Corporation was authorized to issue 60,000, P100 par ordinary share capital on November 3, 2021. The following are s capital transactions completed during the month of November: Nov. 4 Issued 9,000 shares to David at par. 7 Received subscription from Ramos for 5,500 shares at P120 share. 11 Received subscription from Vargas for 6,000 shares at P125 share. 25% down payment was collected. Nov. 15 Collected in full the subscription of Ramos and share certificate was correspondingly issued. 21 Issued 1,000 shares in exchange for machinery with ou cash price of P125,000,
Q: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the…
A: Under CVP analysis, variable costs per unit will be the same and the total variable costs will…
Q: $1.350.000 422.000 Cak 0.000 r the fr valrof173,000 pait s cash to the Company Prirpare the ondry…
A: Goodwill- Goodwill is the net difference between the fair value of all assets acquired and the…
Q: Which of the following journal entries correctly records the current month's activity where $88,000…
A: Direct material is the one which is used directly in the production of the goods. However, indirect…
Q: 9) E
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: PA4-4 (Algo) Identifying and Preparing Adjusting Journal Entries [LO 4-1, LO 4-2, LO 4-3, LO 4-6]…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…
Q: During Heaton Company's first two years of operations, it reported absorption costing net operating…
A: Under variable costing only variable production cost is consider for ending inventory and total…
Q: 2. liven : P= P60 V = 4% + 15 find the interest and maturity value
A: Lets understand the basics. For calculating interest and maturity value we need to use below…
Q: Question 7 The Humpty Doo Rare Earths Mining Company started mining operations on 1 July 2019. In…
A: Journal entry: The first step in accounting is a journal entry, which is used to record a business…
Q: Jacob purchased business equipment for $144,900 in 2018 and has taken $86,940 of regular MACRS…
A: Given, Cost of business 144900 Depreciation 86940 Sale price 65205
Q: The following balances were obtained from the books of company ABC on 30 June 2020. Trial Balance on…
A: The income statement of a company indicates the profitability and it determines the profit earned or…
Q: The Marchetti Soup company entered into the following transactions during the month of June:(1)…
A: Lets understand the basics. Journal entry is required to make to record event and transaction that…
Q: Ron Smith opens an apartment-locator business near a college campus. He is the sole owner of the…
A: Accounting is very important for every business organisation. This is a process of recording,…
Q: The following accounts are taken from a balance sheet. 1. Cash 2. Retained earnings 3. Equipment
A: Introduction: Balance sheet: All Assets and liabilities are to be shown in Balance sheet. It tells…
Q: The Statement of Financial Position and the Statement of Profit and Loss of ABC Bank include the…
A: Introduction: T-account: Is an abbreviation for a set of double-entry accounting records. The…
Q: A firm purchased a Machine on 1 January 2010. The Machine has a 5 year life and no residual value.…
A: Fixed assets are those assets which are being held by the business for longer period of time. For…
Q: sider the cash flow data in the table below for two competing investment projects. At i= 10%, which…
A: To make Decision which project is more Benifical we Have to compute Net Present value of both…
Q: What is the quoted equity instrument
A: An equity instrument refers to a document which evidences the ownership right in a company. Equity…
Q: 21, Nkana Plc issued 80 million K1 preferred shares at a premium of K0.5 each. Issue Costs totalled…
A: Preferred Shares: These are the shares on which there is a preferential right of dividend and…
Q: An insurance company notifies an insured thal $50 of lhe insured's physician's charge is above he…
A: Normally the insurance companies cover only the UCR rates that is the usual, customary and…
Q: D Question 2 The following costs are included in a recent summary of data for a company: advertising…
A: It is type of costs.In detail we can refer it to an ongoing expense of operating a business.…
Q: Kroger, the country’s leading grocery-only chain, added a line of private-label organic and natural…
A: Lets understand the basics. Break even point is a point at which no profit no loss condition arise.…
Q: A project your firm is considering for implementation has these estimated costs and revenues: an…
A: Under present worth present value of all inflows and outflows are calculated. If present value of…
Q: Dividends are subtracted from revenues on the income statement. True or False
A: The dividend is declared to the shareholders from the retained earnings of the business.
Q: $136,000 74,000 Rent on manufacturing facility Administrative office manager's salary Wages of…
A: Direct material purchased 84000 Wages 54000 Rent 136000 Depreciation 24000
Q: Show Depreciation entry for 2018 year On January 2, 2018, McKnight Furniture purchased display…
A: Assets are the rights and resources being held by the business for use. These can be current assets…
Q: paying wages Pablo Management has eight employees, each of whom earns $220 per day. They are paid on…
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
Q: On January 2, 2018, McKnight Furniture purchased display shelving for $8,000 cash, expecting the…
A: Answer:- Depreciation meaning:- The monetary worth of an assets which is reduced over a time…
Q: has a 10-year life and the firm's MARR is 10% per year, what is the present worth of the project? is…
A: Present value of the project is the value of the project which has been calculated after taking the…
Q: Jax Incorporated reports the following data for its only product. The company had no beginning…
A: The unit product costs under absorption costing: 64000 units 88000 units Direct materials…
Q: How will the increase in the price of soft drinks affect the demand for soft drinks? How much…
A: Prices affect the business revenue as it is directly associated with the revenues which are…
Q: Calculate the quick assets (in $) and acid test ratio for the given company. Round ratios to the…
A: Quick assets includes such current assets that can immediately be converted into cash. It assess…
Q: A company began operations on January 1, 2020. Purchases of property, plant and equipment during…
A: The depreciation expense is the decrease in the value of fixed assets as a result of wear and tear,…
Q: Don's Dairy had sales of $271,000 in the month of March. Use the retail method to estimate the value…
A: The retail method is used to estimate the cost of inventory using cost to retail percentage.
Q: Minette's Québec payroll totals for the 2022 taxation year were as follows: salary of $51,900.00,…
A: Payroll: Payroll refers to the amount earned by an employee in the form of salary and other…
Q: Avenues bought land, buildings and equipment by issuing shares. The estimated fair value of the…
A: In order to determine the share premium, the par value of the shares are required to be subtracted…
Q: In the first part, how did you get the new price* new shared issued as 1000000? I am very confused.
A: Outstanding shares: This includes the total number of company's shares that are actually held by…
Q: Jones Supply Services paid $350 cash, the amount owed from the previous month, to a materials…
A: Every business needs to purchase materials and supplies for use in business. It can be credit…
Q: Baguio Corp. incurred P350,000 of research and development costs to develop a product for whicha…
A: Patent is very important aspect.Its a government authority or we can say a licence conferring a…
Q: 1. Depreciation on the company's equipment for the year is computed to be $18,000. 2. The Prepaid…
A: Introduction: Adjusted journal entries are passed at the end of accounting period to record any…
Q: QUESTION 4 Which of the following strategies in implementing the Team's Initial Audit is associated…
A: Option 2) Strategy B Is the correct Option
Q: Maler Cash $13.500 38.500 loventory 40350 Total assets 202.000 $319,750 $67.750 Accounts payable…
A: Budgets are the estimates or forecasts that are made for future period. Some budgets that are being…
Q: Sheridan Corporation, an amusement park, is considering a capital investment in a new exhibit. The…
A: Introduction: Net present value (NPV) is the difference between the current value of cash and the…
Q: Instructions 6. The local non-profit youth symphony is planning a concert fundraiser. The…
A: Sale price = $16 Tickets that can be sold = 550 Fixed cost = $720 Expense for processing of order =…
Q: even === You are the warehouse manager for a kitchen supplies store. On a Sunday in May, you receive…
A: Formulas: Estimated value of the lost inventory = Cost of goods available for sale - Cost of goods…
Q: Income statement for the year ended 31 December Year before last Last year £000 £000…
A: Since we answer up to 3 sub-parts, we'll answer the first 3. Please resubmit the question and…
Q: Which of the following is a usefulness of the statement of financial position? OA. The use of…
A: For every business, accounting is very important for analysis and evaluation. Accounting is based on…
Q: How do you get 41,539,082 for the number of shares?
A: Given that, Consideration paid = $2.8 billion i.e. $2,800,000,000 Implied share price of cooper =…
Q: Question 22 of 40 Which of these would be considered a noncurrent asset? A. a company vehicle O B.…
A: Non-current assets are those which have a life of more than one year. The current assets are those…
Q: Goodrich, Incorporated signed an agreement to rent a warehouse from Ellie Company This is an example…
A: Accounting is a process of identifying, measuring, and communicating financial information to permit…
Q: rchases land and constructs a service station and car wash for a total of $487500. At January 2,…
A: The discount rate refers to the concept of computing future cash flows on the current value of money…
Step by step
Solved in 4 steps with 3 images
- 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.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. 3,370,000Silva 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.
- Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000Outstanding 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.
- 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.Ammon Company is authorized to issue 500,000 shares of $5 par value preferred stock. In its first year, the company has the following transaction: Mar. 1, issued 40,000 shares of preferred stock at $20.50 per share. Journalize the transaction.Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?
- Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73Stockholders 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.Effective May 1, the shareholders of Baltimore Corporation approved a 2-for-1 split of the companys common stock and an increase in authorized common shares from 100,000 shares (par value 20 per share) to 200,000 shares (par value 10 per share). Baltimores shareholders equity items immediately before issuance of the stock split shares were as follows: What should be the balances in Baltimores Additional Paid-in Capital and Retained Earnings accounts immediately after the stock split is effected?