Dividend Distribution Assignment – Brescia CorporationBrescia Corporation's shareholders' equity section at December 31, 2021 appears below:Shareholders' equityCommon shares, no par value, 50,000 shares issuedRetained earningsTotal shareholders' equity$600,000150,000$750.000On June 30, 2022, the board of directors of Holiday Travel Corporation declared a 10% stockdividend, payable on July 31, 2022, to shareholders of record on July 15, 2022. The fair marketvalue of Brescia Corporation's shares on June 30, 2022, was $12 per share.On December 1, 2022, the board of directors declared a 2-for-1 stock split effective December15, 2022. Holiday Travel Corporation's shares were selling for $16 on December 1, 2022, beforethe stock split was declared. Net income for 2022 was $225,000 and there were no cashdividends declared.(a) Prepare the journal entries on the appropriate dates to record the stock dividend and thestock split.(b) Fill in the amount that would appear in the shareholders' equity section for BresciaCorporation at December 31, 2022, for the following items:1. Common shares$2. Number of shares issued3. Retained earnings$.4. Total shareholders' equity$

The process of recording business transactions in the books of accounts for the first time is…

Answered: Dividend Distribution Assignment –…

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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Accounting On 1 January 2021, ADE Ltd. reported the following in shareholders' equity: Preferred shares, no-par value; authorized, unlimited shares; issued, 100,000 shares 2,500,000 Common shares, no-par value; authorized, unlimited shares; issued, 620,000 shares 4,960,000 Contributed capital on retirement of preferred shares 30,000 Retained earnings 3,850,000 The company acquired and retired shares in the following sequence during 2021: Retired 20,000 common shares at $12 per share. a. Retired 30,000 common shares at $6 per share. o. Retired 10,000 preferred shares at $30 per share. c. Retired 5,000 preferred shares at $22 per share. Required: 1. Prepare journal entries for the share retirement transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Retired 20,000 common shares at $12 per share. Common shares (20000 a. Retired 30,000 common shares at $6 per share. a. Retired 10,000 preferred shares at $30 per…
Financial Accounting & Reporting: Dividend Distribution
note:Total Stockholders' Equity of P200,000 should be Treasury Shares
The shareholders’ equity section of Memphis Company as of December 31,2018 before closing its books and recording the 2018 dividends is as follows: Ordinary share, 100,000 shares issued and outstanding P 3,000,000 Ordinary share premium 4,000,000 Retained earnings 8,000,000 Memphis’ board of directors declared a 20% share capital dividend on December 31, 2018 when the market value of each share was P 70. The corporation’s 2018 operations resulted to a loss P 1,200,000. What amount should Memphis report as retained earnings as of December 31, 2018? ____________________
Blabla Grocery Inc., reported the following financial information on December 31, 2019: Common shares issued and outstanding throughout 2019 700,000 shares 6% nonconvertible cumulative preferred shares capital $450,000 Retained Earnings on January 1. 2019 $3,500,000 Basic EPS for 2019 $0.99 per share In addition, the company did not declare any dividends for either 2018 or 2019. The amount which the company would report as Retained Earnings on December 31, 2019 would be: Select one: a. $673,000. b. $693,000. c. $4,220,000. d. $4,173,000. e. $4,166,000.
Accounting for Shares Waterport Sales' corporate charter authorized the firm to sell 800,000 shares of $10 par common stock. At the beginning of 2019, Waterport sold 251,100 shares and reacquired 1,650 of those shares. The reacquired shares were held as treasury stock. During 2019, Waterport sold an additional 16,300 shares and purchased 3,100 more treasury shares. Required: Determine the number of issued and outstanding shares at December 31, 2019.
Current Attempt in Progress On January 1, 2021, Elkhardt Corporation, a publicly traded company, had the following shareholders' equity accounts: Common shares (unlimited number of shares authorized, 48,400 shares issued) $1,936.000 Retained earnings 1,249,600 Accumulated other comprehensive income 59,840 During the year, the following transactions occurred: Jan. 15 Declared a $1.25 per share cash dividend to shareholders of record on January 31, payable February 15. Declared a 10% stock dividend to shareholders of record on April 30, distributable May 15. On April 16, April 30, and May 15, the share prices were $12, $11.80, and $11.90, respectively. Apг. 16 Oct. Effected a 2-for-1 stock split. On October 1, the share price was $15. Dec. 31 Determined that net income for the year was $552,640. (a) Record the above transactions, including any required entries to close dividends and net income. (List all debit entries before credit entries. Credit account titles are automatically…
The balance sheet of Tampa Company included the following shareholders' equity accounts at December 31,2021 $240,000 Common stock,240,000 shares at $1 par Paid-in captalexcoss of par Retained eamings Total shareholder' equity 060,000 3,800,000 $5.000,000 During 2022, the following transactions occurred 1 On May 3, 2022, a 5-for-4 stock split was declared and distributed. The stock spit was effected in the form of a 25% stock dividend. The market value of the $1 par common stock was $10 per share, 2. On July 5, 2022, a 5% common stock dividend was declared and distributed. The markel value of the common stock was $13 per share. 3. On December 1, 2022, the board of directors declared a cash dividend of $0.8 per share on its common shares, payable on December 28 to sharehoiders Determine the amount of cash dividend paid to shareholders on December 28, 2022 O $240,000 O $252,000 O $201,600 O $192.000
Total Stockholders' Equity of P200,000 should be Treasury Shares
Tiger Corp. provides the following data for calendar 2022 Net Income... $ 3,600,000 Transactions in Common Shares Change Cumulative Jan 1 beginning 1,400,000 Mar 1 purchase of treasury shares (80,000) 1.320,000 Jun 1 shares split 2 for 1 1,320,000 2,640,000 Nov 1 issuance of new shares 160,000 2,800,000 Instructions Calculate basic earnings per share for 2022.
ABC Corporation provided you the following information on January 01, 2021: Share capital, P10 par P4,000,000 Share premium 800,000 Retained earnings 3,500,000 Share transactions for the year 2021: Feb 10 – Declared 10% share dividend. Market value of each share – P20 March 10 – Issued and distributed share dividends declared on February 10 June 15 - Declared 20% share dividend. Market value of each share – P25 July 01 - Issued and distributed share dividends declared on June 15 December 03 – Declared cash dividend of P2 per share Retained earnings for the year 2021 would decrease by: a.3,616,000 b.2,336,000 c.3,616,000 d.1,056,000
d

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