During 2021, Melanie Company has the following activities related to its financial operations: Payment for the early retirement of long-term bonds payable (carrying amount of bonds payable, P5,000,000) P4,000,000 Payment in 2021 cash dividend declared in 2020 2,000,000 Carrying amount of convertible preference share capital converted into ordinary share capital 1,000,000 Proceeds from sale of treasury shares (cost, P1,000,000) 1,500,000 What should be reported as net cash used in financing activities in 2021?

During 2021, Melanie Company has the following activities related to its financial operations: Payment for the early retirement of long-term bonds payable (carrying amount of bonds payable, P5,000,000) P4,000,000 Payment in 2021 cash dividend declared in 2020 2,000,000 Carrying amount of convertible preference share capital converted into ordinary share capital 1,000,000 Proceeds from sale of treasury shares (cost, P1,000,000) 1,500,000 What should be reported as net cash used in financing activities in 2021?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following information was taken from the accounting records of BT21, Inc. for 2021:· Proceeds from issuance of preferred shares, P800,000· Bonds payable converted to ordinary shares, P200,000· Proceeds from sale of plant building, P1,000,000· Gain on sale of plant building, P100,000· Dividends paid on preference shares P50,000· Payment for purchase of machinery, P200,000· 2% bonus issue on ordinary shares, P300,000How much is the net cash flow from investing activities and cash flow from investing activities during 2021, respectively? A. P800,000; P750,000 B. P800,000; P950,000 C. P900,000; P750,000 D. P900,000; P950,000
On 1 June 2021, Double Tree Bhd. Issues RM7 million 7% redeemable preference shares at RM1 each, redeemable at a premium of 10% on 31 May 2024. Dividend is payable on paid-up capital. The effective interest rate is 9.3 % and the interest is due on 31 May every year. Required: Show the extracts from the statements of profit or loss and the statements of financial position for the year 31 May 2021, where the redeemable preference share is measured at amortised cost
J2.
Pat Company reported the following information on December 31, 2020. Determine the legal capital: * P230 000 80 500 525.000 275,000 5.000 Preference Share, P100 par Share Premium - Preference Ordinary Share, P15 par Share Premium- Ordinary Subscribed Ordinary Share Retained Earnings Notes Payable Subscription receivable- Ordinary 190,000 400,000 40,000 Your answer This is a required question
In preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information: ($ in millions) Fair value of shares issued in a stock dividend $ 116.0 Payment for the early extinguishment oflong-term bonds (book value: $93.0 million) 98.0 Proceeds from the sale of treasury stock (cost: $29.0 million) 34.0 Gain on sale of land 3.8 Proceeds from sale of land 11.4 Purchase of Microsoft common stock 166.0 Declaration of cash dividends 63.0 Distribution of cash dividends declared in 2020 60.0 2. In Rapid Pac’s statement of cash flows, what were net cash inflows (or outflows) from financing activities for 2021?
As at December 31, 2020, Sheffield Inc. has the following balances: Cash in bank, $119,000; Investment in preferred shares (retractable, purchased by Sheffield within 90 days of maturity date), $131,000; Investment in common shares (to be sold within 30 days), $90,000; and Cash (legally restricted for an upcoming long-term debt retirement), $213,000. Determine the December 31, 2020 cash and cash equivalents amount for the 2020 statement of cash flows under IFRS. Cash and Cash Equivalents $ eTextbook and Media Determine the December 31, 2020 cash and cash equivalents amount for the 2020 statement of cash flows under ASPE. Cash and Cash Equivalents $
Marcus Company has reported a total financial liability of P15,000,000 in its accounting records as of December 31, 2019 which include the following: A P3,000,000 face value perpetual bond that pays 5% interest each year A P2,000,000 redeemable preference share that will be redeemed by Marcus at a future date. A P1,500,000 redeemable preference shares redeemable at the option of the holder A P75,000 written call option that allows the holder to purchase a fixed number of ordinary shares of Marcus Company for a fixed amount. What is the correct amount of financial liability that should be reported by Marcus Company in its December 31, 2019 statement of financial position?
In 2023, Chen Corporation purchased treasury stock with a cost of $54,000. During the year, the company declared and paid dividends of $12,000 and issued bonds payable for $900,000. Net cash provided by financing activities for 2023 is: A. $834,000. B. $900,000. C. $846,000. D. $888,000.
Amy Dyken, controller at Shamrock Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for Shamrock’s financial statements. Below is selected financial information for the fiscal year ended June 30, 2020. Long-term debt Notes payable, 10% $990,000 9% convertible bonds payable 5,040,000 10% bonds payable 6,080,000 Total long-term debt $12,110,000 Shareholders’ equity Preferred stock, 5% cumulative, $50 par value, 104,000 shares authorized, 26,000 shares issued and outstanding $1,300,000 Common stock, $1 par, 10,000,000 shares authorized, 1,000,000 shares issued and outstanding 1,000,000 Additional paid-in capital 3,990,000 Retained earnings 6,090,000 Total shareholders’ equity $12,380,000 The following transactions have also occurred at Shamrock. 1. Options were granted on July 1, 2019, to purchase 180,000 shares at $15…
The following financial information relates to Cams Limited. Statement of Financial Position as at 31 December 2020 and 2021 2021 Ordinary share capital Retained earnings Property, plant and equipment Investments Debentures 12.5% Inventory Trade debtors Prepaid expenses Trade creditors Bank overdraft SARS (income tax) Shareholders for dividends R 400 000 000 Profit before interest and tax Depreciation on equipment Dividends received on investments Interest on dividends Income tax 55 230 000 165 000 20 000 124 000 37 000 25 21 000 000 5 000 30 000 Statement of comprehensive income for the year 31 December 2021 REGENT BUSINESS SCHOOL (RBS) ACADEMIC AND ASSESSMENT CALENDAR-JANUARY 2022 Note no. 1 for the year ended 31 December 2020 and 2021 Property, plant and equipment Land and building at cost Equipment at carrying value R 295 000 5000 195 000 2021 (R) 200 000 30.000 230 000 110 000 60 000 R 2020 120 000 28 500 1500 42 500 25 000 7 500 20 000 BACHELOR OF COMMERCE IN HUMAN RESOURCE…
The December 31, 2018, balance sheet of Whelan, Inc., showed long-term debt of $1,435,000, $147,000 in the common stock account, and $2,720,000 in the additional paid-in surplus account. The December 31, 2019, balance sheet showed long-term debt of $1,650,000, $157,000 in the common stock account and $3,020,000 in the additional paid-in surplus account. The 2019 income statement showed an interest expense of $97,500 and the company paid out $152,000 in cash dividends during 2019. The firm's net capital spending for 2019 was $1,030,000, and the firm reduced its net working capital investment by $132,000. What was the firm's 2019 operating cash flow, or OCF? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567.) Operating cash flow
The following information relates to Rose plc for the year ended 31 December 2019: £,000 Turnover Operating costs Trading profit Net interest payable Exceptional charges Tax expenses Profit after tax 700 476 224 2 222 77 145 66 79 Rose plc had 100,000 ordinary shares of £1 each in issue throughout the year. Rose plc has in issue warrants entitling the holders to subscribe for a total of 50,000 shares in the company. The warrants may be exercised after 31 December 2025 at a price of £1.10 per share. The average fair value of shares was £1.28. The company had paid an ordinary dividend of £15,000 and a preference dividend of £9,000 on preference shares classified as equity. Required: Calculate the basic EPS for Rose plc for the year ended 31 December 2019, in accordance with best accounting practice. Calculate the diluted EPS figure, to be disclosed in the statutory accounts of Rose plc in respect of the year ended 31 December 2019. Briefly…