CarFind Inc. showed the following equity information at December 31, 2022.Common shares, unlimited shares authorized;4,500,000 shares issued and outstandingRetained earnings$1,115,0001,322,500On April 1, 2023, 250,000 common shares were issued at $0.80 per share. On June 1, the board of directors declared a 10% sharedividend to shareholders of record on June 15; the distribution date was July 1. The market prices of the shares on June 1, June 15, andJuly 1 were $2.98, $1.96, and $2.56, respectively. On December 11, the board of directors declared a 2:1 share split to shareholders ofrecord on December 15; the distribution date was December 20. Profit earned during the year was $1,505,000.Required:Prepare the company's equity section on the December 31, 2023, balance sheet.Total equityCARFIND INC.Equity Section of Balance SheetDecember 31, 2023Contributed capital:Common shares, unlimited shares authorized, 10,450,000 shares issued and outstandingRetained earnings$0

Shareholders equity includes issued capital and retained earnings of the business. The retained…

Answered: arFind Inc. showed the following equity…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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The stockholders' equity accounts of Skysong, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,500 shares authorized) Common Stock ($1 stated value, 1,900,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,500 common shares) $ 400,000 1,250,000 135,000 1,400,000 1,800,000 52,500 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000 shares of common stock for $121,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $32,800. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $34,200. Nov. 10 Dec. Purchased 1,000 shares of common stock for the treasury at a cost of $5,900. 31 Determined that net income for the year was $410,000. No dividends were declared during the year. Tuy Journalize the transactions and the closing entry for net income.…
Below are the accounts shown in the December 31, 2020 trial balance of ABC Corporation: Preference shares, P50 par, 100,000 authorized, 40,000 shares issued Ordinary shares, P100 par, 200,000 authorized, 50,000 shares issued Subscribed preference share, 20,000 shares Subscribed ordinary shares, 20,000 shares Subscription receivable, preference due March 31, 2021, P180,000 Subscription receivable, ordinary due June 1, 2021, P260,000 Treasury stock, preference, 10,000 shares reacquired at P86 Share premium Ordinary shares, P1,500,000 Share premium - Preference shares, P2,100,000 Share premium from Treasury, P400,000 Donated Capital, P600,000 Ordinary share warrants outstanding, P300,000 Ordinary share options outstanding, P200,000 Accumulated Profits, P3,100,000 Revaluation Surplus, P1,500,000 Reserve for plant expansion, P1,200,000 Unrealized Gain on financial asset at FMV through OCI/L, P200,000 How much is the total contributed capital of ABC Corporation? O 14,660,000 14,440,000…
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 83,900 shares issued)$4,195,000 Paid-In Capital in Excess of Par—Preferred Stock184,580 Common Stock, $3 par (5,000,000 shares authorized, 2,120,000 shares issued)6,360,000 Paid-In Capital in Excess of Par—Common Stock1,590,000 Retained Earnings31,692,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: Journalize the entries to record the transactions. Should equal 18 lines. Jan. 5 Issued 467,700 shares of common stock at $9, receiving cash. Feb. 10 Issued 10,700 shares of preferred 1% stock at $62. Mar. 19 Purchased 53,000 shares of treasury stock for $6 per share. May 16 Sold 20,000 shares of treasury stock for $8 per share. Aug. 25 Sold 5,200 shares of treasury stock for $5 per share. Dec. 6 Declared cash…
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The following information is available for ConocoPhillips on December 31, 2022: Common Stock, $1.75 par, 400,000 shares authorized Additional Paid in Capital - Common Stock Retained Earnings Total Stockholders' Equity During 2023, ConocoPhillips completed these transactions (in chronological order): 1) Declared and issued a 2.0% stock dividend on the outstanding stock. At that time, the stock was quoted at a market price of $20 per share. 2) Issued 2,400 shares of common stock at the price of $18 per share. 3) Net Income for the year was $410,400. Determine the ending balance in the Additional Paid in Capital - Common Stock account on December 31, 2023: Select one: O O $651,000 840,000 756,000 $2,247.000 a. $1,014,780 b. $1,025,000 c. $1,032,000 d. $975,780 e. $879,000 4
The shareholders' equity section of the balance sheet of TNL Systems Incorporated included the following accounts at December 31, 2023: Shareholders' Equity Common stock, 240 million shares at $1 par Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings Required: ($ in millions) $ 240 1,680 1 1,100 1. During 2024, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are (a) retired and (b) viewed as treasury stock. a. On February 5, 2024, TNL Systems purchased 6 million shares at $10 per share. b. On July 9, 2024, the corporation sold 2 million shares at $12 per share. c. On November 14, 2026, the corporation sold 2 million shares at $7 per share. 2. Prepare the shareholders' equity section of TNL Systems' balance sheet at December 31, 2026, comparing the two approaches. Assume all net income earned in 2024-2026…
Raxx Ltd. began 2020 with the following balances in its shareholders' equity accounts: Common shares, unlimited shares authorized, 500,000 shares issued and outstanding.... $3,000,000 Retained earnings... 2,500,000 The following share-related transactions occurred during the year: Date Transaction Issued at $200 per share 100,000 $2.50 non-cumulative preferred shares with an unlimited number authorized. March 1 May Issued 50,000 common shares at $15 per share. Sept. 1 Repurchased and retired 150,000 common shares at $16 per share. Nov. 30 Declared and distributed a 3:1 share split on the common shares. Required a. Calculate the weighted-average number of shares outstanding using the information above b. Using the information provided, prepare an income statement for 2020 similar to Exhibit Cumulative effect of a change in depreciation method (net of $26,000 tax benefit). $ (136,500) Operating expenses (related to continuing operations). Gain on disposal of discontinued operations'…
DeZurik Corporation had the following stockholders’ equity section in its June 30, 2022, balance sheet (in thousands, except share and per share amounts): June 30 (in thousands)2022 Paid-in capital: $4.0 Preferred stock, $ ? par value, cumulative, 60,000 shares authorized, 21,000 shares issued and outstanding $ 1,490 Common stock, $6 par value, 4,000,000 shares authorized, 840,000 shares issued, 750,000 shares outstanding Additional paid-in capital on common stock 5,320 Retained earnings Less: Treasury common stock, at cost, ? shares Total stockholders' equity $ 15,410 Required: Calculate the par value per share of preferred stock and determine the preferred stock dividend percentage. Calculate the amount that should be shown on the balance sheet for common stock at June 30, 2022. What was the average issue price of common stock shown on the June 30, 2022, balance sheet? How many shares of treasury stock does DeZurik Corporation own at June 30, 2022?…
Grouper Ltd. has the following equity accounts at January 1, 2023. Preferred shares outstanding: 2,800 shares Common shares outstanding: 4,500 shares (a) $84,000 Average issue price $ 450,000 What was the average issue price of the preferred shares?
National Supply's shareholders' equity included the following accounts at December 31, 2023: Shareholders Equity Common stock, 5 million shares at $1 part Paid-in capital-excess of par Retained earnings Required: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. February 15, 2024 Reacquired 480,000 shares at $9 per share. February 17, 2825 Reacquired 480,000 shares at $6.50 per share. November 9, 2826 Sold 335,000 shares at $8 per share (assume FIFO cost). 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2026, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net Income was $20 million in 2024, $22 million in 2025, and $24 million in 2026. No dividends were paid during the three-year period. Complete…
Rawhides Corporation showed the following account balances on December 31, 2022 balance sheet: Common shares, unlimited authorized shares, 660,000 shares issued and outstanding $3,980,000 Retained earnings $2,130,000 Per their incorporation documents, they are authorized to issue 100,000, $5 preferred shares. During 2023, the following selected transactions occurred: March 1 May 1 June 1 July 1 July 31 November 1 November 20 December 31 Repurchased and retired 100,500 common shares at $7.20 per share; this is the first retirement recorded by Rawhides Declared 2:1 shares split to shareholders of record on May 12, distributable May 30 The board of directors issued 15,000 preferred shares for $27 per share The board declared total cash dividends of $82,000 to shareholders of record on July 22 payable on July 31 Paid the cash dividend Declared a 10% share dividend to shareholders of record on November 10, distributable November 20. The market prices of the shares on November 1, November 10…
On January 1, 2021, the stockholders’ equity section of Jayhawk Corporation’s balance sheet showed the following Preferred stock, $100 par value, 5%, 50,000 shares authorized, 5,000 shares issued and outstanding $500,000 Additional Paid-in-Capital, Preferred Stock 100,000 Common stock, $3 par value, 500,000 shares authorized, 20,000 shares issued and outstanding 60,000 Additional Paid-in-Capital, Common Stock 250,000 Total Contributed Capital 910,000 Retained Earnings 320,000 Total Stockholders' Equity $1,230,000 During the year, 2021, the following transactions occurred: February 2 Issued 2,000 shares of common stock for $22 per share. April 15 Issued 1,000 shares of preferred stock for $125 per share. July 10 Repurchased 500 shares of common stock (treasury stock) at $20 per share. Required: Prepare journal entries to…

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arFind Inc. showed the following equity informa Common shares, unlimited shares authorize 4,500,000 shares issued and outstanding Retained earnings On April 1, 2023, 250,000 common shares were ividend to shareholders of record on June 15; tl uly 1 were $2.98, $1.96, and $2.56, respectively