Prepare the financing activities section of Sarasota's statement of casSARASOTA LTD.
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- On January 1, 2021, Eugene Co. had retained earnings of P1,240,000. During 2021, the co. earned net income of P456,000. The following transactions occurred:a. Cash dividends of P12 per share on 42,000 shares of ordinary shares were declared and paid.b. A small share dividend was declared and issued. The dividend consisted of 6,620 shares of P25 par ordinary share. On the date of declaration, the market price of the company’s ordinary share was P34 per share.c. The co. recalled and retired 12,100 shares of P50 par preferred share. The call price was P93 per share; the share had originally been issued for P80 per share. d. The Eugene discovered that it had erroneously recorded depreciation expense of P200,000 in 2019 for both financial and tax reporting. The correct depreciation for 2019 had been P275,000. This is considered a material error. Assume tax rate of 25%. The balance of retained earnings on December 31, 2021:Crane Inc. had 37,400 common shares on January 1, 2024. On May 1, 2,880 common shares were repurchased and retired. On August 31 and November 30, 8,280 and 5,520 common shares were issued, respectively. Crane reported net income of $357,000. Crane also had 10,700 $3 noncumulative preferred shares, on which the dividend for the current year was declared and paid. Calculate the basic earnings per share. (Round answer to 2 decimal places, e.g. 15.25.) Basic earnings per share $ 8.23On January 1, 2024, Accustart Corporation had 84,000 common shares, recorded at $659,400, and retained earnings of $1 million. During the year, the following transactions occurred: Apr. 2 June 15 Aug. 21 Nov. Dec. 20 (a) Issued 5,000 common shares at $20 per share. Declared a cash dividend of $0.25 per share to common shareholders of record on June 30, payable on July 10. Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $22 a share on August 21, $24 on September 5, and $27 on September 20. Issued 2,900 common shares at $24 per share. Declared a cash dividend of $0.30 per share to common shareholders of record on December 31, payable on January 10. Your answer is partially correct. Record the above transactions for 2024. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is…
- On February 28, 2022, Scrooge Inc. split its common shares 3 for 1, and Cratchit Inc. issued a 5% stock dividend. Scrooge Inc. issued their December 31, 2021 financial statements on February 19, 2022 while Cratchit Inc. issued its December 31, 2021 financial statements on March 10, 2022. Would the transaction each company entered into after their year-end affect the computation of their earnings per share for December 31, 2021?Alison Corporation had net income for 2025 of $41,900. Alison Corporation had 18,400 shares of common stock outstanding at the beginning of the year and 19,600 shares of common ck outstanding as of December 31, 2025. During the year, Alison Corporation declared and paid preferred dividends of $2,000. Compute Alison Corporatio earnings per share. (Round earnings per share to the nearest cent, X.XX.) Earnings per shareOn January 1, 2024, Lawn Corporation had 87,000 common shares, recorded at $626,400, and retained earnings of $1 million. During the year, the following transactions occurred: Apr. 2 June 15. Aug. 21 Nov. 1 Dec. 20 (a) Issued 5,000 common shares at $20 per share. Declared a cash dividend of $0.15 per share to common shareholders of record on June 30, payable on July 10. Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $21 a share on August 21, $24 on September 5, and $26 on September 20. Issued 3,100 common shares at $25 per share. Declared a cash dividend of $0.20 per share to common shareholders of record on December 31, payable on January 10. Record the above transactions for 2024. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no…
- Sandhill, Inc. reports net income of $737800. It declares and pays dividends of $85000 for the year, one-half of which relate to the preferred shares. The weighted-average number of common shares outstanding during the year is 170000 shares, and the weighted- average number of preferred shares outstanding during the year is 8500 shares. Earnings per share for Sandhill, Inc. is:On January 1, 2024, Lawn Corporation had 87,000 common shares, recorded at $626,400, and retained earnings of $1 million. During the year, the following transactions occurred: Apr. 2 June 15 Aug 21 Nov. 1 Dec 20 (a) issued 5,000 common shares at $20 per share. Declared a cash dividend of $0.15 per share to common shareholders of record on June 30, payable on July 10. Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $21 a share on August 21, $24 on September 5, and $26 on September 20. Date: Issued 3,100 common shares at $25 per share. Declared a cash dividend of $0.20 per share to common shareholders of record on December 31, payable on January 10. Your answer is partially correct. Record the above transactions for 2024. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is…Gleneagles Corporation earned net income of $70,000 during the year ended December 31, 2020. On December 15, Gleneagles had declared the annual cash dividend on its $0.50 preferred shares (10,000 shares issued for $100,000) and a $0.60 per share cash dividend on its common shares (25,000 shares for $50,000). Gleneagles then paid the dividends on January 4, 2021. Journalize the following for Gleneagles Corporation: a. Declaring the cash dividends on December 15, 2020 b. Paying the cash dividends on January 4, 2021 Did Retained Earnings increase or decrease during 2020? By how much?
- Assume that, on January 1, 2021, Matsui Co. paid $1,795,200 for its investment in 74,800 shares of Yankee Inc. Further, assume that Yankee has 220,000 total shares of stock issued. The book value and fair value of Yankee's identifiable net assets were both $440,000 at January 1, 2021. The following information pertains to Yankee during 2021: Net income Dividends declared and paid Market price of common stock on 12/31/2021 Multiple Choice $2,081,200. What amount would Matsui report in its year-end 2021 balance sheet for its investment in Yankee? $1,949,200. $220,000 66,000 $1,847,560. $ $ 26/shareKelbrooklimited provided the following information.1.The issue share capital consists of 180000 ordinary shares of $0.50 each2. On 1 jan 2019: general reserve is $ 4,000. Retained earnings is $ 5,5003. The profit for the year ended 31 December 2019 was $ 9,000. $ 2000 of this was transferred to the general reserve .4. An interim dividend of $4,500 was paid during the year. No dividends were proposed at the end of the Required Prepare Statement of changes and Equity AccountKiwi Charter Corp. reported $2,952,010 of profit for 2023. On November 2, 2023, it declared and paid the annual preferred dividends of $203,000. On January 1, 2023, Kiwi had 104,000 and 520,000 outstanding preferred and common shares, respectively. The following transactions changed the number of shares outstanding during the year: Feb. 1 Declared and issued a 20% common share dividend. Apr. 30 Sold 159,000 common shares for cash. May 1 Sold 50,000 preferred shares for cash. Oct. 31 Sold 42,000 common shares for cash. a. What is the amount of profit available for distribution to the common shareholders? Earnings available to common shareholders b. What is the weighted-average number of common shares for the year? Weighted-average outstanding shares c. What is the earnings per share for the year? (Round the final answer to 2 decimal places.) Earnings per share