Required: 1. Prepare the ordinary share capital account for the year. Prepare the Retained Earnings account for the year.
Q: Required information [The following information applies to the questions displayed below.] Astro…
A: Introduction: A contribution margin income statement subtracts all variable expenses from sales to…
Q: five year promissory note with a face value of $5000, bearing interest at 6% compounded…
A: To calculate amount to be paid for promissory note first of all we will calculate future price after…
Q: A
A:
Q: Instructions: 1. Prepare the journal entry (if any) to record the impairment of the asset at…
A:
Q: Give brief introduction about accounting
A: Financial Accounting - Financial accounting is a subset of accounting that tracks a business's…
Q: Prepare the entry to record the disposal of the machine on January 1 in each separate situation.
A: Record of asset disposal is elimination of assets from company’s accounting records. The main…
Q: Say the Fed wants to increase the money supply in the country. Which of the following open market…
A: The Fed can influence the money supply by modifying reserves requirement which generally refers to…
Q: Watts Inc. charges an initial franchise fee of P690,000, with P150,000 paid when the agreement is…
A: Revenue is the amount of money earned from anything like sales, services etc. It is the gross amount…
Q: An Incorporation issued $100 million maturity value of the three- year notes, which carried a coupon…
A: Amortization of bond means portion of principle amount is paid down regularly. Following is the…
Q: Additional information: 1. 2. 3. 4. 5. 6. 7. The following are comparative balance sheets for Vaughn…
A: Introduction: The cash flow statement is one of a company's financial statements that shows how much…
Q: Checkbook balance:$1,792.50 Bank statement balance: $972.00 Checks outstanding (checks written…
A: Ideally cash balance as per cashbook must reconcile with bank balance as per bank statement. If…
Q: Required information [The following information applies to the questions displayed below.] National…
A: Allocation of cost :— It means distribution of cost to their cost object on the basis of allocation…
Q: The following transactions pertains to Bahrain Company for 2021: a) Materials purchased on account,…
A: The direct costs incurred are debited to work in process account. The indirect costs are debited to…
Q: mpany P has the following inventory information: Date cember 31, 2021 cember 31, 2022 B. $112,884 C.…
A: LIFO stands for Last In First Out. Dollar value LIFO method is method of inventory valuation where…
Q: OT Company y D decides to factor $60 its accounts receivables with recourse. The factoring company…
A: The accounts receivables means the amount that received in future. The accounts receivables arises…
Q: Bradbo owned two adjoining restaurants, the Pork Palace and the Chicken Hut. Each restaurant was…
A: Introduction: A cost that is shared by multiple products and for which it is impossible to separate…
Q: On April 1, 2020, C'est Cheese issues 20,000 shares of 4%, $10 par, cumulative preferred stock $15…
A: Units of Activity Method The depreciation expense is determined by the asset's actual operational…
Q: The actual margin per unit and margin per unit estimated in the plan are $6 and $8, respectively.…
A: The margin variance is computed by deducting the actual margin from the budgeted margin. The formula…
Q: What is causing the volatility for this company? Is anything in this statement unusual or concerning…
A: when analysing the company financials it is important to consider the every variables as it affect…
Q: b. 15800 is not correct - what is the correct answer?
A: Materials inventory refers to the aggregate cost of all the component parts that are presently in…
Q: what are 5 legal standards/rules that are related to the extractive industries that can advance…
A: 5 legal standards/rules that are related to the extractive industries that can advance sustainable…
Q: What is the difference between a contribution income statement and a traditional income statement?…
A: Contribution Income Statement and Traditional Income Statement both are used to ascertain the…
Q: A potential investment has a cost of $542,500 and a useful life of 7 years. Annual cash sales from…
A: 1) Calculation of NPV (in case of investment before tax): Year 1 2 3 4 5 6 7 Sales 219202…
Q: The following data were taken from the accounts of Miami Heat Corporation as at December 31, 2019:…
A: Out of the profit earned by the business entities, some of the profit is distributed by them to…
Q: he Pacific Division of Cullumber Industries reported the following data for the current year. Sales…
A: Return on investment is one of the profitability ratio which is being used in business. This shows…
Q: output-specifically, to 3. Assign costs to the department's the units transferred out and to the…
A: In this Case, the company is using weighted average process costing and it has two production…
Q: The X-cell Inc. company has the following purchases and sales during the year ended December 31,…
A: Given that, Beginning inventory = 400 units at $60/unit Selling price per unit = $95 Total units…
Q: KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2021, the…
A: Introduction: A general journal is the first place where information is collected, with dividing…
Q: Based on last year’s Statement of Comprehensive Income, the company’s marginal tax rate was 35%.…
A: Lease refers to the contractual agreement among two parties named as lessor and lessee where lessor…
Q: b) Bigger n Better Pty Ltd has just acquired the Tiny Tots business. The fair value of Tiny Tots'…
A: Goodwill means the amount of purchase consideration paid by the acquirer company in excess of the…
Q: Harvey Company provides its employees with vacation benefits and a defined benefit pension plan.…
A: Vacation Pay: Vacation pay is a perk that businesses normally provide to full-time employees as a…
Q: DO IT! 13.1a (LO 1), C Indicate whether each of the following statements is true or false. If false,…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: What are the characteristics and importance of the budget?
A: In the context of the given question, we are required to explain the characteristics and importance…
Q: In 2021, Avi, a single taxpayer, had taxable income of $110,000. This amount included short-term…
A: Answer : Option $14,000 is correct answer. Capital losses = We can not set off Capital losses with…
Q: Perez Company paid a $440 cash dividend. Which of the following accurately reflects how this event…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity. The…
Q: Determine the second-year depreciation using the straight-line method.
A: Depreciation is a periodical expenses charged to the profit and loss account over the asset life.…
Q: Witham tendered successfully for the supply of coal to the Great Northern over a period on one year.…
A: Witham liability will cease on 28th June i.e. 2 weeks from the date of receipt of the letter to…
Q: 1. If sufficient dividends were declared in 2020, and assuming no dividends were declared in 2021,…
A: Here discuss about the details of the declaration of dividend to the preference share holders which…
Q: When the market rate of interest was 12%, Halprin Corporation issued $395,000, 11%, four-year bonds…
A: A bond is a borrowing security issued by a company to raise funds from the market by making an…
Q: On July 23 of the current year, Dakota Mining Company pays $7,398,720 for land estimated to contain…
A: Purchase of Land: Land acquisition is the power of the union or a state government in India to…
Q: auditors’ judgement that the loan receivable is impaired and should be written down. Management of…
A: Subsequent events are those significant events which occurs after the reporting period and requires…
Q: As of January 1 of the current year, Phyllis Company had accounts receivable of $50,000. The sales…
A: A cash budget is an estimation of income and expenditures on the basis of past performance or…
Q: A building with an appraisal value of $133,629 is made available at an offer price of $158,926. The…
A: The cost basis recorded in the buyer's accounting records to recognize this purchase is $111820…
Q: For Step 3 for this problem, how was the actual productive minutes calculated? When I multiplied 140…
A: Variance analysis is one of the important tool of decision making. Under this, standard costs are…
Q: Use the information given below to prepare the Income Statement for March 2022 according to the…
A: The income statement can be prepared using various methods as absorption costing and variable…
Q: RGW Industries purchased the net assets of SP Company for P1,300,000. A schedule of the net assets…
A: In the case of the acquisition of companies, the value of the cost of control (goodwill or capital…
Q: Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation…
A: Total cost of the job included the raw material and conversion cost incurred for the job. Total cost…
Q: on 1 enny's direct material cost is $5 per unit. The direct labor rate is $19 per hour and each…
A: The cost of goods sold is, essentially, the cost that is incurred to produce the goods sold. These…
Q: Garfield Corp. expects to sell 1040 units of its pet beds in March and 1960 units percent of the…
A: Answer : Purchase during month = Closing stock + Sales - Opening stock
Q: On January 1, 2012, Horizon Group sold property carried in inventory at a cost of P1,470,000 for…
A: installment method is method of revenue recognition in which gross profit is deffered until the…
Step by step
Solved in 3 steps
- Gemilang Bhd has share capital of RM1 million in shares of 25 sen each. At 31 May 2022 shares had a market value of RM1.10 each. On 1 June 2022, the company makes a right issue of 1 shares for every 4 held at RM0.60 per share. Its profit were RM500,000 in 2022 and RM440,000 in 2021. The year-end is 30 November. Calculate (a) the theoretical ex-rights price; (b) the bonus issue element; (c) the basic earnings per share for 2021; and (d) the basic earnings per share for 2022.Maria Ltd has the following capital structures as at 31/4/2019 ordinary shares capital (400,000 shares) of ksh. 16,000,000 10% prefence share capital of ksh. 2,000,000 14% Bond capital of ksh. 14,000,000 The market price of each ordinary shares as at 31/4/2019 was sh. 40. the firm paid a divinded of sh. 4 for each ordinary shares for the year ended 31/4/2019. The annual growth rate in the divinded is 7%. The corporation tax rate is 30% Compute the cost of equity and Debt Compute the weighted average cost of capital of the firm as at 31/4/2019Savona Bhd has outstanding 3,000,000 ordinary shares. The balanced in its contributed share capital and retained earnings accounts at 1 January 2019 were RM60,000,000 and RM24,000,000, respectively. In 2019, the company’s net income was RM4,700,000. A cash dividend of RM0.60 per share was declared on 5 May 2019 and was paid on 30 June 2019. A 6% share dividend was declared on 30 November 2019, and distributed to shareholders of record on 31 December 2019. The market price of the shares has been as follows: 31 October 2019 RM3130 November 2019 RM3431 December 2019 RM38 REQUIRED:(a) Prepare the journal entries to record the declaration and payment of the cash dividend and the share dividend.(b) Prepare the Statement of Changes in Equity for the year ended 31 December 2019.
- The share capital of Tarik Bhd as at 1 January 2018 consisted of 40000000 ordinary shares of RM 40000000. During the year, Tarik Bhd made the following transactions: 30 April 2018, Tarik Bhd bought back 10000000 of its shares from the open market at the prevailing market price of RM 8 per share. These shares were held as treasury shares. On 30 October 2018, Tarik Bhd sold 6000000 treasury shares in the open market price at an average price of RM 10 per share. In 2017, Tarik Bhd issued 4000000 units of warrants to bond holders that entitle the holders to subscribe for ordinary shares of the company. Each unit of warrant entitles its holder to one ordinary share at an exercise price of RM 6 per share. As at 31 December 2018, none of the warrants have been exercised. The average market price of Tarik Bhd’s ordinary shares for the year was RM 9 and this can be assumed as their fair value. The profit after tax for the year ended 31 December 2018 is RM 96000000. Calculate basic &…Blossom SA reported the following balances at December 31, 2019: share capital-ordinary €530,000, share premium-ordinary €115,000, and retained earnings €310,000. During 2020, the following transactions affected equity. 1. Issued preference shares with a par value of €140,000 for €247,000. 2. Purchased treasury shares (ordinary) for €45,000. Earned net income of €174,000. Declared and paid cash dividends of €52,000 3. 4. Prepare the equity section of Blossom SA's December 31, 2020, statement of financial position.Anggerik Berhad has an authorized share capital of 80000000 ordinary shares of Rm 1 each; of which 40000000 shares have been issued and fully paid. On 1 April 2015, Anggerik offered for sale 30000000 ordinary shares at Rm 1.80 per share payable as follows: On application Rm 1 ( including premium ) On allotment Rm 0.40 On first and final call Rm 0.40 On 15 April 2015, the application list was closed and 50000000 applications were received. Applications for 10000000 shares were unsuccessful and the cash paid in respect of such shares were returned. All the other applications were reduced proportionately, the balance of application money being applied to the amount due on allotment. The balance due on allotment was received on 31 May 2015 except in the case of one holder of 20000000 shares was paid in the call money along with the allotment money. Another holder of 1000000 shares did not pay the allotment money as well as the first and…
- Macpie Prima Bhd. (MPB) was formed on 1 July 2000. The following data were taken from the Statement of Financial Position of MPB on 30 June 2018. RM Share capital – Ordinary 150,000,000 shares outstanding 277,500,000 Retained earnings 98,523,150 Fair value reserve 255,000 During the financial year 2019, the following transactions took place: 120,000 ordinary shares were issued for cash on 15 August 2018 at RM2.30 per share. Transaction costs incurred were as follows: Legal fees RM10,500 Underwriters fees RM 8,200 MPB has followed a schedule of declaring cash dividends in December and June with payment being made to shareholders of record…Alpha company reported the following equity accounts on January 1, 2020. Share capital, P20 par, P8,000,000; Share premium, P2,750,000; Retained earnings, P1,275,000. All shares outstanding on January 1 were issued for P26 a share. On December 31, the entity reacquired 20,000 shares at P24 a share and retired them. What is the balance of the share premium?Drange plc has share capital of 300,000 £1 shares at 1 March 20X7. These were issued at £1.50 per share. On February 20X8 Drange plc made a 2 for 3 bonus issue. Before accounting for this, the balance on retained earnings at 28 February 20X8 was £717,000. In its statement of financial position at 28 February 20X8 the balance on Drange plc's retained earnings will be £. .
- On January 1, 2020, Marimar Company reported the following shareholder's equity: Share capital, P100 par 6,000,000 Share premium 500,000 Retained earnings 1,800,000 Transactions during the year and othe rinformation relating to shareholders' equity were as follows: On January 26, the entity reacquired for cash 5,000 shares for P110 per share. On April 4, the entity sold for cash 3,000 shares of treasury for P140 per share. On June 1, the entity declared a cash dividend of P20 per share, payable July 5 to shareholders of record on July 1. On November 1, the entity declared a 2 for 1 split and changed the par value from P100 to P50. On November 20, shares were issued for the share split. On December 5, 4,000 shares were issued in exchange for aa second hand equipment. The equipment originally cost P400,000, was carried by the previous owner at a carrying amount…XYZ Company has issued 100,000 ordinary shares. The par value of each share is 0.500baisa. Its profits after taxation for the year 2019 were OMR80,000. The directors have declared OMR 20,000 as ordinary dividend. The amount of ordinary dividend per share will be a. 0.400 baisa b. 0.250 baisa c. 0.200 baisa d. 0.700 baisaPetrock Company provided the following information at year-end: 2020 2021 Ordinary share capital Convertible preference share capital 10,000 shares 90,000 shares 90,000 shares 10,000 shares During 2021, the entity paid dividends of P10 per ordinary share and P24 per preference share. · The preference share capital is convertible into 20,000 ordinary shares. The net income for 2021 was P2,850,000. Required: 1. Basic earnings per share 2. Diluted earnings per share