Cullumber Ltd. was organized on January 1, 2023, with 301800 no par value common shares authorized. During 2023, the corporationhad the following share transactions:Jan.4Issued 121200 shares at $9 per shareMar. 8Issued 39200 shares at $10 per shareMay 17Purchased 15600 shares at $11 per share and cancelled themJuly6Issued 31200 shares at $12 per shareAug. 27Issued 10000 shares at $13 per shareThe total amount of contributed surplus at December 31, 2023 is○ $36456.○ $180600.$144144.○ $0.

Corporations may or may not be required by state legislation to assign par value to their issued…

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

See similar textbooks

Similar questions

Cullumber Ltd. was organized on January 1, 2023, with 299600 no par value common shares authorized. During 2023, the corporation had the following share transactions: Jan. 4 Issued 120800 shares at $9 per share Issued 39400 shares at $10 per share May 17 Purchased 14200 shares at $11 per share and cancelled them July 6 Issued 28400 shares at $12 per share Aug. 27 Issued 11800 shares at $13 per share Mar. 8 co The total amount of contributed surplus at December 31, 2023 is $131350 $47450. $178800. $0.
Ivanhoe Corporation was organized on January 1, 2023, with 409000 no par value common shares authorized. During 2023, the corporation had the following share transactions: Jan. 5 Apr. 6 June 8 July 28 Dec. 31 VA Issued 154000 shares at $8 per share Issued 58000 shares at $10 per share Issued 58000 shares at $12 per share Purchased 21000 shares at $9 per share and cancelled them Issued 21000 shares at $16 per share What is the total amount of contributed surplus at December 31, 2023? (Round intermediate calculations to 2 decimal places, e.g. 52.75.) O $189000 $0 $21000 $6090
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
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
C5.2
On December 2, 2022, Andrew Corporation issued for cash 12,000 shares of no-par ordinary shares with a stated value of P13 per share at P17. On December 17, it issued for cash 800 shares of P110 par, preference shares at P112. What amount will be credited as preference share capital? OA. P88,000 OB. P89,600 O C. P1,600 OD. None of the above
On January 1, 2023, Cullumber Ltd. (a public company) had the following shareholders' equity accounts: Preferred shares, $6 non-cumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 800,000 issued Retained earnings Accumulated other comprehensive income The following selected transactions occurred during 2023 Jan. 2 0 (a) $7,200,000 1,530,000 144,000 Issued 120,000 preferred shares at $80 per share. Declared the quarterly cash dividend to preferred shareholders of record on March 20, payable Aprill 1. Issued 100,000 common shares at $9 per share. Declared the quarterly cash dividend to preferred shareholders of record on June 20, payable July 1. Declared the quarterly cash dividend to preferred shareholders of record on September 20, payable October 1. Mar. 5 Apr. 18 June 5 Sept 5 Dec. 5 Declared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 1. Dec. 31 Net income for the year was $410,000.…
At the beginning of 20X1, the accounting records of Friends Corp. reported the following: $ 217,600 Preferred shares, 8,000 shares outstanding, no-par Common shares, 181,900 shares outstanding, no-par Contributed capital on common share retirement Retained earnings 472,940 111,500 557,500 During the year, the company acquired and retired shares, while other shares were issued: 15 March 25,700 common shares bought and retired at $4 per share 16 March 4,700 preferred shares bought and retired at $30.50 per share 20 May 10,000 common shares bought and retired at $1 per share 25 May 2,400 preferred shares bought and retired at $16.70 per share 30 May 11,500 common shares issued at $8.70 per share 15 Nov. 5,500 common shares bought and retired at $22 per share Required: 1. Give journal entries to record each share retirement transaction. (Round intermediate calculations to 2 decimal places and Round your final answers to the nearest whole dollar. If no entry is required for a…
ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions during the year: Jan. 1 number of shares authorized 80,000Feb. 2 number of shares issued 60,000June 1 number of shares reacquired but not retired 5,000Dec 1 2 for 1 share split What is the number of ABC Corp.’s ordinary share outstanding at December 31, 2020? A. 150,000 B. 110,000 C. 120,000 D. 115,000
Nash SA uses a calendar year for financial reporting. The company is authorized to issue 8,850,000 R$12 par ordinary shares. At no time has Nash issued any potentially dilutive securities. Listed below is a summary of Nash's ordinary share activities 1 2 3. 4. (a) Number of ordinary shares issued and outstanding at December 31, 2021 Shares issued as a result of a 12% share dividend on September 30, 2022 Shares issued for cash on March 31, 2023 Number of ordinary shares issued and outstanding at December 31, 2023 A 2-for-1 share split of Nash's ordinary shares took place on March 31, 2024 2,080,000 249,600 2,060,000 4,389,600 Compute the weighted-average ordinary shares used in computing earnings per ordinary share for 2022 on the 2023 comparative income statement. shares
On December 31, 2014, Ludwig Inc showed the following (All of the shares had been issued early in 2013) Eguy iect o Dilance heet Deramberat 201A Contributed captal Preferred shares, $4.00 unimiled shares authortred 15,000 share issued and outstanding Common shares, unimited shares authorized 70,000 shares issued and outstanding Total contributed capital Retained eamings 225,000 630,000 855,000 370,000 1,225,000 Total equity a) Calculate book value per common share and prefened share at December 31, 2014, assuming no divdends were declared for the years ended December 31, 2013 and 2014, and that the prefomed shares are Prefered shares are non aumulative Book value per common share Book value per preferred share Prefered shares are cumutative Book value per common share Book value per prefered share b) Calculate book value per common share and prefened share at December 31, 2014, assuming total dividends of $78,000 were declared and paid in each of the years ended December 31, 2013 and…
On December 2, 2022, Andrew Corporation issued for cash 12,000 shares of no-par ordinary shares with a stated value of P13 per share at P17. On December 17, it issued for cash 800 shades of P110 par, preference shares at P112. What amount will be credited as share premium- ordinary? O A P48,000 O B. P156,000 C. P204,000 D. None of the above

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