How much is the total contributed capital of ABC Corporation? Group of answer choices a. 14,440,000 b. 15,100,000 c. 14,500,000 d. 14,660,000
Q: BNM Itd. Acquired on asset of Rs. 440,000 through a finance lease agreement on 1-1-2018 with no…
A: A finance lease allows an entity to borrow an asset for an extended period, typically aligning with…
Q: Compute the income for the first year under absorption costing. Compute the income for the first…
A: Sara’s Systems:Volume Variance:Budgeted Sales: 6120 (Blaster) + 24480 (Standard) = 30600 unitsActual…
Q: Which of the following statements is correct? Endowments are provided as donations which only allow…
A: The objective of the question is to identify the correct statement about endowments in the context…
Q: Suppose a company has research costs of $115,000 and development costs of $285,000 for the year.…
A: The question is related to Accounting for Intangible. In case of self generating Intangible assets…
Q: Company XYZ manufactures a tangible product and sells the product at wholesale. In its first year of…
A: There are different types or methods for inventory valuation. The few common methods are the FIFO…
Q: On Allie's 2022 federal tax return it showed federal adjusted gross income of $40,000 (from…
A: Allie's federal adjusted gross income (AGI) : $40,000Traditional IRA contribution deduction:…
Q: Required: For each activity, state: (a) The type of procedure to collect evidence the audit activity…
A: Audit procedures encompass the techniques employed by auditors to scrutinize and evaluate financial…
Q: Required information Morning Dove Company manufactures one model of birdbath, which is very popular.…
A: The contribution margin is calculated as the difference between the sales and variable costs. The…
Q: Journalize each of the following transactions assuming a perpetual inventory system. (If no entry is…
A: Journal entries are entered in the book of account by adhering to the double-entry bookkeeping…
Q: Mark for follow up Question 6 of 15. Maggie is a neighbor of yours who lives with her parents. She…
A: The objective of the question is to determine the correct course of action to meet the Earned Income…
Q: On 1 July 2019, Success Ltd entered a contract to lease specialised machinery for its business. The…
A: The objective of the question is to provide the journal entries for Success Ltd relating to the…
Q: Titan completes a $300,000 life insurance application form with his insurance agent Esther. Esther…
A: The first part of the question is asking about the purpose of an Attending Physician's Statement…
Q: Rondo Ltd. (RL) is a wholesaler operation, with an active warehouse. Staff at RL have prepared a…
A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…
Q: What is the maximum amount of qualified expenses that a taxpayer with one qualifying child can claim…
A: Qualified Expenses: These expenses include the amount that is paid by the taxpayer with respect to…
Q: The amount of qualified education expenses used to calculate the lifetime learning credit is…
A: Qualified education expenses can be defined as those expenses incurred for tuition fees, books and…
Q: Dolphin Company has two service departments, S1 and S2 and three production departments, P1, P2 and…
A: The direct method of cost allocation is a technique used to allocate costs directly to respective…
Q: Sage Corporation manufactures two products with the following characteristics. Product 1 Product 2…
A: An important financial metric is the contribution margin, which shows how much of the deal's profit…
Q: Supposed CCS was formed with Nicole Johnson, Sarah Walker, and Chanzz Inc., a legal corporation…
A: The objective of the question is to understand the implications of a shareholder's change in…
Q: Sirotka Retail Company began doing business in 20X1. The following information pertains to its first…
A: The objective of the question is to calculate the inventory turnover ratio for the years 20X2 and…
Q: The Alpine House, Inc. is a large retailer of winter sports equipment. Here is an income statement…
A: The income statement is prepared to record the revenue and expense of the current period. It tells…
Q: Dristell Incorporated had the following activities during the year (all transactions are for cash…
A: Financial activities relate to the raising of funds for the business and also the repayment of the…
Q: The following data was taken from the production and accounting records for Casuccio Manufacturing,…
A: The management uses ratios to evaluate and analyse the relationship between two or more elements of…
Q: Exercise 11-4 (Algorithmic) (LO. 3) Tyler, a self-employed taxpayer, travels from Denver to Miami…
A: Cost of meals and beverages incurred for business purposes will be deductible 100% for expense paid…
Q: When making an Owners Equity Statement, what numbers are used to calculate the investment portion.…
A: The owner's equity statement reflects the changes in the owner's equity over a specific period of…
Q: c. Indicate whether Havel will need to borrow money during October by preparing October's Cash…
A: A cash budget is a company's estimation of cash inflows and outflows over a specific period of time,…
Q: Case Study Objective-type Question: What is the purpose of managing current liabilities in XYZ…
A: Current liabilities are short-term obligations of a company as they are required to be settled…
Q: Which of the following types of accounts will appear on the post-closing trial balance? Assets,…
A: Trial balance:— It is the statement that shows list of final ending balances of all ledger accounts…
Q: Tax Dilemma (MALAYSIA) The income of any person, including a company, accruing in or derived from…
A: Income tax is based on income. Suppose a person has salary income, capital gain income, house rent…
Q: P22.2 (LO 1, 2, 3) Excel Groupwork (Change in Estimate and Error Correction) Holtzman Company is in…
A: Journal entries are made to record the transactions as the first process in the books of accounts…
Q: Harrison Company makes two products and uses a traditional costing system in which a single…
A: Manufactuing overhead may be allocated using traditional costing or activity-based costing.…
Q: True or False - You prepare tax returns as a side business. During the last year you have record…
A: Taxation -A government's or the taxing authority's method of imposing or collecting a tax on its…
Q: Problem 11 Consider the following information about two alternative credit strategies: Refused…
A: Analyzing credit decisions involves evaluating the probability of customers fulfilling payment…
Q: Determine the standard direct labor hours per brake repairs. (Round answer to 2 decimal places, e.g.…
A: Standard direct work hours per break fix = Genuine time spent on the break fixes + arrangement and…
Q: In 2023, Kal-El bought $20,000 of Bitcoin, then exchanged it for $30,000 of Ethereum, all through…
A: The form is issued by payment settlement entities, such as credit card companies or third-party…
Q: BNM Itd. Acquired on asset of Rs. 440,000 through a finance lease agreement pn 1-1-2018 with no…
A: The objective of the question is to calculate the gross investment in lease, net investment in…
Q: Crichton Publications uses the accounting rate of return method to evaluate proposed capital…
A: Req 1- Calculation of Accounting Rate of Return (ARR) :ParticularsComputationAmountNet income before…
Q: Nicanor, a resident Filipino citizen, married 10 years ago and is survived by wife Inday, son JR and…
A: If the heirs, administrators, or executors withdraw monies from the bank account of the decedent…
Q: ded 31 December 2019 Description Net Profit before Taxation Depreciation Sale of Land and Building…
A: The Statement of Cash Flow (CFS) forms a part of the financial statement prepared at the end of each…
Q: Please do not give solution in image format thanku
A: The objective of the question is to calculate the unit contribution margin and contribution margin…
Q: 2
A: The objective of the question is to understand the posting of transactions in special journals to…
Q: Every day, Fran Chapman of Fran's Flowers makes floral arrangements for sale at the local hospital.…
A: The Newsvendor model is a decision-making model. This model is widely used in the industries of…
Q: Which of the following events will result in the automatic termination of S corporation status?…
A: The shares of a deceased shareholder pass to their estate: This event does not automatically…
Q: Rivera Corporation runs two convenience stores, one in Connecticut and one in Rhode Island.…
A: The objective of the question is to determine the impact on Rivera Corporation's operating income if…
Q: A corporation has the following account balances: Common Stock, $1 par value, $80000, Paid-in…
A: The average price per share is calculated as total value of shares issued divided by the number of…
Q: Contributed capital: Preferred shares, $3 cumulative, 20,000 shares authorized, issued and…
A: The objective of the question is to calculate the book value per common share under two scenarios:…
Q: When a taxpayer owns shares in a mutual fund company, the taxpayer may receive a Form ____from the…
A: Form 1099-DIV is issued by financial institutions, including mutual fund companies, to report…
Q: Paul is employed and drives to and from his office 5 days a week. He also has a side catering…
A: Business miles represent the gap that a personal travels to induce from one geographical point to a…
Q: Melody (48) is single, with a modified adjusted gross income of $72,000 (all from wages). She is…
A: For the tax year 2022, for a taxpayer covered under the employer-sponsored retirement plan, the…
Q: 99
A: The first part of the question is asking about how Juniper's long-term care (LTC) insurance policy…
Q: a. Compute the amount of Aqua's recognized gain on the sale of the realty.
A: Capital gain refers to the profit that is earned when an asset, such as a stock, bond, real estate,…
Below are the accounts shown in the December 31, 2020
Preference shares, P50 par, 100,000 authorized, 40,000 shares issued
Ordinary shares, P100 par, 200,000 authorized, 50,000 shares issued
Subscribed
Subscribed ordinary shares, 20,000 shares
Subscription receivable, preference due March 31, 2021, P180,000
Subscription receivable, ordinary due June 1, 2021, P260,000
Share premium – Ordinary shares, P1,500,000
Share premium – Preference shares, P2,100,000
Share premium from Treasury, P400,000
Donated Capital, P600,000 Ordinary share warrants outstanding, P300,000
Ordinary share options outstanding, P200,000
Revaluation Surplus, P1,500,000
Reserve for plant expansion, P1,200,000
Unrealized Gain on financial asset at FMV through OCI/L, P200,000
How much is the total contributed capital of ABC Corporation?
Group of answer choices
a. 14,440,000
b. 15,100,000
c. 14,500,000
d. 14,660,000
Step by step
Solved in 3 steps with 4 images
- Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?Contributed 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.Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000
- Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher financial statements.
- Calculating the Number of Shares Issued Castanet Inc. issued shares of its $1. 50 par value common stock on November 9,2019, for $13 per share. In recording the issuance of the stock, Castanet credited the Additional Paid-In Capital- Common Stock account for $416,300. Required: How many shares were issued on November 9, 2019?Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.Below are the accounts shown in the December 31, 2020 trial balance of ABC Corporation: Preference shares, P50 par, 100,000 authorized, 40,000 shares issued Ordinary shares, P100 par, 200,000 authorized, 50,000 shares issued Subscribed preference share, 20,000 shares Subscribed ordinary shares, 20,000 shares Subscription receivable, preference due March 31, 2021, P180,000 Subscription receivable, ordinary due June 1, 2021, P260,000 Treasury stock, preference, 10,000 shares reacquired at P86 Share premium – Ordinary shares, P1,500,000 Share premium – Preference shares, P2,100,000 Share premium from Treasury, P400,000 Donated Capital, P600,000 Ordinary share warrants outstanding, P300,000 Ordinary share options outstanding, P200,000 Accumulated Profits, P3,100,000 Revaluation Surplus, P1,500,000 Reserve for plant expansion, P1,200,000 Unrealized Gain on financial asset at FMV through OCI/L,…
- Below are the accounts shown in the December 31, 2020 trial balance of ABC Corporation: Preference shares, P50 par, 100,000 authorized, 40,000 shares issued Ordinary shares, P100 par, 200,000 authorized, 50,000 shares issued Subscribed preference share, 20,000 shares Subscribed ordinary shares, 20,000 shares Subscription receivable, preference due March 31, 2021, P180,000 Subscription receivable, ordinary due June 1, 2021, P260,000 Treasury stock, preference, 10,000 shares reacquired at P86 Share premium – Ordinary shares, P1,500,000 Share premium – Preference shares, P2,100,000 Share premium from Treasury, P400,000 Donated Capital, P600,000 Ordinary share warrants outstanding, P300,000 Ordinary share options outstanding, P200,000 Accumulated Profits, P3,100,000 Revaluation Surplus, P1,500,000 Reserve for plant expansion, P1,200,000 Unrealized Gain on financial asset at FMV through OCI/L, P200,000…Below are the accounts shown in the December 31, 2020 trial balance of ABC Corporation: Preference shares, P50 par, 100,000 authorized, 40,000 shares issued Ordinary shares, P100 par, 200,000 authorized, 50,000 shares issued Subscribed preference share, 20,000 shares Subscribed ordinary shares, 20,000 shares Subscription receivable, preference due March 31, 2021, P180,000 Subscription receivable, ordinary due June 1, 2021, P260,000 Treasury stock, preference, 10,000 shares reacquired at P86 Share premium Ordinary shares, P1,500,000 Share premium - Preference shares, P2,100,000 Share premium from Treasury, P400,000 Donated Capital, P600,000 Ordinary share warrants outstanding, P300,000 Ordinary share options outstanding, P200,000 Accumulated Profits, P3,100,000 Revaluation Surplus, P1,500,000 Reserve for plant expansion, P1,200,000 Unrealized Gain on financial asset at FMV through OCI/L, P200,000 How much is the total contributed capital of ABC Corporation? O 14,660,000 14,440,000…Below are the accounts shown in the December 31, 2020 trial balance of ABC Corporation: Preference shares, P50 par, 100,000 authorized, 40,000 shares issued Ordinary shares, P100 par, 200,000 authorized, 50,000 shares issued Subscribed preference share, 20,000 shares Subscribed ordinary shares, 20,000 shares Subscription receivable, preference due March 31, 2021, P180,000 Subscription receivable, ordinary due June 1, 2021, P260,000 Treasury stock, preference, 10,000 shares reacquired at P86 Share premium – Ordinary shares, P1,500,000 Share premium – Preference shares, P2,100,000 Share premium from Treasury, P400,000 Donated Capital, P600,000 Ordinary share warrants outstanding, P300,000 Ordinary share options outstanding, P200,000 Accumulated Profits, P3,100,000 Revaluation Surplus, P1,500,000 Reserve for plant expansion, P1,200,000 Unrealized Gain on financial asset at FMV through OCI/L, P200,000…