At Dec. 31, 2017, what is Dixie’s book value per ordinary share?
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Problem 5 (Adapted)
Dixie company’s equity at Dec. 31, 2017, consisted of the following: 8% cumulative
share
40,000 shares, 2,000,000, Ordinary share capital, 25 par, 400,000 shares authorized, 100,000
shares issued and outstanding, 5,000,000 and
preference share have been paid through 2015 but have not been declared for 2016 and 2017.
At Dec. 31, 2017, what is Dixie’s book value per ordinary share?
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- PROBLEM 2: JKL Corp. reported the following amounts in the shareholders' equity section of its December 31, 2015,statement of financial position:Preference shares, P10 par (100,000 shares authorized,40,000 shares issued) P400,000Ordinary shares, P5 par (50,000 shares authorized, 20,000 shares issued) 100,000Share premium – Ordinary shares 192,000Accumulated profits 1,200,000The following transactions occurred during 2016:a. At the beginning of 2016, the company paid the annual 2015 P1 per share dividendon preference shares and PO.50 per share dividend on ordinary shares. These dividends had been declared onDecember 1, 2015.Further investigations revealed that no entry has been made to account for the declaration of thesaid dividends.b. On February 13, the company purchased 4,000 shares of its own outstanding ordinary shares for P80,000.c. On March 30, the company declared and issued ordinary shares split-up (1 is to 2).d. On June 19, the company reissued 2,800 treasury shares for an…Willy Company's equity balances on December 31, 2020 are: 10% noncumulative preference share capital, P100 par, 100,000 shares Ordinary share capital, P100 par value, 500,000 shares Retained earnings Dividends in arrears on the preference shares are for 5 years. If the colpany were to be liquidated, the preference shareholders would receive par plus a premium of P1,000,000. The book value per share of ordinary shares is P10,000,000 50,000,000 15,000,000Walking Bear Resources Inc. Equity Section of the Balance Sheet March 31, 2023 Contributed capital: Preferred shares, $17 cumulative, 3,500 shares authorized, issued, and outstanding Common shares, unlimited shares authorized, se,000 shares issued and outstanding Total contributed capital Retained earnings Total equity 1,190,000 1,200,000 2,390,000 472,000 2,062,000 Required: a. Refer to the equity section above. Assume that the preferred are convertible into common at a rate of eight common shares for each share of preferred. if 1000 shares of the preferred are converted into common on April 1, 2023, prepare the journal entry
- 2. Assume the following data relative to ABC Corporation for 2016 is available: Net Income $1,400,000 Transactions in common shares. Jan 1, 2016 Beginning number: March 1, 2016 Purchased treasury shares June 1,2016 Stock split 2 for 1 Nov 1, 2016 Issuance of new shares 500,000 60,000 4. What is Diluted EPS per share? a 1.43 b. 1.57 c. 1.17 d. 1.24 120,000 8% Cumulative Preferred Stock Sold at par, convertible into 200,000 shares as adjusted for stock split $1,000,000 Stock Options-60,000 options Exercisable at the option price of $25 per share. $30 average market price in 2016, $20 year end marke price (market price and option price adjusted for stock split)18. The capital account of Gene, Inc. on December 31, 2014 were as follows: Preference share capital, 20,000 share, P20 par 400,000 Share premium – preference 160,000 Ordinary share capital, 50,000 shares, P80 par 4,000,000 Share premium – ordinary 600,000 Retained earnings 360,000 During the year ending December 31, 2015, the following summarizes the transactions affecting the shareholders’ equity. April 30 1,000 preference shares were retired at P25 per share. June 15 2,000 treasury shares, ordinary, were purchased at P85 per share. June 30 A two-for-one ordinary share split was declared. July 31 800 treasury shares were reissued P50 per share. December 31 Profit for 2015 was P300,000. What was the total share premium on December 31, 2015? Group of answer choices A. 766,000 B. 761,000 C. 760,000 D. 755,000Ex8: A company was organized in January 2016 and has 15,000 shares of $12 par value, 20%, nonparticipating preferred stock outstanding and 50,000 shares of $7 par value common stock outstanding. It has declared and paid cash dividends each year as shown below. Calculate the total dividends distributed to each class of stockholder under each of the assumptions given. 2016 2017 $20,000 $30,000 $60,000 2018 Required: Complete the amount of total dividends allocated to each class of stock during 2016-2018. Cumulative: Year Preferred Common 2016 2017 2018. Non-Cumulative: Year Preferred Common 2016 2017 2018 To calculate the total dividends distributed to each class of stockholder under each assumption, we need to consider whether the preferred stock is cumulative or non-cumulative. Here are the calculations for both scenarios: 1. Cumulative Preferred Stock: Year 2016:
- usiness AccountingQ&A LibraryWeisberg Corporation has 10,000 shares of $100 par value, 6%, preference shares and 50,000 ordinary shares of $10 par value outstanding at December 31, 2020. Instructions Answer the questions in each of the following independent situations. a. If the preference shares are cumulative and dividends were last paid on the preference shares on December 31, 2017, what are the dividends in arrears that should be reported on the December 31, 2020, statement of financial position? How should these dividends be reported? b. If the preference shares are convertible into seven shares of $10 par value ordinary shares and 3,000 shares are converted, what entry is required for the conversion, assuming the preference shares were issued at par value? c. If the preference shares were issued at $107 per share, how should the preference shares be reported in the equity section? Weisberg Corporation has 10,000 shares of $100 par value, 6%, preference shares…The stockholders' equity section of Blue Spruce Corp, as of December 31, 2017 is as follows: 9% preferred stock, $ 100 par value, authorized 100,000 shares, outstanding 62,000 shares $ 6,200,000 Common stock, $ 1 par, authorized and issued 6,300,000 shares 6,300,000 Additional paid-in capital 78,400,000 Retained earnings 406,600,000 $ 497,500,000 Net income was $ 14,240,000 in 2017. This net income figure reflects a total effective tax rate of 35%. Included in the net income figure is a $5,000,000 (before tax) loss from an earthquake centered in a city where Blue Spruce has a warehouse. Earthquakes are rare in that city. Preferred stock dividends of $ 558,000 were declared and paid in 2017. Blue Spruce Corp. declared and paid dividends of $ 3,030,000 to common stockholders in 2017. Compute earnings per share data as it should appear on the income statement of Blue Spruce Corporation. (Round answers to 2 decimal places, e.g. 1.48.) Earnings Per Share Net Income / (Loss) %24Jupiter corporation had the following shares outstanding at December 31. 2018: Ordinary shares, par P80 - 320.000: 6% preference shares, par P80 - 160.000. Accumulated profits for dividend distribution amounted to P64.400. No dividends were declared for 2016 and 2017. If the preference share capital is cumulative and fully participating, what is the dividends per share of the preference share? (Round off answers to two decimal places.)
- ABC Company provided the following information relating to shareholders' equity on December 31, 2020: Preference share capital, P100 par, 80,000 shares issued, 12% cumulative and fully participating, P8,000,000 Ordinary share capital, P50 par, 200,000 shares issued, P10,000,000 Share premium, P5,000,000 Retained earnings, P7,000,000 Dividends on preference shares are in arrears for two years including the current year. On December 31, 2020, ABC Company intends to pay cash dividend of P10 per share to its ordinary shareholders. What is the total amount of dividends to be declared for the preference and ordinary shareholders? (round answer to a whole number)Question(C) 1. On Septensber 1, 2015, Valdez Company reacquired 12,000 shares of ths$10par value ondinary shares for$15per share. Valdez uses the cost method to account for treasury shares. The joumal entry to record the reacquisition of the shares should debit a. Treasury Shares for$120,000. b. Share Capital-Ordinary for$120,000. c. Share Capital-Ordinary for$120,000and Share Premium-Ordinary for$60,000. 2. Long Co, issued 100,000 shares of$10par ordinary shares for$1,200,000. Long aequired 8,000 shares of its own shares at 515 per share. Three months later Long sold 4,000 of these shares at$19per share. If the cost method is used to record treasury shares transactions, to record the sale of the 4,000 treasury shares, Long should credit a. Treasury Shares for$76,000. b. Treasury Shares for$40,000and Share Premium-Treasury for$36,000. c. Treasury Shares for$60,000and Share Premium-Treasury Stock for$16,000. d. Treasury Shares for$60,000and Share Premium-Ordinary for$16,0003. Glavine…
