10) On December 23, 2016 the board of directors declared a total dividend of $1,200 on its 550issued and outstanding shares to shareholders of record on January 16, 2017 and payableon February 16, 2017. (Note that the company uses a dividends general ledger accountto record its dividend payments during the year rather than recording the dividendsdirectly to retained earnings. Be sure to use that account!)DateAccount descriptionDebitCredit

DECLARATION OF DIVIDENDSDividend is the amount paid by the Corporation its shareholders in return…

Answered: 10) On December 23, 2016 the board of…

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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ABC Inc. declared a dividend on July 17, 2013 to be payable on September 10, 2013. The list of shareholders who would be entitled to this dividend would be prepared on August 10, 2013. Which dates are the date of record and the date of payment Select one: a. July 10, 2013; September 10, 2013 respectively b. August 10, 2013; July 10, 2013 respectively c. September 10, 2013; August 10, 2013 respectively d. August 10, 2013; September 10, 2013 respectively
The following financial information was extracted from the accounting records of Eytan Ltd for the year end 30 June 2021: Issued share capital Authorised share capital Sales (Turnover) Gross margin on sales percentage Total asset turnover Return on total assets after interest and tax Net working capital Current ratio Acid test ratio Current liabilities (including Dividends payable) Debt to equity ratio (using interest bearing debt) Retained earnings at the beginning of the year Dividends proposed and paid Notes 500 Class A (Ordinary shares of R1 each) 500 000 Class A (Ordinary shares of R1 each) R100 000 15% 1.60 : 1 11.52 % R30 000 2.5:1 1.3:1 R20 000 0.55 : 1 (55%) R22 000 R4.40 per Class A share 1. Taxation is calculated at 28 % of Net Profit before Taxation. 2. Interest expense is 27.78 % of Net Profit after Taxation. REQUIRED: Prepare the Statement of Comprehensive Income and the Statement of Financial Position as at 30 June 2021. You are required to provide only the details which…
The declaration, record, and payment dates in connection with a cash dividend of $115,900 on a corporation's common stock are January 12, March 13, and April 12. Required: Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
The board of directors of Kenzie Jane’s Laundry Company declared a cash dividend on July 15, 2017. The dividend is to be paid on August 15, 2017, to stockholders of record on July 31, 2017. The correct recording on August 15, 2017, will include a(n) increase to Dividends decrease to Dividends increase to Dividends Payable decrease to Dividends Payable
The following Information comes from the 2024 Annual Report to stockholders of Composition Incorporated (in thousands): From the Statement of Changes in Shareholders' Equity. BALANCES at December 31, 2022 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.5375 per share Compensation under employee incentive plans Treasury shares exchanged for Acquisitions Purchase of shares for treasury BALANCES at December 31, 2023 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.5475 per share Compensation under employee incentive plans Purchase of shares for treasury BALANCES at December 31, 2024 From the Statement of Cash Flows: Cash flows from financing activities: Dividends paid 2024 2023 $ 72,244 $ 66,932 Paid-in capital-excess Number of Treasury of par shares (30,561) $0 (5,181) (1,802) 139,209 132,226 (3,538) (196) $ 128,492 377 395 20,449 (6,668) (16,008) 279 366 (2,933) (18,296) Treasury stock…
(Treasury Stock—Cost Method—Equity Section Preparation) Washington Company has the following stockholders’ equity accounts at December 31, 2017. Common Stock ($100 par value, authorized 8,000 shares) $480,000 Retained Earnings 294,000 Instructions(a) Prepare entries in journal form to record the following transactions, which took place during 2018.(1) 280 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.)(2) A $20 per share cash dividend was declared.(3) The dividend declared in (2) above was paid.(4) The treasury shares purchased in (1) above were resold at $102 per share.(5) 500 shares of outstanding stock were purchased at $105 per share.(6) 350 of the shares purchased in (5) above were resold at $96 per share.(b) Prepare the stockholders’ equity section of Washington Company’s balance sheet after giving effect to these transactions, assuming that the net income for 2018 was $94,000. State law requires…
6. On December 31, 2015, the shareholders' equity sections of R U B Corporation reflected the following: (see attached image for the given. Please answer it. thank you so much!) On February 1, 2016, the Board of directors declared 10% stock dividends to be issued April 30, 2016. The market value of the stock on February 1 was P18. Direction: a) Prepare the required entries for the declaration and distribution. b) Prepare the shareholders’ equity section immediately after the stock dividend was declared. c) Compare with the accounts and figures given above and explain the effects of this stock dividend on the a) assets, b) liabilities, and c) shareholders' equity. d) Prepare again the shareholders' equity immediately after the stock dividend was distributed. Compare the accounts against no 1 above and explain the effects of this distribution on the a) assets, b) liabilities, and c) shareholders' equity.
Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023. Assume that the preferred shares are non-cumulative. Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2026 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse Current assets $ 26,760 40,200 11,140 22,280 9,400 20,600 Required: Prepare a classified balance sheet at December 31, 2023. (Enter all amounts as positive values.) Assets 122,000 79,400 41,600 127,600 34,600 110,200 40,200 28,720 282,100 138,800 SPICER INC. Balance Sheet December 31, 2023 K
6. On December 31, 2015, the shareholders' equity sections of R U B Corporation reflected the following: (see attached image for the given. Someone already answer letter a so please answer letter b to d. Please answer it all. thank you so much!) On February 1, 2016, the Board of directors declared 10% stock dividends to be issued April 30, 2016. The market value of the stock on February 1 was P18. Direction: b) Prepare the shareholders’ equity section immediately after the stock dividend was declared. c) Compare with the accounts and figures given above and explain the effects of this stock dividend on the a) assets, b) liabilities, and c) shareholders' equity. d) Prepare again the shareholders' equity immediately after the stock dividend was distributed. Compare the accounts against no 1 above and explain the effects of this distribution on the a) assets, b) liabilities, and c) shareholders' equity.
PROBLEM 1: You were assigned to audit the shareholders’ equity of Glory Inc. for the year ended December31, 2019. Glory Corp. was incorporated in early 2018 when it was authorized by SEC to issue 500,000 ordinary shares (P10 par) and 100,000 convertible preference shares (P20 par). The following schedule reflects the company’s capital balances as of December 31, 2018: Ordinary shares, 100,000 shares issued during the company’s P 1,400,000 incorporation in exchange of a land with a fair value of P1.4 M. Preference shares, 50,000 shares issued during the company’s 2,500,000 incorporation at P50 per share. Each preference share is convertible to four ordinary shares Retained earnings, which is the company’s net income in 2018 540,000 Total shareholders’ equity P 3,440,000 Your inquiries and investigation revealed the following transactions, which occurred in 2019: On January 15, the company reacquired 20, 000 ordinary shares (from the 2018 issue) at P22 per share and reverted…
Talaat Corporation had retained earnings at January 1, 2017, of $950,000. the Corporation had 500,000 shares of $ 2.5 par value common stock outstanding throughout 2017. Net income for 2017 was $520,000. The following transactions occurred during 2017: July 1 A cash dividends of $0.5 per share was declared to stockholders of record on July 20. Aug. 1 Paid the cash dividends. Nov. 1 A 7% stock dividends was declared. The market price at the declaration date was $9 per share. Dec. 15 Distributed the stock dividends shares.2-Prepare a retained earnings statement for 2017.
On its Form 10-K for the year ended December 31, 2018, Bank of America Corp. reported information related to basic earnings per share.Fill in the missing information. Rounding instruction: Round answer a. to two decimal places.Round answer b., c., & d. to the nearest million.Round answer e. to one decimal place. $ millions, except per share amounts 2018 2017 2016 Net income $28,147 $18,232 d. Answer Preferred stock dividends 1,451 b. Answer $1,682 Net income applicable to common shareholders 26,696 c. Answer $16,140 Average common shares outstanding 10,096.5 10,195.6 e. Answer Basic earnings per share a. Answer $1.63 $1.57

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