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
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.…
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
Morgan Financial Services, Inc. was incorporated on January 1, 2021, with 300,000 no par value common shares authorized. During 2021, the company had the following share transactions: Jan 2: Issued 12,000 shares at $10 per share Mar 7: Issued 4,000 shares at $11 per share May 21: Purchased 1,500 shares at $12 per share and cancelled them. Jul 28: Issued 3,000 shares at $13 per share Aug 17: Issued 1,000 shares at $14 per share. The total amount in the Common Shares account at December 31, 2021, is: Question 7 options: $201,625 $217,000 $200,725 $199,000 8) Dervish Inc. had the following stock transactions in 2020: Issued 120,000 shares at $10 per share Issued 60,000 shares at $9 per share Issued 40,000 shares at $11 per share Declared a 2-for-1 stock split. Issued a 10% stock dividend Repurchased and cancelled 50,000 shares for $12 How many shares were outstanding at the end of 2020? Question 8…
During its first year of operations, Easten Data Links Corporation entered into the following transactions relating to shareholders' equity. The articles of incorporation authorized the issue of 8 million common shares, S1 par per share, and 1 million preferred shares, $50 par per share. E 18-5 Issuance of shares; noncash consideration Required: • LO18-4 Prepare the appropriate journal entries to record each transaction. Sold 2 million common shares, for $9 per share. Issued 40,0000 common shares to attorneys in exchange for legal services. Sold 80,000 of its common shares and 4,000 preferred shares for a total of $945,000. Issued 380,000 of its common shares in exchange for equipment for which the cash price was known to be $3,688,000. Feb. 12 13 13 Nov. 15
At the end of 20X6, Home Ltd. reported the following in shareholders' equity: Common shares, no par value; authorized, unlimited shares; issued, 14,400,000 shares Retained earnings $ 18,800,000 52,840,000 $71,640,000 At this time, the shares were trading in the range of $4 to $6 per share on public stock markets. The company's board of directors is contemplating two alternative courses of action: 1. Declaring a 50% stock dividend, or 2. Executing a 3-for-2 stock split. Required: 1. Prepare the shareholders' equity section for each alternative, assuming that market value is used to capitalize the stock dividend. 2. What would be the expected share price in each case? 3. Which alternative would shareholders prefer? Explain. 4. Which alternative would the company prefer? Explain.
Ayayai Ltd. was incorporated on January 1, 2024. During the year the company entered into the following transactions: Jan. 5 Issued 49,000 common shares for $2.50 per share. Jan. 20 Issued 2.700 common shares to settle legal expenses. The value of the legal expenses was $8,818. Feb. 10 Issued 11,000 preferred shares for $50.00 per share. Aug 12 Repurchased 14,700 common shares for $2.40 per share. Oct. 1 Issued 5,300 common shares for $2.25 per share. Dec. 15 Repurchased 22,000 common shares for $2.70 per share. Record the above transactions. (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. List all debit entries before credit entries. Round per share calculations to 2 decimal places, eg. 5.75 and final answers to 0 decimal places, eg 5,275)
Durham Company had two classes of shares outstanding, 10% P100 par preference share capital and P10 par ordinary share capital. During the fiscal year ending June 30, 2022, the entity had the following transactions affecting shareholders’ equity: Number of Shares Price per Share Issue of preference shares 5,000 140 Issue of ordinary shares 20,000 70 Retirement of preference shares 1,000 150 Purchase of treasury ordinary shares 5,000 80 Share split , par value reduced to P5 2 for 1 Reissue of treasury ordinary shares 5,000 52 The balances of the accounts in the shareholders’ equity on June 30, 2021 were: Preference share capital, 30,000 shares, P3,000,000; Ordinary share capital, 100,000 shares, P1,000,000; Preference share premium, P1,200,000; Ordinary share premium, P8,000,000; and Retained earnings, P2,550,000. Dividends were paid at the end of the current fiscal year on the ordinary shares at P6 per share and on the…

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