The Grand Terminal Corporation had the following classes of shares outstanding as of December 31, 20x5: • Ordinary shares, P 20 par value, 20,000 shares outstanding • Preference shares, 8 percent, P 100 par value, non-cumulative, 2000 shares outstanding NO dividends were paid on preference shares for the year 20x3 and 20x4. On December 31, 20x5, a total of P200,000 cash dividend was declared. Compute the amount of dividends payable for preference shares. Write your answer on the space provided (number only, omit peso sign and comma).

The Grand Terminal Corporation had the following classes of shares outstanding as of December 31, 20x5: • Ordinary shares, P 20 par value, 20,000 shares outstanding • Preference shares, 8 percent, P 100 par value, non-cumulative, 2000 shares outstanding NO dividends were paid on preference shares for the year 20x3 and 20x4. On December 31, 20x5, a total of P200,000 cash dividend was declared. Compute the amount of dividends payable for preference shares. Write your answer on the space provided (number only, omit peso sign and comma).

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 12RE: Given the following year-end information, compute Greenwood Corporations basic and diluted earnings...

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Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.
Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.
At the beginning of current year, BFAR Company was organized and authorized to issue 100,00 shares with P50 par value. During the current year, the entity had the following transactions relating to Shareholders' Equity • Issued 10,000 shares at P70 per share • Issued 20,000 shares at P80 per share • Purchased 1,000 Treasury shares at P100 per share. Reported net income of P1,000,000. . Declared cash dividends of P200,000. Compute the total Shareholders' Equity at year-end.
At the beginning of current year, BFAR Company was organized and authorized to issue 100,00 shares with P50 par value. During the current year, the entity had the following transactions relating to Shareholders' Equity • Issued 10,000 shares at P70 per share • Issued 20,000 shares at P80 per share Purchased 1,000 Treasury shares at P100 per share. Reported net income of P1,000,000. • Declared cash dividends of P200,000. ● Compute the total Shareholders' Equity at year-end. 7,200,000 O 8,000,000 O2,200,000 O 3,000,000
On January 1, 20x1, Raven Ltd. had 40,000 shares of common shares issued and outstanding. The book value of those shares was $600,000. Furthermore, they had 10,000 $3, cumulative, preferred shares issued and outstanding which had a book value of $200,000. Account Debit Credit The following transactions took place in 20xl: Feb 28 - Issued 20,000 common shares for $500,000 Jun 1 - Repurchased and cancelled 20,000 shares at $20.00 each. Jun 30 - A 2:1 stock split was announced Dec 15 - Declared a dividend of $2.00/share to shareholders of record on Dec 31. Required - Prepare all journal entries to record the above transactions. Round to two decimal points on any calculations.
At the beginning of the current year, BFAR Corp. was authorized to issue 100,000 shares with P50 par value. During the year, the company had the following chronological transactions related to shareholders' equity: • Issued 10,000 shares at P70 per share • Issued 20,000 shares at P80 per share Reported net income of P1,239,000 . Declared and paid cash dividends of P394,000 . Declared a 10% share dividend. Fair market value on this date is P105 per share. . Distributed the share dividend. Fair market value on this date is P90 per share. • Purchased 3,000 treasury shares at P100 per share How much is the total shareholders' equity at year-end? ●
1. The following information was taken from the accounts of JT Corp at year end:Total income since incorporation P900,000Total cash dividends paid P260,000Proceeds from sale of donated shares P 90,000Total value of share dividends distributed P60,000Excess of proceeds over cost of treasury stocks sold P140,000What should be the current balance of retained earnings? a. P780,000b. P520,000c. P720,000d. P580,0002. see imagechoices: a. 176,000b. 263,000c. 204,000d. 321,000
The following information pertains to Ming Corp. at January 1, Year 2: Common stock, $8 par, 48,000 shares authorized, 3, 200 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $ 25, 600 137, 900 137, 900 Ming Corp. completed the following transactions during Year 2: 1. Issued 2,700 shares of $8 par common stock for $13 per share. 2. Repurchased 1,300 shares of its own common stock for $16 per share. 3. Resold 780 shares of treasury stock for $18 per share. 4. Earned $61,700 of cash revenue. 5. Paid $30,450 of cash operating expenses. Required Prepare the stockholders' equity section of the year-end balance sheet. MING CORPORATION Balance Sheet (Partial)
on the preference shares. The net income for the current 1. What amount should be reported as basic earnings per issued 500,000 preference shares which were convertible into 2,000,000 ordinary shares outstanding. On July 1, the entity Problem 20-14 (IAA) During the year, the entity declared and paid P1,000,000 cash dividend on the ordinary shares and P800,000 cash dividend A the beginning of current year, Frown Company had S000,000 ordinary shares outstanding. On July 1, the entity 300,000 ordinary shares. Year was P6,500,000. share? a. 2.85 b. 3.25 С. 2.35 d. 2.25 per share? а. 2.85 b. 3.02 с. 2.83 d. 1.75 633
At the beginning of current year, CFAS Company was organized and authorized to issue 100,000 shares with P50 par value. During the current year, the entity 1 had the following: transactions relating to shareholders equity: Issued 10,000 http://shares.at P70 per share.Issued 20,000 shares at P80 per share.Reported net income of P 1,000,000.Paid dividends of P200,000.Purchased 3,000 treasury shares at P100 per share. 1.What amount should be reported as share capital at year – end?A. 1,200,000B. 3,300,000C. 1,500,000D. 1,800,000 2.What amount should be reported as share premium at year – end?A. 800,000B. 200,000C. 0D. 600,000 3. What is the total shareholders’ equity at year-end?A.2,800,000B.3,300,000C.3,000,000D. 2,000,000 4. What is the contributed capital at year – end?A. 2,000,000B. 2,300,000C. 3,000,000 D.1,500,000 I NEED ANSWER ASAP. THANK YOUUU!
DDD Company had the following ordinary share transactions for the current year: January 1 Beginning balance, 120,000 shares, P50 par June 1 Issued 12,000 shares at P60 per share September 30 Purchased 24,000 shares at P55 per share to be held as treasury The entity reported net income of P3,630,000, after an expropriation loss of P605,000 for the current year. Questions: 1. Compute for the average shares outstanding. 2. Compute for the basic earnings per share.
The capital structure of the SE HAPPY corporation as of January 1, 20x1 was: Common shares, par value $25, authorized 20,000, issued and outstanding 8,000 Additional Capital Above Par Value - Common Stock Retained earnings The following transactions occurred during the year 20x1: • On May 4, he repurchased 300 shares paying $70 each for them. • On June 5, he repurchased 800 shares paying $55 each for them. • On August 15, he reissued (sold) 600 of his portfolio shares at $65 each. • On November 20, it reissued 200 of its portfolio shares at $40 each. Instructions: $200,000 120,000 130,000 1. Using the cost method, prepare the entries to record the repurchase and reissue of the shares held.