On October 1, a corporation had 200,000 shares of $4 par value common stock and St000.000 ofenned e The coporaton ddes a21ks The lwyOA Retaned earmngs (debit) arnd common stock spat distrbution (redoOB. Retainod earmings (debit) and stock spt (ored)OC No journal entryOD. Retained eamngs (detit) and common stock (oredo

Stock Split It is upto the entity decision to issue stock split to its share holders. Stock split…

Answered: October 1, a corporation had 200,000…

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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1. The following information was taken from the accounts of JT Corp at year end:Total income since incorporation P900,000Total cash dividends paid P260,000Proceeds from sale of donated shares P 90,000Total value of share dividends distributed P60,000Excess of proceeds over cost of treasury stocks sold P140,000What should be the current balance of retained earnings? a. P780,000b. P520,000c. P720,000d. P580,0002. see imagechoices: a. 176,000b. 263,000c. 204,000d. 321,000
on 31st Dec. 1995 were as under. Liabilities Star Ltd. Sun Ltd. Rs. Assets Star Ltd Sun Ltd. Rs. Rs. Rs. Share capital: 20,000 shares of Rs. 50 each 10,00,000 Buildings Machinery 6,00,000 2,00,000 3,00,000 1,00,000 1,00,000 1,50,000 50,000 Stock Debtors 80,000 shares 90,000 4,00,000 Investments in of Rs. 5 each 3,00,000 | 40,000 shares of Sun Ltd. 5,00,000 50,000 1,20,000 General reserve Cash at Bank 1,00,000 60,000 Creditors 16,00,000 6,60,000 16,00,000 6,60,000- Belence of Profit & Loss A/c of Sun Ltd. on 1.1.95 was Rs. 80,000. Sun Ltd. eda dividend of 10% in March 1995 for the year 1994 which was credited by Star Ltd. to its Profit & Loss A/c. Stock of Star Ltd. includes Rs. 20,000 goods which were purchased from Sun Ltd. at a profit of 20% on sale value. Show consolidated Balance Sheet as on 31st December 1995. [Marathwada, B.Com., adapted] [Ans: Capital profit – Rs. 80,000; Revenue profit – Rs. 1,20,000; Capital reserve – Rs. 20,000; Balance Sheet total - Rs. 17,56,000]
The following accounts appear in the ledger of AlicoCorporation after the books are closed at December 31, 2019. Common Stock, $2 par value, 700,000 shares authorized, 400,000 shares issued …………………………………………………………………………$800,000 Paid-in Capital in Excess of Par Value—Common Stock ………………….....650,000 Preferred Stock, $100 par value, 8%, 10,000 shares authorized; 2,000 shares issued …………………………………………………………………………..200,000 Retained Earnings ……………………………………………………………..900,000 Treasury Stock (10,000 common shares) ………………………………………85,000 Paid-in Capital in Excess of Par Value—Preferred Stock …………………….310,000 Required: Prepare the stockholders' equity section at December 31, 2019.
6. An entity provided the fo:louingdata for the year ended December 31. 2019:Retained earnings unappropriated. Januar> Overdepreciation of20i 8 due to prior period error. net oftax 400.000Net incomeRetained earning; appropriated for treasury (original balance is 3,000,000but reduced S) P200,000 by reason of reissuance of the treasury Shares)Retained earnings eppropria:ed for contingencies (begirråpg balance P70C,OOO. 300,000but increased by current appropriation ofP 100,000) 800,000Cash dividends paid to shareholders 1000.000Change in accounting policy from FIFO to a average — credit, net OftaxWhat is the balance of unappropriated retained earnings on December 31, 2019? 4,500.000 300.000b. 4,800,000
The accounts below appear in the December 31, 200B trial balance of M Company: Authorized common stock P2,500,000 Unissued common stock 1,000,000 Subscribed common stock 500,000 Subscription receivable 200,000 Additional paid-in capital 250,000 Retained earnings unappropriated 300,000 Retained earnings appropriated 150,000 Revaluation increment in property 100,000 Treasury stock, at cost 50,000 In its December 31, 200B balance sheet, M should report total stockholders' equity at a. P2,550,000 b. P2,750,000 c. P2,450,000 d. P2,400,000
REQUIRED: 1. What amount should be reported as unappropriated retained earnings at year-end?
You have been provided with the following information regarding Strummer PLCFinancial position statement as at 31st DecemberK000• Non-current Assets 33,344• Current Assets 15,345• Current Liabilities (9,679)• 5% bonds (redeemable in 6 years) (4,650)• 9% irredeemable bonds (8,500)• Bank Loan (3,260)22,600Ordinary shares (K1 par value) 6,4008% preference shares (K1 par value) 9,000Reserves 7,20022,6001. The current dividend, shortly to be paid, is K0.23 per share. Dividends in the future are expected to grow at a rate of 5% per year2. Corporate tax currently stands at 30%3. The interest rate on bank borrowings currently stand at 7%4. Stock market prices as at 31st December (all ex-dividend or ex-interest)Ordinary shares K4.17Preference shares K0.895% bonds K96 per K100 bond9% irredeemable bonds K108 per K100 bondRequired1. Calculate the costs of the individual sources of finance2. Calculate the book and market values of the individual sources of finance3. calculate the company’s current…
A Company issued $5,00,000/- new capital divided into $.10/- shares at a premium of $4/- per share payable as On Application $1/- per share On Allotment $4/- per share & $.2/- premium On Final Payment $.5/- per share & $.2/- premium Overpayments on application were to be applied towards sum due on allotment. Where no allotment was made money was to be returned in full. The issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted only 1,000 shares and applicants for 2,000 were sent letters of regret. All money due on allotment and final call was duly received. Make the necessary entries in the company‟s book.
2. The balance sheet for Putnam Corporation at the end of the current year include the following: Page 7 of 9 ManEco-01 FINANCIAL STATEMENT ANALYIS Bonds payable, 6% 6% Preferred stock, P100 par. Common stock, P10 par Income before income taxes was P950,000 and income tax expense for the current year amounted to P285,000. Cash dividends paid on common stock were P200,000, and the common stock was selling for P40 per share at the end of the year. There were no ownership changes during the year. Instructions Determine each of the following: (a) times Interest earned. (b) earnings per share for common stock. (c) price-earnings ratio. P5,000,000 1,000,000 2,000,000
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October 1, a corporation had 200,000 sheres of 54 par wle common stooknd $t 100f he The OA Retaned eamings (debt and common stock sptd on tod OB Retained eamngs deband stock sp odn OC No journal entry OP. Retained eamngs debt) and com