Splish Brothers Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $5cumulative preferred shares. On December 31, 2024, there were 32,900 common and 940 preferred shares issued. The commonshares had been issued at an average per share amount of $10; the preferred shares at $105. The balance in the Retained Earningsaccount on January 1, 2024, was $269,780. During 2024, the company had profit of $117,500 and declared a total of $70,500 ofdividends, of which $52,875 was paid during the year. (b)Shareholders EquityShare CapitalPreferred SharesCommon SharesTotal Share CapitalRetained EarningsSPLISH BROTHERS LIMITEDBalance Sheet (Partial)December 31, 2024Total Shareholders' EquityReturn on equityf%$$98,700329,000427,700316,780Calculate return on equity for 2024. Assume there were no changes in the Common Shares and Preferred Shares accounts duringthe year. (Round answer to 2 decimal places, e.g. 15.75%744,480

Return on Equity (ROE) is a financial ratio that measures the profitability of a company in relation…

Answered: Splish Brothers Limited is a private…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 9EA: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and...

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Kent 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
Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.
St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Apr. 10, issued 1,000 shares of stock for legal services valued at $15,000. Journalize the transaction.
EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.
Metlock Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $5 cumulative preferred shares. On December 31, 2024, there were 30, 100 common and 860 preferred shares issued. The common shares had been issued at an average per share amount of $10; the preferred shares at $105. The balance in the Retained Earnings account on January 1, 2024, was $246, 820. During 2024, the company had profit of $107, 500 and declared a total of $64, 500 of dividends, of which $ 48,375 was paid during the year. Prepare the shareholders' equity section of the balance sheet on December 31, 2024. calculate the return on eqiuty.
Ayayai Ltd. was incorporated on January 1, 2024. During the year the company entered into the following transactions: Jan. 5 Issued 49,000 common shares for $2.50 per share. Jan. 20 Issued 2.700 common shares to settle legal expenses. The value of the legal expenses was $8,818. Feb. 10 Issued 11,000 preferred shares for $50.00 per share. Aug 12 Repurchased 14,700 common shares for $2.40 per share. Oct. 1 Issued 5,300 common shares for $2.25 per share. Dec. 15 Repurchased 22,000 common shares for $2.70 per share. Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries. Round per share calculations to 2 decimal places, eg. 5.75 and final answers to 0 decimal places, eg 5,275)
On January 1, 2024, Sandhill Ltd. had the following shareholders' equity accounts: Common shares (1,010,000 issued) Retained earnings The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2024, none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity: Jan. 2 Issued 101,000 preferred shares for $50 per share. Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders. Issued 110,000 common shares for $1.70 per share. Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders. 31 Loss for the year was $99,000. Mar. June 30 Aug. 12 Sept. 30 Dec. 31 Dec. (a) $1,515,000 1,818,000 31 Journalize the transactions and the entries to close dividends and the Income Summary account. (Credit account titles are automatically…
Metlock Incorporated's shares are traded on the Toronto Stock Exchange. The company is authorized to issue 1,024,400 common shares and 100,000 $5 cumulative preferred shares. On June 30, 2024, there were 390,000 common shares and 19,700 preferred shares issued with the following balances: Common Shares, $1,170,000; and Preferred Shares, $1,024,400. The statement of retained earnings showed retained earnings of $498,000 and other accumulated comprehensive income of $746,000 at June 30, 2024. The dividend on the preferred shares was two years in arrears. Prepare Metlock's June 30, 2024 shareholders' equity section of the statement of financial position. (Enter account name only and do not provide descriptive information.) METLOCK INCORPORATED Statement of Financial Position (Partial) June 30, 2024 > < SA
Sarasota Ltd. was incorporated on January 1, 2024. During the year the company entered into the following transactions: Jan. 5 Issued 58,000 common shares for $2.50 per share. Jan. 20 Issued 3,000 common shares to settle legal expenses. The value of the legal expenses was $9,940. Feb. 10 Issued 15,000 preferred shares for $35.00 per share. Aug. 12 Repurchased 17,400 common shares for $2.40 per share. Oct. 1 Issued 4,100 common shares for $2.25 per share. Dec. 15 Repurchased 21,000 common shares for $2.72 per share. Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries. Round per share calculations to 2 decimal places, e.g. 5.75 and final answers to 0 decimal places, e.g. 5,275.) Date Jan, 5 Jan 20 # Account…
Larkspur Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $5 cumulative preferred shares. On December 31, 2021, there were 35,500 common and 1,100 preferred shares issued. The common shares had been issued at an average per share amount of $10; the preferred shares at $106. The balance in the Retained Earnings account on January 1, 2021, was $298,500. During 2021, the company had profit of $127,000 and declared a total of $70,500 of dividends, of which $52,000 was paid during the year. Prepare the shareholders' equity section of the balance sheet on December 31, 2021. LARKSPUR LIMITED Balance Sheet (Partial) 24
Marin Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $5 cumulative preferred shares. On December 31, 2021, there were 33,000 common and 1,700 preferred shares issued. The common shares had been issued at an average per share amount of $10; the preferred shares at $106. The balance in the Retained Earnings account on January 1, 2021, was $286,000. During 2021, the company had profit of $115,000 and declared a total of $72,000 of dividends, of which $55,000 was paid during the year. Prepare the shareholders' equity section of the balance sheet on December 31, 2021. MARIN LIMITED Balance Sheet (Partial) December 31, 2021 Shareholders' Equity Share Capital Preferred Shares Common Shares :

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