Cullumber Ltd. was organized on January 1, 2023, with 299600 no par value common shares authorized. During 2023, the corporationhad the following share transactions:Jan. 4 Issued 120800 shares at $9 per shareIssued 39400 shares at $10 per shareMay 17Purchased 14200 shares at $11 per share and cancelled themJuly 6Issued 28400 shares at $12 per shareAug. 27 Issued 11800 shares at $13 per shareMar. 8coThe total amount of contributed surplus at December 31, 2023 is$131350$47450.$178800.$0.

Stockholders' equity refers to the residual value of the business which belongs to the owners of the…

Answered: Cullumber Ltd. was organized on January…

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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ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions during the year: Jan. 1 number of shares authorized 85,000 Feb. 2 number of shares issued. 65,000 June 1 number of shares reacquired but not retired 5,000 Dec 1 2 for 1 share split What is the number of ABC Corp.’s ordinary share outstanding at December 31, 2020? To input answers, kindly follow the sample format below(no peso sign, with comma, no space): 100,000
At the beginning of 20X1, the accounting records of Friends Corp. reported the following: $ 228,750 Preferred shares, 7,500 shares outstanding, no-par Common shares, 181,400 shares outstanding, no-par Contributed capital on common share retirement Retained earnings 477,082 111,100 555,500 During the year, the company acquired and retired shares, while other shares were issued: 15 March 25,400 common shares bought and retired at $4 per share 16 March 4,300 preferred shares bought and retired at $32.90 per share 20 May 9,500 common shares bought and retired at $1 per share 25 May 1,900 preferred shares bought and retired at $18.30 per share 30 May 11,000 common shares issued at $10.30 per share 15 Nov. 5,100 common shares bought and retired at $30 per share
K Michael Corporation has the following information as of December 31 of the current year: Common Stock, $1 par value (authorized 16,261 shares) Treasury Stock (2,300 shares at cost) Common Stock Outstanding (2,600 shares) Based on the information above, how many shares of common stock are issued? A. 2,300 OB. 2,600 C. 4,900 D. 16,261 $15,000
Required information E11-2 (Algo) Reporting Stockholders' Equity and Determining Dividend Policy [LO 11-2, LO 11-3] [The following information applies to the questions displayed below.] Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par value. During its first year, the following selected transactions were completed: a. Issued 6,200 shares of common stock for cash at $22 per share. b. Issued 2,200 shares of common stock for cash at $25 per share. E11-2 (Algo) Part 4 4. Incentive Corporation has $32,000 in the company's bank account. At year-end, the accounts reflected a profit of $300. What is the maximum amount of cash dividends the company can declare and distribute? Maximum amount of cash dividends
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Bridgeport SA uses a calendar year for financial reporting. The company is authorized to issue 8,210,000 R$12 par ordinary shares. At no time has Bridgeport issued any potentially dilutive securities. Listed below is a summary of Bridgeport’s ordinary share activities. 1. Number of ordinary shares issued and outstanding at December 31, 2021 2,040,000 2. Shares issued as a result of a 12% share dividend on September 30, 2022 244,800 3. Shares issued for cash on March 31, 2023 1,870,000 Number of ordinary shares issued and outstanding at December 31, 2023 4,154,800 4. A 2-for-1 share split of Bridgeport’s ordinary shares took place on March 31, 2024 (a) Compute the weighted-average ordinary shares used in computing earnings per ordinary share for 2022 on the 2023 comparative income statement. enter a number of shares shares
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