1 The Demand For And Supply Of Financial Accounting Information 2 Financial Reporting: Its Conceptual Framework 3 Review Of A Company's Accounting System 4 The Balance Sheet And The Statement Of Shareholders' Equity 5 The Income Statement And The Statement Of Cash Flows M Time Value Of Money Module 6 Cash And Receivables 7 Inventories: Cost Measurement And Flow Assumptions 8 Inventories: Special Valuation Issues 9 Current Liabilities And Contingent Obligations 10 Property, Plant And Equipment: Acquisition And Subsequent Investments 11 Depreciation, Depletion, Impairment, And Disposal 12 Intangibles 13 Investments And Long-term Receivables 14 Financing Liabilities: Bonds And Long-term Notes Payable 15 Contributed Capital 16 Retained Earnings And Earnings Per Share 17 Advanced Issues In Revenue Recognition 18 Accounting For Income Taxes 19 Accounting For Post Retirement Benefits 20 Accounting For Leases 21 The Statement Of Cash Flows 22 Accounting For Changes And Errors. Chapter16: Retained Earnings And Earnings Per Share
Chapter Questions Section: Chapter Questions
Problem 1GI: What are the four important dates in regard to a cash dividend? What journal entry does the... Problem 2GI: How does the ex-dividend date differ from the date of record? Problem 3GI Problem 4GI Problem 5GI Problem 6GI Problem 7GI: How does the accounting for a liquidating dividend differ from that for a normal cash dividend? Problem 8GI Problem 9GI Problem 10GI Problem 11GI: What items might a corporation include in the Accumulated Other Comprehensive Income section of its... Problem 12GI Problem 13GI Problem 14GI Problem 15GI Problem 16GI: On what date are stock dividends and splits considered to be issued for computing earnings per... Problem 17GI Problem 18GI: What two earnings per share figures generally are reported by a corporation with a complex capital... Problem 19GI Problem 20GI Problem 21GI Problem 22GI: A company with potentially dilutive share options is preparing its financial statements under IFRS.... Problem 23GI Problem 1MC: Cash dividends on the 10 par value common stock of Garrett Company were as follows: The 4th-quarter... Problem 2MC: A prior period adjustment should be reflected, net of applicable income taxes, in the financial... Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be... Problem 4MC: Effective May 1, the shareholders of Baltimore Corporation approved a 2-for-1 split of the companys... Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par... Problem 6MC: For purposes of computing the weighted average number of shares outstanding during the year, a... Problem 7MC: In determining basic earnings per share, dividends on nonconvertible cumulative preferred stock... Problem 8MC: Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde... Problem 9MC: Iredell Company has 2,500,000 shares of common stock outstanding on December 31, 2018. An additional... Problem 10MC Problem 1RE Problem 2RE Problem 3RE Problem 4RE: Use the same facts as in RE 16-3, but instead assume that Pickens declares and issues a 50% stock... Problem 5RE: Given the following current year information, calculate Adair Corporations retained earnings balance... Problem 6RE: In Year 2, Adams Corporation discovered that it forgot to accrue interest expense of 40,000 in Year... Problem 7RE: Howard Corporal ion had 10,000 shares of common stock outstanding at the beginning of the year. On... Problem 8RE: Given the following year-end information for Somerset Corporation, compute its basic earnings per... Problem 9RE: Aiken Corporation has compensatory share options for employees to purchase 4,000 common shares at 12... Problem 10RE: Marlboro Corporation has 9% convertible preferred stock outstanding. It declared preferred dividends... Problem 11RE: Sarasota Corporation has 9% convertible bonds outstanding. It recorded interest expense (net of... Problem 12RE: Given the following year-end information, compute Greenwood Corporations basic and diluted earnings... Problem 1E: Various Dividends Carlyon Company listed the following items in its December 31, 2018, financial... Problem 2E: Dividends Andrews Company has 80,000 available to pay dividends. It has 2,000 shares of 10%, 100... Problem 3E Problem 4E Problem 5E: Stock Dividend Comparison Although Oriole Company has enough retained earnings legally to declare a... Problem 6E: Prior Period Adjustments Scobie Company began 2019 with a retained earnings balance of 142,400.... Problem 7E Problem 8E Problem 9E Problem 10E: Shareholders Equity Herrera Manufacturing Corporation completed the following transactions during... Problem 11E Problem 12E: Weighted Average Shares At the beginning of 2019, Hardin Company had 220,000 shares of 10 par common... Problem 13E: Weighted Average Shares At the beginning of the current year, Hardin Company had 20,000 shares of 10... Problem 14E: Earnings per Share The 2018 balance sheet for Guthrie Corporation revealed the following... Problem 15E Problem 16E: Jumbo Corporation reported the following information about its stock on its December 31, 2018,... Problem 17E: Lucas Company reports net income of 5,125 for the year ended December 31, 2019, its first year of... Problem 18E: Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares... Problem 19E: Lyon Company shows the following condensed income statement information for the year ended December... Problem 20E: Extreme Company reported the following information about its stock on its December 31, 2019, balance... Problem 21E: Mills Company had five convertible securities outstanding during all of 2019. It paid the... Problem 22E Problem 23E Problem 24E Problem 25E Problem 26E: Tama Companys capital structure consists of common stock and convertible bonds. At the beginning of... Problem 27E: Percy Company has 15,000 shares of common stock outstanding during all of 2019. It also has 2... Problem 28E Problem 1P: Keener Company has had 1,000 shares of 7%, 100 par preferred stock and 40,000 sl1ares of 5... Problem 2P: Otter Tail, Inc., began operations in January 2015 and had the following reported net income or loss... Problem 3P: On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a... Problem 4P Problem 5P: Alert Companys shareholders equity prior to any of the following events is as follows: The company... Problem 6P Problem 7P: Oakwood Inc. is a public enterprise whose shares are traded in the over-the-counter market. At... Problem 8P Problem 9P Problem 10P Problem 11P: Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative,... Problem 12P Problem 13P Problem 14P: Gray Company lists the following shareholders equity items on its December 31, 2018, balance sheet:... Problem 15P: Included in the December 31, 2018, Jacobi Company balance sheet was the following shareholders... Problem 16P Problem 17P: Graham Railways Inc. is evaluating its operations and provides the following information: Required:... Problem 18P Problem 19P: Anoka Company reported the following selected items in the shareholders equity section of its... Problem 20P: Winona Company began 2019 with 10,000 shares of 10 par common stock and 2,000 shares of 9.4%, 100... Problem 21P: Waseca Company had 5 convertible securities outstanding during all of 2019. It paid the appropriate... Problem 22P: Roseau Company is preparing its annual earnings per share amounts to be disclosed on its 2019 income... Problem 23P Problem 24P: Frost Company has accumulated the following information relevant to its 2019 earningsper share. 1.... Problem 25P: The controller of Red Lake Corporation has requested assistance in determining income, basic... Problem 26P Problem 1C: Problems may be encountered in accounting for transactions involving the shareholders equity section... Problem 2C: Stock splits and stock dividends may be used by a corporation to change the number of shares of its... Problem 3C: Earnings per share (EPS) is the most featured single financial statistic about modern corporations.... Problem 4C: The earnings per share data required of a company depend on the nature of its capital structure. A... Problem 5C Problem 6C: Public enterprises are required to present earnings per share data on the face of the income... Problem 7C Problem 9C: Ryan Company has as a goal that its earnings per share should increase by at least 3% each year;... Problem 3P: On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a...
Related questions
1. Compute for the share capital to be reported in the 2020 Statement of Financial Position .
Transcribed Image Text: The shareholders' equity section of RED COMPANY, after its initial year of operation in 2020 shows the following:
DATE
PARTICULARS
1-Jan Issued 6,000 shares at par of Php 100 in exchange for Php 300,000, authorized 20,000 shares
15-Jan Sold 8,000 shares at Php 120
10-Mar Purchased 800 RED SHARES at Php 150
15-May Loss on sale of machinery - Php 40,000
10-Jun Sold 400 treasury shares - Php 68,000
31-Dec Cash dividends declared, payable January 15, 2021 - Php 80,000
31-Dec Profit for the year - Php 316,000
Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
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