Answered: book value of each ordinary

Business

Accounting

book value of each ordinary

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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Fechter Corporation had the following stockholders’ equity accounts on January 1, 2015: Common Stock ($5 par) $536,900, Paid-in Capital in Excess of Par—Common Stock $221,330, and Retained Earnings $117,620. In 2015, the company had the following treasury stock transactions. Mar. 1 Purchased 5,800 shares at $8 per share. June 1 Sold 1,500 shares at $13 per share. Sept. 1 Sold 1,840 shares at $10 per share. Dec. 1 Sold 1,290 shares at $6 per share. Fechter Corporation uses the cost method of accounting for treasury stock. In 2015, the company reported net income of $28,720. Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2015, for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Open accounts for Paid-in Capital from Treasury Stock, Treasury…
E15-8 (Preference Share Entries and Dividends) Weisberg Corporation has 10,000 shares of $100 bar value, 6%, preference shares and 50,000 ordinary shares of $10 par value outstanding at December 31, 2015. 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, 2012, what are the dividends in arrears that should be reported on the December 31, 2015, 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?
Ivanhoe Limited had 41,700 common shares outstanding on January 1, 2023. On March 1, 2023, Ivanhoe issued 19,200 shares in exchange for equipment. On July 1, Ivanhoe repurchased and cancelled 10,500 shares. On October 1, 2023, Ivanhoe declared a 5-for- 1 stock split. Calculate the weighted average number of shares outstanding for Ivanhoe for the year ended December 31, 2023. Weighted average number of shares outstanding shares
The books of Oriole corporation carried the following account balances as of December 31, 2020. Cash $210,000. preferred stck(cumulative, nonparticipating,$50 par) $310,000. common stock (non-par value, 284,000 shares issued) $1,420,000. Paid-in capital in excess of par -preferred stock $157,000. Treasury stock (common 2,900 shares at cost). Retained earnings $ 106,100. The company decided not to pay any dividend in 2020. The board of directors, at their annual meeting on December 21,2021, declared the following: The current year dividend shall be 6% on the preferred and $0.30% per share on the common. The dividend in arrears shall be paid by issuing 1,550 shares of treasury stock. At the date of deceleration, the preferred is selling at $80 per shares , and the common at $12 per shares . Net income for 2021 is estimated at $81,400. (a) prepare the journal entries required for the dividend declaration and payment assuming that they occur simultaneously. ( credit amount title are…
Ivanhoe, Inc. has $500,000, $0.50, no par value preferred shares (50,000 shares) and $1,000,000 of no par value common shares outstanding (80,000 shares). No dividends were paid or declared during 2018 and 2019. The company wants to distribute $308,000 in dividends on December 31, 2020. Calculate the amount of dividends to be paid to each group of shareholders (i.e. preferred and common), assuming the preferred shares are non-cumulative and non-participating. Preferred Common Total dividends $ $ Please help wiith solution steps in excel
The PowerPoint Corporation has two classes of share capital outstanding: 9% (dividend rate), P20 par, Preference and P70 par, Ordinary. During the fiscal year ending December 31, 2012, the company had the equity transactions in chronological order as reflected in the table below. Dividends were paid at the end of the fiscal year on the ordinary share at P1.20 per share and on the preference at the preference rate. Profit for the year was P850,000. How much should be the amount of Preference Share Capital to be shown on the December 31, 2012 statement of financial position? How much should be the amount of Ordinary Share Capital to be shown on the December 31, 2012 statement of financial position? a. P9,450,000 b. P9,310,000 c. P9,130,000 d. P4,725,000
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The stockholders' equity section of Echota Corporation at December 31, 2013, included the following:7% preference shares, $100 par value, cumulative,10,000 shares authorized, 8,000 shares issued and outstanding$ 800,000Ordinary shares, $10 par value, 250,000 shares authorized,200,000 shares issued and outstanding $2,000,000Dividends were not declared on the preference shares in 2013 and are in arrears.On September 15, 2014, the board of directors of Echota Corporation declared dividends on the preference for 2013 and 2014, to stockholders of record on October 1, 2014, payable on October 15, 2014.On November 1, 2014, the board of directors declared a $0.5 per share dividend on the ordinary shares, payable November 30, 2014, to stockholders of record on November 15, 2014.InstructionsPrepare the journal entries that should be made by Echota Corporation on the dates indicated below:(4)September 15, 2014November 1, 2014October 1, 2014November 15, 2014October 15, 2014November…
Rachel’s Designs has 1,100 shares of 7%, $50 par value cumulative preferred stock issued at the beginning of 2016. All remaining shares are common stock. Due to cash flow difficulties, the company was not able to pay dividends in 2016 or 2017. The company plans to pay total dividends of $13,000 in 2018. How much of the $13,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders?
Lamar Company had the following transactions in 2013, its first year of operations. • Issued 20,000 shares of common stock. Stock has par value of $1.00 per share and was issued at $14.00 per share. • Issued 1,000 shares of $100 par value preferred stock. Shares were issued at par. • Earned net income of $35,000. • Paid no dividends. At the end of 2013, what is the total amount of Paid-in capital? a. $415,000 b. $280,000 c. $120,000 d. $380,000
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Belton, Inc. had the following transactions in 2018, its first year of operations: Issued 37,000 shares of common stock. Stock has par value of $1.00 per share and was issued at $21.00 per share. Earned net income of $72,000. Paid no dividends. At the end of 2018, what is the total amount of paid-in capital? A. $777,000 B. $37,000 C. $849,000 D. $72,000