At December 31, 2016, ABC Co. had 5,000, 8%, $120 par, preference shares issued and outstanding and 5,000, $10 par ordinary shares issued and outstanding. The company paid a total cash dividend of $30,000, $66,000 and $84,500 for the years 2017, 2018 and 2019 respectively. Required For ABC Co.: Calculate the cash dividend per share to be received by preference shareholders and ordinary shareholders for the years 201/, 2018 and 2019 assuming the preference shares are cumulative and fully participating
Q: Jupiter corporation had the following shares outstanding at December 31, 2018: Ordinary shares, par…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: At December 31, 2017, ABC Co. had 5,000, 8%, $120 par, preference shares issued and outstanding and…
A: Dividend means the amount given to shareholder of the company as profit distribution by company.…
Q: At December 31,2018 and 2019, TJH Company had outstanding 4,000 shares of P 100 par value, 12%…
A: Preference shares are the investment securities which get fixed return in the form of dividends and…
Q: JKL Corp. reported the following amounts in the shareholders' equity section of its December 31,…
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…
Q: On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 30,000…
A: Earnings per share are the proportion which is utilized to ascertain what measure of benefit before…
Q: On January 1, 2018, Manama Company has 8% 80,000 shares of $10 par value, Cumulative preferred stock…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: On December 31, 2017, Zero Co. showed the following shareholders' equity: Share capital, P100 par,…
A: The dividend is declared from the retained earnings of the business. The dividend is paid only for…
Q: Using the following, how many shares were outstanding? * On January 1, 2021, the statement of…
A: The maximum number of shares which can be issued by a company is referred to as the Authorized…
Q: Nottebart Corporation has outstanding 10,000 shares of $100 par value, 6% preferred stock and 60,000…
A: Formulas:
Q: Weisberg Corporation has 10,000 shares of $100 par value, 6%, preference shares and 50,000 ordinary…
A: A cumulative preferred stock implies that a preferred stockholder is entitled to receive dividends…
Q: Wow Inc., has 20,000 shares of 8%, $30 par value preference shares and 120,000 of ordinary shares…
A: a)working particulars Number of shares Pv value Interest % Year 2017 Year…
Q: At December 31, 2019 and 2018, New Corporation had outstanding 4,000 shares of P 100 par 6%…
A: Cumulative preference shares are those shares that are paid dividends for the past periods first, in…
Q: 1. What is the amount debited to accumulated profits as a result of the declaration of the 10% stock…
A: Dividend is the amount which the company gives to its shareholders out from the profits earned by…
Q: On January 1, 2018, Manama Company has 8% 80,000 shares of $10 par value, Cumulative preferred stock…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: At December 31, 2017, the Shalom Company reported the following extract from the company’s balance…
A: Shalom Company Shareholders Equity Section Shareholders Equity Preferred stock (25000 x $40…
Q: On January 1, 2016, a corporation issued 25,000 shares of 10%, $50 par, cumulative preferred stock…
A: In case of cumulative preferred stock, dividends for unpaid years has to be paid before paying any…
Q: Burnell, Inc. has 5,000 shares of 4%, $50 par value, cumulative preferred stock and 100,000 shares…
A: Dividend means the amount given to shareholder of the company as profit distribution by company.…
Q: The records of Hoffman Company reflected the following balances in the stockholders' equity accounts…
A: Cumulative preferred stocks are those stocks that are paid prior-year dividends first, in case if…
Q: The Jardiolin Corporation had the following shares outstanding from 2017 through 2020: Preference…
A: On the basis of arrears of dividend, there are two types of preference shares, cumulative preference…
Q: At December 31, 2016, ABC Co. had 5,000, 8%, $120 par, preference shares issued and outstanding and…
A: Dividend is a kind of return paid to the shareholders.
Q: The Annapolis Corporation's stockholders' equity accounts have the following balances as of January…
A: Journal entries refer to the classifying and recording of daily transactions initially in the books…
Q: FRANCE, INC. began operations in January 2016, and reported the following results for each of its…
A: Answer: Book Value: It is the equity of the company and the book value per share is indicated the…
Q: The stockholders’ equity section of the balance sheet for Mann Equipment Co. at December 31, 2018,…
A:
Q: On January 1 2018, ACI Ltd. had 5,80,000 shares of common stock outstanding . During 2018, it had…
A: Earnings per share is a financial ratio that indicates a company’s ability to earn revenue for its…
Q: The records of Hoffman Company reflected the following balances in the stockholders' equity accounts…
A: A dividend is a payment made by a company to its stockholders. When a company makes profits or has a…
Q: The stockholders’ equity section of the balance sheet for Mann Equipment Co. at December 31, 2018,…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Indigo Inc., was organized on January 1, 2017, at which date it issued 200,000 shares of P 10 par…
A: Total shareholder includes ordinary share capital, the premium on share capital, and retained…
Q: On April 1, 2017, the directors of ABC Ltd issued 1,00,000 equity shares of BDT 10 each at BDT 12…
A: given On April 1, 2017, the directors of ABC Ltd issued 1,00,000 equity shares of BDT 10 each at…
Q: Kingbird Corporation had 270,000 shares of common stock outstanding on January 1, 2017. On May 1,…
A:
Q: At December 31,2018 and 2019, ABC Company had outstanding 4,000 shares of P 100 par value, 12%…
A: Formula: Preferred dividend = Total preferred shares x PAR value x Rate of preferred shares.
Q: Dakota Corporation had the following shareholders’ equity account balances at December 31, 2018:…
A: Statement of Retained earnings(R/E): it shows the changes in the R/E over the period. The R/E…
Q: The stockholders’ equity section of the balance sheet for Mann Equipment Co. at December 31, 2018,…
A: In Stock split offers are given to the present investor's in extent of their current offers. It is…
Q: Jupiter corporation had the following shares outstanding at December 31, 2018: Ordinary shares, par…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: What are the amounts of dividends payable on both the ordinary and preference shares?
A: Preference dividends shall be paid before paying any dividend to common stockholders. Further, if…
Q: At December 31, 2016, the records of Hoffman Company reflected the following balances in the…
A: Dividend is a sort of return given to the shareholders of an entity. It can either be in cash or in…
Q: Mai Corporation was organized on January 1, 2016, During its first year, the corporation issued…
A: Dividend distribution is a method of distributing profit among the stockholder of the organization.…
Q: For the last three years, Squarepants Corporation paid the following cash dividends: 2016 - P…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: At the end of its last fiscal year, December 31, 2021, Sink Corporation had issued 360,000 shares of…
A: According to the question, we are required to prepare the journal entries. The journal entries: The…
Q: On January 1, 2021, Covid, Inc. had the following account balances in its shareholders' equity…
A: Working notes of statement of other equity is as follows: Resultant table:
Q: Chauncey Corporation began business on June 30, 2016. At that time, it issued 20,000 shares of $50…
A: Dividend arrears are paid for cumulative preferred stock. Arrears in Year 1 = 20,000*$50*6% Arrears…
Q: Oliver CommuRNcations, Inc., began 2018 with 260,000 shares of $1 par common stock issUd and…
A: Answer) Journal Entry for Issuance of Common Stock Date Accounts Debit Credit…
Q: At December 31,2018 and 2019, ABC Company had outstanding 4,000 shares of P 100 par value, 12%…
A: Cumulative preference shares are those shares on which dividend amount is accumulated till the time…
Q: Yakun company had 4,000 shares of P7.00, P100 par preferred stock and 50,000 shares of common stock…
A: Earnings per share refer to the amount of earnings available to the common stockholders for each…
Q: Compute for the book value of preference shares on December 31, 2018 and book value of ordinary…
A: FRANCE, INC. began operations in January 2016, and reported the following results for each of its…
Q: Jupiter corporation had the following shares outstanding at December 31. 2018: Ordinary shares, par…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: Jupiter corporation had the following shares outstanding at December 31, 2018: Ordinary shares, par…
A: The calculation of annual preference dividend has been made as follows: Annual preference…
Step by step
Solved in 2 steps with 2 images
- Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?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 375. The bonds are classified as a heldtomaturity 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 issued 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 (l). 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 had a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 2016, had been posted [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 income statement for the year ended December 31, 2016, 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, 2016. c. Prepare a balance sheet in report form as of December 31, 2016.Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 0 par common stock at 0, 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 375. The bonds are classified as a held- to-maturitv 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 545, including commission. p. Recorded the payment of semiannual interest on the bonds issued 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 (1). 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 had a beginning balance of zero. Instructions Journalize the selected transactions. After all of the transactions for the year ended December 31, 2016, had been posted [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 income statement for the year ended December 31, 2016, 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, 2016. c. Prepare a balance sheet in report form as of December 31, 2016. Income statement data: Advertising expense 150,000 Cost of merchandise sold 3,700,000 Delivery expense 30,000 Depreciation expense -office buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Dividend revenue 4,500 Gain on sale of investment 4,980 Income from Pinkberry Co. investment 76,800 Income tax expense 140,500 Interest expense 21,000 Interest revenue 2,720 Miscellaneous administrative expense 7.500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,254,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Available for sale investments (at cost) 260,130 Bonds payable. 5%. due 2024 500,000 Cash 246,000 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued. 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 500,000 Income tax payable 44,000 Interest receivable 1,125 Investment in Pinkberry Co. stock (equity method) 1,009,300 Investment in Dream Inc. bonds (long term) 90,000 Merchandise inventory [December 31, 2016). at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4.320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock. 80 par (30,000 shares authorized; 20,000 shares issued] 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 2016 9,319,725 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 Unrealized gain (loss) on available for sale investments (6,500) Valuation allowance for available for sale investments (6,500)
- Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73Cash dividends on the 10 par value common stock of Garrett Company were as follows: The 4th-quarter cash dividend was declared on December 21, 2019, to shareholders of record on December 31, 2019. Payment of the 4th-quarter cash dividend was made on January 18, 2020. In addition, Garrett declared a 5% stock dividend on its 10 par value common stock on December 3, 2019, when there were 300,000 shares issued and outstanding and the market value of the common stock was 20 per share. The shares were issued on December 24, 2019. What was the effect on Garretts shareholders equity accounts as a result of the preceding transactions?At December 31, 2016, ABC Co. had 5,000, 8%, $120 par, preference shares issued and outstanding and 5,000, $10 par ordinary shares issued and outstanding. The company paid a total cash dividend of $30,000, $66,000 and $84,500 for the years 2017, 2018 and 2019 respectively. Required For ABC Co.: Calculate the cash dividend per share to be received by preference shareholders and RE ordinary shareholders for the years 2017, 2018 and 2019 assuming the preference shares are cumulative and fully participating. OR SH
- Jupiter 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? Show solutionsJupiter 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?Jupiter 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.)
- The Jardiolin Corporation had the following shares outstanding from 2017 through 2020: Preference Shares, P50 par, 8% cumulative, 10,000 shares authorized, issued and outstanding Ordinary Shares, P5 par, 200,000 shares authorized, issued and outstanding The corporation paid P30,000, P30,000, P94,000, and P130,000 in dividends during 2017, 2018, 2019 and 2020, respectively. Required: 1. Determine the dividend per share and the total dividends paid to ordinary shareholders and preference shareholders in 2017, 2018, 2019, and 2020.2. Determine the same computations, with the assumption that the preference share was noncumulative.The Financial controller at Think Inc. is currently preparing the calculation for earnings per share and the related disclosure for the firm's financial statements. The following information has been extracted from the firm's financial statements for the fiscal year ended June 30, 2021. * Share capital - preference, 6% cumulative, $50 par value, 100,000 shares authorized, 25,000 shared issued and outstanding $1,250,000 * Share capital - ordinary, $1 par, 10,000 shares authorised, 1,000,000 shares issued outstanding $1,000,000 * Share premium - ordinary (includes any amounts for options and conversations) - $4,000,000 * Retained earnings - $6,000,000 * Notes payable, 10% - $1,000,000 * Convertible bonds payable - $5,000,000 * 10% bonds payable - $6,000,000 The following transactions have also occurred at Think. Options were granted on July 1, 2020, to purchase 200,000 shares at $15 per share. Although no options were exercised during the fiscal year 2021, the average price per ordinary…b) An analysis of stockholders' equity of Hahn Corporation as of January 1, 2017, is as follows: Common stock, par value Tk. 20; authorized 100,000 shares; issued and outstanding 90,000 shares, Tk. 1,800,000; Paid-in capital in excess of par, Tk. 700,000; Retained earnings , Tk. 760,000. Hahn uses the cost method of accounting for treasury stock and during 2017 entered into the following transactions: i. Acquired 2,500 shares of its stock for Tk. 75,000. ii. Sold 2,000 treasury shares at Tk. 35 per share. iii. Sold the remaining treasury shares at Tk. 20 per share. Required:Assuming no other equity transactions occurred during 2017, what should Hahn report at December 31, 2017, as total additional paid-in capital?