34 Presented below is the equity section of Coca-Cola Corporation at December 31, 2022: Share capital—ordinary, par value P20; authorized 75,000 shares;issued and outstanding 45,000 shares, P900,000 Share premium—ordinary, P250,000 Retained earnings, P500,000 Total SHE, P1,650,000 During 2022, the following transactions occurred relating to equity: 3,000 shares were reacquired at P28 per share. 3,000 shares were reacquired at P35 per share. 1,800 shares of treasury shares were sold at P30 per share. For the year ended December 31, 2022, Coca-cola reported net income of P450,000. Assuming Coca-cola accounts for treasury under the cost method, what should it report as total equity on its December 31, 2022, statement of financial position?
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34
Presented below is the equity section of Coca-Cola Corporation at December 31, 2022:
Share capital—ordinary, par value P20; authorized 75,000 shares;issued and outstanding 45,000 shares, P900,000
Share premium—ordinary, P250,000
Retained earnings, P500,000
Total SHE, P1,650,000
During 2022, the following transactions occurred relating to equity:
3,000 shares were reacquired at P28 per share.
3,000 shares were reacquired at P35 per share.
1,800 shares of treasury shares were sold at P30 per share.
For the year ended December 31, 2022, Coca-cola reported net income of P450,000. Assuming Coca-cola accounts for treasury under the cost method, what should it report as total equity on its December 31, 2022,
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- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher financial statements.Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
- Presented below is the equity section of Coca-Cola Corporation at December 31, 2022: Share capital-ordinary, par value P20; authorized 75,000 shares;issued and outstanding 45,000 shares, P900,000 Share premium-ordinary, P250,000 Retained earnings, P500.000 Total SHE, P1,650,000 During 2022, the following transactions occurred relating to equity: 3,000 shares were reacquired at P28 per share. 3,000 shares were reacquired at P35 per share. 1,800 shares of treasury shares were sold at P30 per share. For the year ended December 31, 2022, Coca-cola reported net income of P450,000. Assuming Coca-cola accounts for treasury under the cost method, what should it report as total equity on its December 31, 2022, statement of financial position?The equity section of Whispering Inc. at January 1, 2022, was as follows. Share capital-ordinary $390,000 Accumulated other comprehensive income Unrealized holding gain on equity securities designated at fair value through other comprehensive income 65,000 Retained earnings 26,000 During the year, the company had the following transactions. 1. Issued 13,000 shares at $3 per share. 2. Dividends of $12.200 were declared and paid. 3. Net income for the year was $130,000. Unrealized holding loss of $6,500 occurred on its equity securities designated at fair value through other comprehensive 4. income. Prepare a statement of changes in equity for Whispering Inc. WHISPERING INC.The equity section from the December 31, 2023 balance sheet of Kentucky Corporation appeared as follows: Contributed capital: Common shares, 53,100 shares authorized; 23,280 and 21,000 shares issued and outstanding, respectively. Retained earnings Required: 1. How many shares were outstanding on each of the cash dividend dates? Outstanding shares The following transactions occurred during 2024 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.30 per share cash dividend was declared, and the date of record was five days later. Mar. 20 1,600 common shares were repurchased and retired at $22.00 per share. Apr. 5 A $1.00 per share cash dividend was declared, and the date of record was five days later. July 5 A $2.40 per share cash dividend was declared, and the date of record was five days later. July 31 A 20.00% share dividend was declared when the market value was $40.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $2.00 per share cash dividend…
- Presented below is the shareholders’ equity of ABC Company on January 1, 2020. Share capital, par value P20authorized 50,000 shares; issued and outstanding, 30,000 shares 600,000Share premium 150,000Retained Earnings 230,000 During 2020, the following transactions occurred relating to shareholders’ equity: - 1,000 shares were reacquired at P28 per share- 900 shares were reacquired at P30 per share- 1,500 shares of treasury were sold at P32 per shareFor the year ended December 31, 2020, ABC reported net income of P110,000.What should be reported as total shareholders’ equity on December 31, 2020?18. Use the following information for the next five (5) questions: Crusher Company reported the following shareholders’ equity on January 1, 2022: Share capital, P100 par 6,000,000 Share premium 500,000 Retained earnings 1,800,000 Transactions during the year and other information relating to shareholders’ equity account were as follows: On January 26, the entity reacquired for cash 5,000 shares for P110 per share. On April 4, the entity sold for cash 3,000 shares of treasury for P140 per share. On June 1, the entity declared a cash dividend of P20 per share, payable July 5, to shareholders of record on July 1. On November 1, the entity declared a 2 for 1 split and changed the par value from P100 to P50. On November 20, shares were issued for the share split. On December 5, 4,000 shares were issued in exchange for a second hand equipment. The equipment originally cost P400,000, was carried by the previous owner at a carrying amount of P200,000 and was fairly…18. Use the following information for the next five (5) questions: Crusher Company reported the following shareholders’ equity on January 1, 2022: Share capital, P100 par 6,000,000 Share premium 500,000 Retained earnings 1,800,000 Transactions during the year and other information relating to shareholders’ equity account were as follows: On January 26, the entity reacquired for cash 5,000 shares for P110 per share. On April 4, the entity sold for cash 3,000 shares of treasury for P140 per share. On June 1, the entity declared a cash dividend of P20 per share, payable July 5, to shareholders of record on July 1. On November 1, the entity declared a 2 for 1 split and changed the par value from P100 to P50. On November 20, shares were issued for the share split. On December 5, 4,000 shares were issued in exchange for a second hand equipment. The equipment originally cost P400,000, was carried by the previous owner at a carrying amount of P200,000 and was fairly…
- 17. Use the following information for the next five (5) questions: Crusher Company reported the following shareholders’ equity on January 1, 2022: Share capital, P100 par 6,000,000 Share premium 500,000 Retained earnings 1,800,000 Transactions during the year and other information relating to shareholders’ equity account were as follows: On January 26, the entity reacquired for cash 5,000 shares for P110 per share. On April 4, the entity sold for cash 3,000 shares of treasury for P140 per share. On June 1, the entity declared a cash dividend of P20 per share, payable July 5, to shareholders of record on July 1. On November 1, the entity declared a 2 for 1 split and changed the par value from P100 to P50. On November 20, shares were issued for the share split. On December 5, 4,000 shares were issued in exchange for a second hand equipment. The equipment originally cost P400,000, was carried by the previous owner at a carrying amount of P200,000 and was fairly…16. Use the following information for the next five (5) questions: Crusher Company reported the following shareholders’ equity on January 1, 2022: Share capital, P100 par 6,000,000 Share premium 500,000 Retained earnings 1,800,000 Transactions during the year and other information relating to shareholders’ equity account were as follows: On January 26, the entity reacquired for cash 5,000 shares for P110 per share. On April 4, the entity sold for cash 3,000 shares of treasury for P140 per share. On June 1, the entity declared a cash dividend of P20 per share, payable July 5, to shareholders of record on July 1. On November 1, the entity declared a 2 for 1 split and changed the par value from P100 to P50. On November 20, shares were issued for the share split. On December 5, 4,000 shares were issued in exchange for a second hand equipment. The equipment originally cost P400,000, was carried by the previous owner at a carrying amount of P200,000 and was fairly…The equity section of the December 31", 2025, balance sheet for BOOYA Inc. showed the following: BOOYA Inc. Equity Section of the Balance Sheet December 31, 2025 Contributed Capital: Preferred shares, $0.25 non-cumulative, 80,000 shares authorized, 60,000 shares issued and outstanding Common shares, 250,000 shares authorized, 120,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $150,000 120.000 $270,000 92.500 $362,500 During the year 2026, BOOYA Inc had the following transactions affecting equity accounts: Sold 20,000 common shares for a total of $21,500 cash Sold 5,000 preferred shares for $3.00 each, cash. Issued and exchanged 7,000 common shares for equipment with a list price of $10,000 (fair value unknown). Common shares were trading at $1.42 on June 15th. Jan. 3 Mar. 1 June 15. Closed the Income Summary account, which showed a credit balance of $175,000. Dec. 31 The board of directors had not declared a dividend for the past two years…
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