1. The balance sheet of Quetico Inc. reported the following at December 31,2020:AShareholders' EquityBCPreferred shares, $0.40, 10,000 shares authorized2and issued$ 100,0003Common shares, 100,000 shares authorized*400,00045Accumulated other comprehensive incomeRetained earnings224,000476,5006Total shareholders' equity7$ 1,200,500*The common shares were issued at a stated value of $8.00 per share.Requirementsa. Are the preferred shares cumulative or non-cumulative? How canyou tell?b. What is the total amount of the annual preferred dividend?c. How many common shares are outstanding?d. Compute the book value per share of the common shares. Nopreferred dividends are in arrears, and Quetico Inc. has not yetdeclared the 2020 dividend..

Dividend:The dividends refer to the amount which is paid to the shareholders whether it is equity or…

Answered: 1. The balance sheet of Quetico Inc.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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5. Jones Company reported the following shareholders’ equity on January 1, 2020: • Share capital, P5 par, 600,000 shares authorized, 200,000 shares issued and outstanding, P1,000,000 • Share premium, P6,000,000 • Retained Earnings, P2,800,000 On January 31, 2020, the entity reacquired 10,000 shares at P30 per share to be held as a treasury. On July 1, 2020, the entity declared and issued a 10% share dividend when the fair value of the shares is P32. On December 31, 2020, the entity declared and paid a cash dividend of P10 per share. The net income for the current year was P3,000,000. What is the balance of the share premium account on December 31, 2020?
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The stockholders’ equity account balances of Image Corporation as of December 31, 2020 are as follows: Ordinary shares, P100 par; 50,000 shares authorized; 25,000 shares issued, P2,500,000 Share premium, P1,500,000 Accumulated profits, P1,000,000 Treasury shares, 2,000 shares at cost, P360,000 On January 10, 2021 Image reacquired additional 2,000 shares from stockholders at P225 On February 5, 2021, Image sold 2,500 treasury shares on the open market at P200 per share. On March 15, 2021, Image retired 1,000 treasury shares of the remaining treasury shares, the entry to record the retirement shall include: debit to accumulated profits of (what amount)?
How much is the TOTAL SHAREHOLDERS' EQUITY?
On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued $ 250,000 Paid-in capital—excess of par, common 500,000 Paid-in capital—excess of par, preferred 100,000 Preferred stock, $100 par, 10,000 shares outstanding 1,000,000 Retained earnings 2,000,000 Treasury stock, at cost, 5,000 shares 25,000 During 2021, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10 per share, fair value $9 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital—excess of par.) The fair value of the stock was $4 on this date. July 18: Declared and distributed a 3%…
1. Yellow Corporation had the following stockholders' equity accounts on December 31, 2020. Common Stock ($8 par value, 120,000 shares authorized, $ 320,000 40,000 shares issued and outstanding) Paid-in-Capital in Excess of Par - Common Stock $ 2,900,000 Retained Earnings $ 3,500,000 The following were transactions that occurred during 2021: 20-Feb Declared a $4 cash dividends per share on common stock 3-Mar Record date for cash dividends declared on 20 Feb 19-Mar Paid cash dividends 28-Apr Issued 15,000 shares of common stock for $16 per share 5-May Declared a $3 cash dividends per share on common stock 9-Jun Record date for cash dividends declared on 5 May 17-Jul Paid cash dividends 8-Aug Issued 23,500 shares of common stock for $20 per share 7-Sep Declared a $2 cash dividends per share on common stock 9-Oct Record date for cash dividends declared on 7 September 5-Nov Paid cash dividends 31-Dec Determined that net income for the year was $650,000 Instructions: 1. Journalize the…
The following partial information is taken from the comparative balance sheet of Levi Corporation: Shareholders’ equity 12/31/2021 12/31/2020 Common stock, $5 par; 36 million shares authorized; 31 million sharesissued and 26 million shares outstanding at 12/31/2021; and ____million sharesissued and ____shares outstanding at 12/31/2020. $ 155 million $ 130 million Additional paid-in capital on common stock 523 million 401 million Retained earnings 192 million 160 million Treasury common stock, at cost, 5 million shares at 12/31/2021 and 2 millionshares at 12/31/2020 (85 million) (48 million) Total shareholders’ equity $ 785 million $ 643 million What was the average price of the additional treasury shares purchased by Levi during 2021? (Round your answer to 2 decimal places.)
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1 Riley Company paid cash dividends of P840,000 and reported net income of P2,170,000. The ordinary shareholders equity at year-end was P7,000,000 and the entity had 280,000 ordinary shares outstanding. What is the book value per ordinary share? 2 Jacob Company provided the following sharcholders' equity on December 31, 2020: Cumulative preference share capital, P100 par, 8% Ordinary share capital, P100 par Share premium Retained camings Treasury ordinary shares - 1,500 at cost Dividends on preference shares are in arrears for 2019 and 2020. What is the book value of an ordinary share on December 31, 2020? P750,000 1,650,000 300,000 390,000 (225,000)
On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 241,000 shares issued $241,000 Paid-in capital-excess of par, common 482,000 Paid-in capital-excess of par, preferred. 195,000 Preferred stock, $100 par, 19,500 shares outstanding 1,950,000 Retained earnings Treasury stock, at cost, 4,100 shares 3,900,000 20,500 During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 28: Required: Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date.. Declared and distributed a 4% stock dividend on…
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