Problem 3As of January 1, 2021, the equity section of LD Food Co's balance sheet contained the follewingCommon stock, 10 million authorized, 2 million issued and outstandingContributed surplus-from repurchase and cancellation of common sharesRetained carningsTotal shareholders' equity$3,000,000275,0002.750.000S6,025 ,000On May 1, 2021, the company spent $802,500 to repurchase 300,000 common shares. These shares were cancelledimmediately.On November 1, 2021, the company issued a 5% stock dividend on common shares. LD Food's stock traded at$7/share after the dividend.Required: Record the journal entries for the above transactions occurring in 2021.

Common shares are included in the equity section of the balance sheet to show the amounts for the…

Answered: Problem 5 As of January 1, 2021, the…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Common Stock Total Stockholders' Retained Earnings Equity Beginning balance Issuances of stock Add: Net income Less: Dividends 2$ 13,000 $ 6,000 $ 19,000 4,000 4,000 Ending balance 2$ 15,000 $ 7,000 $ 22,000
Question 8 At the end of 2020, Diego Corporation reported a $40,000 balance in its common share account (stated value $5 per share). The treasury share account showed $720 (cost $6 per share). No dividends were paid during the first two years. During 2020 the company declared and paid a cash dividend at $1.50 per share. Calculate the total amount of the 2020 cash dividend.
Question 33 ACME Incorporated had the following balances for its equity accounts on the company's audited statement of financial position at December 31, 2019: Shareholder's Equity Paid in on capital shares Preferred [8%, cumulative, 30,000 authorized, issued & outstanding $ 300,000 Common [unlimited authorized, 550,000 issued & outstanding] Contributed surplus 865,000 216,250 $ 1,381,250 Retained earnings Accumulated other comprehensive income Total shareholder's equity 432,500 216,250 $ 2,030,000 Information for 2020: Net income was Gain on disposal of bonds Dividends declared and paid on preferred shares Issued 3,000 common shares Foreign translation gain on subsidiary Comprehensive income $ 350,000 135,000 15,000 5,000 87,500 262,500 Required: Prepare ACME's statement of changes in equity at December 31, 2020 in good form.
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Homework Corporation Stockholders' Equity December 31, 2021 Common Stock, no par, 25,000 shares outstanding Retained Earnings Other Comprehensive Income 500,000 300,000 (30,000) Total Stockholders' Equity 770,000 The following transactions relating to stockholders' equity occurred during 2022: Enter the transactions in the general journal 1. Recorded a net income of $100,000 with a $15,000 loss allocated to other comprehensive income (no journal entry required)
View Policies Current Attempt in Progress Wildhorse Company reported retained earnings at December 31, 2021, of $318,500. Wildhorse had 198,500 shares of common stock outstanding at the beginning of 2022. The following transactions occurred during 2022. 1. 2. 3. A cash dividend of $0.70 per share was declared and paid. A 10% stock dividend was declared and distributed when the market price per share was $14 per share. Net income was $283,000. Compute the ending balance in retained earnings at the end of 2022. Retained earnings SA
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Problem 6 (Adapted)Anna company presented the following account balances in the shareholders’ equity section for the year ended December 31, 2018: Preference share capital, 12% P50 par, P3,000,000, Ordinary share capital, P100 par, P6,000,000 and deficit, (P1,350,000). No dividends have been paid on the preference share since 2016. Determine the book value per share under the following conditions:a. Preference share is preferred as to assetsb. Preference share is preferred as to dividend
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