Add expalntion each step QS 13-3 Share split LO1Vector Gaming Ltd. showed the following equity account balances on December 31, 2023:Common shares, 100,000 shares authorized;28,000 shares issued and outstandingRetained earnings$476,00085,000On January 2, 2024, Vector declared and distributed a 3:1 share split. Prepare a comparative equity section immediately before and afterthe share split similar to Exhibit 13.4.

Certainly! Let's break down the explanation of Vector Gaming Ltd.'s equity section before and after…

Answered: QS 13-3 Share split LO1 Vector Gaming…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 73E: Preferred Dividends Eastern Inc.s equity includes 8%, $25 par preferred stock. There are 100,000...

See similar textbooks

Similar questions

Answer with computation and explanation X Company sold 1,000 ordinary shares at par of P20 per share for P50,000. The journal entry to record the transaction would have a a credit to ordinary shares for P50,000. b credit to share premium for P20,000 C. credit to ordinary shares of P20,000. d. debit to share premium of P30,000
Problem #9 Entries for Share Dividends E. Tan Med-Care Inc. is a health insurance corporation. The following account balances appear on the statement of financial position of E. Tan Med-Care Inc.: Ordinary Shares (50,000 shares authorized), P10 par, P400,000; Share Premium-Ordinary, P42,500; and Retained Earnings, P299,500. The board of directors declared a 4% share dividend when the market price of the stock was P15 a share. Required: 1. Journalize the entries to record a. the declaration of the dividend. b. the issuance of the shares. 2. Determine the following amounts before the share dividend was declared: a. total share capital b. total retained earnings C. total shareholders' equity 3. Determine the following amounts after the share dividend was declared: a. total share capital b. total retained earnings total shareholders' equity C.
Required information Problem 11-5A Computing book values and dividend allocations LO C2, A4 [The following information applies to the questions displayed below.] Raphael Corporation’s balance sheet shows the following stockholders’ equity section. Preferred stock—5% cumulative, $___ par value, 1,000 sharesauthorized, issued, and outstanding $ 50,000 Common stock—$___ par value, 4,000 shares authorized, issued,and outstanding 80,000 Retained earnings 150,000 Total stockholders' equity $ 280,000 Problem 11-5A Part 4 4. If two years’ preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $11,500, what total amount will be paid to the preferred and to the common shareholders?
Question Content Area On January 1, Vermont Corporation had 47,300 shares of $11 par value common stock issued and outstanding. All 47,300 shares had been issued in a prior period at $21 per share. On February 1, Vermont purchased 980 shares of treasury stock for $24 per share and later sold the treasury shares for $19 per share on March 1. The journal entry for the purchase of the treasury shares on February 1 would include a a. credit to a gain account for $2,940 b. credit to Treasury Stock for $23,520 c. debit to Treasury Stock for $23,520 d. debit to a loss account for $2,940
Share Issuances for Cash and Non-Cash Considerations Problem #13 0n Jan. 1, 2018, the following accounts and their balances appeared in the ledger of Fuentes Corporation: Preference P9 Shares, P100 par, 10,000 shares authorized, 5,000 shares issued Share Premium-Preference Ordinary Shares, P20 par, 100,000 shares authorized, 75,000 shares issued Share Premium-Ordinary Retained Earnings P 500,000 80,000 1,500,000 125,000 505,000 At the annual shareholders' meeting on Feb. 11, the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately P600,000. The plan provided (a) that the corporation borrow P175,000, (b) that 1,000 shares of the unissued preference shares be issued through an underwriter, and (c) that a building valued at P280,000, and the land on which it is located, valued at P50,000, be acquired in accordance with preliminary negotiations by the issuance of 15,000 ordinary shares. The plan was approved by the shareholders and…
Required information Problem 13-5A (Algo) Computing par values and dividend allocations LO C2 [The following information applies to the questions displayed below.] Raphael Corporation's balance sheet shows the following stockholders' equity section. Preferred stock-5% cumulative, $. par value, 1,000 shares authorized, issued, and outstanding Common stock-$ par value, 4,000 shares authorized, issued, and outstanding Retained earnings Total stockholders' equity Problem 13-5A (Algo) Part 2 $ 75,000 120,000 370,000 $ 565,000 2. If two years' preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $14,250, compute the total amount paid to (a) preferred shareholders and (b) common shareholders. a. Total amount paid to the preferred shareholders b. Total amount paid to the common shareholders
Problem 3 National Supply's shareholders' equity included the following accounts at December 31, 2022: Ordinary share capital, P1 par Share premium-ordinary Retained earnings P 6,000,000 30,000,000 20,000,000 Each share was originally issued at an average price of P6 per share. National Supply reacquired its ordinary shares in two separate transactions and later sold shares. February 15 February 17 Reacquired 300,000 shares at P8 per share Reacquired 300,000 shares at P5.50 per share November 9 Sold 200,000 shares at P7 per share (assume FIFO). Prepare the entries for each of the transactions under each of two separate assumptions: 1. The shares are retired. 2. The shares are accounted for as treasury shares,
NAME: SCORE: SECTION: PROFESSOR: Problem #13 Share Issuances for Cash and Non-Cash Considerations On Jan. 1, 2018, the following accounts and their balances appeared in the ledger of Fuentes Corporation: Preference P9 Shares, P100 par, 10,000 shares authorized, 5,000 shares issued Share Premium-Preference P 500,000 80,000 Ordinary Shares, P20 par, 100,000 shares authorized, 75,000 shares issued Share Premium-Ordinary Retained Earnings 1,500,000 125,000 505,000 At the annual shareholders' meeting on Feb. 11, the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately P600,000. The plan provided (a) that the corporation borrow P175,000, (b) that 1,000 shares of the unissued preference shares be issued through an underwriter, and (c) that a building valued at P280,000, and the land on which it is located, valued at P50,000, be acquired in accordance with preliminary negotiations by the issuance of 15,000 ordinary shares. The plan was…
Group Assignment 5, Due Date: 29 Sep 2019 Problem 16.8 Share issues and statement of changes in equity Gundagai Ltd was incorporated on 30 June 2016. On 1 July 2016, the company issued a prospectus offering 300 000 ordinary shares at an issue price of $10, payable on the following terms: application $3 on allotment $3 on $2 on first call $2 on second call A summary of the applications and allotments register follows: Number of shares applied for 200 000 Number of shares allotted Amount paid per share on application $ 3 150 000 100 000 100 000 $6 50 000 50 000 $10 on 1 September 2016. All money received in excess of applied to amounts due on allotment and calls. Where appropriate, Shares were allotted to all applicants application was refunds of application money were made. All allotment money was received by 30 September 2016. атоиnts duе оn On 1 November 2016, Gundagai Ltd's directors made a call of 42c per share, payable by 30 November 2016. By 31 December, call money had not been…
Required Information Problem 11-5A Computing book values and dividend allocations LO C2, A4 [The following information applies to the questions displayed below.] Raphael Corporation's balance sheet shows the following stockholders' equity section. Preferred stock-5% cumulative, $ par value, 1,000 shares authorized, issued, and outstanding Common stock-$___ par value, 4,000 shares authorized, issued, and outstanding Retained earnings. Total stockholders' equity Problem 11-5A Part 4 $ 90,000 160,000 350,000 $ 600,000 4. If two years' preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $26,900, what total amount will be paid to the preferred and to the common shareholders? Total amount paid to the preferred shareholders Total amount paid to the common shareholders
Question Content Area A corporation purchases 7,546 shares of its own $2 par common stock for $16 per share, recording it at cost. What will be the effect on total stockholders' equity? a. increase by $105, 644 b. increase by $120,736 c. decrease by $120, 736 d. decrease by S 105,644
Problem #10 Share Dividends and Share Splits On Jan. 1, 2019, the records of Matuguinas Corporation showed the following balances: Ordinary Shares, P1 par Share Premium-Ordinary Retained Earnings P 80,000 920,000 760,000 On Jan. 15, 2019, the board of directors declared a 3% share dividend; the stock's market price was P50 per share. On Nov. 4, 2019, the board of directors declared a 2- for-1 share split; the stock's market price was P90 per share. Required: How many shares of stock were outstanding on Jan. 1, Mar. 31, and Dec. 31, 2019 assuming no other events related to shareholders' equity occurred? 1. 2. What effect did the share dividends have. on total shareholders' equity? 3. Prepare the entries for these two events. 4. Why would a corporation declare a share split? 5. What would the second entry have been if the corporation had declared a 100% share dividend instead of a 2-for-1 share split?

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

SEE MORE TEXTBOOKS