On January 2, 2000, the board of directors of Gimli Mining Corporation declared a cash dividend of P1,200,000 to stockholders of record on January 18, 2000, and payable on February 10, 2000. The dividend is permissible by law in Gimli's state of incorporation. Selected data from Gimli's December 31, 1999, balance sheet follow: Accumulated depletion P 200,000 Capital stock 1,100,000 Additional paid-in capital 800,000 Retained earnings 500,000 The P1,200,000 dividend includes a liquidating dividend of Select the correct response: 600,000 800,000 700,000 O200,000

On January 2, 2000, the board of directors of Gimli Mining Corporation declared a cash dividend of P1,200,000 to stockholders of record on January 18, 2000, and payable on February 10, 2000. The dividend is permissible by law in Gimli's state of incorporation. Selected data from Gimli's December 31, 1999, balance sheet follow: Accumulated depletion P 200,000 Capital stock 1,100,000 Additional paid-in capital 800,000 Retained earnings 500,000 The P1,200,000 dividend includes a liquidating dividend of Select the correct response: 600,000 800,000 700,000 O200,000

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

For the year ended December 31, 2024, Norstar Industries reported net income of $980,000. At January 1, 2024, the company had 1,130,000 common shares outstanding. The following changes in the number of shares occurred during 2024: April 30 May 24 June 1 Sold 100,000 shares in a public offering Declared and distributed a 5% stock dividend Issued 114,000 shares as part of the consideration for the purchase of assets from a subsidiary Required: Compute Norstar's earnings per share for the year ended December 31, 2024. Show computations. Numerator Denominator Earnings per Share
i.6
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
Riverbed Ltd. provides the following information for calendar 2023: 1. Net income $468,470 2. Capital Structure a) $9 preferred shares, no par value, cumulative, 6,000 shares outstanding $600,000 No dividends were declared during 2023. b) Common shares, 81,000 shares outstanding on January 1. On April 1, 43,000 shares were issued for cash. On October 1, 19,000 shares were purchased and retired $1,187,500 c) On January 2, 2022, Riverbed purchased Apso Corporation. One of the terms of the purchase was that if Riverbed’s net income for 2022 or subsequent years is $448,470 or more, 53,000 additional common shares would be issued to Apso shareholders.Calculate basic and diluted earnings per share for 2023. (Round answers to 2 decimal places, e.g. 15.25.) Basic earnings per share $enter a dollar amount rounded to 2 decimal places Diluted earnings per share $enter a dollar amount rounded to 2 decimal places
Borner Communications’ articles of incorporation authorized the issuance of 140 million common shares. The transactions described below effected changes in Borner’s outstanding shares. Prior to the transactions, Borner’s shareholders’ equity included the following: Shareholders’ Equity ($ in millions) Common stock, 125 million shares at $1 par $ 125 Paid-in capital – excess of par 375 Retained earnings 235 Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares), record the appropriate journal entry for each of the following transactions: On January 7, 2024, Borner reacquired 2 million shares at $7.50 per share. On August 23, 2024, Borner reacquired 4 million shares at $3.00 per share. On July 25, 2025, Borner sold 3 million common shares at $9 per share
Sheffield Corporation began business by issuing 401000 shares of $5 par value common stock for $24 per share. During its first year, the corporation sustained a net loss of $39200. The year-end balance sheet would show O Common stock of $2005000. O Common stock of $9624000. O Total paid-in capital of $2044200. O Total paid-in capital of $9584800.
Just prior to the end of the fiscal year, Biofuel Corporation reported the following information: Common stock ($0.20 par value) Additional paid-in capital $ 70,000 2,000,000 900,000 Retained earnings Treasury stock Cash flows from financing activities Required: Complete the table below for each of the three following independent cases: Note: Round "Par per share" answers to 2 decimal places. Case 1: The board of directors declared a cash dividend of $0.02 per share. Case 2: The board of directors declared and issued a 100 percent stock dividend when the stock was selling at $12 per share. Case 3: The board of directors announced 2-for-1 stock split. The market price prior to the split was $20 per share. Items After Stock Dividend Common stock account Par value per share Shares outstanding Additional paid-in capital Retained earnings Total stockholders' equity Cash flows from financing activities Before Any Dividends $ $ $ $ $ 0 24,000 70,000 $ 0.2 2,000,000 900,000 24,000 After Cash…
Al Anwar Company has 10,000 shares authorized, OMR2 par value, 4,000 shares issued and outstanding ordinary shares and 5% cumulative, non-participating. 7,000 shares authorized, OMR100 par value, 1000 shares issued and outstanding preference shares. Assume that AL Anwar did not declare dividends for the previous 2 years. The company declared a total of OMR10,000 cash dividend in the current year. How much dividend would be paid to ordinary shareholders?
Please answer in good accounting form. Thankyou 1. What amount of retained earnings should be appropriated as a result of the given transactions?
Wheaton Tire Inc., [WTI] reported the following excerpts from shareholders’ equity on January 1, 2021: Preferred shares, 0.90, 300,000 issued and outstanding $6,000,000 Common shares, 400,000 issued and outstanding $4,400,000 For This Question Only, assume that the preferred shares were non-cumulative and non-participating. The company declared and paid a cash dividend on February 1, 2021 of $1,400,000. Dividends had not been declared for the past two years, 2019 and 2020. How much will each shareholder group receive? Select one: a. $270,000 to Preferred and $1,130,000 to Common. b. $360,000 to Preferred and $1,040,000 to Common. c. $807,692 to Preferred and $592,308 to Common as the common share holders carry more risk and so they must receive based on pro-rata share contribution d. Each group receives an equal amount of $700,000 per group. e. None of the above.
Problem 1 Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2023 to 2025. At December 31, 2022, the corporation's accounts included (in thousands): Ordinary share capital, P1 par Share premium 105,000 630,000 Retained earnings 970,000 a. On November 1, 2023, the board of directors declared a cash dividend of PO 80 per share on its ordinary shares, payable to shareholders of record on November 15, to be paid on December 1. b. On March 1, 2024, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Ricki was holding as an investment. The bonds had a fair value of P1.6 million, but were purchased two years previously for P1.3 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record on March 13, to be distributed on April 5. The fair value of the…
Please don't provide answer in image format thank you.