14. Prepare the shareholders’ equity section of the statement of financial position of Knicks Corporation as of December 31, 2019.15. What should be the balance of the Retained Earnings as of December 31, 2019? ______________ The capital accounts of Knicks Corporation on December 31, 2018 showed the following accountsincluded in the shareholders' equity:14.P 15,000,00010%Preference Share Capital, 300,000 sharesOrdinary Share Capital, 3,000,000 shares30,000,000Preference Share Premium3,000,000Ordinary Share PremiumRetained Earnings15,000,00013,500,000During the year 2019, the following transactions took place.2 Issued 7,500 preference shares at P 60 per shareJan1 Issued 12,500 ordinary shares at P 25 per share1 2 for 1 share split1 Reacquired 10,000 ordinary shares at P 14 per share30 Reissued 7,500 treasury shares at P 16 per shareProfit for the year amounted to P 1,250,000.31 Declared regular dividend to preference shares and P 2.00 dividend per share onordinary shares.MarMayJulySeptDec31DecPrepare the shareholders' equity section of the statement of financial position of KnicksCorporation as of December 31, 2019.15.The following data were taken from the accounts of Miami Heat Corporation as at December 31,2019:Total net income since incorporationP 840,000Proceeds from sale of donated shares90,000Scrip dividends declared payable on Jan. 5, 2020Ordinary share capital dividend distributableExcess of proceeds over cost from sale of treasury shares65,00060,000What should be the balance of the Retained Earnings as of December 31, 2019?

Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

14. The capital accounts of Knicks Corporation on December 31, 2018 showed the following accounts included in the shareholders' equity: P 15,000,000 30,000,000 3,000,000 15,000,000 10%Preference Share Capital, 300,000 shares Ordinary Share Capital, 3,000,000 shares Preference Share Premium Ordinary Share Premium Retained Earnings 13,500,000 During the year 2019, the following transactions took place. 2 Issued 7,500 preference shares at P 60 per share Jan 1 Issued 12,500 ordinary shares at P 25 per share 1 2 for 1 share split 1 Reacquired 10,000 ordinary shares at P 14 per share Mar May July Sept 30 Reissued 7,500 treasury shares at P 16 per share 31 Profit for the year amounted to P 1,250,000. 31 Declared regular dividend to preference shares and P 2.00 dividend per share on ordinary shares. Dec Dec Prepare the shareholders' equity section of the statement of financial position of Knicks Corporation as of December 31, 2019.

14. The capital accounts of Knicks Corporation on December 31, 2018 showed the following accounts included in the shareholders' equity: P 15,000,000 30,000,000 3,000,000 15,000,000 10%Preference Share Capital, 300,000 shares Ordinary Share Capital, 3,000,000 shares Preference Share Premium Ordinary Share Premium Retained Earnings 13,500,000 During the year 2019, the following transactions took place. 2 Issued 7,500 preference shares at P 60 per share Jan 1 Issued 12,500 ordinary shares at P 25 per share 1 2 for 1 share split 1 Reacquired 10,000 ordinary shares at P 14 per share Mar May July Sept 30 Reissued 7,500 treasury shares at P 16 per share 31 Profit for the year amounted to P 1,250,000. 31 Declared regular dividend to preference shares and P 2.00 dividend per share on ordinary shares. Dec Dec Prepare the shareholders' equity section of the statement of financial position of Knicks Corporation as of December 31, 2019.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

D2. Account
Which items are required by the SEC to be included in the Form 10-K? Question 14 options: Customer accounts, legal proceedings, financial statements. Executive compensation, properties, list of all shareholders by name. Financial statements and supplementary data, properties, risk factors. Legal proceedings, three-year summary of financial data, risk factors
Locate and download Gap Inc.’s 2020 Annual Report (for fiscal year 2/2/20-1/30/21) https://investors.gapinc.com/financial-information/default.aspx Shareholder’s Equity At 2/1/20: How many shares of common stock are: (a) authorized _______________ (b) issued _______________ (c) outstanding _______________ How many shares of preferred stock are: (a) authorized _______________ (b) issued _______________ (c) outstanding _______________ What was the amount of dividends paid to shareholders during 2020? _______________
What is the adjusted amount of shareholders’ equity that should be reported by REBOND in its December 31, 2021 statement of financial position?
S1. Account
How do I do this?
View Policies Current Attempt in Progress The following information is available for Martinez Company at December 31, 2020, regarding its investments. Securities 500 shares of Runner Corporation common stock 7,400 shares of Sher-tor Corporation preferred stock (a) Prepare the adjusting entry (if any) for 2020, assuming the securities are classified as trading. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Unrealized Holding Gain or Loss - Equity Fair Value Adjustment Cost Fair Value $24,000 $39,000 593,000 564,000 $617,000 $603,000 Account Titles and Explanation Save for Later Debit (b) Prepare the adjusting entry (if any) for 2020, assuming the securities are classified as available-for-sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is…
What is your company’s common and preferred stock par or stated value? 2019
26. The following form part of shareholder’s equity, except Group of answer choices a. Treasury shares b. Conversion option c. Retained earnings d. Subscription receivable collectible within twelve months after the end of reporting period
1) Identify any three (3) earnings per share (EPS) information required to be disclosed in financial statements under MFRS 133 Earnings Per Share. 2) With reference to 31 March 2021, briefly explain the share split in accordance with MFRS 133 Earnings Per Share.
On December 31, 2019, an entity reported the following equity items: 8% cumulative preference shares (150,000 issued, P20 par) Ordinary share capital (2,000,000 issued, P5 par) Share Premium- Preference + Share Premium -Ordinary Retained Earnings The following transactions affected equity during 2020: Jan 1. Apr 1 Jun 1 Jul 1 Oct 1 Dec 31 was paid during 2018 P3,000,000 10,000,000 200,000 27,000,000 4,500,000 30,000 preference shares issued at P22 per share 50,000 ordinary shares issued at P20 per share 2-for-1 share split on the ordinary share 30,000 ordinary treasury shares were reacquired at P10 per share 10,000 treasury shares were re-issued at P11 per share Net-income for the year is P9,000,000. The latest preference dividend
Compute for the adjusted balances of the following as of December 31, 2019:1. Ordinary shares2. Preference shares3. Share premium- Ordinary shares4. Share premium- Preference shares5. Share premium- Treasury shares6. Total additional paid-in capital7. Total contributed capital8. Total stockholders’ equityWith computations