At the end of the accounting year, December 31, 2007, Emme's records reflected the following: (Compute for the total stockholders' equity) - Common stock, no par, 5,000 shares issued, issue price P12 per share - Preferred stock, par P5, 1,000 shares issued
Q: For a recent 2-year period, the balance sheet of Santana Dotson Company showed the following…
A: Step 1 The par value of the common stock for 2019 is $2.50 which is obtained by dividing the value…
Q: On January 1, 2014, Salalima Company had Common Stock of 800,000 authorizedshares with P20 par…
A: Since we answer upto three sub-parts, we shall answer first three. Please resubmit a new question…
Q: Thoughtful Comfort specialiste, Inc, reported the following stockholder's equity on its balance…
A: Preferred Stock: As the name suggests, the preference for the distribution of dividends is given to…
Q: The following items were shown on the balance sheet of Westwind Corporation on December 31, 2017:…
A: SOLUTION- 1-COMMON STOCK IS AMOUNT OF STOCK PURCHASED BY THE OWNER OF THE COMPANY. 2-WHEN THE COMMON…
Q: JKL Corp. reported the following amounts in the shareholders' equity section of its December 31,…
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…
Q: At the beginning of 2018, Thompson Service, Inc., showed the following amounts in the stock-holders'…
A: Prepare journal entry for the given transactions (from January 3 to May 9).
Q: Alpha company reported the following equity accounts on January 1, 2020. Tpoint hare capital, P20…
A: Share Premium: When shares are issued more than PAR value called Issued at premium. Share premium =…
Q: Dazzle Corporation has provided the following information related to the current year ended December…
A: Earning per share represents the net earnings held in hands of the outstanding shares of the…
Q: Data pertaining to Classic Corp.’s common stock are presented for the fiscalbyear ending May 31,…
A: Solution: Price earning ratio of a company represents how much time of earning per share have a…
Q: The 2009 December 31, trial balance of Yamey Corporation had the following account: Common stock…
A: Stockholders' equity represents the equity capital of the company held by the shareholders of the…
Q: On January 1, 2022, Ivanhoe Corporation had the following stockholders’ equity accounts. Common…
A: A shareholder, also referred to as a stockholder. He is a person or company, that owns at least one…
Q: On January 1, 2020, Splish Brothers Inc had the following stockholders' equity balances. Common…
A: The report provides readers of financial statements with additional information regarding…
Q: Extreme Company reported the following information about its stock on its December 31, 2016, balance…
A: Earnings Per share- It is the amount of earnings that's accrued by shareholders on each share in…
Q: On January 1, 2020, Ivanhoe Corporation had the following stockholders' equity accounts. Common…
A: Stockholders' equity is the amount of assets remaining in a business after all liabilities have…
Q: At the beginning of 2021, Thompson Service, Inc., showed the following amounts in the stockholders'…
A: A Balance Sheet is an important part of Accounting as it reflects a company's side whether it is in…
Q: On January 1, 2020, Ivanhoe Corporation had the following stockholders' equity accounts. Common…
A: Balance Sheet is the statement that shows all the details about the assets, liabilities and…
Q: On January 1, 2020, Ivanhoe Corporation had the following stockholders' equity accounts. Common…
A: Balance Sheet is the statement that shows all the details about the assets, liabilities and…
Q: Thoughtful Comfort specialist, Inc, reported the following stockholder's equity on its balance sheet…
A: Dividend distribution is a method of distributing profit among the stockholder of the organization.…
Q: Velvet Inc. had the following stockholders’ equity account balances at December 31,2006: Preferred…
A: Step 1 Journal is the part of book keeping.
Q: National Supply's shareholders' equity included the following accounts at December 31, 2015: ($ in…
A: Compute the average paid in capital in excess of par:
Q: The balance sheet of Wireless, Inc., reported the following: Preferred stock, 9%, $20 par, 1,300…
A: Book value per share of the common stock = (Total stockholders’ equity - Par value of Preferred…
Q: On January 1, 2022, Skysong, Inc. had $1,190,000 of common stock outstanding that was issued at par…
A: Stock dividend is the issue of dividend in the form of shares. In this type of dividend, the entity…
Q: On January 1, 2020, Ivanhoe Corporation had the following stockholders' equity accounts. Common…
A: stockholders' equity is one of the three main components of a corporation's balance sheet. Balance…
Q: The following information was taken from the financial statements of Tolbert Inc. for December 31 of…
A: Dividend can be defined as the profit that is distributed by a corporation to its shareholders.…
Q: Dakota Corporation had the following shareholders’ equity account balances at December 31, 2018:…
A: Statement of Retained earnings(R/E): it shows the changes in the R/E over the period. The R/E…
Q: On December 31, 2002, Superior, Inc. had 600,000 shares of common stock issued and outstanding.…
A: For computing the EPS we have to calculate the denominator of the outstanding number of the ordinary…
Q: On December 31, 2019, Shoreline Hotel Inc.., reported its shareholders' equity as follows: Common…
A: Retained Earnings = 120,000 shares x 10% x $22 =. $264,000 Retained Earnings would be debited by…
Q: 36.At the end of the accounting year, December 31, 2007, Emme's reco reflected the following: -…
A: Solution : Concepts Common stock is included in total stock holders equity Preferred stock is…
Q: On January, 2009, the accounts of Mac Corporation showed the following: Common stock, par P1…
A: The stockholders' equity section of the firm includes the common share capital, preferred share…
Q: Field Company's stockholders' equity account balances at December 31, 2006, were as follows: Common…
A: Total stockholders equity in the business means total amount attributable to the shareholders of the…
Q: An entity reported the following shareholders equity on January 1,2017 Share capital, 300,000…
A: Amount debited to retained earnings for stock dividend = (No. of shares outstanding - treasury…
Q: The stockholders’ equity accounts of Flint Corporation on January 1, 2017, were as follows.…
A: Journal entry refers to the posting of the transactions into the books of the company or entity and…
Q: On January 1, 2020, FAANG Corp. had the following equity accounts. Share Capital-Ordinary ($5 par…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: For the year ended 31 December 2009, Dim-Cool Utility Company had net income of $1,750,000. The…
A: For year ended 31.12.2009, Dim- Cool Utility company had net income = $1750000 Company had Common…
Q: Triad declared and paid a P25,000 cash dividend on December 15, 2008. If the company's dividends in…
A: Dividend paid = P25,000 Arrears = P6,000 Dividend of this year = P19,000
Q: The stockholders’ equity accounts of Flint Corporation on January 1, 2017, were as follows.…
A: The dividend is declared from the retained earnings of the business.
Q: The following information is extracted from the shareholders' equity section of the statement of…
A: The calculation of Book Value of Preferred and Common shares is shown hereunder : Liquidation value…
Q: On January 1, 2010, Deweese Corporation had $1,000,000 of common stock outstanding that was issued…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: On January 1, 2020, Ivanhoe Corporation had the following stockholders' equity accounts. Common…
A: Partial Balance Sheet as of March 31 Stockholder's Equity Paid in Capital Capital Stock:…
Q: On January 1, 2010, the accounts of Mac Corporation showed the following: Common stock, par SI,…
A: The stockholders equity section of the balance sheet is as follows:
Q: The year-end balance sheet of Manor, Inc., includes the following stockholders’ equity section(with…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: The following selected acCounts appear in the ledger of Kingfisher Environmental Corporation on…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: On January 1, 2020, Company D issued 6,000 shares of its $2 par Common Stock when the market price…
A: Stocks: Common stock and preferred stock are the two types of stocks. Common stock represents the…
Q: During 2016, Moore Corp. had the following two classes of stock issued and outstanding for the…
A: Answer: Option c.
Q: For the year ended 31 December 2009, Dim-Cool Utility Company had net income of $1,750,000. Th e…
A: The company would be checking the earnings per share during the year. It is being checked for the…
At the end of the accounting year, December 31, 2007, Emme's records reflected the following: (Compute for the total
- Common stock, no par, 5,000 shares issued, issue price P12 per share
-
- Unrealized gain, available-for-sale securities, P18,000
-
- Preferred stock, par P5, subscribed (not yet issued), 400 shares; subscription price P20 per share
-Subscriptions receivable on the preferred stock P5,000 to be collected on January 1, 2008
-Reserve for bond sinking fun, P15,000
-
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 0 par common stock at 0, 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 375. The bonds are classified as a held- to-maturitv 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 545, including commission. p. 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, q. Accrued interest for three months on the Dream Inc. bonds purchased in (1). 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 had a beginning balance of zero. Instructions Journalize the selected transactions. After all of the transactions for the year ended December 31, 2016, had been posted [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 income statement for the year ended December 31, 2016, 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, 2016. c. Prepare a balance sheet in report form as of December 31, 2016. Income statement data: Advertising expense 150,000 Cost of merchandise sold 3,700,000 Delivery expense 30,000 Depreciation expense -office buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Dividend revenue 4,500 Gain on sale of investment 4,980 Income from Pinkberry Co. investment 76,800 Income tax expense 140,500 Interest expense 21,000 Interest revenue 2,720 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 5,254,000 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 Available for sale investments (at cost) 260,130 Bonds payable. 5%. due 2024 500,000 Cash 246,000 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 500,000 Income tax payable 44,000 Interest receivable 1,125 Investment in Pinkberry Co. stock (equity method) 1,009,300 Investment in Dream Inc. bonds (long term) 90,000 Merchandise inventory [December 31, 2016). 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, 2016 9,319,725 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 Unrealized gain (loss) on available for sale investments (6,500) Valuation allowance for available for sale investments (6,500)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 375. The bonds are classified as a heldtomaturity 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 issued 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 (l). 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 had a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 2016, had been posted [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 income statement for the year ended December 31, 2016, 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, 2016. c. Prepare a balance sheet in report form as of December 31, 2016.
- 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.The following information relates to SE11-8 through SE11-10: Evans & Sons, Inc., disclosed the following information in a recent annual report: Net income Preferred stock dividends. Average common stockholders' equity. Dividend per common share.. Earnings per share. . . . . Market price per common share, year-end. 2018 $ 35,000 3,000 1,000,000 1.90 2.85 19.00 2019 $ 48,000 3,000 1,500,000 2.00 3.20 21.00 SE11-8. Return on Common Stockholders' Equity Calculate the return on common stockholders' equity for Evans & Sons for 2018 and 2019. Did the return improve from 2018 to 2019? SE11-9. Dividend Yield Calculate the dividend yield for Evans & Sons for 2018 and 2019. Did the dividend yield improve from 2018 to 2019? SE11-10. Dividend Payout Ratio Calculate the dividend payout for Evans & Sons for 2018 and 2019. Did the dividend payout increase from 2018 to 2019? SE11-11. Change in Stockholders' Equity Nikron Corporation issued 20,000 shares of $0.50 par value common stock during the year…The following information was taken from the financial statements of Tolbert Inc. for December 31 of the current fiscal year:Common stock, $20 par (no change during the year) $10,000,000Preferred $4 stock, $40 par (no change during the year) 2,500,000The net income was $1,750,000, and the declared dividends on the common stock were $1,125,000 for the current year. The market price of the common stock is $45 per share. For the common stock, determine (a) the earnings per share, (b) the price-earnings ratio, (c) the dividends per share, and (d) the dividend yield. Round ratios and percentages to one decimal place, except for per-share amounts.
- The following information was taken from the financial statements of Tolbert Inc. for December 31 of the current fiscal year: Common stock, $10 par value (no change during the year) $3,100,000 Preferred $10 stock, $100 par (no change during the year) $4,000,000 The net income was $1,206,000 and the declared dividends on the common stock were $77,500 for the current year. The market price of the common stock is $20.80 per share. For the common stock, determine (c) the dividends per shareThe following information was taken from the financial statements of Zeil Inc. for December 31 of the current fiscal year: Common stock, $15 par value (no change during the year) $2,700,000 Preferred $4 stock, $100 par (no change during the year) 2,000,000 The net income was $656,000 and the declared dividends on the common stock were $45,000 for the current year. The market price of the common stock is $24.00 per share. For the common stock, determine (a) the earnings per share, (b) the price-earnings ratio, (c) the dividends per share, and (d) the dividend yield. If required, round your answers to two decimal places. a. Earnings per Share $fill in the blank 1 b. Price-Earnings Ratio fill in the blank 2 c. Dividends per Share $fill in the blank 3 d. Dividend Yield fill in the blank 4The following information was taken from the financial statements of Tolbert Inc. for December 31 of the current fiscal year: Common stock, $10 par value (no change during the year) $3,100,000 Preferred $10 stock, $100 par (no change during the year) $4,000,000 The net income was $1,206,000 and the declared dividends on the common stock were $77,500 for the current year. The market price of the common stock is $20.80 per share. For the common stock, determine (d) the dividend yield
- The following information was taken from the financial statements of Tolbert Inc. for December 31 of the current fiscal year: Common stock, $10 par value (no change during the year) $3,100,000 Preferred $10 stock, $100 par (no change during the year) $4,000,000 The net income was $1,206,000 and the declared dividends on the common stock were $77,500 for the current year. The market price of the common stock is $20.80 per share. For the common stock, determine (b) the price-earnings ratioThe following information was taken from the financial statements of Tolbert Inc. for December 31 of the current fiscal year: Common stock, $10 par value (no change during the year) $3,100,000 Preferred $10 stock, $100 par (no change during the year) $4,000,000 The net income was $1,206,000 and the declared dividends on the common stock were $77,500 for the current year. The market price of the common stock is $20.80 per share. For the common stock, determine (a) the earnings per shareThe following information was taken from the financial statements of Zeil Inc. for December 31 of the current fiscal year: Common stock, $40 par value (no change during the year) $6,800,000 Preferred $4 stock, $200 par (no change during the year) 4,000,000 The net income was $624,000 and the declared dividends on the common stock were $42,500 for the current year. The market price of the common stock is $22.40 per share. For the common stock, determine (a) the earnings per share, (b) the price-earnings ratio, (c) the dividends per share, and (d) the dividend yield. If required, round your answers to two decimal places. a. Earnings per Share b. Price-Earnings Ratio c. Dividends per Share d. Dividend Yield
