Question 1 of 3 | Page 1 of 3 In its first year of operations, Snake Corporation had the following transactions relating to its convertible preferred shares and common shares. The preferred dividend rate is $2 per share. Jan. 1 Issued 10,000 common shares at $10 Feb. 1 July 1 per share. Issued 3,000 preferred shares for $41 per share. Declared and paid annual Common share dividends by 1$ for each share Instructions a) Journalize the transactions
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- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, 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 8,000 shares of treasury common stock at 33 per share. G. 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. H. Paid the cash dividends to the preferred stockholders. I. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). J. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. The amortization is determined using the straight-line method. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 20Y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follow were taken from the records of Equinox Products Inc. Income statement data: Advertising expense 150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 Depreciation expenseoffice buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Income tax expense 140,500 Interest expense 21,000 Interest revenue 30,000 Miscellaneous administrative expense 7,500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,313,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Bonds payable, 5%, due in 10 years 500,000 Cash 282,850 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 700,000 Income tax payable 44,000 Interest receivable 1,200 Inventory (December 31, 20Y8),at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4,320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock, 80 par (30,000 shares authorized; 20,000 shares issued) 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 20Y8 8,197,220 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 A. Prepare a multiple-step income statement for the year ended December 31, 20Y8. B. Prepare a retained earnings statement for the year ended December 31, 20Y8. C. Prepare a balance sheet in report form as of December 31, 20Y8.Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.Preferred Dividends Eastern Inc.s equity includes 8%, $25 par preferred stock. There are 100,000 shares authorized and 45,000 shares outstanding. Assume that Eastern declares and pays preferred dividends quarterly. Required: Prepare the journal entry to record declaration of one quarterly dividend. Prepare the journal entry to record payment of the one quarterly dividend.
- STOCK DIVIDENDS Kaufman Company currently has 200,000 shares of 1 par common stock outstanding. On March 15, a 10% stock dividend was declared to shareholders of record on April 2, distributable on April 14. Market value of the common stock was estimated at 5 per share. 1. Prepare journal entries for the declaration and distribution of the 10% common stock dividend. 2. Assume Kaufman Company declared a stock dividend of 30% rather than 10%. Prepare journal entries for the declaration and distribution of the 30% common stock dividend.On January 1, 200B Earth Corporation showed the following balances: II. Share Capital, 100 par, 200,000 Shares authorized, 80,000 shares issued Share Premium Retained Earnings 8,000,000 500,000 6,000,000 The net income for two consecutive years as well as the other transactions affecting the retained earnings is summarized below: 200B Dec. 31 The net income for the year was 3,000,000 Dec. 31 A cash dividend of 15 per share was declared payable on January 31, 20OC, to all shareholders of records as of January 15, 200C. 2000 Jan 31 Paid the cash dividends declared in 200B Dec. 31 The net income for the year was 3,500,000 Dec. 31 Declared a 10% stock dividend. The market price of the share capital on this date was 125 per share Required: a. Journal entries to record the above transactions including the entry to close the Income and Expense Summary Account (S b. Balance of the Retained Earnings account as of: b.1 December 31, 200B b.2 December 31, 200C#24At the beginning of current year, AILEEN company was authorized to issue share capital of120,000 shares with P50 par value. The entity had the following share capital transactionsduring the year:Jan 1 Sold 96,000 shares at P60 per shareMay 1 Reacquired 4,000 treasury shares at P65 per share.July 1 Approved a share split of 5 for 1.Oct. 31 Declared and issued a 10% share dividend when the market value of a share isP25.Dec. 31 Reissued all of the treasury shares at P30.Dec. 31 Net income for the year was P3,600,000.What total amount should be reported as share premium? 2,052,000 pls provide correct solution for the given answer
- #21During the year, Gilbert company issued 4,000 shares with P100 par value in connection with ashare dividend. The market value per share on the date of declaration was P150. Theshareholders’ equity before issuance of the share dividend was as follows:Share capital, P100 par, 20,000 shares outstanding 2,000,000Share premium 3,000,000Retained earnings 1,500,0009What is the retained earnings balance immediately after the share dividend? 1,100,000 pls provide correct solution for the given answeruhe beginning of current year, Jade Company reported the following sharcholders' equity: Share capital, 1,500,000 shares Share premium Retained carnings Treasury shares, 100,000 at cost 1,500,000 I5,000,000 8,100,000 ( 900,000) All of the outstanding and treasury shares were originally issued for PIl per share. During the current year, the following events or transactions occurred relating to shareholders' equity: • February 15- Issued 400,000 shares for P12.50 per share. • June 15 - Declared a cash dividend of PO.20 per share to shareholders of record on April 1 and payable on April 15. This was the first dividend ever declared. • September 15- The president retired. The entity purchased from the retiring president 100,000 shares for P13.00 per share which was equal to market value on this date. These shares were canceled. • December 15 - Declared a cash dividend of PO.20 per share payable carly next year. * Atcurrent year-end, the entity is being sued by two separate parties for…APPENDIX t: C E t DIVIDEND CALCULATIONS est The Sisters Corporation has 1000 shares of its $50 par, 6% cumulative preferred stock, 1,000 shares of its $40 par, 7% non-cumulative preferred stock, and 5.000 shares of its $1 par common stock outstanding. During its first four years of operation, the following cash dividends were declared by the Board of Directors of Sisters Corporation and were paid. e Calculations Year Amount Cumulative PS: 20X4 $0 20X5 $9,800 20X6 $10,000 Non-Cumulative PS: 20X7 $12,000 REQUIRED: For each year, compute the amount of cash dividends that would go to each of the three classed of capital stock. Show all computations! 20X4 20X5 20X6 20X7 Cum. Pref. Stock $0 Non-Cum. Pref. Stock $0 Common Stock $0
- Problem 6: Treasury Shares year 20x1: Valientes Corporation reported the shareholders. Equity at the beginning of the Ordinary share, P10 par, outstanding 225,000 shares Share Premium Retained Earnings 2,250,000 1,500,000 2,000,000 During the year, the entity had the following treasury shares transactions: Acquired 10,000 treasury shares for P500,000. Sold 5,000 treasury shares at P60 per share - Sold 2,000 treasury shares at P45 per share. Required: a. Prepare the journal entries b. Prepare the shareholders' equity at the end of the year4 An entity provided the following data for the current year: Net Income – P 4,000,000 Ordinary shares – 250,000 Share Option (exercise price of P 60), issued on February 1 (Average Market Price, P 75)– 48,000 5% Preference share capital, P100 par, convertible and cumulative, issued on March 1, can be converted into 18,000 ordinary shares (dividends paid on June) – P 3,600,000 12% Bonds Payable, issued on May 1, can be converted into 30,000 ordinary shares– P 3,000,000 Income Tax Rate – 30% How much is the incremental EPS of convertible bonds payable? (round-off to nearest centavo)Question 10 On January 1, 20B, Nathalie company had 150,000 ordinary shares outstanding. During the current year, the following events occurred: March 1, 2-for-1 share split; June 1, issued 45,000 additional shares; September 1, 20% share dividend. What is the weighted average number of shares outstanding for the year? CHOICES: 414,000 391,500 345,000 384,000