Treasury shares, at cost, 600,000 in 2021 Levi Company provided the following information from a comparative statement of financial position at year-end: 2021 2020 Share capital, P5 par Share premium Retained earnings 7,500,000 52,000,000 19,500,000 4,500,000 40,000,000 15,500,000 and 400,000 in 2020 7,000,000 5,000,000
Q: Sabo Company reported the following shareholders’ equity at year end: 6% noncumulative preference…
A: The shares or units which provide ownership privilege to the holder are described as ordinary…
Q: Meranti Majų Bhd has the following equity balances at 31 December 2019. RM'000 Share Capital –…
A: Buy Back of Shares: A share repurchase, often known as a buyback, is a decision made by a…
Q: Bulgasal Company provided the following data: 2020 2021 Share capital (P100 par value) 5,000,000…
A: Retained earnings is the amount of earnings which is accumulated and collected over the period of…
Q: Assume that the following data relative to Oregan Company for 2020 is available: Net Income…
A: Earnings per share: Earnings per share, commonly noted as EPS is the net earnings available for…
Q: The balance in the retained earnings of HAWKEYE Corporation on December 31, 2020 and 2021…
A: Ending retained earnings = Beginning retained earnings + Net income during the year - Stock dividend…
Q: ABC has the following share capital outstanding during 2021 and 2022: Preference shares, P100 par,…
A: Cumulative Preference shares are one of the type preference shares. These shares carry preference…
Q: GR Company had outstanding 2,000 shares of P100 par value 8% cumulative preference share and 30,000…
A: Given that, 8% cumulative preference share of P100 par value outstanding = 2,000 shares Ordinary…
Q: ABC Corporation provided you the following information on January 01, 2021: Share capital, P10…
A: Company means a form of business where the share holder invest money in business in form of shares…
Q: Below is the Shareholders ' equity of Dexter Co. on Dec. 31, 2020: 12 % Preference Capital , P100…
A: The company can raise its capital by issuing the share, or debts. The shareholders' of the company…
Q: GR Company had outstanding 2,000 shares of P100 par value 8% cumulative preference share and 30,000…
A: Dividend means the amount given to shareholder of the company as profit distribution by company.…
Q: Color Unite Company reported the following on December 31, 2020: 8% cumulative preference share…
A: The earning per share is an important fundamental ratio of the company. It describes the ratio…
Q: Net unrealized loss on available for sale securities (investment at FVTOCI) 20,000 Retained…
A: Total shareholders' equity A company's shareholders' equity can be calculated by subtracting total…
Q: Affleck Company has the following types of outstanding shares at December 31, 2020: ·…
A: Dividend on 12% Preference Share = P4,000,000 x 12% = P480,000 Dividend on 10% Preference Share =…
Q: At December 31, 2019 and 2020, Lapham Corp. had 200,000 shares of common stock and 20,000 shares of…
A: The earnings per share is calculated as net income available to common shareholders divided by…
Q: Bulgasal Company provided the following data: 2020 2021 Share capital (P100 par value) 5,000,000…
A: Solution Given 2020 2021 Share capital (P100 par value) 5,000,000 5,850,000…
Q: The ABC's statement of financial position shows total shareholders' equity of P3.150.000 as of…
A: Formula used: Book value per share = Total Shareholders equity / Outstanding shares Division of…
Q: Accounting Richard Tandy Company reported the following balances at December 31, 2019: common stock…
A: The ratio analysis helps to analyse the financial statements of the business on regular basis.…
Q: reasury shares, at cost, 600,000 in 2021 mparative statement of financial position at year-end: evi…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: Rose Company reports net inconme of 5900,000 for 2021. declarrs and pays prefemed shares dividends…
A: In order to determine the earning per share, the earnings available to equity shareholders are…
Q: ABC Company provided the following information for the year ended December 31, 2020: Share Capital…
A: Statement of changes in shareholders' equity represents the transactions during the year that has…
Q: Pineapple Co. reported total assets of P2,100,000 and total liabilities of P1,360,000 in its…
A: Stockholder's equity: It implies to the remaining value of net assets that are owned by the…
Q: Shilling Company reports the following information for its fiscal year end of March 31,2019:Common…
A: Given information is: Shilling Company reports the following information for its fiscal year end of…
Q: Bulgasal Company provided the following data: 2020 2021 Share capital (P100 par value) Share premium…
A: Dividends: A company pays dividends in cash as well as in share dividends out of net income earned…
Q: The shareholders' equity of Gregorio Company included P4,000,000 of P10 par ordinary share capital…
A: A dividend is considered as a part of the distributable profit distributed by the company to its…
Q: D. The stockholders' equity section of SKSU Corporation's balance sheet on December 31, 2019: Common…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: the shareholders' equity of Gregorio Company included P4,000,000 of P10 par ordinary share capital…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: Below is the Shareholders' equity of Dexter Co. on Dec. 31, 2020: 12% Preference Capital, P100 par…
A: The book value per ordinary share is calculated by dividing the equity available to shareholders by…
Q: Information from the financial statements of Ames Fabricators, Inc., included the following:…
A: The calculation of basic earnings per share is as follows: Basic Earnings per share=Net…
Q: Stanley Department Stores reported net income of $720,000 for the year ended December 31, 2021.…
A:
Q: ABC Company provided the following information on December 31, 2020 Share capital…
A: Contributed capital is also known as paid in capital, it is the total cash and assets the investors…
Q: Beverly Company provides the following information for the year 2020: January 1 December 31 Total…
A: Beginning retained earnings = total assets - total liabilities - share capital - share premium =…
Q: Headland Corporation had 2020 net income of $1,028,000. During 2020, Headland paid a dividend of $2…
A:
Q: Bulgesal Company provided the following data: 2020 2021 Share capital (P100 par value) 5,000,000…
A: solution given Cash dividend issued 1000000 Share dividend issued…
Q: Guimba Corporation has the following data on stock issued and outstanding on December 31, 2020: 10%…
A: Capital which is raised by a corporation by offering shares is known as equity share capital.
Q: ineapple Co. reported total assets of P2,100,000 and total liabilities of P1,360,000 in its December…
A: This question deals with the calculation of balance of stockholder's equity section in year ended…
Q: The net income for the year-end 2020 – P450,000 The preferred dividends paid in 2020 – P30,000 At…
A: Net income = P 450,000 Preferred dividend = P 30,000 Earning for equity shareholders = Net…
Q: excess of proceeds over cost of treasury shares sold is P110,000. In its December 31, 2021 statement…
A: Retained earnings (RE) or accumulated profits are the cumulative portions of the income of a…
Q: ABC Corporation provided you the following information on January 01, 2021: Share capital, P10…
A: Company means the form of business where management is separately from owner and have perpetual…
Q: Wilco Corporation has the following account balances at December 31, 2020. Share…
A: Definition: Balance sheet: This financial statement reports a company’s resources (assets) and…
Q: The following data are from the accounts of Mitar Corporation at December 31, 2020 ($ thousands).…
A: Formula: Retained earnings ending balance = Retained earnings beginning balance + Net Income -…
Q: The shareholders' equity of Rockets Corporation at the end of 2020 and 2019 are as follows: 2020…
A: Average issue price can be calculated by dividing the total amount of preference share i.e par value…
Q: Marigold Corporation had 2020 net income of $1,066,000. During 2020, Marigold paid a dividend of $2…
A: Formula: Total preferred dividend = Number of preference shares x Dividend per share. EPS = ( Net…
Q: Party Company reported total assets of P1,050,000 and total liabilities of P680,000 in it December…
A: Statement of owner equity states the changes in the equity(Capital stock) of the company over a…
Q: As of December 31, 2021, Warner Corporation reported the following: Cash dividends payable 20,000…
A: Shareholders' equity is the total amount of ownership investment in a company.Shareholders' equity…
Q: Es Tri Company provided the following information from a comparative statement of financial…
A: Formula: Number of outstanding shares = Number of shares issued - No. of Treasury shares where,…
Q: The stockholders’ equity section of Hendly Corporation appears below as of December 31, 2020. 8%…
A: Earnings per share can be referred to as the earnings available to each shareholder of the company.…
Q: Compute basic and diluted earnings per share for the year ended December 31, 2021.
A: Earning per share (EPS) is the ratio that describes how much profit is earned by the company for…
Q: Cookie Company had 3.0 million shares of common stock outstanding all through 2020. On April 1,…
A: Ans. EPS = Net income ÷ Number of shares outstanding
Q: Bulgasal Company provided the following data: 2020 2021 5,000,000 5,850,000 Share capital (P100 par…
A: Solution Concept Net income for the current year =change in retained earnings + share dividend…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Common Dividends Thompson Payroll Service began in 2019 with 1,500,000 authorized and 820,000 issued and outstanding S8 par common shares. During 2019, Thompson entered into the following transactions: Declared a S0.20 per-share cash dividend on March 24. Paid the S0.20 per-share dividend on April 6. Repurchased 13,000 common shares for the treasury at a cost of S12 each on May 9. Sold 2,500 unissued common shares for $15 per share on June 19. Declared a $0.40 per-share cash dividend on August 1. Paid the $0.40 per-share dividend on September 14. Declared and paid a 10% stock dividend on October 25 when the market price of the common stock was $15 per share. Declared a 50.45 per-share cash dividend on November 20. Paid the $0.45 per-share dividend on December 20. Required: Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) What is the total dollar amount of dividends (cash and stock) for the year? CONCEPTUAL CONNECTION Determine the effect on total assets and total stockholders equity of these dividend transactions.Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018, balance sheet: The following transactions were reported by the company during 2019: 1. Reacquired 200 shares of its preferred stock at 57 per share. 2. Reacquired 500 shares of its common stock at 16 per share. 3. Sold 100 shares of preferred treasury stock at 58 per share. 4. Sold 200 shares of common treasury stock at 17 per share. 5. Sold 100 shares of common treasury stock at 9 per share. 6. Retired the shares of common stock remaining in the treasury. The company maintains separate treasury stock accounts and related additional paid-in capital accounts for each class of stock. Required: 1. Prepare the journal entries required to record the treasury stock transactions using the cost method. 2. Assuming the company earned a net income in 2019 of 30.000 and declared and paid dividends of 10,000, prepare the shareholders equity section of its balance sheet at December 31, 2019.Shilling Company reports the following information for its fiscal year end of March 31,2019:Common stock, $0.01 par value per share $57 millionPaid-in capital in excess of par - CommonRetained earnings 400 millionTotal stockholders' equity $757 million300 millionWhat is the total paid-in capital for Shilling Company at March 31, 2019?a. $57 millionb. $300 millionc. $357 milliond. $757 million
- The Statement of Financial Position (SFP) of Arthur Corporation on June 30, 202X is presented below:Current Assets P195,000Land 1,320,000Building 660,000Equipment 525,000Total Assets P2,700,000Liabilities P525,000Ordinary Shares, P5 par 900,00Share Premium 825,000Retained Earnings 450,000Total Equities P2,700,000All the assets and liabilities of Arthur were assumed to approximate their fair values except for land and building. It is estimated that the land has a fair value of P2,100,000, and the fair value of the building increased by P480,000. Ezekeil Corporation acquired 80% of Arthur’s outstanding shares for P3,000,000. The non-controlling interest is measured at fair value.Required:a. Determine the goodwill or gain on bargain purchase assuming the consideration paid includes control premium of P852,000. Determine the goodwill or gain on bargain purchase assuming the consideration paid excludes control premium of P138,000 and the fair value of the non-controlling interest is…Bonita Industries had the following information in its financial statements for the years ended 2020 and 2021: Cash dividends for the year 2021 $ 9600 Net income for the year ended 2021 97700 Market price of stock, 12/31/20 9 Market price of stock, 12/31/21 11 Common stockholders’ equity, 12/31/20 1001000 Common stockholders’ equity, 12/31/21 1192000 Outstanding shares, 12/31/21 100300 Preferred dividends for the year ended 2021 14300 What is the payout ratio for Bonita Industries for the year ended 2021?Blossom SA reported the following balances at December 31, 2019: share capital-ordinary €530,000, share premium-ordinary €115,000, and retained earnings €310,000. During 2020, the following transactions affected equity. 1. Issued preference shares with a par value of €140,000 for €247,000. 2. Purchased treasury shares (ordinary) for €45,000. Earned net income of €174,000. Declared and paid cash dividends of €52,000 3. 4. Prepare the equity section of Blossom SA's December 31, 2020, statement of financial position.
- Selected financial data from the September 30 year-end statements of Green Company are given below: Interest expense on long-term debt P95,000.00 Profit P480,000.00 Total Assets P5,100,000.00 12% interest bearing long term debt* P760,000.00 7% Preference shares, P100 par P900,000.00 Total Stockholders' equity P3,200,000.00 *This is the only interest bearing liability Green Company has. The Company's tax rate is 25%. Total assets at the beginning of the year was P4,800,000 and total stockholders' equity was P2,900,000. There has been no change on the preference shares during the year. Required: A. Compute the return on average total assets. B. Compute the return on average ordinary shareholders' equity.The financial statements of Friendly Fashions include the following selected data (in millions):($ in millions) 2021 2020Sales $ 10,043 $ 11,134Net income $ 312 $ 818Stockholders’ equity $ 1,850 $ 2,310Average shares outstanding (in millions) 675 –Dividends per share $ 0.31 –Stock price $ 6.20 –Required:1. Calculate the return on equity in 2021.2. Calculate the dividend yield in 2021.3. Calculate earnings per share in 2021.4. Calculate the price-earnings ratio in 2021.The shareholders' equity section of De Guzman Company revealed the followinginformation on Dc. 31, 2019: Preference Shares, P100 par P2,300,000Share Premium-Preference 805,000Ordinary Shares, P15 par 5,250,000Share Premium-Ordinary 2,750,000Subscribed Ordinary Shares 50,000Retained Earnings 1,900,000Notes Payable 4,000,000Subscription Receivable-Ordinary 400,000 Required: How much is the legal capital?
- Beverly Company provides the following information for the year 2020: January 1 December 31 Total Assets P10,000,000 15,000,000 Total Liabilities 4,000,000 7,000,000 Share Capital 3,000,000 Share Premium 1,000,000 Retained Earnings ? ? During the year, the Company issued share capital of P2,000,000 at a premium of P400,000. Dividends of P1,600,000 were paid on December 10, 2020. Determine the amount of net income or loss for the year ended 2020 A. P1,200,000 income B. P1,800,000 loss C. P1,200,000 loss D. P1,800,000 incomeShilling Company reports the following information for its fiscal year-end of March 31, 2019: Common stock, $0.01 par value per share $57 million? Paid-in capital in excess of par – Common. Retained earnings 400 million. Total stockholders’ equity $757 million 300 million.What is the total paid-in capital for Shilling Company on March 31, 2019? Select one: a. $357 million b. $57 million c. $300 million d. $757 millionJOURNALIZING McAllister Co.'s shareholders' equity on December 31, 2020 shows the following accounts and balances: Preference share capital, P20 par P 2,000,000 Ordinary share capital, P5 par 8,000,000 Share premium - preference 5,000,000 Share premium - ordinary 12,000,000 Retained earnings 10,000,000 The following transactions occurred in 2021: January 31 Issued 100,000 preference shares at P25 per share Issued 200,000 ordinary shares, receiving 1,600,000 March 31 Issued 50,000 preference shares and 125,000 ordinary shares, receiving P3,600,000. The fair value of each preference share and each ordinary share on this date was P30 and P20, respectively. Issued 20,000 ordinary shares. These shares were issued at P27 per share. Issued P10,000,000, five-year, 12% convertible bonds at 103. Without the conversion April 30 June 30 option, the bonds would be sold at par. Each P1,000 bond is convertible into 150 ordinary shares. September 30 Received a unit of equipment and a set of furniture…