Problem 23-17 (IAA)During the current year, the following chronologicalShare capital, P3 par, 200,000 shares outatanding• Declared and issued a 30% share dividend.transactions affected shareholders' equity:retained earnings on December 31, 2020?Slvis Company reported the following shareholders equityReacquired 10,000 shares at P30 per share to be held asn January 1, 2020Share premiumRetained earnings1,000,0006,000,0002.800,000treasury.Declared and issued a 30% share dividend.*Declared and paid cash dividend of P10 per share.Net income for 2020 amounted to P3,000,000.What amount should be reported as unappropriateda. 2,745,000b. 3,045,000c. 2,700,000d. 2,600,000

Unappropriated Retained Earnings are the portion of the retained earnings which are not kept for any…

Answered: Problem 23-17 (IAA) retained earnings…

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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Reporting Stockholders’ Equity The following data are from the accounts of Mitar Corporation at December 31, 2020 ($ thousands). Retained earnings, beginning balance $2,520,000 Common stock, $__ par, 280,000 shares authorized, 140,000 shares issued 2,800,000 Treasury stock, 2,800 shares 56,000 Paid-in capital in excess of par 1,120,000 Bonds payable 560,000 Net income for 2020 (not included in retained earnings above) 532,000 Dividends declared and paid during 2020 (not included in retained earnings above) 224,000 Required a. Determine the value of the following items. 4. Total stockholders’ equity Answer 5. Average original selling price per share Answer b. Prepare the stockholders’ equity section of the balance sheet at December 31, 2020. Stockholders' Equity SectionDecember 31, 2020 Treasury stock Answer Total stockholders' equity Answer
Identifying and Analyzing Financial Statement Effects of DividendsThe stockholders' equity of DiFrancesco Company at March 31, 2019 is shown below. 4% preferred stock, $1,000 par value, 25,000 shares authorized; 10,000 shares issued and outstanding $10,000,000 Common stock, $1 par value, 3,000,000 shares authorized; 700,000 shares issued and outstanding 700,000 Additional paid-in capital—preferred stock 60,000 Additional paid-in capital—common stock 17,150,000 Retained earnings 49,005,689 Total stockholders' equity $76,915,689 The following transactions, among others, occurred during the fiscal year ended March 31, 2020.April 15, 2019 Declare and pay preferred dividends of $400,000April 15, 2019 Declare and pay common dividends of $1.30 per share October 1, 2019 Execute a 3-for-1 stock split of the common stock when the stock price was $140 per share.March 1, 2020 Declare and pay common dividends of $0.50 per share (a) Use the financial statement effects template…
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…
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The following is the Stockholders' Equity section of the balance for Spencer Corporation as of December 31, 2019. Stockholders' Equity Common stock, $1 par value; authorized, 10,000,000 shares. Issued and outstanding, 500,000 shares Additional paid-in capital, common stock Retained earnings Total Stockholders' Equity $500,000 3,500,000 6,750,000 $10.750.000 Spencer Corporation declared a 10% stock dividend on January 1, 2020, at which date the fair value of Spencer Corporation common stock was trading at $35 per share. Prepare the January 1, 2020, journal entry to record the declaration of the stock dividend. Date Account Debit Credit
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