Morgan Financial Services, Inc. was incorporated on January 1, 2021, with 300,000 no par value common shares authorized. During 2021, the company had the following share transactions: Jan 2: Issued 12,000 shares at $10 per share Mar 7: Issued 4,000 shares at $11 per share May 21: Purchased 1,500 shares at $12 per share and cancelled them. Jul 28: Issued 3,000 shares at $13 per share Aug 17: Issued 1,000 shares at $14 per share. The total amount in the Common Shares account at December 31, 2021, is: Question 7 options: $201,625 $217,000 $200,725 $199,000
Morgan Financial Services, Inc. was incorporated on January 1, 2021, with 300,000 no par value common shares authorized. During 2021, the company had the following share transactions: Jan 2: Issued 12,000 shares at $10 per share Mar 7: Issued 4,000 shares at $11 per share May 21: Purchased 1,500 shares at $12 per share and cancelled them. Jul 28: Issued 3,000 shares at $13 per share Aug 17: Issued 1,000 shares at $14 per share. The total amount in the Common Shares account at December 31, 2021, is: Question 7 options: $201,625 $217,000 $200,725 $199,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 23P
Related questions
Question
Morgan Financial Services, Inc. was incorporated on January 1, 2021, with 300,000 no par value common shares authorized. During 2021, the company had the following share transactions:
Jan 2: Issued 12,000 shares at $10 per share
Mar 7: Issued 4,000 shares at $11 per share
May 21: Purchased 1,500 shares at $12 per share and cancelled them.
Jul 28: Issued 3,000 shares at $13 per share
Aug 17: Issued 1,000 shares at $14 per share.
The total amount in the Common Shares account at December 31, 2021, is:
|
$201,625 |
|
$217,000 |
|
$200,725 |
|
$199,000 |
8)
Dervish Inc. had the following stock transactions in 2020:- Issued 120,000 shares at $10 per share
- Issued 60,000 shares at $9 per share
- Issued 40,000 shares at $11 per share
- Declared a 2-for-1 stock split.
- Issued a 10% stock dividend
- Repurchased and cancelled 50,000 shares for $12
How many shares were outstanding at the end of 2020?
|
434,000 |
|
346,000 |
|
71,000 |
|
484,000 |
9)
Marx Co. issued 4,000 five-year, 8% convertible bonds at par. The bond pays interest annually. Each $1,000 bond is convertible into 200 of Marx's common shares, which are currently trading at $25 each. The current market rate for similar non-convertible bonds is 10%. Assuming that Marx follows IFRS, the value to be recorded for the equity portion of the convertible bond is:
|
$319,417 |
|
$0 |
|
$303,263 |
|
$320,000 |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College