10. At Dec. 31, 2018 and 2019, P. Tulio Corp. had 3,000 shares of P100 par, 5%cumulative preference shares outstanding. No dividends were in arrears as of Dec.31, 2017. P. Tulio did not declare a dividend during 2018. During 2019, P. Tulio paida cash dividend of P10,000 on its preference shares.P. Tulio should reportdividends in arrears in its 2019 financial statements asan accrued liability of P20,000.b. an accrued liability of P15,000.a disclosure of P20,000.a disclosure of P15,000.а.С.d. 14. Lozada Corp. has 100,000 shares of P20 par ordinary shares outstanding Thestock's market value is P37 per share. Lozada's board of directors declareddistributed a 10% ordinary share dividend. Which of the following entries showedthe full effect of declaring and distributing the dividend?а.Retained Earnings370,000Ordinary Shares DistributableShare Premium-Ordinary200,000170,000b.Retained Earnings200,000Ordinary Shares200,000Retained EarningsShare Premium-OrdinaryС.170,000170,000d.Retained Earnings370,000Ordinary SharesShare Premium-Ordinary200,000170,000

“Since you have asked multiple questions, we will solve the first question for you. If you want any…

10. At Dec. 31, 2018 and 2019, P. Tulio Corp. had 3,000 shares of P100 par, 5% cumulative preference shares outstanding. No dividends were in arrears as of Dec. 31, 2017. P. Tulio did not declare a dividend during 2018. During 2019, P. Tulio paid a cash dividend of P10,000 on its preference shares. P. Tulio should report dividends in arrears in its 2019 financial statements as an accrued liability of P20,000. b. an accrued liability of P15,000. a disclosure of P20,000. d. a disclosure of P15,000. а. С.

10. At Dec. 31, 2018 and 2019, P. Tulio Corp. had 3,000 shares of P100 par, 5% cumulative preference shares outstanding. No dividends were in arrears as of Dec. 31, 2017. P. Tulio did not declare a dividend during 2018. During 2019, P. Tulio paid a cash dividend of P10,000 on its preference shares. P. Tulio should report dividends in arrears in its 2019 financial statements as an accrued liability of P20,000. b. an accrued liability of P15,000. a disclosure of P20,000. d. a disclosure of P15,000. а. С.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Sandhill, Inc. has $500,000, $0.50, no par value preferred shares (50,000 shares) and $1,000,000 of…

A: Solution: (a). Non-cumulative and non-participating preferred ($) common ($) total ($)…

Q: Hardstone Inc. had excess cash and invested it in the stock of Softrock, Inc. On August 5, 2021…

A: The excess cash available with the firm can be invested in financial assets for a short-term period…

Q: Ayayai Company’s net income for 2020 is $52,900. The only potentially dilutive securities…

A: GIVEN Ayayai Company’s net income for 2020 is $52,900. The only potentially dilutive securities…

Q: . Li Travel Company reported net income for 2021 in the amount of $900,000. During 2021, Li declared…

A: Earnings per share are the earnings available to each shareholder. The earnings per share are…

Q: Sage Company's net income for 2020 is $47,100. The only potentially dilutive securities outstanding…

A: Diluted earnings per share provide measures of what may happen in the future if potential ordinary…

Q: Calculate EPS reported before stock split and stock dividend During the fiscal year ended September…

A: We have to calculate the originally reported earnings per share before stock split and stock…

Q: net income

A: Net income refers to income of company after deducting all expenses. It is final value of profit and…

Q: 121 par value Crane, Inc. has 11400 shares of 5%, £100 par value, noncumulative preference shares…

A: Preference shareholders carry the preferential right of payment of dividends and capital over common…

Q: Aylmer follows IFRS On December 31, 2021 the company declared a dividend of $0.23 per share for…

A: Journal entry is the modern method of accounting in which all business transactions are recorded in…

Q: At December 31, 2019, Nash Corporation had the following stock outstanding. 10% cumulative preferred…

A: An income statement is a statement showing the income calculated by deducting the expenses from the…

Q: 1. How many shares of its stock did 3M repurchase during fiscal 2019? 2. What journal entry did…

A: Statement of shareholder's equity is prepared to analyze and record the changes made in…

Q: 3. STRANGE Inc. has the following transactions relating to investments during 2021: January 8…

A: The journal entry is recording of transactions in the book of original entry by debiting and…

Q: Declared a cash dividend. Issued par value common stock for cash at par value Completed a 2-for-1…

A: Retained earnings are the portion of a company's profits that are not distributed as dividends to…

Q: At December 31, 2019, MarigoldCorporation had the following stock outstanding. 10% cumulative…

A: An income statement is a statement showing the income calculated by deducting the expenses from the…

Q: Templet Corp. earned net income of $118,400 and paid the minimum dividend to preferred stockholders…

A: 1) Calculation of Earning Per Share (EPS) EPS will be calculated on the earnings available to common…

Q: Dedrick Inc. did not pay dividends in 2018 or 2019, even though 60,000 shares of its 7.5%, $50 par…

A: DIVIDEND Dividend is the Amount which is paid by the Corporation it it's Shareholders in return on…

Q: Frenchroast Company earned net income of $93,000 during the year ended December 31, 2020. On…

A: The objective of the question is to calculate the preferred dividends, common dividends and total…

Q: Manner, Inc. has 5,000 shares of 6%, $100 par value, noncumulative preferred stock and 20,000 shares…

A: Computation of the dividend received by common stockholders in 2018 is as follows :

Q: Ayayai Company’s net income for 2020 is $52,900. The only potentially dilutive securities…

A: GIVEN Ayayai Company’s net income for 2020 is $52,900. The only potentially dilutive securities…

Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

10. At Dec. 31, 2018 and 2019, P. Tulio Corp. had 3,000 shares of P100 par, 5%
cumulative preference shares outstanding. No dividends were in arrears as of Dec.
31, 2017. P. Tulio did not declare a dividend during 2018. During 2019, P. Tulio paid
a cash dividend of P10,000 on its preference shares.
P. Tulio should report
dividends in arrears in its 2019 financial statements as
an accrued liability of P20,000.
b. an accrued liability of P15,000.
a disclosure of P20,000.
a disclosure of P15,000.
а.
С.
d.

14. Lozada Corp. has 100,000 shares of P20 par ordinary shares outstanding The
stock's market value is P37 per share. Lozada's board of directors declared
distributed a 10% ordinary share dividend. Which of the following entries showed
the full effect of declaring and distributing the dividend?
а.
Retained Earnings
370,000
Ordinary Shares Distributable
Share Premium-Ordinary
200,000
170,000
b.
Retained Earnings
200,000
Ordinary Shares
200,000
Retained Earnings
Share Premium-Ordinary
С.
170,000
170,000
d.
Retained Earnings
370,000
Ordinary Shares
Share Premium-Ordinary
200,000
170,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

On Dec 15, 2019 the board of directors of Flexsttel declared a cash dividend. The dividend is payable on Jan 8, 2019, of $0.80 per share on the 2,000,000 common shares outstanding. On dec 15, 2019 Flexsteel should: A. Decrease retained earnings $1.6 million and increase expenses $1.6 million B. Debit dividends $1.6 million and credit dividends payable by $1.6 million C. Not prepare a journal entry because the event had no effect on the corporation's financial position until 2020. D. Decrease cash $1.6 million and decrease retained earnings $1.6 million
Wheaton Tire Inc., [WTI] reported the following excerpts from shareholders’ equity on January 1, 2021: Preferred shares, 0.90, 300,000 issued and outstanding $6,000,000 Common shares, 400,000 issued and outstanding $4,400,000 The company declared and paid a cash dividend on February 1, 2021 of $1,400,000. Dividends had not been declared for the past two years, 2019 and 2020. However, now assume that for this question only that the preferred shares were cumulative and participating in excess distributable dividends after allocating common shareholders a minimum dividend of $0.80 per share. How much will each shareholder group receive?
Please do not give solution in image format ?
On June 30, 2019, Haiti Company has 200,000 shares of P10 par ordinary share outstanding and the market price of the share is P12 per share. On the same date, the company declared a 1 for 2 share split. Immediately before the split, the total share premium was P900,000. What should be the balance in Haiti’s Share Premium account after the share split is effected?
usiness AccountingQ&A LibraryWeisberg Corporation has 10,000 shares of $100 par value, 6%, preference shares and 50,000 ordinary shares of $10 par value outstanding at December 31, 2020. Instructions Answer the questions in each of the following independent situations. a. If the preference shares are cumulative and dividends were last paid on the preference shares on December 31, 2017, what are the dividends in arrears that should be reported on the December 31, 2020, statement of financial position? How should these dividends be reported? b. If the preference shares are convertible into seven shares of $10 par value ordinary shares and 3,000 shares are converted, what entry is required for the conversion, assuming the preference shares were issued at par value? c. If the preference shares were issued at $107 per share, how should the preference shares be reported in the equity section? Weisberg Corporation has 10,000 shares of $100 par value, 6%, preference shares…
Show the balance sheet presentationof the investments at December 31,2019.At this date,Ramey Associates has common stock TK.15,00,000 and retained earnings TK.10,00,000.
1. Compute Tidepool's EPS for the year. 2. Assume Tidepool's market price of a share of common stock is $ 7 per share Compute Tidepool's price / earnings ratio Tidepool Corp. earned net income of $133,340 and paid the minimum dividend to preferred stockholders for 2018. Assume that there are no changes in common shares outstanding during 2018. Tidepool's books include the following figures