Nov. 28Dec. 31Dec. 31BPrepare the shareholders' equity section of the SFP as at December 31, 2023.Il wanted to recognize the efforts of a key employee and offered him the opportunity to purchase 470 commonshares for $49, to be paid by December 31, 2024. The employee accepted the offer and signed a note payable to Il inthe exchange. No interest was to be charged on the outstanding balance; however, the shares were issuedimmediately.25°COf the 7 subscriptions issued on February 20, five subscriptions were paid in full and two subscribers defaulted.According to the subscription contract, the defaulting subscribers would not be issued shares for any amount thathad been paid and no cash would be refunded.Il declared a dividend of $188,000 for 2023. Net income for the year was $752,000.Shareholders' EquityDRCommon SharesPreferred SharesIVANHOE INC.Shareholders' EquityDecember 31, 2023$ View PoliciesShow Attempt HistoryCurrent Attempt in ProgressIvanhoe Inc. (II) is a backyard pond design and installation company. Il was incorporated during 2023, with an unlimited number ofcommon shares, and 47,000 preferred shares with a $3 dividend rate authorized. Il follows ASPE. The following transactions tookplace during the first year of operations with respect to these shares:Jan. 1an. 15Feb. 20Mar. 3Sept. 23The articles of incorporation were filed and state that an unlimited number of common shares and 47,000 preferredshares are authorized.2828,200 common shares were sold by subscription to 3 individuals, who each purchased 9,400 shares for $47 pershare. The terms require 9% of the balance to be paid in cash immediately. The balance was to be paid by December31 2024 at which time the shares will be issued31, 2024, at which time the shares will be issued.65,800 common shares were sold by subscription to 7 individuals, who each purchased 9,400 shares for $47 pershare. The terms require that 9% of the balance be paid in cash immediately, with the balance to be paid byDecember 31, 2023. Shares are to be issued once the full payment is received.May 10 Il paid $1,880 to a printing company for costs involved in printing common share certificates. As well, an invoice forlegal fees related to the issue of common shares was received for $14,100.47,000 common shares were sold by an underwriter for $49 per share. The underwriter charged II a 5% commissionon the sale.Il issued a combination of 1,880 common and 940 preferred shares to a new shareholder for a total price of$188,000. Il was unable to estimate a fair value of the preferred shares, and the most recent sale of common shareswas used to estimate the value of the common share portion of the transaction.Il wanted to recognize the efforts of a key employee and offered him the opportunity to purchara 170.

Name: Nov. 28Dec. 31Dec. 31BPrepare the shareholders' equity section of the
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Description: Nov. 28Dec. 31Dec. 31BPrepare the shareholders' equity section of the SFP as at December 31, 2023.Il wanted to recognize the efforts of a key employee and offered him the opportunity to purchase 470 commonshares for $49, to be paid by December 31, 2

Shareholder Equity -Equity held by shareholders refers to the sum that a company's founders have…

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Nov. 28 Dec. 31 Dec. 31 3 Il wanted to recognize the efforts of a key employee and offered him the opportunity to purchase 470 common shares for $49, to be paid by December 31, 2024. The employee accepted the offer and signed a note payable to Il in the exchange. No interest was to be charged on the outstanding balance; however, the shares were issued immediately. Of the 7 subscriptions issued on February 20, five subscriptions were paid in full and two subscribers defaulted. According to the subscription contract, the defaulting subscribers would not be issued shares for any amount that had been paid and no cash would be refunded. Il declared a dividend of $188,000 for 2023. Net income for the year was $752,000. repare the shareholders' equity section of the SFP as at December 31, 2023. IVANHOE INC. Shareholders' Equity Shareholders' Equity Common Shares R Preferred Shares December 31, 2023 $

Nov. 28 Dec. 31 Dec. 31 3 Il wanted to recognize the efforts of a key employee and offered him the opportunity to purchase 470 common shares for $49, to be paid by December 31, 2024. The employee accepted the offer and signed a note payable to Il in the exchange. No interest was to be charged on the outstanding balance; however, the shares were issued immediately. Of the 7 subscriptions issued on February 20, five subscriptions were paid in full and two subscribers defaulted. According to the subscription contract, the defaulting subscribers would not be issued shares for any amount that had been paid and no cash would be refunded. Il declared a dividend of $188,000 for 2023. Net income for the year was $752,000. repare the shareholders' equity section of the SFP as at December 31, 2023. IVANHOE INC. Shareholders' Equity Shareholders' Equity Common Shares R Preferred Shares December 31, 2023 $

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 2MC: Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions...

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ew PolicieS Current Attempt in Progress On January 1,2020, Larkspur Corporation had 66,500 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: ar. 1. Issued 21,000 shares of common stock for $535,000. Declared a cash dividend of$2per share to stockholders of record on June 15. July Paid the $2 cash dividend. Dec 1 Purchased 5,900 shares of common stock for the treasury for $23 per share, Dec. 15 Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31. Prepare journal entries to record the above transactions. (If no entry is required, select No entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when armount is entered. Do not indent manually List all debit entries before credit entries, Record journal entries in the order presented in the problem) Date Account Titles and Explanation Credit e Textbook and Media List of…
Function: SUM; Formula: Add, Subtract, Multiply, Divide; Cell Referencing Using Excel to Determine Weighted Average Number of Shares Outstanding PROBLEM Sven Limited had common shares outstanding on January 1, 2023. On March 1, 2023, Sven issued additional shares in exchange for equipment. On July 1, Sven repurchased and cancelled shares. On October 1, 2023, Sven declared a 3- for-1 stock split. Common shares outstanding, January 1, 2020 Shares issued in exchange for equipment Shares cancelled Stock split 42,000 20,000 10,000 3-for-1 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use cell references with a mathematical formula to the Problem area and work area as indicated. Calculate the weighted average number of shares outstanding for Laurin for the year ended December 31, 2023. Event Beginning balance Issued shares Reacquired shares Dates Outstanding Jan. 1-Mar. 1 Mar. 1-July 1 July 1-Dec.31 Shares Outstanding 42,000 Weighted average number…
Problem no. 1 ABC Corporation has the following transactions throughout the year of 2020: Jan ABC Corporation received its certificate of incorporation from Securities and Exchange Commission. From its submitted Articles of Incorporation, the corporation has a total of authorized share capital of PI0,000,000.00 divided into 1,000,000 ordinary shares with par value of P10.00. Out of the total authorized share capital, 30% has been fully paid and issued at P11.00 per share to incorporators. The company incurred P120,000 directly related to the issuance of shares. Feb 2 Mr. Z, an investor, subscribed 20,000 shares at a subscription price of P15.00. ABC has collected 20% of the total subscription price and remaining balance payable within 10 days. 5 ABC issued 140,000 shares at P17.00 per share. ABC issued 40,000 shares in exchange for equipment. The fair value of the shares is P11.00 and the fair value of the equipment is P480,000. 28 ABC issued 30,000 shares for payment of legal…
Help Save & Exit Su Check y Dublin Inc. had the following common stock record during the current calendar year. Outstanding, beginning of year Additional shares issued 6/30 Additional shares issued 9/30 2,000,000 100,000 100,000 A 10% stock dividend was paid on December 1. What is the number of shares to be used in computing basic EPS? Multiple Choice 2,075,000. 2.620.000. 2,475,000.
Current Attempt in Progress ketch (or try the short Snip & Sketch Sheridan Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,850,000 shares of $12 par common stock. At no time has Sheridan issued any potentially dilutive securities. Listed below is a summary of Sheridan's common stock activities. 1. 2. 3. 4. (a) Number of common shares issued and outstanding at December 31, 2023 Shares issued as a result of a 12% stock dividend on September 30, 2024 Shares issued for cash on March 31, 2025 Number of common shares issued and outstanding at December 31, 2025 A 2-for-1 stock split of Sheridan's common stock took place on March 31, 2026 2,060,000 247,200 shares 2,060,000 4,367,200 Compute the weighted-average number of common shares used in computing earnings per common share for 2024 on the 2025 comparative income statement.
Problem no. 1 ABC Corporation has the following transactions throughout the year of 2020: Jan ABC Corporation received its certificate of incorporation from Securities and Exchange Commission. From its submitted Articles of Incorporation, the corporation has a total of authorized share capital of P10,000,000.00 divided into 1,000,000 ordinary shares with par value of P10.00. Out of the total authorized share capital, 30% has been fully paid and issued at P11.00 per share to incorporators. The company incurred P120,000 directly related to the issuance of shares. Feb 1 Mr. Z, an investor, subscribed 20,000 shares at a subscription price of P15.00. ABC has collected 20% of the total subscription price and remaining balance payable within 10 days. 5 ABC issued 140,000 shares at P17.00 per share. ABC issued 40,000 shares in exchange for equipment. The fair value of the shares is P11.00 and the fair value of the equipment is P480,000. 28 9 ABC issued 30,000 shares for payment of legal…
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.
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. 190,000
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.
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?
Print by: Tanvi Varma374275:374275: Intermediate Accounting Theory and Practice MGMT X 120B (Summer 2020) / Ch. 15 HW *Exercise 15-18 Nash Company reported the following amounts in the stockholders’ equity section of its December 31, 2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (96,000 shares authorized, 19,200 shares issued) 96,000 Additional paid-in capital 113,000 Retained earnings 449,000 Total $838,000 During 2020, Nash took part in the following transactions concerning stockholders’ equity. 1. Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2019. 2. Purchased 1,800 shares of its own outstanding common stock for $42 per share. Nash uses the cost method. 3. Reissued 800 treasury shares for land valued at $34,500. 4.…