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Question 23 2/2ptsil Question 24 2/2pts Consider the following situation then evaluate statements 1,2, and 3 as True or False. How does the purchase of treasury stock affect asset and equity accounts? Assume In October 2020 the board of directors of Blanker's Holdings declared an annual that the purchase is made with cash. dividend of $100,000. The dividend was paid in January 2021. Blanker's Holding fiscal year is the same as the calendar year. Statement 1. Blanker's Retained Earnings was * Assets decrease and equity decreases immediately reduced by $100,000 when the dividend was declared in October. Statement 2. In Blanker's October Income Statement a $100,000 dividend expense was recognized. Statement 3. Because the dividends were not paid out until January 2021, Blanker's FY2020 Statement of Cash Flows will not include the October 2020 dividend. Only Statement 1 is True Only Statement 2 is True Question 25 242EE Only Statement 3 is True (True/False). The declaration of a stock dividend does not impact retained earnings. All three Statements are True Correct! All three Statements are False — Statements 1 and 3 are True but Statement 2 is False Statements 2 and 3 are True but Statement 1 is False Question 26 2/2pts Statements 1 and 2 are True, But Statement 3 is False Consider both S - 1. Financial mustibei 3 dif a company owns more than 20% of another company. Statement 2. If a firm ¢ lid: financial the portion of company (or companies) not owned by the firm must be reported separately in the Stockholder's Equity section of the consolidated statements. * Only Statement 2 is True Downloaded by Shubh kh (shubhkhose.sk@gmail.com) Downloaded by Shubh kh (shubhkhose.sk@gmail.com)
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Related Questions
Question 46
During 2021, Stout Inc. had the following activities related to its financial operations: Carrying value of convertible preferred stock in Stout,
converted into common shares of Stout
$ 540,000
Payment in 2021 of cash dividend declared in 2020 to
preferred shareholders
279,000
Payment for the early retirement of long-term bonds payable
(carrying amount $3,930,000)
3,975,000
Proceeds from the sale of treasury stock (on books at cost of $387,000)
450,000
The amount of net cash used in financing activities to appear in Stout's statement of cash flows for 2021 should be
$3,264,000.
$2,985,000.
$3,822,000.
$3,804,000.
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1. What is the amount of dividend per share that MOONSTONE paid on March 31, 2021?
2. How much is the ordinary share capital, December 31, 2021?
3. How much will is the total cash dividends paid during the year 2021?
4. Number of fractional warrants outstanding as of December 31, 2021
5. How much is the retained earnings appropriated for contingency loss?
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What is the company common stock’s “Book Value” per share?
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Please help me to solve this problem
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View Policies
Current Attempt in Progress
The following information was extracted from the accounts of Sandhill Co. at December 31, 2020:
CR(DR).
Total reported income since incorporation
$4810000
Total cash dividends paid
(2480000)
Unrealized holding loss on available-for-sale securities
(368000)
Total stock dividends distributed
(604000)
Prior period adjustment, recorded January 1, 2020
226000
What should be the balance of retained earnings at December 31, 2020?
O $1876000.
O $ 1584000.
O $ 1952000.
O $ 3042800.
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Attempts: 0 of 1 used
Submit Answ
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What is the company common stock’s “Book Value” per share ?
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i need the answer quickly
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Answer the question
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What is the total dollar value of dividends paid in 2020?
Question 16 options:
No dividends were paid by Avett Inc. in 2020
$889
$1,027
$473
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solve please with steps computation explanation formula thanks
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Compute the following:
5. Assuming that on July 1, 2020, Kangaroo Company purchased its own share atP10.00. How much is the book value per share for the year 2020?6. Assuming that there is a cumulative and participating preference share, how thiswill affect the book value per share computation? Explain briefly.
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QUESTION ONE
The following financial information relates to Sporty Limited.
Statement of Financial Position as at 31 December 2018 and 2019
Ordinary share capital
Retained earnings
Property, plant and equipment
Investments
Debentures 12.5%
Inventory
Trade debtors
Prepaid expenses
Trade creditors
Bank overdraft
SARS (income tax)
Shareholders for dividends
Profit before interest and tax
Depreciation on equipment
Dividends received on investments
Interest on dividends
Income tax
Page 2 of 6
2019
R
400 000
55 000
230 000
165 000
20 000
124 000
37 000
Statement of comprehensive income for the year 31 December 2019
Note no. 1 for the year ended 31 December 2018 and 2019
Property, plant and equipment
Land and building at cost
Equipment at carrying value
25
000
21 000
5 000
30 000
Statement of changes in equity for the year ended 31 December 2019
Dividends on ordinary shares
2019 (R)
200 000
30 000
230 000
R
R
295 000
5 000
195 000
110 000
2018
60 000
120 000
28 500
1 500
42 500
25 000
R
60…
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Albay Company had the following shareholders' equity on
Problem 23-16 (PHILCPA Adapted)
January 1, 2020:
Preference share capital, P100 par, 10% cumulative
Ordinary share capital, no par, P5 stated value
Share premium
Retained earnings
Treasury ordinary shares
2,000,000
5,150,000
3,500,000
4,000,000
400,000
On January 15, 2020, the entity formally retired all
the 30,000 treasury shares.
The treasury shares were originally issued at P10 per
share.
The entity owned 10,000 shares of Digos Company
purchased for P800,000. The Digos shares were
included in noncurrent equity securities.
On December 31, 2020, the entity declared a dividend
in kind of one share of Digos for every hundred
ordinary shares held by a shareholder.
The fair value of the Digos share is P90 on December
31, 2020. The dividend in kind was distributed on
March 15, 2021 when the fair value of Digos share is
P95.
On December 31, 2020, the entity declared the yearly
cash dividend on preference share, payable on January
15,…
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1. How many shares of its stock did 3M repurchase during fiscal 2019?
2. What journal entry did 3M make to record its stock repurchases in fiscal 2019?
3. What journal entry did 3M make to record stock options granted to employees in fiscal 2019?
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Problem 4
On December 31, 2019, Berto Mining Company declared a cash dividend of P800,000 to shareholders of
record on January 15, 2020 and payable on February 15, 2020.
The entity reported the following information on December 31, 2019:
Accumulated depletion
Share capital
Share premium
Retained earnings
200,000
1,000,000
300,000
600,000
What amount should be recognized as liquidating dividend? {
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How many shares of common and preferred stock does your company have: Authorized? Issued? Outstanding?
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Question 2
For the year ended 30 June 2020, Murray Ltd had a net profit after tax of $3,300,000. Details of the
shares and other financial instruments outstanding are as follows:
On 1 July 2019 Murray Ltd had 600,000 fully paid ordinary shares.
• 300,000 fully paid ordinary shares were issued on 1 November 2019 at the prevailing market
price.
• 75,000 fully paid ordinary shares were bought back on 1 May 2020 at the prevailing market
price.
• 210,000 partly paid ordinary shares were issued on 1 May 2020 at a price of $6.00. The
shares were partly paid to $4.50 and carried the right to participate in dividends in
proportion to the amount paid as a fraction of the issue price.
• For the entire year, 3 million $3.00 preference shares were held which provided a dividend
at a rate of 5% per annum.
• The preference shares are convertible at a rate of 1 ordinary share for every 4 preference
shares.
There are options to purchase 60,000 ordinary shares at a price of $15.
For the year ended 30…
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Problem 5: Color Company began business in
January of 2021. During the year, Color purchased
a portfolio of securities listed below. In its
December 31, 2021 balance sheet, Color
appropriately reported a P300,000 debit balance in
its "Unrealized gain/loss" account. The composition
of the securities did not change during the year
2022. Pertinent data are as follows:
Security
BE (FVPL)
BI (FVOCI)
KO (FVOCI)
Cost
P2,000,000
3,600,000
3,900,000
P9,500,000
Market Value, December 31, 2022
P2,750,000
3,250,000
4,000,000
P10,000,000
5.1 How much is the carrying value of
Investment on December 31, 2021?
5.2 How much is the unrealized gain or loss
that should presented in the Equity section of
the Balance Sheet on December 31, 2022?
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WHAT IS THE RESTATED BALANCE OF RETAINED EARNINGS?
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What is the net adjustment to retained earnings on the disposal of Security A?
What amount in OCI should be recognized in the statement of changes in equity on December 31,2020?
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Revenues and operating (marketing and administrative)
expenses for the year 2021 are P7,500,000 and P4,000,000 respectively. How much is the change in Retained Earnings for the year 2021 due to the equity securities indicate whether increase or decrease?
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XYZ Co. had the following activities in 2020 Issuance of common stock 98000 Payment of dividends 164000 Issuance of bonds payable 25000 Sale of long Term Assets 24000 Bank loan repaid 23000 Purchase of equipment 53000 Purchase of available-for- sale securities 43000 Purchase of treasury stock 15000 Prepare the cash flows from Financing 170000OMR Ob. 146000 OMR O C. None of the options O d. 164000 OMR
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Question:
Amount of Issuance Price per Share for the Common Stock Issued for the Year? (Round to the
nearest 2 decimal places)
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Accounting
Assume an investor company purchases all of the stock of the investee
company in a stock purchase for $900 on 1/1/2022. The investee's balance
sheet on the date of purchase is as follows:
Accounts receivable
$75
Mortgage payable
$75
Inventories
$150
Building
$600
Stockholders' equity
$750
Total assets
$825
Total liabilities and equity
$825
Assume the additional purchase price relates to the b uilding value not
reported on investee company's balance sheet. The building held by the
investee has a remaining useful life of 10 years on the acquisition date and
depreciated based on the straight-line method. Also assume, subsequent to
the purchase, the investee reports net income of $150 and pays $45 in
dividends to the investor during 2022.
Required: Provide all necessary journal entries related to this investment for the
investor company using the equity method during 2022
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Paul Company presented the following information pertaining to its investments in equity securities. FVPL FVOCICost P1,000,000 P1,000,000Market value December 31, 2020 1,050,000 980,000 December 31, 2019 950,000 920,000
2.What amount should Paul report as unrealized gains/losses in the shareholders' equity of its December 31, 2020 statement of financial position?
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QUESTION 19
On January 1, 2020, Korsak, Inc. established a stock appreciation rights plan for its executives. It entitled them to receive cash at
any time during the next four years for the difference between the market price of its common stock and a pre-established price of
$20 on 120,000 SARS. Current market prices of the stock are as follows:
January 1, 2020
December 31, 2020
December 31, 2021
December 31, 2022
$35 per share
38 per share
30 per share
33 per share
Comperisation expense relating to the plan is to be recorded over a four-year period beginning January 1, 2020.
On December 31, 2022, 50,000 SARS are exercised by executives. What amount of compensation expense should Korsak
recognize for the year ended December 31, 2022?
$312,000
$780,000
$1,140,000
O $2,340,000
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Related Questions
- Question 46 During 2021, Stout Inc. had the following activities related to its financial operations: Carrying value of convertible preferred stock in Stout, converted into common shares of Stout $ 540,000 Payment in 2021 of cash dividend declared in 2020 to preferred shareholders 279,000 Payment for the early retirement of long-term bonds payable (carrying amount $3,930,000) 3,975,000 Proceeds from the sale of treasury stock (on books at cost of $387,000) 450,000 The amount of net cash used in financing activities to appear in Stout's statement of cash flows for 2021 should be $3,264,000. $2,985,000. $3,822,000. $3,804,000.arrow_forward1. What is the amount of dividend per share that MOONSTONE paid on March 31, 2021? 2. How much is the ordinary share capital, December 31, 2021? 3. How much will is the total cash dividends paid during the year 2021? 4. Number of fractional warrants outstanding as of December 31, 2021 5. How much is the retained earnings appropriated for contingency loss?arrow_forwardWhat is the company common stock’s “Book Value” per share?arrow_forward
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- solve please with steps computation explanation formula thanksarrow_forwardCompute the following: 5. Assuming that on July 1, 2020, Kangaroo Company purchased its own share atP10.00. How much is the book value per share for the year 2020?6. Assuming that there is a cumulative and participating preference share, how thiswill affect the book value per share computation? Explain briefly.arrow_forwardQUESTION ONE The following financial information relates to Sporty Limited. Statement of Financial Position as at 31 December 2018 and 2019 Ordinary share capital Retained earnings Property, plant and equipment Investments Debentures 12.5% Inventory Trade debtors Prepaid expenses Trade creditors Bank overdraft SARS (income tax) Shareholders for dividends Profit before interest and tax Depreciation on equipment Dividends received on investments Interest on dividends Income tax Page 2 of 6 2019 R 400 000 55 000 230 000 165 000 20 000 124 000 37 000 Statement of comprehensive income for the year 31 December 2019 Note no. 1 for the year ended 31 December 2018 and 2019 Property, plant and equipment Land and building at cost Equipment at carrying value 25 000 21 000 5 000 30 000 Statement of changes in equity for the year ended 31 December 2019 Dividends on ordinary shares 2019 (R) 200 000 30 000 230 000 R R 295 000 5 000 195 000 110 000 2018 60 000 120 000 28 500 1 500 42 500 25 000 R 60…arrow_forward
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- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage LearningCornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
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Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
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