Question 33 ACME Incorporated had the following balances for its equity accounts on the company's audited statement of financial position at December 31, 2019: Shareholder's Equity Paid in on capital shares Preferred [8%, cumulative, 30,000 authorized, issued & outstanding $ 300,000 Common [unlimited authorized, 550,000 issued & outstanding] Contributed surplus 865,000 216,250 $ 1,381,250 Retained earnings Accumulated other comprehensive income Total shareholder's equity 432,500 216,250 $ 2,030,000 Information for 2020: Net income was Gain on disposal of bonds Dividends declared and paid on preferred shares Issued 3,000 common shares Foreign translation gain on subsidiary Comprehensive income $ 350,000 135,000 15,000 5,000 87,500 262,500 Required: Prepare ACME's statement of changes in equity at December 31, 2020 in good form.

Question 33 ACME Incorporated had the following balances for its equity accounts on the company's audited statement of financial position at December 31, 2019: Shareholder's Equity Paid in on capital shares Preferred [8%, cumulative, 30,000 authorized, issued & outstanding $ 300,000 Common [unlimited authorized, 550,000 issued & outstanding] Contributed surplus 865,000 216,250 $ 1,381,250 Retained earnings Accumulated other comprehensive income Total shareholder's equity 432,500 216,250 $ 2,030,000 Information for 2020: Net income was Gain on disposal of bonds Dividends declared and paid on preferred shares Issued 3,000 common shares Foreign translation gain on subsidiary Comprehensive income $ 350,000 135,000 15,000 5,000 87,500 262,500 Required: Prepare ACME's statement of changes in equity at December 31, 2020 in good form.

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

Blabla Grocery Inc., reported the following financial information on December 31, 2019: Common shares issued and outstanding throughout 2019 700,000 shares 6% nonconvertible cumulative preferred shares capital $450,000 Retained Earnings on January 1. 2019 $3,500,000 Basic EPS for 2019 $0.99 per share In addition, the company did not declare any dividends for either 2018 or 2019. The amount which the company would report as Retained Earnings on December 31, 2019 would be: Select one: a. $673,000. b. $693,000. c. $4,220,000. d. $4,173,000. e. $4,166,000.
Current Attempt in Progress On January 1, 2021, Elkhardt Corporation, a publicly traded company, had the following shareholders' equity accounts: Common shares (unlimited number of shares authorized, 48,400 shares issued) $1,936.000 Retained earnings 1,249,600 Accumulated other comprehensive income 59,840 During the year, the following transactions occurred: Jan. 15 Declared a $1.25 per share cash dividend to shareholders of record on January 31, payable February 15. Declared a 10% stock dividend to shareholders of record on April 30, distributable May 15. On April 16, April 30, and May 15, the share prices were $12, $11.80, and $11.90, respectively. Apг. 16 Oct. Effected a 2-for-1 stock split. On October 1, the share price was $15. Dec. 31 Determined that net income for the year was $552,640. (a) Record the above transactions, including any required entries to close dividends and net income. (List all debit entries before credit entries. Credit account titles are automatically…
How much is the retained earnings - December 31, 2021? For the computation in your worksheet - Prepare a Statement of Changes in Equity for the year ended December 31, 2021 for Shalimar Corporation with the following columns - Share Capital, Reserves, Retained Earnings, Treasury Shares, and Total.
Total Stockholders' Equity of P200,000 should be Treasury Shares
Homework Corporation Stockholders' Equity December 31, 2021 Common Stock, no par, 25,000 shares outstanding Retained Earnings Other Comprehensive Income 500,000 300,000 (30,000) Total Stockholders' Equity 770,000 The following transactions relating to stockholders' equity occurred during 2022: Enter the transactions in the general journal 1. Recorded a net income of $100,000 with a $15,000 loss allocated to other comprehensive income (no journal entry required)
Subject: accounting The shareholders’ equity of Phax Corporation includes $200.000 of $1 par common stock and $400,000 shares of $1 par value of 6% cumulative, nonparticipating preferred stock. The board of directors of Phax declared cash dividends of $50,000 in 2018 after paying $20,000 cash dividends in each of 2020 and 2021. What is the amount of dividends common shareholders receive in 2021?
Denia Corporation Balance Sheet (partial) At December 31, 2020 Paid-in Capital Common Stock, $9 par value, 3,000,000 shares authorized, $10,530,000 shares issued, and shares outstanding Additional Paid-in Capital in Excess of Par $4,680,000 Total Paid-in Capital $15,210,000 Retained Earnings $11,380,000 Total Shareholders’ Equity $26,590,000 Instructions: Complete the following statements and show your calculations! a) The number of shares of common stock issued and outstanding was b) The average sales price of the common stock when issued was $