Carla Vista Corporation was organized on January 1, 2021. During its first year, the corporation issued 1,900 shares of $50 par valuepreferred stock and 105,000 shares of $10 par value common stock. At December 31, the company declared the following cashdividends: 2021, $6,000; 2022, $14,300; and 2023, $28,000. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative.Allocation to preferred stock$Allocation to common stock$2021$$20222023$$

Let's break down the calculations for each year:2021:Annual preferred dividend = $50 (par value) *…

Answered: Carla Vista Corporation was organized…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following shareholders' equity accounts and the related activity during the year are in the ledger of Kenton Corporation at December 31, 2020. Common shares (unlimited authorized): Balance, Jan. 1 (259,000 shares) $1,725,000 Balance, Dec. 31 (260,000 shares) 1,739,000 Shares issued (1,000 shares) 14,000 Preferred shares (21,000 authorized, $8, cumulative): Balance, Jan. 1 (14,000 shares) 739,000 Balance, Dec. 31 (17,000 shares) 882,000. Shares issued (3,000 shares) 143,000 Additional contributed capital: Balance, Jan. 1 Balance, Dec. 31 35,000 35,000 Accumulated other comprehensive income (loss): Balance, Jan. 1. Balance, Dec. 31 Other comprehensive income Retained earnings: Balance, Jan. 1 Balance, Dec. 31 Loss Cash dividends (32,300) 16,400 48,700 ? 1,121,000. (119,000) (147,000) 1) Prepare a statement of changes in equity for the year ended December 31, 2020. (If an amount reduces the account balance then enter with negative sign, e.g. -15,000 or in parenthesis, e.g. (15,000).)…
The following transactions occurred for Rothman Corp. during 2024, its first quarter of operations (fiscal year ending Dec. 31): 1. 2. On Oct. 5, Rothman issued 2000 shares of $10 par common stock in an IPO and 400 shares of $40 par preferred stock for a lump sum of $85,000 cash. The values of the common and preferred stock were appraised separately at $30 and $50 per share, respectively. On Oct. 20, Rothman declared an 80% common stock dividend, when the market value per share of the common stock was $32. 3. On Dec. 5, the common stock dividend was issued. 4. On Dec. 20, a 3-for-1 stock split occurred for common stock. 5. On Dec. 30, Rothman purchased 100 shares of its own common stock for $14 per share. Instructions: A. Prepare the general journal entries to record each of the above transactions. B. Determine the number of common shares (1) issued and (2) outstanding at Dec. 31, 2024.
Johnny Deng, Incorporated initially issued 240,000 shares of $1 par stock for $1,200,000 in 2022. In 2023, the company repurchased 24,000 shares for $240,000. In 2024, 12,000 of the repurchased shares were resold for $192,000. In its balance sheet dated December 31, 2024, Johnny Deng, Incorporated's treasury stock account shows a balance of:
On August 15, 2021, EasyMoney, Inc.'s Board of Directors meets and declares that EasyMoney will pay a dividend to its stockholders. Each share of EasyMoney's Common Stock will be paid a dividend of $1.25 per share. There are currently 100,000 shares of EasyMoney's Common Stock held by EasyMoney's shareholders. The following are the facts related to this dividend: D Dividend per Share D Date of Declaration D Date of Record D Date of Payment $1.25 August 15, 2021 September 5, 2021 September 20, 2021 The following is a partial list of the accounts in EasyMoney, Inc.'s General Ledger. These are the only accounts you need for this problem. D Cash D Dividends Payable > Retained Earnings As of August 1, 2021, the Beginning Balance in the Dividends Payable account is $0 and the Beginning Balance in the Retained Earnings account is $625,000.
On January 1, 2019, Metco Inc. reported 296,000 shares of $6 par value common stock as being issued and outstanding. On March 24, 2019, Metco Inc. purchased for its treasury 2,400 shares of its common stock at a price of $39.00 per share. On August 19, 2019, 710 of these treasury shares were sold for $45.00 per share. Metco's directors declared cash dividends of $0.30 per share during the second quarter and again during the fourth quarter, payable on June 30, 2019, and December 31, 2019, respectively. A 4% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year. a-2. Prepare the journal entry for the treasury stock purchase on March 24, 2019.
During 2021, its first year of operations, McCollum Tool Works entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 100 million common shares, $1 par per share. Jan. 2 Issued 65 million common shares for cash. 3 Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2022 based on the earnings of McCollum in 2022. If net income exceeds $130 million, the president will receive 1 million shares; 2 million shares if net income exceeds $140 million. Mar. 31 Issued 4 million shares in exchange for plant facilities. Net income for 2021 was $139 million.Required: Compute basic and diluted earnings per share for the year ended December 31, 2021
Gleneagles Corporation earned net income of $70,000 during the year ended December 31, 2020. On December 15, Gleneagles had declared the annual cash dividend on its $0.50 preferred shares (10,000 shares issued for $100,000) and a $0.60 per share cash dividend on its common shares (25,000 shares for $50,000). Gleneagles then paid the dividends on January 4, 2021. Journalize the following for Gleneagles Corporation: a. Declaring the cash dividends on December 15, 2020 b. Paying the cash dividends on January 4, 2021 Did Retained Earnings increase or decrease during 2020? By how much?
During 2024, Ryabova entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 20 million common shares, $1 par per share. Net income for 2024 was $116 million. January 2 Issued 10 million common shares for cash. January 3 Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2024 based on the earnings of Ryabova in 2024. If net income exceeds $100 million, the president will receive 1 million shares; if net income exceeds $120 million, the president will receive 2 million shares. Required: Compute basic and diluted EPS for 2024. Note: Round your answers to 2 decimal places. Basic EPS Diluted EPS__.
Stampede Inc. (SI) is a public company. On January 1, 2020, 65,000 common shares were issued and outstanding. During the year: 15,000 additional common shares were issued on April 1. 20,000 preferred shares were issued on June 1; these shares are non-cumulative and carry an annual dividend entitlement of $2 per share. No dividends were declared. Net income was $2,000,000. What is the basic EPS for SI for its fiscal 2020 year end? Question 23 options: a) $22.75 b) $25.00 c) $25.70 d) $26.23
Ringmeup Inc. had net income of $151,000 for the year ended December 31, 2019. At the beginning of the year, 36,000 shares of common stock were outstanding. On May 1, an additional 12,000 shares were issued. On December 1, the company purchased 4,500 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup paid the annual dividend on the 6,000 shares of 4.45%, $100 par value preferred stock that were outstanding the entire year. Required: Calculate basic earnings per share of common stock for the year ended December 31, 2019. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Earnings per share
On December 31, 2020, Melon Co. was registered at SEC with 100,000 authorized ordinary shares of P100 par value. On the same date, 40,000 were sold and issued at P105 per share. On May 15, 2021, the corporation purchased 600 shares of its ordinary share capital at P110 per share. On September 16, 2021, 400 treasury shares were sold at P95. In 2021, the corporation realized an income after tax of P830,000 and paid a cash dividend of P200,000. What is the total shareholders’ equity of Melon Co. on Dec. 31, 2021? a. P10,602,000 b. P4,820,000 c. P4,802,000 d. P4,352,000
Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2021-2023. At December 31, 2020, the corporation's accounts included: Common stock, 112 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2021, the board of directors declared a cash dividend of $0.70 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. b. On March 1, 2022, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The bonds had a fair value of $2.8 million, but were purchased two years previously for $2.4 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record March 13, to be distributed April 5. c. On July 12, 2022, the corporation declared and distributed a 4 %…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS