Metlock Incorporated's shares are traded on the Toronto Stock Exchange. The company is authorized to issue 1,024,400 commonshares and 100,000 $5 cumulative preferred shares. On June 30, 2024, there were 390,000 common shares and 19,700 preferredshares issued with the following balances: Common Shares, $1,170,000; and Preferred Shares, $1,024,400. The statement of retainedearnings showed retained earnings of $498,000 and other accumulated comprehensive income of $746,000 at June 30, 2024. Thedividend on the preferred shares was two years in arrears.Prepare Metlock's June 30, 2024 shareholders' equity section of the statement of financial position. (Enter account name only and donot provide descriptive information.)METLOCK INCORPORATEDStatement of Financial Position (Partial)June 30, 2024><><SA

The shareholders' equity comprises issued capital and retained earnings. The retained earnings are…

Answered: Metlock Incorporated's shares are…

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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Flounder Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8 %, $100 par value preferred stock, and 505,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 77,000 shares of common stock for cash at $6 per share. Issued 5,800 shares of preferred stock for cash at $105 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was $81,000. Mar. 1 Apr. 1 1 May Aug 1. Sept. 1 Nov. 1 Issued 76,000 shares of common stock for cash at $4.25 per share. Issued 10,500 shares of common stock to attorneys in payment of their bill of $36,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $5 per share. Issued 3,000 shares of preferred stock for cash at $112 per share. Post to the stockholders' equity accounts. (Post entries in the…
Answer the following:a. On July 6, Omanair Corporation issued 4,500 ordinary shares with a RO 7.50 par value. The stated price of the shares on that date was RO 12.50 per share. Journalize the issuance of the shares. b. Duqm Corporation is authorized to issue 1,600,000 ordinary shares with a RO 1.75 par value. During 2020, the company has the following share transactions.Jan. 15 Issued 520,000 ordinary shares at RO 2.50 per share.Provide the journal entry for January 15.
Fleurage Inc. is a public enterprise whose shares are traded in the over the counter market. At December 31, 2020, Fleurage had 6,000,000 authorized shares of P10 par value common stock, of which 2,800,000 shares were issued and outstanding. The stockholders' equity accounts at December 31, 2020, had the following balances. . Transactions during 2021 and other information relating to the stockholders' equity accounts were as follows: . . On January 5, 2021, Fleurage issued at P56 per share, 125,000 shares of P50 par value, 9% cumulative convertible preferred stock. Each share of preferred stock is convertible, at the option of the holder, into two shares of common stock. Fleurage. had 600,000 authorized shares of preferred stock. The preferred stock has a liquidation value equal to 125% of its par value. . Share Capital-Ordinary Share Premium-Ordinary Retained earnings . On February 1, 2021, Fleurage reacquired 25,000 shares of its common stock for P16 per share, Fleurage uses the cost…
Dekalb Resorts has been in business since 1987.The stockholders' equity section of Dekalb's balance sheet on January 1, 2019 is as follows: Common Stock (Par value $25.00 per share; 50,000 shares authorized; 28,000 shares issued and outstanding) Additional Paid-in Capital on Common Stock Preferred Stock (Par value $5.00 per share; 5,000 shares authorized; 3,000 shares issued and outstanding) Additional Paid-in Capital on Preferred Stock Retained Earnings Total Stockholders' Equity Stockholders' Equity Section as of January 1, 2019 Date July 15, 2019 700,000 100,000 15,000 7,000 560.000 1,382,000 Required: 1. Prepare the journal entries for the following three transactions: On July 15, 2019, Dekalb issues 600 shares of its preferred stock, receiving $15.00 per share. Accounts debits credits On December 31, 2019, Dekalb declares annual dividends on preferred stock. Dividends are to be paid on the shares of preferred stock outstanding on December 31, 2019. Each share of preferred stock…
LALALAND Corporation was organized on 1/1/2020. It was authorized to issue 2 million, $1 par, common stock. During the year, the company had the following transactions: January 5- Issued 400,000 common shares for cash, at $ 1.00 each. February 7- issued 250,000 common shares for cash, at $ 1.50 each. April 3- Reacquired 10,000 of its common shares, by paying $ 3,00 per share. June 17- Sold 5,000 of its treasury stock, at a price of $ 4,00 per share. September 20- Sold all the remaining treasury stock it has, at a price of $ 3.2 per share. October 30- Reacquired 20,000 of its common shares, at $ 2.5 per share. Question: If you know that Retained Earnings are $ 60,000, What is the dollar value of Total Stockholders' Equity, at year end?
On January 1, 2019, the total shareholders’ equity of Marie Co. was P8,000,000. The entity also had 500,000, P5 par ordinary shares issued, 20% of which were held by the company as treasury shares at P18. These shares were originally issued at P9 per share. During 2019 the following transactions that affected the entity’s shareholders’ equity occurred: a. 100,000 ordinary shares were issued at P22 per share on February 1.b. Half of the treasury shares were reissued at P15 per share on March 31.c. The entity declared a 12% share dividend on all of its outstanding shares on April 22, when each share wastrading at P20 per share. These were distributed on April 30.d. Net income during the year was P1,404,000. Compute for the book value per share on December 31, 2019.
Dakota Corporation had the following shareholders' equity account balances at December 31, 2018: Transactions during 2019 and other information relating to the shareholders' cquity accounts were as follows:1. Dakota's preferred and common shares are traded on the over-the-counter market. At December 31, 2018,Dakota had 100,000 authorized shares of $100 par, 10%, cumulative preferred stock; and 3,000,000 autho-rized shares of no-par common stock with a stated value of $5 per share.2. On January 9, 2019, Dakota formally retired all 30,000 shares of its treasury common stock and had them revert to an unissued basis. The treasury stock had been acquired on January 20, 2018. The shares were originally issued at $10 per share,3. Dakota owned 10,000 shares of Bush Inc, common stock purchased in 2016 for $750,000. The Bush stock was included in Dakota's short-term marketable securities portfolio at the end of 2018 at a value of $650,000.On February 13, 2019, Dakota declared a dividend in kind…
Zakaryan Corporation was organized on January 1, 2020. The corporation's governing documents authorized the issue of 100,000 shares of $1 par common stock. During 2020, Zakaryan had the following transactions relating to stockholders' equity: Issued 10,000 shares of common stock at $14 per share. Issued 20,000 shares of common stock at $16 per share. Reported a net income of $200,000. Paid dividends of $100,000. Purchased 3,000 shares of treasury stock at $20 (part of the 20,000 shares issued at $16). What is total shareholders' equity at the end of 2020? O $600,000. O $540,000. O $500,000. O $400,000. 4
Indigo Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,160,000 shares of $12 par common stock. At no time has Indigo issued any potentially dilutive securities. Listed below is a summary of Indigo's common stock activities. 1. 2. 3. 4. (a) Number of common shares issued and outstanding at December 31, 2018 Shares issued as a result of a 12% stock dividend on September 30, 2019 Shares issued for cash on March 31, 2020 Number of common shares issued and outstanding at December 31, 2020 A 2-for-1 stock split of Indigo's common stock took place on March 31, 2021 2,130,000 255,600 shares. 1,840,000 4,225,600 Compute the weighted-average number of common shares used in computing earnings per common share for 2019 on the 2020 comparative income statement.
At June 30th, Tidal Co. has 22,000 shares of common stock authorized, 17,000 issued, and 16,500 shares outstanding. On that date, Tidal's board of directors declared a cash dividend of $1.10 per share of common stock. What is the total amount of the cash dividend Tidal will pay to its common shareholders?
Knapp Industries began business on January 1, 2018 by issuing all of its 1,000,000 authorized shares of its $1 par value common stock for $40 per share. On June 30, Knapp declared a cash dividend of $2 per share to stockholders of record on July 31. Knapp paid the cash dividend on August 30. On November 1, Knapp reacquired 200,000 of its own shares of stock for $50 per share. On December 22, Knapp resold 100,000 of these shares for $60 per share. Required: Prepare the stockholders' equity section of the balance sheet as of December 31, 2018 assuming that the net income for the year was $6,000,000.
Wildhorse Corporation was organized on January 1, 2020. It is authorized to issue 9,300 shares of 8%, $ 100 par value preferred stock, and 503,100 shares of no-par common stock with a stated value of $ 1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,560 shares of common stock for cash at $ 7 per share. Mar. 1 Issued 5,680 shares of preferred stock for cash at $ 112 per share. Apr. 1 Issued 24,570 shares of common stock for land. The asking price of the land was $ 90,100; the fair value of the land was $ 80,560. May 1 Issued 80,560 shares of common stock for cash at $ 9 per share. Aug. 1 Issued 9,300 shares of common stock to attorneys in payment of their bill of $ 46,000 for services rendered in helping the company organize. Sept. 1 Issued 9,300 shares of common stock for cash at $ 11 per share. Nov. 1 Issued 1,090 shares of preferred stock for cash at $ 117 per share. Prepare the journal…

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