DDD Company had the following ordinary share transactions for the current year: January 1 Beginning balance, 120,000 shares, P50 par June 1 Issued 12,000 shares at P60 per share September
Q: Calculate the cost of goods available for sale for Atlantis Company, in units and in dollar amounts,…
A: Cost of Goods Available for sale :— It is the sum of beginning balance of finished goods inventory…
Q: event, select "No journal entry required" in the first account field. Do not round your intermediate…
A: A journal entry records a business transaction in the accounting system of a company. Journal…
Q: Crane Desserts specializes in the production of sweet plant-based bakery items. The company's top…
A: Process Costing - It is the method of costing which is used wherein the product is completed through…
Q: Lundquist & Fretwell, CPAS, offer three types of services to clients: auditing, tax, and small…
A: INCOME STATEMENT Income Statement is one of the Important Financial Statement of the Company. Income…
Q: The adjusted trial balance for Cortez Company at December 31, 2024 is presented below: Accounts Cash…
A: Lets understand the basics. Statement of financial position is prepared to know the end result of…
Q: Which of the following statements relating to qualified transfers for gift tax purposes is not…
A: Gift tax is levied on transfers of property made during one's lifetime from one individual to…
Q: Norbury Corporation's net income last year was $34,000. The company did not sell or retire any…
A: Cash flows provided by(used in ) operating activities under Indirect Method:- Under indirect method…
Q: On December 31, 2023, Berclair Incorporated had 480 million shares of common stock and 5 million…
A: Earning per Share The earnings of a corporation is divided by the number of existing shares of its…
Q: ZAMA Sports Club, is opening an exquisite new gym with a luxury spa within the city centre of Leeds…
A: The break-even point is the point at which there is no loss or gain for your business. At the…
Q: Division Operating income $ 12,350,000 $ 10,640,000 Investment $ 95,000,000 $ 56,000,000
A: Return on investment is a term that represents the amount of profit generated on the investment from…
Q: The budget for Department 6 of Cardinal Company for the current month ending March 31 is as follows:…
A: A budget performance report is a performance-based statement that assesses the actual operational…
Q: More info Kirby Garage Doors has undertaken several sustainability projects over the past few years.…
A: Break Even Point :— It is the point of production where total cost is equal to total revenue. At…
Q: Required information [The following information applies to the questions displayed below.] Cardinal…
A: PRESENT VALUE OF CAH INFLOW Present Value is the current value of a future amount of money or a…
Q: Consider the following transactions for A67 Company for the month shown in chronological order:…
A: Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…
Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and…
A: Under FIFO method the oldest products in inventory have been sold first. Under LIFO method the…
Q: Darden Company has cash of $29,000, accounts receivable of $39,000, inventory of $20,500, and…
A: Working Capital :— It is the difference between current assets and current liabilities. Working…
Q: Prepare a profit variance statement from the above data.
A: Profit variance is the difference between the actual profit experienced and the budgeted profit…
Q: Required information [The following information applies to the questions displayed below.] AMP…
A: For the year 2020, the maximum amount of deduction u/s 179 that AMP may claim is $1,040,000. The…
Q: itco Company is considering investing up to $696,000 in a sustainability hoices to three potential…
A: Here I have used PVIF Factor at 8% for 8 years 10 years and 6 years = 0.5403, 0.4632, 0.6302 and…
Q: How are finance leases accounted for under the current lease accounting standard (ASC 842 or IFRS…
A: An accounting standard is a theory, regulation, or policy that outlines the specific accounting…
Q: Hannibal Steel Company has a Transport Services Department that provides trucks to haul ore from the…
A: Variable costs are costs that varies with the change in the level of output whereas fixed costs are…
Q: The master budget at Cherrylawn Corporation at the beginning of the year was based on sales of…
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell…
A: The inventory can be valued using various methods as FIFO, LIFO and average method. FIFO stands for…
Q: Residents from the To 5, 2019. Financing for grant, and $2,100,000
A: Accounting journal entries are a fundamental aspect of the financial reporting process. They provide…
Q: RCC Company has two operating departments: mixing and cooking. Mixing occupies 53,000 square feet.…
A: Cost allocation is the process of assigning or distributing costs to specific cost objects or…
Q: 29 Denny Corporation is considering replacing a technologically obsolete machine with a new…
A: The simple rate of return is a basic return measure that divides the increase in accounting net…
Q: Cosmo contributed land with a fair market value of $365,000 and a tax basis of $99,000 to the Y…
A: A partnership is an agreement between two or more persons to manage a business and share earnings…
Q: Salesperson salaries Indirect materials Indirect labor Factory depreciation Direct labor Using the…
A: Factory Overhead :— It is the indirect manufacturing cost incurred in the manufacturing of product…
Q: Use the following to answer questions (Ignore income taxes in this problem.) Carlson Manufacturing…
A: Present Values of Cash Flows Present Value is a concept used in finance to determine the current…
Q: Plump Corporation acquired 100 percent of Slim Corporation's common stock on December 31, 20X2, for…
A: A Consolidated Balance Sheet is different from a normal balance sheet. It shows the financial…
Q: nue ods sold ng inventory es available for sale inventory of goods sold it expenses $1,900,000…
A: Cash flows statement is prepared by the organizations to know about the cash flows in the business.…
Q: Peng Company is considering an investment expected to generate an average net inco after taxes…
A: Capital budgeting is the process of evaluating and selecting long-term investments that will benefit…
Q: You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door…
A: Flexible budget :— It is calculated by multiplying standard amount per unit with actual units.…
Q: Xia Co. currently buys a component part for $9 per unit. Xia believes that making the part would…
A: RELEVANT COST Relevant costs can be defined as any cost relevant to a decision. A relevant cost is…
Q: 3- Hammerly Corporation is preparing its master budget for the quarter ending March 31 It sells a…
A: Sales Budget: The sales budget is a financial plan that outlines the projected sales revenue for a…
Q: Assets Cash Accounts receivable Inventory Current assets Capital assets Total assets Balance Sheet…
A:
Q: On June 1, 2020, Madison notified bondholders of its intent to call the bonds at face value plus a…
A: One sort of hybrid financial instrument that combines the characteristics of both debt and equity is…
Q: Lattimer Company had the following results of operations for the past year: Sales (15,000 units at…
A: The fixed costs generally do not changes when there is a change in the level of activity, the…
Q: Book Calculator Exercise 6-31 (Algorithmic) (LO. 3) Stanford owns and operates two dry cleaning…
A: According to the Federal Tax Laws the expenditure which has been incurred by a person in preparation…
Q: Hasson Company uses the FIFO method to cost ifs inventory. At December 31, 2023, its finished goods…
A: Hasson Company uses the FIFO method, the cost of goods sold and the cost of goods in inventory will…
Q: ABC Company Job 101 for the manufacture of 2,200 coats, which was completed during October at the…
A: When spoilage loss is charged to specific job then work in progress inventory will be credited with…
Q: Which of the following is a control procedure to address the threat of purchasing goods or services…
A: A control procedure refers to a set of steps or actions that are implemented to regulate or manage a…
Q: Current Attempt in Progress The following are the components in determining cost of goods sold.…
A: The COGS (cost of goods sold) is the total direct cost incurred while producing the goods. In other…
Q: A corporation has taxable income of $450,000, and its financial records reflect the following for…
A: It is the measure of a company’s ability to pay dividends to its shareholders. The current year’s…
Q: Flum Packages, Inc. Assets Current assets Fixed assets Total Liabilities & Equity 100,000 Current…
A: Working capital :— It is the difference between current assets and current liabilities. Working…
Q: Anderson, Moore, and Bell have capital balances of $20,000, $30,000, and $50,000, respectively. The…
A: Partnership refers to an agreement where two or more people come together for a common goal. The…
Q: arry's BBQ had sales revenue for the year of $400 million and net income of $30 million. Total…
A: Return on Asset = This ratio indicates that how a company manage its asset to generate revenue for…
Q: At the time companies write off accounts receivable, there is no effect on net income. true or…
A: Sales can be either on cash or on credit. When sales is made on credit, accounts receivable balance…
Q: K A furniture corporation manufactures two models of furniture Standard and Deluxe. The total…
A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead cost to cost…
Q: Which of the following is an example of an input control in the expenditure cycle? a. Physical…
A: The expenditure cycle begins when a need for goods or services is identified and ends when the…
DDD Company had the following ordinary share transactions for the current year:
January 1 | Beginning balance, 120,000 shares, P50 par |
June 1 | Issued 12,000 shares at P60 per share |
September 30 | Purchased 24,000 shares at P55 per share to be held as treasury |
The entity reported net income of P3,630,000, after an expropriation loss of P605,000 for the current year.
Questions:
1. Compute for the average shares outstanding.
2. Compute for the basic earnings per share.
Step by step
Solved in 3 steps with 1 images
- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.nts CFAS Company showed the following information from its shareholders' equity at year-end before the effect of the transaction below: Ordinary share capital P6,250,000 Share premium 3,125,000 Retained earnings 3,724,000 Treasury shares (at cost) 1,530,000 The ordinary shares were originally issued for P187.50 per share. At the end of the year, CFAS Company retired 5,100 shares held in treasury. The treasury shares had a P125 par value per share and an average cost per share of P300. (Input your answers as figures, do NOT put any comma, peso sign or extra spaces. E.g. if your answer is one thousand, please input 1000): 1. How much is the adjusted ordinary share capital at year end? 2. How much is the adjusted share premium at year end? 3. How much is the adjusted balance of retained earnings at year end?
- AAA Company had the following share capital at the end of the reporting period: Cumulative preference share capital, P100 par, 50,000shares outstanding, 10% dividend rate, each shareconvertible into 2 ordinary shares 5,000,000 Ordinary share capital, P50 par, 500,000 sharesauthorized, 200,000 shares outstanding 10,000,000 The entity reported net income of P5,400,000 for the current year. No share capital activity took place during the year. The income tax rate is 30%. The preference share was issued in the prior year at par value. Questions: 1. Compute for the basic earnings per share. 2. Compute for the diluted earnings per share.Kremlin Company reported the following shareholders' equity at year-end: Share capital, P30 par value, P3,000,000; Share premium, P600,000; Retained earnings, P4,200,000. A 20% share dividend was declared and distributed at year-end when entity's share was selling at P65. What amount should be reported as share capital outstanding?Mara Company provided the following data at year-end:Authorized share capital 5,000,000Unissued share capital 2,000,000Subscribed share capital 1,000,000Subscription receivable 400,000Share premium 600,000Retained earnings unappropriated 600,000Retained earnings appropriated 300,000Revaluation surplus 200,000Treasury shares, at cost 150,000What total amount should be reported as shareholders’ equity?
- On 5 March 20X7, Marchant Ltd issued 200,000 5% irredeemable GHS 1 preference shares. In accordance with IAS 32 Financial Instruments: Presentation, how will these shares and their related dividend be shown in Marchant Ltd’s financial statements for the year ended 31 March 20X7? Shares Dividend A Non-current liabilities Income statement B Non-current liabilities Statement of changes in equity C Equity Income statement D Equity Statement of changes in equityOn January 1, 2020, Leilanie Company reported the following shareholders' equity: Share capital 1,500,000 Share premium 3,000,000 Retained earnings 5,000,000 The entity had 400,000 authorised shares of P5 par value, of which 300,000 shares were issued and outstanding. On March 1, the entity acquired 50,000 shares for P10 per share to be held as treasury. On July 1, the entity declared a property dividend of inventory payable on July 31. The inventory had a P1,200,000 carrying amount anda fair value of P1,500,000 on July 1 The net income for 2020 was P3,000,000. How much is the appropriated retained earnings? Select the correct response O500,000 O 400.000 O 250,000 O 450,000 < Previous ContinueOn January 1, 2020, LeiLanie Company reported the following shareholders' equity: Share capital 1,500,000 Share premium 3,000,000 Retained earnings 5,000,000 The entity had 400,000 authorised shares of P5 par value, of which 300,000 shares were issued and outstanding. On March 1, the entity acquired 50,000 shares for P10 per share to be held as treasury. On July 1, the entity declared a property dividend of inventory payable on July 31. The inventory had a P1,200,000 carrying amount and a fair value of P1,500,000 on July 1. The net income for 2020 was P3,000,000 How many shares are issued and outstanding? Select the correct response: O250,000 O 350,000 O 300,000 O 400,000 < Previous
- On January 1, 2020, LeiLanie Company reported the following shareholders' equity: Share capital 1,500,000 Share premium 3,000,000 Retained earnings 5,000,000 The entity had 400,000 authorised shares of P5 par value, of which 300,000 shares were issued and outstanding. On March 1, the entity acquired 50,000 shares for P10 per share to be held as treasury. On July 1, the entity declared a property dividend of inventory payable on July 31. The inventory had a P1,200,000 carrying amount and a fair value of P1,500,000 on July 1. The net income for 2020 was P3,000,000. How much is the total shareholders' equity? Select the correct response: O 11,000,000 10,500,000 9,500,000 O 10,000,000 < Previous 3msuhe beginning of current year, Jade Company reported the following sharcholders' equity: Share capital, 1,500,000 shares Share premium Retained carnings Treasury shares, 100,000 at cost 1,500,000 I5,000,000 8,100,000 ( 900,000) All of the outstanding and treasury shares were originally issued for PIl per share. During the current year, the following events or transactions occurred relating to shareholders' equity: • February 15- Issued 400,000 shares for P12.50 per share. • June 15 - Declared a cash dividend of PO.20 per share to shareholders of record on April 1 and payable on April 15. This was the first dividend ever declared. • September 15- The president retired. The entity purchased from the retiring president 100,000 shares for P13.00 per share which was equal to market value on this date. These shares were canceled. • December 15 - Declared a cash dividend of PO.20 per share payable carly next year. * Atcurrent year-end, the entity is being sued by two separate parties for…BFAR Company reported the following Shareholders' at year-end: Share Capital, P50 par value Share Premium Accumulated Profits - Free 3,000,000 O 60,000 O 82,800 O 69,000 O 72,000 600,000 4,200,000 A 15% share dividend was declared and distributed at year-end when the entity's share was selling at 65. Compute the total shares outstanding after share dividend distribution.