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…
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The following accounts are found in the trial balance of Dawn Corporation as December 31, 2019. Authorized Ordinary share capital, P 100 par P1,000,000; Unissued Ordinary share capital P300,000; Subscribed Ordinary share P200,000; Ordinary share subscription receivable P100,000; Ordinary share premium P70,000. The total number of shares issued is Using data in number 1, the total number of shares still available for subscription is
Required: 1.Memorandum entry of transactions2.Post to the Shareholder’s equity Accounts3.Prepare the share capital section of the Shareholder’s equity as at Dec.31,2018
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…
The stockholders’ equity account balances of Image Corporation as of December 31, 2020 are as follows: Ordinary shares, P100 par; 50,000 shares authorized; 25,000 shares issued, P2,500,000 Share premium, P1,500,000 Accumulated profits, P1,000,000 Treasury shares, 2,000 shares at cost, P360,000 On January 10, 2021 Image reacquired additional 2,000 shares from stockholders at P225 On February 5, 2021, Image sold 2,500 treasury shares on the open market at P200 per share. The entry to record the sale on the books of Image should include: Group of answer choices Debit to Share premium at P6,250 Credit to Share premium at P50,000. Debit to accumulate profits at P6,250. Credit to Share premium at P27,500. The property was transferred to shareholders on January 31 when the prevailing fair value was at P800,000. What is the gain or loss to be recognized in the profit or losses as a result of the distribution of the property dividends on January 31? Group of answer choices…
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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'…
Buffalo Limited has the following information available regarding its share capital at December 31, 2020: Preferred shares, $3.50 cumulative, 18,700 shares issued $935,000 Preferred shares, $4.50 noncumulative, 14,800 shares issued 740,000 Common shares, 296,000 shares issued 1,480,000 The shares were issued when the corporation began operations on January 1, 2019. No dividends were declared during 2019 and 2020. On October 30, 2021, the board of directors declares the required preferred share dividends and a $0.50 dividend for each of the common shares. The dividends are payable on December 1, 2021, to the shareholders of record on November 16, 2021. How much will be paid to each class of shares? Cumulative preferred shares $enter a dollar amount Noncumulative preferred shares $enter a dollar amount Common shares $enter a dollar amount Prepare journal entries on the appropriate dates…

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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