What is the total amount of dividends to be distributed during the year assuming no equity transactions occur after June 30?
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Marites Company has been paying regular quarterly dividends of P1.50 and wants to pay the same amount in the third quarter of 2021.The following information relates to the company’s equity: (see image below). What is the total amount of dividends to be distributed during the year assuming no equity transactions occur after June 30?
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- Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.A company issued 30 shares of $.50 par value common stock for $12,000. The credit to additional paid-in capital would be ________. A. $11,985 B. $12,000 C. $15 D. $10,150Contributed 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.
- 1. Record the JOURNAL ENTRIES: Entries: A. Issued 3500 shares of $10 par common stock at $11, receiving cash. B. Issued $ 70000 of 10 year 10% bonds at a market (effective) interest rate of 9%, with interest payable semiannually. Use the Present Value Tables in Appendix A of text book. Round all calculations to the nearest dollar. C. Declared a dividend of $0.25 per share on common stock. On date of declaration, 11200 shares of common stock were outstanding. D. Paid cash dividend from (c) above. E. Purchased 4200 shares of Jones Company for $10 per share, plus $2100 commission. Our company purchased less than 20% of the outstanding stock of Jones Company. F. Declared a 5% stock dividend on the $10 par common stock when the (6 points) market price was $ 25 per share. There were 11200 Shares outstanding. G. Distributed the stock dividends declared in (F). H. Purchased $5000 of 5% bonds at par. Interest is payable semiannually. I. Purchased 210 shares of treasury common stock for $12 per…1. At December 31, the Shareholders’ Equity section shows: Ordinary Share, P 5 par, value 1,320,000 shares issued P 6,600,000 Share Premium-Ordinary P1,400,000 Retained Earnings P 500,000 Treasury Shares, at cost, 120,000 shares P 700,000The book value per share of Ordinary Share is: a. P5.91 b. P6.44 c. P6.50 d. P7.082. Tiktok Company issued 10,000 shares of its P5 Par value common stock having market value of P25 per share and 15,000 shares of its P15 par value preferred stock having a market value of P20 per share for a lump sum of P480,000. How much of the proceeds would be allocated to the common stock? a. P250,000 b. P255,000 c. P218,182 d. P50,000journalize the selected transacations: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 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. Journalize as two separate entries. 26 Paid the cash dividends declared on May 16. Jun. 1 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. 8 Purchased 8,000 shares of treasury common stock at $33 per share. 22 Purchased 40,000 shares of Pinkberry Co. stock directly from the…
- How would I Debit and Credit each of these? Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 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. Journalize this transaction as two separate entries. 26 Paid the cash dividends declared on May 16. Jun. 1 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. 8 Purchased 8,000 shares of treasury common stock at $33 per share. 22 Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for $24 per…4 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)Atlanta Company provided the following information at the beginning of the current year:Ordinary share capital, P10 par value, 800,000 shares 8,000,000 12% convertible bonds issued at face value, each P1,000 bond is convertible into 80 ordinary shares 5,000,000 May 1 Issued 90,000 ordinary shares for P30 per share.July 1 Purchased 100,000 ordinary shares of treasury at P35 per share. October 1 Converted P2,000,000 face value of bondsDecember 1 Net income for the year was P9,500,000. The tax rate is 30% What amount should be reported as basic earnings per share? What amount should be reported as diluted earnings per share?
- Selected transactions completed by Equinox Products Inc. during the fiscal yesar ended December 31, 20Y5, were as follows: Record on journal page 10 3 Issued 15,000 shares of $20 par common stock at S30, receiving cash. Issued 4,000 shares of S80 par preferred $1 stock at $100, receiving cash. Jan. Feb. 15 1 Issued $500,000 af 10-yesar, 5% bonds at 104, with interest payable semiarnually. Decared a quarterly dividend af $0.50 per share an comman stock and $1.00 per share an preferred May 16 stock. On the date of record, 100,000 shares of common stock were autstanding, no treasury shares were held and 20,000 shares of preferred stock were autstanding Jounalze mis transaction as two separate entries. 26 Paid the cash dividends decared on May 16. Jun. Purchased 4% bonds issued by Solstice Corp. as an available-far-sale investment for $300,150. Purchased 8,000 shares of treasury corman stock at $33 per share. 22 Purchased 40,000 shares af Pinkberry Co's common stock directly from the…How to journal: Issued $500,000 of 10 year, 5% bonds at 104, with interest payable semiannually. 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 shared of preferred stock were outstanding.Net Income Tk.25,00,000Preferred stock:50,000 shares outstanding Tk.100 par, 8%cumulative ,non-convertible Tk.50,00,000Common stock; share outstanding, January 1, 7,50,000 sharesIssue for cash May,1 3,00,000 sharesAcquired treasury stock for cash, August,1 1,50,000 shares2 for 1 stock split, November,1Required: Compute earnings per share.