CarFind Inc. showed the following equity information at December 31, 2022Common shares, unlimited shares authorized; 4,100,000shares issued and outstandingRetained earningsOn April 1, 2023, 210,000 common shares were issued at $0.70 per share. On June 1, the board of directors declared a 5% sharedividend to shareholders of record on June 15, the distribution date was July 1. The market prices of the shares on June 1, June 15, andJuly 1 were $2.98, $1.86, and $2.46, respectively. On December 11, the board of directors declared a 21 share split to shareholders ofrecord on December 15, the distribution date was December 20. Profit earned during the year was $1,495,000.$1,010,0001,380,000Required:Prepare the company's equity section on the December 31, 2023, balance sheet.Contributed capital:Total equityCARFIND INC.Equity Section of Balance SheetDecember 31, 2023

The shareholders' equity includes the issued capital and retained earnings of the business. The…

Answered: CarFind Inc. showed the following…

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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On April 1, 2023, 400,000 common shares were issued at $0.90 per share. On June 1, the board of directors declared a 10% share dividend to shareholders of record on June 15; the distribution date was July 1. The market prices of the shares on June 1, June 15, and July 1 were $2.58, $2.06, and $2.36, respectively. On December 11, the board of directors declared a 2:1 share split to shareholders of record on December 15; the distribution date was December 20. Profit earned during the year was $1,547,500. Required: Prepare the company's equity section on the December 31, 2023, balance sheet.
The stockholders' equity accounts of Skysong, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,500 shares authorized) Common Stock ($1 stated value, 1,900,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,500 common shares) $ 400,000 1,250,000 135,000 1,400,000 1,800,000 52,500 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000 shares of common stock for $121,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $32,800. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $34,200. Nov. 10 Dec. Purchased 1,000 shares of common stock for the treasury at a cost of $5,900. 31 Determined that net income for the year was $410,000. No dividends were declared during the year. Tuy Journalize the transactions and the closing entry for net income.…
Grouper Limited's ledger shows the following balances on December 31, 2023: Preferred shares outstanding: 16,000 shares Common shares outstanding: 48,000 shares Retained earnings (a) Dividends $ $400,000 3,600,000 Assuming that the directors decide to declare total dividends in the amount of $444,000, determine how much each class of shares should receive if the preferred shares are cumulative and fully participating. Note that one year's dividends are in arrears on the preferred shares, which pay a dividend of $1.50 per share. (Round intermediate percentage calculations to 4 decimal places, e.g. 12.2525% and final answers to O decimal places, e.g. 5,275.) Preferred 888,000 $ Common $ Total
Tamarisk, Inc. is authorized to issue 2,250,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions. Jan. 15 Issued 880,000 shares of stock at $7 per share. Sept. 5 Purchased 28,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2021. Journalize the transactions for Tamarisk, Inc..
Ivanhoe Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,050 shares of $50 par value preferred stock and 103,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,900; 2022, $13,600; and 2023, $28,000. (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. (b) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 9% and cumulative. (c) Journalize the declaration of the cash dividend at December 31, 2023, under part (b).
On September 15, 2023, the Board of Directors of Sandhill Company declared a $0.45 per share cash dividend, payable on October 31 to shareholders of record as of October 1. On the date of declaration, Sandhill Company had 206,000 common shares issued, of which 18,000 were held in Treasury. On October 15, 2023, the company issued an additional 66,000 common shares for $5.75 each. Prepare all the required journal entries to record these transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem.) Date > > > Account Titles and Explanation Debit Credit
Raxx Ltd. began 2020 with the following balances in its shareholders' equity accounts: Common shares, unlimited shares authorized, 500,000 shares issued and outstanding.... $3,000,000 Retained earnings... 2,500,000 The following share-related transactions occurred during the year: Date Transaction Issued at $200 per share 100,000 $2.50 non-cumulative preferred shares with an unlimited number authorized. March 1 May Issued 50,000 common shares at $15 per share. Sept. 1 Repurchased and retired 150,000 common shares at $16 per share. Nov. 30 Declared and distributed a 3:1 share split on the common shares. Required a. Calculate the weighted-average number of shares outstanding using the information above b. Using the information provided, prepare an income statement for 2020 similar to Exhibit Cumulative effect of a change in depreciation method (net of $26,000 tax benefit). $ (136,500) Operating expenses (related to continuing operations). Gain on disposal of discontinued operations'…
On January 1, 2020, Triad Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar 1 Issued 25,000 shares of common stock for $550,000. June 1 Declared a cash dividend of $2.00 per share to stockholders of record on June 15. June 30 Paid the $2.00 cash dividend. Dec. 1 Purchased 5,000 shares of common stock for the treasury for $22 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31. Prepare journal entries to record the above transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Date Mar. 1 Debit Credit
Richman Company had 100,000 shares of common stock outstanding as of January 1, 2020. The following common stock transactions occurred during 2020. March 1—Issued 20,000 shares for cash. June 1—Issued a 10% stock dividend. September 1—Reacquired 10,000 shares as treasury shares. November 1—Sold the 10,000 treasury shares for cash. Instructions: Compute the weighted-average common shares for 2020.
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Southwestern Exposure Ltd. began operations on January 2, 2020. During the year, the following transactions affected shareholders' equity: 1. Southwestern Exposure's articles of incorporation authorize the issuance of 1,100,000 common shares, and the issuance of 115,000 preferred shares, which pay an annual dividend of $2.00 per share. 2. A total of 280,000 common shares were issued for $4 a share. 3. A total of 15,000 preferred shares were issued for $13 per share. 4. The full annual dividend on the preferred shares was declared. 5. The dividend on the preferred shares was paid. 6. A dividend of $0.10 per share was declared on the common shares but was not yet paid. The company had net income of $161,000 for the year. (Assume sales of $751,000 and total operating expenses of $590,000.) 7. 8. The dividends on the common shares were paid. 9. The closing entry for the dividends declared accounts was prepared. Prepare journal entries to record the above transactions, including the closing…
Wildhorse Corporation was organized on January 1, 2025. It is authorized to issue 9,200 shares of 8%, $100 par value preferred stock, and 538,600 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. May Aug. 1 1 1 Sept. 1 Nov. 1 Issued 80,120 shares of common stock for cash at $6 per share. Issued 5,470 shares of preferred stock for cash at $112 per share. Issued 24,910 shares of common stock for land. The asking price of the land was $90,180; the fair value of the land was $80,120. Issued 80,120 shares of common stock for cash at $9 per share. Issued 9,200 shares of common stock to attorneys in payment of their bill of $51,900 for services rendered in helping the company organize. Issued 9,200 shares of common stock for cash at $11 per share. Issued 1,090 shares of preferred stock for cash at $113 per share. Prepare the journal entries to cord the above transactions. (List all…

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