Bonita Corporation began business by issuing 633600 shares of $5 par value common stock for $30 per share. During its first year, thecorporation sustained a net loss of $61600. The year-end balance sheet would showO Total paid-in capital of $18946400.O Common stock of $19008000.O Common stock of $3168000.O Total paid-in capital of $15840000.

A balance sheet depicts a company's assets, liabilities, and shareholder's equity at a given point…

Answered: Bonita Corporation began business by…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Coronado Corporation began its latest fiscal year on January 1, 2021, with 520,000 common shares outstanding. During the year, the following events occurred: On February 1, Coronado sold 15,400 additional common shares. The company declared and issued a 25% stock dividend on March 1. On June 1, Coronado repurchased and cancelled 3,850 common shares. ● ● ● . . An additional 4,700 common shares were issued on July 1. On September 1, Coronado declared and issued a three-for-one stock split. On December 1, Coronado issued an additional 14,400 shares. Following the fiscal year, Coronado declared and issued a two-for-one stock split on February 1, 2022. The company issued its 2021 financial statements on April 30, 2022. Calculate the weighted average number of common shares that Coronado should use for calculating its EPS numbers for 2021. Weighted average number of common shares:
On June 8, Pharoah Ltd. was incorporated and issued 33,600 common shares for $336,000. On August 19, an additional 8,400 shares were issued for $100,800. On November 2, the company paid $32.256 to repurchase 3,360 common shares and on December 7 it paid $58.240 to repurchase 4,480 common shares. (a) Your answer is correct. Calculate the average cost of the common shares on places, ag. 15.25.) June 8 Aug 19 Nov. 2 Dec. 7 $ $ 5 $ Average Cost 10 10.40 10.40 10.40 hares on June 8, August 19. November 2, and December 7. (Round arewers to 2 decimal
Waterway Corporation began business by issuing 649600 shares of $5 par value common stock for $25 per share. During its first year, the corporation sustained a net loss of $62300. The year-end balance sheet would show Common stock of $3248000. Common stock of $16240000. Total paid-in capital of $12992000. Total paid-in capital of $16177700.
During the year, Cellular Land, Inc. issued 1,500 shares of its $0.50 stated value common stock for $15 per share, and declared and paid cash dividends totaling $0.25 per share. By what amount does contributed capital increase as a result of these events? $22,500 $750 $21,750 $22,125
Pharoah Company has 496000 shares of $10 par value common stock outstanding. During the year Pharoah declared a 15% stock dividend when the market price of the stock was $34 per share. Three months later Pharoah declared a $0.60 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by $2529600. $491040. $2871840. $467600.
The outstanding share capital of KTI Corporation consists of 2,950 preferred shares and 7,000 common shayes for which $280,000 was received. The preferred shares carry a dividend of $7 per share and have $100 stated value. Instructions: Assuming that the company has retained earnings of $95,000 that is to be entirely paid out in dividends and that preferred dividends were not paid during the two years preceding the current year, state how much each class of shares should receive under each of the following conditions. a. The preferred shares are cumulative and non-participating. b. The preferred shares are cumulative and participating. Do not round intermediate calculations but round answer to nearest dollar.
Sheffield Corporation began business by issuing 401000 shares of $5 par value common stock for $24 per share. During its first year, the corporation sustained a net loss of $39200. The year-end balance sheet would show O Common stock of $2005000. O Common stock of $9624000. O Total paid-in capital of $2044200. O Total paid-in capital of $9584800.
The outstanding capital stock of Oriole Corporation consists of 1,900 shares of $100 par value, 8% preferred, and 4,700 shares of $50 par value common. Assuming that the company has retained earnings of $89,500, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions. a. The preferred stock is noncumulative and nonparticipating. (Round answers to O decimal places, e.g. 38,487.) Preferred b. The preferred stock is cumulative and nonparticipating. (Round answers to O decimal places, e.g. 38,487.) EA Preferred Common c. The preferred stock is cumulative and participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to O decimal places, e.g. 38,487.) Preferred LA Common Common
Elroy Corporation repurchased 3,800 shares of its own stock for $55 per share. The stock has a par of $5 per share. A month later Elroy resold 950 shares of the treasury stock for $63 per share. Required: What is the balance of the Treasury Stock account after these transactions are recognized?
Agri Gold Ltd. began operations on January 1, 1983 by issuing 54,000 common shares at $13 per share and 26,000 $8 cumulative preferred shares at $20 per share. During 1983 Agri Gold Ltd issued an additional 8,000 common shares at $11 per share and 2,000 preferred shares at $30 per share. 2019 profit was $355,000 and the Board declared $81,000 in dividends. Required: Prepare the Shareholders' Equity section of Agri Gold Ltds Balance Sheet at December 31, 1983.
Terrance Company reported $20,000 retained earnings at the beginning of the year. The company repurchased 200 shares at $50 per share during the year for the first time. Later, during the year the company sold 100 shares of these treasury shares for $45 per share. Terrance earned $15,000 net income during the year. The company also declared and paid dividends on 500 outstanding 4% preferred stock with $100 par value. Based on this information alone, compute the retained earnings balance at the end of the year. O $34,500 O $35,000 O $32,500 O $32,000 O $37,500

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