Blossom Corporation was organized on January 1, 2019. During its first year, the company issued 2,300 shares of HK$50 par valuepreference shares and 130,000 shares of HK$10 par value ordinary shares. At December 31, the company declared the following cashdividends: 2019, HK$5,300; 2020, HK$13,100; and 2021, HK$30,000 (HK$ in thousands).Show the allocation of dividends to each class of shares, assuming the preference share dividend is 6% and non-cumulative.Allocation topreferred sharesRemainder toordinary sharesHK$List of AccountsHK$eTextbook and Media20195,300HK$HK$2020HK$HK$2021

A dividend is that portion of the company's profits and retained earnings that the entities are…

Answered: Blossom Corporation was organized on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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4. ABC Co. issued a prospectus for the issue of 900,000shares at $6 per shares on 1 January 2019. The prospectus specified that $3.50 was payable on application, a further $1.25 was payable on allotment and the final $1.25 was payable at call. On 31 January 2019 ABC issued 300,000 shares. On 31 May 2019, the company made the call for the outstanding balance of $1.25 per share. The call was payable by 30 June 2019. At 30 June 2019, the call on 30,000 shares remained unpaid.Instructions:b) The Share Capital that would appear in the Balance Sheet of ABC Co. (2marks)
On January 1, 2029, Ortiz LLC issued 5,000 shares of $5 per value common stock for cash at $10 per share. On December 31, 2019, Ortiz LLC has 1,000 shares of common stock outstanding. It declares a $3 per share cash dividend on November 15 to stockholders to record on December 31. The dividends are paid on December 31.
4. ABC Co. issued a prospectus for the issue of 900,000shares at $6 per shares on 1 January 2019. The prospectus specified that $3.50 was payable on application, a further $1.25 was payable on allotment and the final $1.25 was payable at call. On 31 January 2019 ABC issued 300,000 shares. On 31 May 2019, the company made the call for the outstanding balance of $1.25 per share. The call was payable by 30 June 2019. At 30 June 2019, the call on 30,000 shares remained unpaid.Instructions:a) Prepare the journal entries to account for the issue of shares for ABC andb) The Share Capital that would appear in the Balance Sheet of ABC Co.
Marutzky Corporation had a net income of $2,200,000 for the year 2018. On January 1, 2018, the corporation had 300,000 shares of common stock outstanding and issued an additional 250,000 shares of common stock on October 1, 2018. Calculate the earnings per shares using the weighted-average number of common shares outstanding.
4. ABC Co. issued a prospectus for the issue of 900,000shares at $6 per shares on 1 January 2019. The prospectus specified that $3.50 was payable on application, a further $1.25 was payable on allotment and the final $1.25 was payable at call. On 31 January 2019 ABC issued 300,000 shares. On 31 May 2019, the company made the call for the outstanding balance of $1.25 per share. The call was payable by 30 June 2019. At 30 June 2019, the call on 30,000 shares remained unpaid. Instructions: a) Prepare the journal entries to account for the issue of shares for ABC and b) The Share Capital that would appear in the Balance Sheet of ABC Co.
During the first year Zidux corp issued 80,000 shares of $4 par value common stock at a price of $50 cash per share. Zidux Corp was organized on January 2, 2018. On December 31, 2018: Net Income = $350,000 Cash Dividends paid= $70,000 Find the amount Zidux will report on its year end Balance Sheet for Paid in Capital Common Stock in Excess to par.
Ivy Corp declared a share capital dividend entitling its shareholders to one additional share for each share held on June 1, 2021. At the time the dividend was declared, the market value was P100 per share and the par value was P50 per share. On this date, Ivy had 65,000 shares issued and 5,000 shares in the treasury.How much is the amount to be debited to retained earnings on the declaration of dividends?
ABC Co. issued a prospectus for the issue of 900,000shares at $6 per shares on 1 January 2019. The prospectus specified that $3.50 was payable on application, a further $1.25 was payable on allotment and the final $1.25 was payable at call. On 31 January 2019 ABC issued 300,000 shares. On 31 May 2019, the company made the call for the outstanding balance of $1.25 per share. The call was payable by 30 June 2019. At 30 June 2019, the call on 30,000 shares remained unpaid.Instructions:a) Prepare the journal entries to account for the issue of shares for ABC and b) The Share Capital that would appear in the Balance Sheet of ABC Co
Kedzie Corporation was organized on January 1, 2019, with an authorization of 5,000,000 shares of $2 par value common stock. During 2019, Kedzie had the following common stock transactions: Jan. 4: Issued 300,000 shares of common stock @ $16 per share. Apr. 8: Issued 100,000 shares of common stock @ $12 per share. July 29: Purchased 20,000 shares of common stock for the Treasury at $10 / share Kedzie had no other transactions affecting common stock during the year. What will be the reported amount of Common Stock and APIC-CS, respectively, on the Company's December 31, 2019 Balance Sheet?
The Board of Directors of GHI Corporation declared an annual dividend of P5 per share on 50,000 shares of P10 par value ordinary shares issued and outstanding at their meeting on December 10, 2020. This is payable on March 31,2021 to shareholders of record on December 31,2020.The correct entry to record to be made on December 10,2020 :* Debit Dividends Payable P500,000 and Credit Cash P500,000 No entry should be made O Debit Retained Earnings P250,000 and Credit Dividends Payable P250,000 O Debit Dividends Payable P250,000 and Credit Cash P250,000
Following is a recent Tangent press release: MINNEAPOLIS, March 12, 2020 /PRNewswire/—The board of directors of Tangent Corporation has declared a quarterly dividend of 82 cents per common share. The dividend is payable June 10, 2020, to shareholders of record at the close of business May 20, 2020. Prepare the journal entries Tangent used to record the declaration and payment of the cash dividend for its 500 million shares.

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