Answer only Which of the following is not amongthe basic rights of a shareholder?To share in the corporate earningsTo vote in the election of directorsO To subscribe for additional share issuesTo represent himself in the name of thecorporationThe following account balances andother information were taken fromthe accounting records of TITANCorporation for the year ended Dec.31, 2021: Finished Goods, ending P15,000; Work-in-Process, ending P75,000; Raw Materials Inventory,ending 25,000; Net Purchases120,000; Work-in-Process, beginning25,000; Conversion Costs 180,000;Finished Goods, beginning 30,000;Prime Costs 245,000; Raw MaterialsInventory, beginning 50,000; Howmuch is the corporation's total cost ofgoods manufactured?Your answer

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Which of the following is not among the basic rights of a shareholder? To share in the corporate earnings O To vote in the election of directors

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

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 10P: Comprehensive The shareholders equity section of Superior Corporations balance sheet as of December...

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Comprehensive The shareholders equity section of Superior Corporations balance sheet as of December 31, 2018, is as follows: The following events occurred during 2019: Required: 1. Prepare journal entries for each of the above transactions. 2. Calculate the number of authorized, issued, and outstanding common shares as of December 31, 2019. 3. Calculate Superior's legal capital at December 31, 2019.
The controller of Red Lake Corporation has requested assistance in determining income, basic earnings per share, and diluted earnings per share for presentation on the companys income statement for the year ended September 30, 2020. As currently calculated, Red Lakes net income is 540,000 for fiscal year 2019-2020. Your working papers disclose the following opening balances and transactions in the companys capital stock accounts during the year: 1. Common stock (at October 1, 2019, stated value 10, authorized 300,000 shares; effective December 1, 2019, stated value 5, authorized 600,000 shares): Balance, October 1, 2019issued and outstanding 60,000 shares December 1, 201960,000 shares issued in a 2-for-l stock split December 1, 2019280,000 shares (stated value 5) issued at 39 per share 2. Treasury stockcommon: March 3, 2020purchased 40,000 shares at 38 per share April 1, 2020sold 40,000 shares at 40 per share 3. Noncompensatory stock purchase warrants, Series A (initially, each warrant was exchangeable with 60 for 1 common share; effective December 1, 2019, each warrant became exchangeable for 2 common shares at 30 per share): October 1, 201925,000 warrants issued at 6 each 4. Noncompensatory stock purchase warrants, Series B (each warrant is exchangeable with 40 for 1 common share): April 1, 202020,000 warrants authorized and issued at 10 each 5. First mortgage bonds, 5%, due 2029 (nonconvertible; priced to yield 5% when issued): Balance October 1, 2019authorized, issued, and outstandingthe face value of 1,400,000 6. Convertible debentures, 7%, due 2036 (initially, each 1,000 bond was convertible at any time until maturity into 20 common shares; effective December 1, 2019, the conversion rate became 40 shares for each bond): October 1, 2019authorized and issued at their face value (no premium or discount) of 2,400,000 The following table shows the average market prices for the companys securities during 2019-2020: Adjusted for stock split Required: Prepare a schedule computing: 1. the basic earnings per share 2. the diluted earnings per share that should be presented on Red Lakes income statement for the year ended September 30, 2020 A supporting schedule computing the numbers of shares to be used in these computations should also be prepared. Assume an income tax rate of 30%.
Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________
Sky Ltd (Sky) has purchased an investment of 15,000 shares on 1 August 2019 at a cost of $6.5 each. Transaction costs on the purchase amounted to $1,500. As at the year ended 30 September 2019, these shares are now worth $7.75 each. Sky makes an irrevocable election at initial recognition to measure these shares at fair value through other comprehensive income to reduce accounting mismatch. Required: What is the effect on the statement of profit or loss and other comprehensive income of these shares for the year ended 30 September 2019 of Sky in accordance with HKFRS 9 ‘Financial Instruments’? A. $17,250 gain in other comprehensive income B. $18,750 gain in other comprehensive income and $1,500 expense C. $17,250 gain in profit or loss and $1,500 expense D. $18,750 loss in other comprehensive income and $1,500 expense
Which of the following represents a liability? The obligation to pay for goods that an entity expects to order from suppliers in the near future. The obligation to provide goods that customers have ordered and paid for during the current year. The obligation to pay interest on a five-year note payable that was issued the last day of the current year. The obligation to distribute an entity’s own shares next year as a result of a stock/share dividend declared by the board of directors near the end of the current year.
Answer all questionsThe following information relating to Farasi ltd for the year ending 31st December 2019 has been availed. Profit before tax sh. 2,000,000Tax 600,000Preference dividends 300,000Ordinary dividends 500,000Ordinary share capital sh. 10 each 2,000,000Preference share capital sh. 20 each 1,000,000Share premium 800,000Retained earnings 3,000,000 In the year year 2020 the following took place. There was a bonus issue of 1:5 on 1/4/2020There was a rights issue of 1: 4 on 17/2020 at sh. 16. All the rights were taken up.An interim ordinary dividend of sh. 0.25 per share was declared on 12/10/2020.The dividend declared on 12/10/2020 was paid on 15/11/2020 Required:Compute the EPS for the year 2019.Prepare journal entries to record the transactions in 2020.
On 1 July 2021, Mel Ltd took control of the assets and liabilities of Syd Ltd. At this date the statement of financial position of Syd Ltd was as follows: Required Prepare the journal entries in the records of Mel Ltd at 1 July 2021 in each of the following situations, assuming the costs of issuing the shares by Mel Ltd cost $1600. Mel Ltd issued 80 000 shares having a fair value of $2.40 per share in exchange for the net assets of Syd Ltd Mel Ltd issued 80 000 shares having a fair value of $2.00 per share in exchange for the net assets of Syd Ltd. Mel Ltd acquired the shares of Syd Ltd. The agreement was that Mel Ltd would pay the shareholders of Syd Ltd one share in Mel Ltd for every two shares held in Syd Ltd plus $1 in cash for each share held in Syd Ltd. Shares in Mel Ltd have a fair value of $1.80 per share.
REQUIRED Use the information provided below to prepare the Statement of Financial Position of Glendale Limited as at 31 May 2020. Ensure that the statement includes headings for Non-current assets, Current assets, Equity, Non-current liabilities and Current liabilities. The notes to the financial statements are not required. INFORMATION The following balances were obtained from the accounting records of Glendale Limited after all the adjustments and closing transfers were completed on 31 May 2020: R Shares in XYZ Limited Ordinary share capital Retained income Loan: Brits Bank 600 000 1434 000 300 000 150 000 Equipment Accumulated depreciation on equipment Inventory Debtors control 1 380 000 180 000 210 000 60 000 Provision for bad debts 3 000 Accrued income 6 000 Bank (DR) 69 000 Cash float 6 000 135 000 Creditors control Accrued expenses South African Revenue Services: Company tax payable Shareholders for dividends (Dividends payable) 42 000 15 000 72 000 Additional information R30…
The following are the revenue items in the Income Statement of a domestic corporation for the year 2021:Gain from sale of office equipment, P20,000Gain from sale of land not used in business (selling price of P300,000), P100,000Gain from sale of shares of stock directly to the buyer, P50,000Gain from sale of shares of stock through the stock exchange (selling price, P200,000), P10,000Bad debt recovery, P50,000How much is the total capital gains tax? a. P21,250 b. P25,500 c. P60,000 d. P45,000
An investor company purchased 121,000 of the 250,000 outstanding shares of the investee company's common stock for $79,000 on January 1, 2021. During 2021, the investee company declared and paid dividends of $55,000 and reported earnings for the year of $355,000. If the investor company uses the equity method of accounting for its investment in the investee company, its Equity Investment in the investee company account at December 31, 2021 should be $____________. (Do not round your answer for any part of the computation.)
Which, if any, of the following items has no effect on the stock basis of an S corporation shareholder? Operating income. Long-term capital gain. Cost of goods sold. Short-term capital loss. The 20% QBI deduction.
6. The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2021. In addition, J&K Paint Shop Company's charter will authorize 1,200,000 shares of common stock (to be divided into two classes (700,000 shares class A -voting rights and 500,000 shares class B -nonvoting rights) and 400,000, $X par value (see info below), 5% cumulative preferred stock. They have asked each student from your accounting course to prepare the company's journal entries and statement of owner's equity based on the following information. A. Issued 60% _shares of class A common stock. Stock has par value of $48.00 per share and was issued at $ 105.00 per share. (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space). B. Issued 60% shares of no-par class B stock. Issue Price $98.00 C. Issued 20% shares of…