Crane Supply Corporation provided the following schedule detailing the changesin the shareholders' equity accounts during 2020 and 2021.2021NumberofShares2020Amount Number AmountofSharesCommon shares, unlimitedauthorizedBalance, January 1Issued shares for cashReacquired sharesBalance, December 31Contributed surplus-reacquisition ofcommon sharesBalance, January 1Reacquired common sharesBalance, December 31Retained earningsBalance, January 1Profit (loss)Common dividends-CashBalance, December 31Accumulated other comprehensiveincomeBalance, January 1Other comprehensive income(loss)Balance, December 31Shareholders' equity, December 31CRANE SUPPLY CORPORATIONStatement of Changes in Shareholders' Equitychoose the accounting period380,00038,000(19,000 )399,000$456,000 380,000 $456,00024,500(21,841 )458,659 380,000 456,00011,5006,10017,60011,50011,500136,50017,000(15,500 )138,000144,00015,500(23,000 )136,50039,00013,00041,000(2,000)52,000$666,25939,000$643,000YeBalance, January 1Issued shares for cashReacquired common sharesCash dividendsComprehensive incomeBalance, December 31Prepare the shareholders' equity section of the balance sheet at December 31,2021.

Shareholders equity refers to the amount of ownership owned by the owner or the amount of net sum…

Answered: rane Supply Corporation provided the…

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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Below are the accounts shown in the December 31, 2020 trial balance of ABC Corporation: Preference shares, P50 par, 100,000 authorized, 40,000 shares issued Ordinary shares, P100 par, 200,000 authorized, 50,000 shares issued Subscribed preference share, 20,000 shares Subscribed ordinary shares, 20,000 shares Subscription receivable, preference due March 31, 2021, P180,000 Subscription receivable, ordinary due June 1, 2021, P260,000 Treasury stock, preference, 10,000 shares reacquired at P86 Share premium Ordinary shares, P1,500,000 Share premium - Preference shares, P2,100,000 Share premium from Treasury, P400,000 Donated Capital, P600,000 Ordinary share warrants outstanding, P300,000 Ordinary share options outstanding, P200,000 Accumulated Profits, P3,100,000 Revaluation Surplus, P1,500,000 Reserve for plant expansion, P1,200,000 Unrealized Gain on financial asset at FMV through OCI/L, P200,000 How much is the total contributed capital of ABC Corporation? O 14,660,000 14,440,000…
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The Murphy Corporation is authorized to issue 500,000 shares of $1 par value common stock, During 2019, the company has the following stock transactions. Jan. 15 Issued 200,000 shares of stock at $6 per share. Sept. 5 Purchased 30,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2020. Instructions Journalize the transactions for the Murphy Corporation on journal paper. OMIT explanations
Questions # 21-22 are based on the following: Clothing Emporium was organized on January 1, 2021. The firm was authorized to issue 100,000 shares of $5 par value common stock. During 2021, Clothing Emporium had the following transactions relating to shareholders' equity: B. C. D. 21. What is the ending balance in the Retained Earnings account at the end of 2021? A. Jan. 1 Feb. 15 May 8 Oct. 2 ABCD B. Issued 30,000 shares of common stock at $7 per share. Issued 20,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of $50,000. $50,000. $370,000. $420,000. $100,000. 22. What is the total stockholders' equity at the end of 2021? A. $370,000. $420,000. C. $470,000. D. $320,000.
Prepare Jornal Entry and Ledger account. Attached Question and format of ledger
Provide a journal entry
Raxx Ltd. began 2020 with the following balances in its shareholders' equity accounts: Common shares, unlimited shares authorized, 500,000 shares issued and outstanding.... $3,000,000 Retained earnings... 2,500,000 The following share-related transactions occurred during the year: Date Transaction Issued at $200 per share 100,000 $2.50 non-cumulative preferred shares with an unlimited number authorized. March 1 May Issued 50,000 common shares at $15 per share. Sept. 1 Repurchased and retired 150,000 common shares at $16 per share. Nov. 30 Declared and distributed a 3:1 share split on the common shares. Required a. Calculate the weighted-average number of shares outstanding using the information above b. Using the information provided, prepare an income statement for 2020 similar to Exhibit Cumulative effect of a change in depreciation method (net of $26,000 tax benefit). $ (136,500) Operating expenses (related to continuing operations). Gain on disposal of discontinued operations'…
Part BDuring 2021, the Nicklaus Corporation participated in three treasury stock transactions: On June 30, 2021, the corporation reacquires 150,000 shares for the treasury at a price of $14 per share. On July 31, 2021, 25,000 treasury shares are reissued at $17 per share. On September 30, 2021, 25,000 treasury shares are reissued at $12 per share. Required:1. Prepare journal entries to record these transactions.2. Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance sheet prepared at September 30, 2021. (Assume net income for the second and third quarter was $2,750,000.)
Alexander Corporation reports the following components of stockholders' equity at December 31, 2019. Common stock-$25 par value, 60,000 shares authorized, 39,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During 2020, the following transactions affected its stockholders' equity accounts. January 2 Purchased 3,900 shares of its own stock at $25 cash per share. January 7 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record February 28 Paid the dividend declared on January 7. July 9 Sold 1,560 of its treasury shares at $30 cash per share. August 27 Sold 1,950 of its treasury shares at $20 cash per share. September 9 Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record.. October 22 Paid the dividend declared on September 9. December 31 Closed the $61,000 credit balance (from net income)…
Blabla Grocery Inc., reported the following financial information on December 31, 2019: Common shares issued and outstanding throughout 2019 700,000 shares 6% nonconvertible cumulative preferred shares capital $450,000 Retained Earnings on January 1. 2019 $3,500,000 Basic EPS for 2019 $0.99 per share In addition, the company did not declare any dividends for either 2018 or 2019. The amount which the company would report as Retained Earnings on December 31, 2019 would be: Select one: a. $673,000. b. $693,000. c. $4,220,000. d. $4,173,000. e. $4,166,000.
On its Balance Sheet dated December 31st, 2020, the Crazy Cookie Company reports the following information regarding its Common Stock: 520,000 shares authorized 260,000 shares issued 13,000 treasury shares How many common shares of the Crazy Cookie Company are outstanding on December 31st, 2020?
Court Casuals has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock, $100,000; Additional Paid-in Capital, $4,000,000; and Retained Earnings, $3,000,000. Net income for the year ended December 31, 2021, is $700,000. Court Casuals has the following transactions affecting stockholders' equity in 2021: May 18 Issues 25,000 additional shares of $1 par value common stock for $40 per share. May 31 Purchases 4,500 shares of treasury stock for $45 per share. July 1 Declares a cash dividend of $1 per share to all stockholders of record on July 15. Hint: Dividends are not paid on treasury stock. July 31 Pays the cash dividend declared on July 1. August 10 Resells 2,500 shares of treasury stock purchased on May 31 for $56 per share. Taking into consideration all the entries described above, prepare the statement of stockholders' equity for the year ended December 31, 2021, using the format provided. (Amounts to be deducted should be indicated…

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