1. What amount should be reported as basic EPS for 2022 Problem 19-16 (AICPA Adapted) Strauch Company had one class of share capital outstanding and no other securities that are potentially convertible into ordinary shares. During 2021, 120,000 shares were outstanding. 2. What amount should be reported as basic EPS for 2021 On April 1, 2022, 40,000 shares of treasury were sold, and on July 1, 2022, a 2-for-1 share split was issued. Net income was P6,000,000 in 2022 and P3,600,000 in 202l. 1. What amount should be reported as basic EPS for 2022 in the 2022 comparative income statement? а. 25.00 b. 20.00 c. 18.75 d. 37.50 2. What amount should be reported as basic EPS for 202. in the 2022 comparative income statement? а. 30,00 b. 15.00 с. 45.00 d. 22.50
Q: below to find the total annual cost. Premium Factors Modes of Payment Premium Factor Semi-annually…
A: Introduction:- Insurance policies are paid by any person or company for availing of an insurance…
Q: In a certain audit engagement, several key members of the engagement team had differences of opinion…
A: Engagement team generally are those responsible persons who are engaged in the process of auditing.…
Q: XYZ Company incurs costs of $ 30 per unit ($18 variable and $12 fixed) to make a product that…
A: Net income is the amount earned by an entity after deducting all the outlays from the revenues.
Q: Independently considering each of the following statements regarding W-4 (Employee's Withholding…
A: The answer is stated below:
Q: Determine the total amount of dividends that must be declared to meet the dividend goal of the…
A: The determination of total amount of dividends that must be declared to meet the dividend goal of…
Q: Fritz, Murphy & Dollar, LLC is preparing its direct labor budget for June. Projections for the month…
A: The direct labor cost is wages incurred during the period to manufacture the products.
Q: Nancy and Betty enter into a partnership agreement whereby they undertake to share profits according…
A: Partnership means the form of business where two or more person joins together to run the business…
Q: On June 30, 2021, ABC Company acquired 50,000 representing 25% ownership interest in Arthur…
A: Introduction: A share is a unit of equity ownership of a company. Dividends are paid to shareholders…
Q: 19. Shaquille transfers two assets to a newly-created corporation. The first asset has an adjusted…
A: When an investment or object is sold at a higher price than it was originally paid, a recognized…
Q: Joshua Company has a define contribution plan that covers its existing employees. The terms of the…
A: A Defined Contribution Plan is a retirement plan in which employees allocate part of their salary…
Q: How much is the consolidated total equity? *
A:
Q: Is that a reasonable request? If yes, what should these amounts be?
A: Budgeted balance sheet is the budgeted statement of financial position in which all the items of the…
Q: Help Problem 6-4 Calculating Instalment Loan Payments, Interest, and Principal [LO2] a.f Dave had…
A: SOLUTION (a)
Q: Business ratios of financial statements are generally categorized as one of the following areas,…
A: Introduction:- Ratio analysis used to analysis business performance. It gives idea of company…
Q: On June 30, 2021, ABC Company acquired 50,000 representing 25% ownership interest in Arthur…
A: Investment is the asset or security bought to earn returns from the same in future.
Q: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual…
A: Inventory valuation refers to the methods used by the company to determine the value of its…
Q: D. 3.5 OHW Company's debt to equity ratio is 0.6. Current liabilities are P120,000, long term…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: The following is the list of income and expense accounts of JJJ Partnership as of year-end December…
A: James' share in Net Income James' share in Net Income = Net Income After tax X 1/3 James' share in…
Q: hich methods of evaluating a capital investment project ignore the time value of Multiple Choice Net…
A: A Capital Investment project refers to the expenses involved in a project which will eventually help…
Q: Morten Metal Limited has assembled past (2020) financial statements (income statement and balance…
A: Income Statement It is important in the preparation of the income statement which determine the net…
Q: VC Corporation's books disclosed the following information as of December 31, 2021 P 2,000,000 Net…
A: Formula: Accounts receivable turnover = Net credit sales / Average accounts receivable where,…
Q: A project requires an initial investment of $70,000 and has a project profitability index of 0.932.…
A: The question is related to Capital Budgeting. Profitability Index It is similar to the NPV method.…
Q: No.2 siven the facts in the question above, what is the figure for the bank balance to be reported…
A: Introduction: When you make a payment, credit is applied to your account. When you return something…
Q: Exercise One On July 1, 2022, Phillips Inc. Invested $480,000 in a mine estimated to have 800,000…
A: Depletion means the fall in value of reserve when some reserves has been extracted from mines.…
Q: What amount should be recorded as gain on fair value adjustment in the statement of profit or loss…
A: As Per Ind As (Indian Accounting Standard) and IAS(International Accounting Standard) 2 Inventories…
Q: are opening a coffee shop. You estimate the weekly costs of $375 for rent, $2100 for employee costs,…
A: Total cost is function of fixed cost and variable cost. Fixed cost has no relation to volume and…
Q: 10. An adjusting entry in relation to estimates will always: a. increase total expenses. b. decrease…
A: Accounting Estimates: An accounting estimate is an approximation of the amount of a business…
Q: On December 31, 2021, Sleepy Corporation purchased for P40,000,000 cash all of the outstanding…
A: Goodwill is the amount of the difference between the consideration paid for an acquisition and net…
Q: Upon the completion of the audit of UPSY Company Ltd, the Engagement Partner reviewed the audit…
A: Answer:- Audit opinion:- A certificate that comes with financial statements is an auditor's view.…
Q: Bed & Bath, a retailing company, has two departments-Hardware and Linens. The company's most recent…
A: A contribution margin income statement subtracts all variable expenses from sales to calculate the…
Q: Liwat Farm provided the following assets:
A: 1. Any living plant or animal owned by the business is known as biological asset. For example,…
Q: Futura Company purchases the 50,000 starters that it installs in its standard line of farm tractors…
A: Financial advantage (disadvantage) of making the starters = (Purchase price per unit - Relevant…
Q: %24 %24 3. Create Adjusting Journal Entry. a. Select Create (+) icon > Journal Entry b. Enter the…
A: Unearned Revenue: Unearned revenue is money received by a person or firm for a service or product…
Q: ABC corporation incurred fixed manufacturing costs of $17,000 during 2017. Other information for…
A: Absorption costing is a method of aggregating and allocating manufacturing process expenses to…
Q: You are auditing Abra Inc.’s cash in bank for the year ended December 31, 2021. You assessed control…
A: A bank Reconciliation statement is a report that is prepared to know the differences between…
Q: 9. How much impairment loss is to be recorded by Frozen relating to the non-current assets held for…
A: As per our protocol we provide solution to the only one question kindly resubmit the remaining…
Q: With respect to provincial income taxes, other than those assessed in Quebec, which of the following…
A: a) Each province can apply different rates to add many brackets for individuals as it wishes. b) the…
Q: Carreras Café is a Spanish restaurant in a college town. The owner expects that the number of meals…
A: Operating budgets are used by the business entities for estimating expected revenue, expected…
Q: the taxpayer withheld 5% creditable withholding tax on rental payments to various VAT-registered…
A: Rent expense: Rent expense is an expense account that keeps an update of the cost of renting a…
Q: The Jack and Jill Co., Balance Sheet as on December 31 a company's records show the following…
A: Working capital, also referred to as net cash flow (NWC), is the difference between a company's…
Q: The following table shows data for Tommy Bourke Health Centre for the past 5 years ending the 31…
A: Trend: It is a method used to calculate the percentage change in a particular item of accounting.…
Q: From the following information, calculate - 1. Trade receivables turnover ratio 2. Average…
A: Ratio analysis helps to analyze the financial statements of the company. The management can take…
Q: (a) Describe what it means if a new company decides to issue its ordinary shares to investors in…
A: Ordinary shares are also written as common shares or equity shares. These represents the true…
Q: 10. If long-term liabilities are P300,000 and total assets are P2,100,000, what percentáge of tötal…
A: Long term liabilities as a percentage of total assets = Long term liabilities / Total assets
Q: A company's bank statement shows $715 direct debits and $353 investment income not recorded in the…
A: Bank Reconciliation Statement: It is the statement prepared by the business man on a particular date…
Q: 3. On December 31, 2020, GHI Corporation holds 50,000 shares of Harry Company with market value of…
A: the answer is 112,000 Credit. we will transfer 112,000 gain from the unrealized gain or loss to the…
Q: Project Size of Project Project IRR Project V P1.0 million 12.0% Project W 1.2 million 11.5 Project…
A: The plow back ratio is a fundamental analysis metric that determines how much profit is kept after…
Q: In an audit of financial statements for a company, the auditor considers internal control a. To the…
A: Audit refers to the examination or checking of the financial statements or the books of company in…
Q: Kiko bought a smart TV with Php 135,000. Assuming that there is no downpayment, Kiko needs to pay…
A:
Q: Question: What are the tax consequences to A and to B as a result of these transactions? Be sure to…
A:
Step by step
Solved in 6 steps with 2 images
- Waseca Company had 5 convertible securities outstanding during all of 2019. It paid the appropriate interest (and amortized any related premium or discount using the straight line method) and dividends on each security during 2019. Each of the convertible securities is described in the following table: Additional data: Net income for 2019 totaled 119,460. The weighted average number of common shares outstanding during 2019 was 40,000 shares. No share options or warrants arc outstanding. The effective corporate income tax rate is 30%. Required: 1. Prepare a schedule that lists the impact of the assumed conversion of each convertible security on diluted earnings per share. 2. Prepare a ranking of the order in which each of the convertible securities should be included in diluted earnings per share. 3. Compute basic earnings per share. 4. Compute diluted earnings per share. 5. Indicate the amount(s) of the earnings per share that Waseca would report on its 2019 income statement.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.
- Stockholders' Equity Terminology A list of terms and a list of definitions or examples are presented below. Make a list of the numbers 1 through 12 and match the letter of the most directly related definition or example with each number Definitions and Examples Capitalizes retained earnings. Shares issued minus treasury shares. Emerson Electric will pay a dividend to all persons holding shares of its common stock on December 15, 2019, even if they just bought the shares and sell them a few days later. The accumulated earnings over the entire life of the corporation that have not been paid out in dividends. Common Stock account balance divided by the number of shares issued. The state of Louisiana set an upper limit of 1,000,000 on the number of shares that Gumps Catch Inc. can issue. Shares that never earn dividends. Any changes to stockholders equity from transactions with no owners. A right to purchase stock at a specified future time and specified price. j. A stock issue that requires no journal entry. k. Shares that may earn guaranteed dividends. 1. On October 15, 2019, General Electric announced its intention to pay a dividend on common stock.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?Pupil, Inc. prepares this journal entry on June 30, 2019. Issued ordinary share capital for P140/share. DR Cash P70,000 CR Ordinary share capital P65,000 CR Ordinary share premium P5,000. How many shares were issued? Using data above, what is the par value per share for this share capital?
- Template Company provided the following concerning marketable equity securities held as "trading." 1. The entity carried the following securities on December 31, 2022: 2. On June 30, 2023, the entity sold all the B ordinary shares for P140,000. 3. On December 31, 2023, the securities are quoted as follows: A ordinary - 4,000 shares B ordinary - 1,000 shares C preference - 2,000 shares A ordinary - 4,000 shares C preference -2,000 shares Requirement: Complete the table below. Write zero (0) if it is not applicable. Statement of Financial Position Investments - FVPL Statement of Changes in Equity Retained earnings Statement of Income Unrealized gain/(loss) Realized gain/(loss) Acquisition Date [a] [d] [9] 0] Cost 330,000 200,000 300,000 830,000 Market P80 per share P180 per share December 31, 2022 300,000 160,000 310,000 770,000 [b] [e] [h] [k] December 31, 2023 [c] [U] 0 [0]1. Using the information provided below, what is the share premium balance on December 31, 2021? The following are Lyca Company's equity accounts at December 31, 2020: • Ordinary share capital, par value P10; authorized 200,000 shares; issued and outstanding 120,000 shares. ............... P1,200,000 • Share premium........ ............... 180,000 • Retained earnings................ .............................. 720,000 . Lyca Company uses the cost method of accounting for treasury shares. The following transactions occurred in 2021: - Acquired 8,000 ordinary shares for P144,000. - Sold 6,500 treasury shares at P20 per share - Retired the remaining treasury shares a. P117,000 b. P168,000 c. P181,000 d. P193,000Required; 1.Prepare a memorandum entries to record these transactions.2.Prepare the share capital section of the Shareholder’s equity as at Dec.31,2018 and Dec.31,20193.Prepare the Jan.2 2018 memorandum entry fornthe issuance of 200,000 ordinary shares for P12 cash per share assuming:A Ordinary shares is no-par without a stated value.B.Ordinary shares is no-par with a stated value of P10 per share
- 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?The following accounts are found in the trial balance of Dawn Corporation as December 31, 2019. Authorized Ordinary share capital, P 100 par P1,000,000; Unissued Ordinary share capital P300,000; Subscribed Ordinary share P200,000; Ordinary share subscription receivable P100,000; Ordinary share premium P70,000. The total number of shares issued is _____. Using data above, the total number of shares still available for subscription is ______.1. Phoenix Suns Company reported the following shareholders’ equity on January 1, 2019. Ordinary Share Capital - P1,500,000 Ordinary Share Premium - P3,000,000 Retained earnings - P2,000,000 The entity had 400,000authorized shares of P 5 par value, of which 300,000 shares were issued and outstanding. On March 1, 2019, the entity acquired 50,000 shares for P 10 per share to be held as treasury. These shares were originally issued at P 8per share. On December 31, 2019, the entity declared and distributed property dividend with a carrying amount of P 750,000, which is also its fair value. The net income for 2019 was P2,500,000. What amount should be reported as Unappropriated retained earnings on December 31, 2013?Required to answer. Single choice. a. P3,500,000 b. P3,000,000 c. P3,250,000 d. P3,350,000