QS 13-3 Components of the equity section of a corporate balance sheet LO² From the following list of selected accounts for X-cell Inc., identify the equity accounts. Use "CC" for contributed capital, "RE" for retained earnings, and "X" if not an equity account. Cash Common shares Common dividend payable Deficit Preferred shares Retained earnings Preferred dividend payable Preferred shares, $5 non-cumulative

QS 13-3 Components of the equity section of a corporate balance sheet LO² From the following list of selected accounts for X-cell Inc., identify the equity accounts. Use "CC" for contributed capital, "RE" for retained earnings, and "X" if not an equity account. Cash Common shares Common dividend payable Deficit Preferred shares Retained earnings Preferred dividend payable Preferred shares, $5 non-cumulative

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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Required information Problem 11-5A Computing book values and dividend allocations LO C2, A4 [The following information applies to the questions displayed below.] Raphael Corporation’s balance sheet shows the following stockholders’ equity section. Preferred stock—5% cumulative, $___ par value, 1,000 sharesauthorized, issued, and outstanding $ 50,000 Common stock—$___ par value, 4,000 shares authorized, issued,and outstanding 80,000 Retained earnings 150,000 Total stockholders' equity $ 280,000 Problem 11-5A Part 4 4. If two years’ preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $11,500, what total amount will be paid to the preferred and to the common shareholders?
Question 8 - Equity Huntless Ltd has the following items in its accounting records for the current year: 1. 50,000 $3 issued and paid up ordinary shares 2. Dividends declared and paid during the year $35,000 3. Transfer from Retained earnings to General reserve $12,000 4. Net profit for the year $35,000 5. Opening Retained earnings $50,000 Required: Prepare journal entries to record items 1,2 and 3. Date / Accounts Debit Credit Show the note to the financial statements providing details of the movements in the Retained Earnings account during the year.
5
Accounting CP 11-9 The following information is extracted from the shareholders' equity section of the statement of financial position of Gibson Clothing Inc. at December 31, 2018: Preferred shares, stated value $10, non-cumulative Issued and outstanding – 5,000 shares Common shares, stated value $2 Issued and outstanding – 20,000 shares Retained earnings $ 20,000 40,000 150,000 $210,000 Total shareholders' equity Additional information: a. There are $2,000 of dividends in arrears on the preferred shares. b. The liquidation value of the preferred shares is $25,000. Required: Calculate the book value of preferred and common shares.
Only answer b please
Exercise 13-7 Financial statement impact of dividends and splits P2 For each dividend and stock split issued, determine the impact-increase, decrease, or no effect-on total assets, total liabilities, and total equity. quan $5,000 cash dividend 7% stock dividend 40% stock dividend 7-for-1 stock split Total Assets Total Liabilities Total Equity
Subject-Acounting
aa
Exercise 11-13A (Algo) Recording and reporting treasury stock transactions LO 11-5 The following information pertains to JAE Corporation at January 1, Year 1: Common stock, $11 par, 14,000 shares authorized, 2,800 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $30,800 12,100 51,200 4 JAE Corporation completed the following transactions during Year 1: 1. Issued 1,150 shares of $11 par common stock for $30 per share. 2. Repurchased 160 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for $28 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Complete this question by entering your answers in the tabs below.…
Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Connon stock-$15 par value, 100,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During 2019, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,500 shares of its own stock at $15 cash per share, 5 Directors declared a 56 per share cash dividend payable on February 28 to the February 3 stockholders of record. Jan. Jan. $750,000 70,000 400,000 $1,220,000 Oct. Dec. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 2,063 of its treasury shares at $19 cash per share. Aug. 22 Sold 3,437 of its treasury shares at $12 cash per share. Sept. 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of…
Question 21 Treasury shares are most often reported as: A) A reduction of total shareholders' equity. B) A reduction of total paid-in capital. C) A reduction of retained earnings. D) An expense in the income statement. O A В C
ces Exercise 11-6A (Static) Accounting for cumulative preferred dividends LO 11-3 When Crossett Corporation was organized in January Year 1, it immediately issued 4,000 shares of $50 par, 6 percent, cumulative preferred stock and 50,000 shares of $20 par common stock. Its earnings history is as follows: Year 1, net loss of $35,000; Year 2, net income of $125,000; Year 3, net income of $215,000. The corporation did not pay a dividend in Year 1. Required a. How much is the dividend arrearage as of January 1, Year 2? b. Assume that the board of directors declares a $25,000 cash dividend at the end of Year 2 (remember that the Year 1 and Year 2 preferred dividends are due). How will the dividend be divided between the preferred and common stockholders? Complete this question by entering your answers in the tabs below. Required A Required B Assume that the Board of directors declares a $25,000 cash dividend at the end of Year 2 (remember that the Year 1 and Year 2 preferred dividends are…