Canterbury Company reportedtotal stockholders' equity of$170,000 on its balance sheetdated December 31, 2021. Duringthe year ended December 31,2022, Canterbury reported netincome of $20,000 and issuedadditional common stock for$40,000. It total stockholders'equity as of December 31, 2022 is$226,000, what was the amountof dividends declared during theyear ended December 31, 2022?

Lets understand the basics. Statement of financial position is mainly divided into three segments…

Answered: Canterbury Company reported total…

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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Skysong, Inc. issued 16400 shares of $1 par common stock for $40 per share during 2022. The company paid dividends of $39000 and issued long-term notes payable of $361000 during the year. What amount of cash flows from financing activities will be reported on the statement of cash flows?
Snow Cleaners, Inc., had net income of $493,600 for its year ended December 31, 2018. During the year, the company had outstanding 64,000 shares of Preferred Stock at 12% with a $40 par value, and 37,280 shares of common stock with a par value of $10. Calculate the earnings per share of common stock for the year ended December 31, 2018.
Comparative statements of retained earnings for Renn-Dever Corporation were as follows: RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31 2026 $7,182,952 3,588,700 Balance at beginning of year Net income (loss) Deductions: Stock dividend (39,000 shares) Common shares retired (138,000 shares) Common stock cash dividends Balance at end of year At December 31, 2023, common shares consisted of the following: Common stock, 1,970,000 shares at $1 par Paid-in capital-excess of par View transaction list Journal entry worksheet < 2 3 4 1 5 273,000 989,950 $9,508,702 6 Required: Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2024, 2025, and 2026. Prepare the journal entries that reflect those events and transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) Note: If no entry is required for a transaction/event, select…
po In 2021, Logic Co. reported net income of $3,345,000. It also declared and paid $813,000 in dividends, $368,000 of which was to preferred stockholders. At the beginning of the year, the company reported common stock shares outstanding of 4,158,000. By the end of the year, their common stock shares outstanding had increased to 8,316,000. Based on this information, what will Logic Co. report as EPS for 2021? (AC 16) O $0.20 O $0.48 O $0.41 O $0.36
On January 1, 2022, Skysong, Inc. had $1,190,000 of common stock outstanding that was issued at par and retained earnings of $749,000. The company issued 43,000 shares of common stock at par on July 1 and earned net income of $395,000 for the year. Journalize the declaration of a 15% stock dividend on December 10, 2022, for the following two independent assumptions. (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 O for the amounts.) (a) (b) No. Account Titles and Explanation (a) Par value is $10 and market price is $15. Par value is $5 and market price is $8. (b) Retained Earnings Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock Retained Earnings Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock Debit 277,425 147,960 Credit 184,950 277,425 92,475 332,910
Comparative Earnings per Share Lucas Company reports net income of $2,580 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 4,200 shares of stock, resulting in 13,200 shares outstanding at year-end. During 2020, Lucas earned net income of $17,840. It issued 2,000 additional shares of stock on March 3, 2020, and declared and issued a 2-for-1 stock split on November 3, 2020, resulting in 30,400 shares outstanding at year-end. During 2021, Lucas earned net income of $29,184. The only common stock transaction during 2021 was a 20% stock dividend issued on July 2, 2021. If required, round your final answers to two decimal places. Required: 1. Compute the basic earnings per share that would be disclosed in the 2019 annual report. $ per share 2. Compute the 2019 and 2020 comparative basic earnings per share that would be disclosed in the 2020 annual report. 2020: $ per…
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Flatfish Limited reported the following items in shareholders' equity on December 31, 2020: Share capital: Preferred shares, $5 cumulative dividend, 144,000 shares issued and outstanding Share capital: Common shares, 699,000 issued and outstanding Retained earnings 2018 arrears 2019 arrears No dividends were declared in 2018 or 2019; however, in 2020, cash dividends of $4,851.150 were declared. Calculate how much would be paid to each class of shares. 2020 2018 arrears 2019 arrears Preferred 2020 Preferred $ No dividends were declared in 2018 or 2019; however, in 2020, cash dividends of $4,851.150 were declared. Calculate how much would be paid to each class of shares. Common Cash dividend per share $ $14,400,000 Common 27,960,000 $ 22,900,000 Total S Total Assuming that the number of common shares remained constant throughout 2020, what was the cash dividend per share distributed to the common shareholders? (Round answer to 2 decimal places, e.g. 4.62.) $
The company issued its 2023 financial statements on April 30 2024. Calculate the weighted average cost of common shares to be used for 2023.
Comparative statements of shareholders’ equity for Anaconda International Corporation were reported as follows for the fiscal years ending December 31, 2021, 2022, and 2023. ANACONDA INTERNATIONAL CORPORATIONStatements of Shareholders' EquityFor the Years Ended Dec. 31, 2021, 2022, and 2023($ in millions) Preferred Stock$10 par Common Stock$1 par AdditionalPaid-In Capital Retained Earnings TotalShareholders' Equity Balance at January 1, 2021 65 520 1,860 2,445 Sale of preferred shares 30 900 930 Sale of common shares 7 56 63 Cash dividend, preferred (3 ) (3 ) Cash dividend, common (17 ) (17 ) Net income 340 340 Balance at December 31, 2021 30 72 1,476 2,180 3,758 Retirement of shares (2 ) (16 ) (24 ) (42 ) Cash dividend, preferred…
Brown Fashions Inc.'s December 31, 2020 balance sheet showed total common equity of $4,050,000 and 195,000 shares of stock outstanding. During 2021, the firm had $450,000 of net income, and it paid out $100,000 as dividends. What was the book value per share at 12/31/21, assuming no common stock was either issued or retired during 2021?
Lucas Company reports net income of $5,125 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 3,000 shares of stock, resulting in 12,000 shares outstanding at year-end. During 2020, Lucas earned net income of $16,400. It issued 2,000 additional shares of stock on March 3, 2020, and declared and issued a 2-for-1 stock split on November 3, 2020, resulting in 28,000 shares outstanding at year-end. During 2021, Lucas earned net income of $23,520. The only common stock transaction during 2021 was a 20% stock dividend issued on July 2, 2021. Compute the 2019, 2020, and 2021 comparative basic earnings per share that would be disclosed in the 2021 annual report.

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