Care Company received dividends from its share investments during the year ended December 31, 2011 as follows: • A stock dividend of P4,000 shares from Part Company on July 31, 2011 when the market price of Part's share was P20. Care owns less than 1% of Part's share capital. • A cash dividend of P150,000 from Shark Company in which Day owns a 25% interest. Majority of Shark’s director are also directors of Care. What amount of dividend revenue should Care report in its 2011 income statement? a. 230,000 b. 150,000 c. 80,000 d. 0

Care Company received dividends from its share investments during the year ended December 31, 2011 as follows: • A stock dividend of P4,000 shares from Part Company on July 31, 2011 when the market price of Part's share was P20. Care owns less than 1% of Part's share capital. • A cash dividend of P150,000 from Shark Company in which Day owns a 25% interest. Majority of Shark’s director are also directors of Care. What amount of dividend revenue should Care report in its 2011 income statement? a. 230,000 b. 150,000 c. 80,000 d. 0

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter12: Statement Of Stockholders’ Equity (stockeq)

Section: Chapter Questions

Problem 3R: Chen Corporation began 2012 with the following stockholders equity balances: The following selected...

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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.
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.
Care Company received dividends from its share investments during the year ended December 31, 2011 asfollows:• A stock dividend of P4,000 shares from Part Company on July 31, 2011 when the market price of Part's share was P20. Care owns less than 1% of Part's share capital.• A cash dividend of P150,000 from Shark Company in which Care owns a 25% interest. Majority of Shark’s director are also directors of Care.What amount of dividend revenue should Care report in its 2011 income statement?a. 230,000b. 150,000c. 80,000d. 0
LASAY Company received dividends from its investments in ordinary shares during the year 2013 as follows:• A share dividend of 20,000 shares from A Company when the market price of A’s shares was P30 per share. • A cash dividend of P2,000,000 from B Company in which Lasam owns a 20% interest.• A cash dividend of P1,500,000 from C Company in which Lasam owns a 10% interest.• 10,000 ordinary shares of D Company in lieu of cash dividend of P20 per share. The market price of D Company’s shares was P180. Lasam holds originally 100,000 ordinary shares of D Company. LASAYowns 5% interest in D Company.• A liquidating dividend of P2,000,000 from E Company. LASAY owns a 5% interest in E Company.• A dividend in kind of one ordinary share of X Company for every 5 ordinary shares of F Company held. LASAY holds 200,000 F Company shares which have a market price of P50 per share. The market price of X Company’s ordinary share is P30 per share.1.What amount of dividend income should LASAY report in…
LASAY Company received dividends from its investments in ordinary shares during the year 2013 asfollows:• A share dividend of 20,000 shares from A Company when the market price of A’s shares was P30 pershare.• A cash dividend of P2,000,000 from B Company in which Lasam owns a 20% interest.• A cash dividend of P1,500,000 from C Company in which Lasam owns a 10% interest.• 10,000 ordinary shares of D Company in lieu of cash dividend of P20 per share. The market price of DCompany’s shares was P180. Lasam holds originally 100,000 ordinary shares of D Company. LASAYowns 5% interest in D Company.• A liquidating dividend of P2,000,000 from E Company. LASAY owns a 5% interest in E Company.• A dividend in kind of one ordinary share of X Company for every 5 ordinary shares of F Company held.LASAY holds 200,000 F Company shares which have a market price of P50 per share. The market priceof X Company’s ordinary share is P30 per share.What amount of dividend income should LASAY report in its 2013…
Steam Room Inc. (SRI) has 15,000 shares issued in total. Assume that on January 1, 2021, Omega Corporation acquired 35% of SRI's shares for $45 per share. Omega is assumed to have significant influence over SRI and will use the equity method to account for its investments. For the year ended December 31, 2021, SRI reported profit of $800,000 and declared and paid $50,000 in cash dividends. At December 31, 2021, SRI's common shares were traded at $50 each but dropped to $35 by January 31, 2022. The ending balance of Omega's investment account in SRI on December 31, 2021 is $525,000. $498,750. $533,750. O $560,000.
Blanco Co. received dividends from its common stock investments during the year ended December 31 as follows: • A cash dividend totaling $15,000 from its trading security investment in Fisher Corporation, when the market price of Fisher's shares was $20 per share • A cash dividend of $10,000 from Myler Corp. in which Blanco Co. owns a 32% interest How much dividend income should Blanco report in its income statement? Select one: O O O $25,000 $15,000 $10,000 $0
Gold Co. received dividends from its common stock investments during the year ended December 31 as follows: * A cash dividend totaling $50,000 from its trading security investment in Hico Corporation, when the market price of Hico's shares was $40 per share * A cash dividend of $20,000 from Garden Corp. in which Gold Co. owns a 32% interest How much dividend income should Gold report in its income statement? Select one: a. $30,000 b. $0 c. $50,000 d. $20,000 Save AnswersNext
Gold Co. received dividends from its common stock investments during the year ended December 31 as follows: * A cash dividend totaling $50,000 from its trading security investment in Hico Corporation, when the market price of Hico's shares was $40 per share * A cash dividend of $20,000 from Garden Corp. in which Gold Co. owns a 32% interest How much dividend income should Gold report in its income statement? Select one: a. $0 b. $20,000 c. $50,000 d. $30,000
The Royal Corporation reported profit for 2012 of P177,500. Royal began the year with 100,000 shares of P5 par value ordinary shares outstanding and 2,500 shares of P100 par value 8% preference shares outstanding. On October 1, Royal sold 10,000 shares of ordinary shares for P6 per share. Royal paid. dividends to both the ordinary and preference shareholders in December. What is the weighted average number of ordinary shares to be used in the computation of basic earnings per share for 2012?
On January 1, 2021, Eugene Co. had retained earnings of P1,240,000. During 2021, the co. earned net income of P456,000. The following transactions occurred:a. Cash dividends of P12 per share on 42,000 shares of ordinary shares were declared and paid.b. A small share dividend was declared and issued. The dividend consisted of 6,620 shares of P25 par ordinary share. On the date of declaration, the market price of the company’s ordinary share was P34 per share.c. The co. recalled and retired 12,100 shares of P50 par preferred share. The call price was P93 per share; the share had originally been issued for P80 per share. d. The Eugene discovered that it had erroneously recorded depreciation expense of P200,000 in 2019 for both financial and tax reporting. The correct depreciation for 2019 had been P275,000. This is considered a material error. Assume tax rate of 25%. The balance of retained earnings on December 31, 2021:
The Cheesecake Factory Incorporated (NASDAQ: CAKE) is publicly held and had morethan 93 million common shares outstanding as of the end of the 2016 fiscal year. The companyhas preferred stock authorized but did not have any preferred stock issued.During fiscal year 2016, The Cheesecake Factory declared and paid cash dividends of$0.88 per share, totaling approximately $42.3 million. During that same year, it purchased 2.9million shares of its own common stock at an approximate cost of $146.5 million.Requirements1. What impact, if any, would the cash dividend have had on The Cheesecake Factory’sassets, liabilities, and equity during 2016?2. What impact, if any, would the cash dividend have had on The Cheesecake Factory’srevenues and expenses during 2016?3. On which financial statement(s) would the cash dividends be listed for 2016?4. What impact, if any, would the purchase of the common stock have had on The CheesecakeFactory’s assets, liabilities, and equity during 2016?5. What impact,…