Sizzle Company shareholders' equity at the beginning of 2010 is shown at the table below:Ordinary Share capital, USD20authorized 50,000 shares; issued andoutstanding 30,000 sharespar value,USD600,000Ordinary Share premiumRetained earningsUSD150,000USD230,000In addition, during theyear,these transactions happened:2,500 shares were repurchased as treasury shares at a price of USD28500 treasury shares were sold at a price of USD32а.pershare.b.pershare.700 shares of treasury shares were sold at a price of USD24 per share.Sizzle Company reported a net income of USD120,000 for the current year.с.d.Please calculate the a) balance of the treasury shares account and the b) balance of Share Premium –Treasury Shares account of Sizzle Company after recording all these transactions. Show completesolution and explanation.

The treasury stock includes the shares that are repurchased from the shareholders.

Sizzle Company shareholders' equity at the beginning of 2010 is shown at the table below: value, authorized 50,000 shares; issued and Ordinary Share capital, USD20 par USD600,000 outstanding 30,000 shares Ordinary Share premium Retained earnings USD150,000 USD230,000 In addition, during the year, these transactions happened: 2,500 shares were repurchased as treasury shares at a price of USD28 per share. 500 treasury shares were sold at a price of USD32 per share. 700 shares of treasury shares were sold at a price of USD24 per share. Sizzle Company reported a net income of USD120,000 for the current year. а. b. с. d. Please calculate the a) balance of the treasury shares account and the b) balance of Share Premium – Treasury Shares account of Sizzle Company after recording all these transactions. Show complete solution and explanation.

Sizzle Company shareholders' equity at the beginning of 2010 is shown at the table below: value, authorized 50,000 shares; issued and Ordinary Share capital, USD20 par USD600,000 outstanding 30,000 shares Ordinary Share premium Retained earnings USD150,000 USD230,000 In addition, during the year, these transactions happened: 2,500 shares were repurchased as treasury shares at a price of USD28 per share. 500 treasury shares were sold at a price of USD32 per share. 700 shares of treasury shares were sold at a price of USD24 per share. Sizzle Company reported a net income of USD120,000 for the current year. а. b. с. d. Please calculate the a) balance of the treasury shares account and the b) balance of Share Premium – Treasury Shares account of Sizzle Company after recording all these transactions. Show complete solution and explanation.

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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Sizzle Company shareholders' equity at the beginning of 2010 is shown at the table below: Ordinary Share capital, USD20 authorized 50,000 shares; issued and outstanding 30,000 shares par value, USD600,000 Ordinary Share premium USD150,000 Retained earnings USD230,000 In addition, during the year, these transactions happened: а. 2,500 shares were repurchased as treasury shares at a price of USD28 per share. 500 treasury shares were sold at a price of USD32 700 shares of treasury shares were sold at a price of USD24 per share. b. per share. с. d. Sizzle Company reported a net income of USD120,000 for the current year. Please calculate the balance of the Retained Earnings - Unappropriated account of Sizzle Company after recoding all these transactions. Show complete solution and explanation.
What is the balance of the share capital as of year-end?
blue Bay Logistics Ltd.'s shareholders' equity accounts were as follows at the beginning of the current fiscal year, April 1, 2009:$6-cumulative preferred shares (20,000 shares issued) $1,800,000Common shares (500,000 shares issued) 3,750,000Contributed capital-reacquisition of common shares 50,000Retained earnings 1,500,000Total shareholders' equity $7,100,000During the year, the following selected transactions occurred:June 1 Reacquired 22,800 common shares for $9 per share.July 1 Issued 52,000 common shares for $10 per share.Feb. 28 Declared the annual preferred dividend to shareholders of record on March 12, payable on April 1.Mar. 31 Net earnings for the year ended March 31, 2009, were $1,021,350.Calculate the weighted average number of common shares for the year.
Sierra Corporation engaged in the following share transactions in the first quarter of their fiscal year: 19 Issued 5,500 common shares for cash of $11.50 per share. 3 Sold 2,500 $1.50 Class A preferred shares for $14,000 cash to new investors. Received inventory valued at $30,000 and vehicles with market value of $22,000 for 5,200 common shares. Jul. Aug. 11 Sep. 15 Issued 3,500 $2.00 Class B preferred shares for $14.00 per share. Required 1. Journalize the transactions. Explanations are not required. 2. How much contributed capital did these transactions generate for Sierra Corporation? Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) July 19. Issued 5,500 common shares for cash of $11.50 per share. Journal Entry Date Jul. 19 Accounts Debit Credit
Tezos Co. reported the following capital structure at the beginning of the current year: Ordinary share capital, 200,000 shares issued and outstanding; Preference share capital, 50,000 shares issued and outstanding On January 3, the company declared at 10% share dividend on ordinary shares and a P200,000 cash dividend on preference shares. The preference shares are non-cumulative, non-participating. At the end of the current year, net income amounted to P1.92 million. What is the appropriate amount to report as basic earnings per share?
CNZ Co. had 1,270,000 shares outstanding at the beginning of the year—1 June 20X8. During the year, the following transactions occurred: 1 August 20X8—5,700 share options with an exercise price of $42 per share, were exercised. 1 October 20X8—A 5:1 stock split was completed. 1 February 20X9—The company repurchased 507,000 shares for $27 each. For the year ended 31 May 20X9, the company reported net earnings of $1,726,500. Required:Compute the basic EPS for the company for the year ended 31 May 20X9. (Do not round intermediate calculations and round your answer to 2 decimal places.) Basic EPS =
On January 1, 2010, the accounts of Mac Corporation showed the following: Common stock, par SI, authorized 100.000 shares Capital in excess of par value ($2 per share) Retained carnings 60,000 140,000 During 2010, the following transactions occurred affecting stockholders' equity (in the order given) A B. C. D. Issued a 100° stock dividend when the market price was at $5 per share. Purchased treasury stock, 1.000 shares at a total cost of $8.000. Declared and paid cash dividends. SI5.000. Net income for 2010. S25.000
Agri Gold Ltd. began operations on January 1, 1983 by issuing 54,000 common shares at $13 per share and 26,000 $8 cumulative preferred shares at $20 per share. During 1983 Agri Gold Ltd issued an additional 8,000 common shares at $11 per share and 2,000 preferred shares at $30 per share. 2019 profit was $355,000 and the Board declared $81,000 in dividends. Required: Prepare the Shareholders' Equity section of Agri Gold Ltds Balance Sheet at December 31, 1983.
At December 31, the stockholders' equity section shows: Ordinary share capital, P5 par value; 1,320,000 shares issued and 1,200,000 shares outstanding P6,600,000 Share Premium P1,400,000 Retained earnings P500,000 Treasury shares, (120,000 shares) P700,000 Total shareholders' equity P7,800,000. How much is the book value per share?
For the year 20X1, Trinity Ltd., a company based in Barrie, had net income of $4,000,000 and there were no discontinued operations. During 20X1, the company had two classes of shares outstanding: Class A preferred shares: 1,200 shares issued and outstanding at the beginning of the year; quarterly dividend rate of $100 per share; cumulative; each share is convertible into 50 shares of Class B common. Class B common shares: 150,000 shares issued and outstanding at the beginning of the year. Also note the following: 700 shares of Class A were converted into Class B shares on April 1 20X1; dividends for the first quarter of the year were paid on March 31 20X1. Options to issue 8,000 common shares to senior management personnel for $4 per share were outstanding during the entire year. The average share price during the year was $12. Required: (a) Determine the weighted-average number of shares outstanding during 20X1. (b) Determine basic EPS. (c) Determine diluted EPS.