATIO ANALYSIS The following are the balance sheet and income…
A: A comparative balance sheet presents side-by-side information about an entity's assets,…
Q: select all that applies) Group of answer choices a) will never make an investment with a risk-free…
A: risk loving person who are seeking to take additional risky order to earn higher returns as well as…
Q: On January 1, 2018, CRIMSON Company purchased machineries for $10,560,000 and depreciated it by the…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: Quicksand Company has set the following standards for one unit of product: Direct material…
A: Calculation of Material Quantity variance Material Usage variance = (Standard quantity of material…
Q: Mr Price, has no debt outstanding and a total market value of R150,000. Earnings before interest and…
A: The repurchase of shares by using debt will decrease the shares outstanding and will increase the…
Q: Sunstar Manufacturing Company produces special kitchen utensils using the JIT system. Transactions…
A: The cost of goods sold is the sum of all expenditures involved in the manufacture of a sold product…
Q: 6.The industrial company PedersensIndustri AS produces one product and has set up the following cost…
A: Zero point turnover is that turnover level at which business is only recovering it's fixed costs and…
Q: The balances of Paradise Travel Service's accounting equation items for the year ended May 31, 20Y6,…
A: Introduction: The balance sheet records every transaction since the beginning of the business and…
Q: Wildhorse Corporation issued $410,000 of 10-year bonds at a discount. Prior to maturity, when the…
A: Solution: Face value of bond= $410,000 Carrying value of bond prior to redemption = $379,250…
What is the weighted average number of ordinary shares outstanding that should be used for the computation of book value per share and basic earnings per share?
Step by step
Solved in 2 steps with 1 images
- 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.CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT During the year ended December 31, 20--, Baggio Company completed the following transactions: Apr. 15 Declared a semiannual dividend of 0.65 per share on preferred stock and 0.45 per share on common stock to shareholders of record on May 5, payable on May 10. Currently, 6,000 shares of 50 par preferred stock and 70,000 shares of 1 par common stock are outstanding. May 10 Paid the cash dividends. Oct. 15 Declared semiannual dividend of 0.65 per share on preferred stock and 0.45 per share on common stock to shareholders of record on November 5, payable on November 20. Nov. 20 Paid the cash dividends. 22 Declared a 10% stock dividend to shareholders of record on December 8, distributable on December 16. Market value of the common stock was estimated at 15 per share. Dec. 16 Issued certificates for common stock dividend. 20 Board of directors declared a two-for-one common stock split. REQUIRED Prepare journal entries for the transactions.COMMON AND PREFERRED CASH DIVIDENDS Ramirez Company currently has 100,000 shares of 1 par common stock outstanding and 5,000 shares of 50 par preferred stock outstanding. On July 10, the board of directors declared a semiannual dividend of 0.30 per share on common stock to shareholders of record on August 1, payable on August 5. On July 15, the board of directors declared a semiannual dividend of 5 per share on preferred stock to shareholders of record on August 5, payable on August 10. Prepare journal entries for the declaration and payment of the common and preferred stock cash dividends.
- 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.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.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.
- 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.