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
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Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020 - Common stock; $10 par value; 500,000 shares authorized; 200,000 shares issued and outstanding - Paid in capital in excess of par value, common stock - Retained earnings..... $2,000,000 400,000 900,000 $3,300,000 Total The Corporation completed the following transactions in 2021. 1- Jan. 10, Directors declared a $1 per share cash dividend payable on March 15 to the Jan. 31 stockholders of record. 2- Mar. 01, Purchased 10,000 shares of its own common for $15 per share. 3- Mar. 15, Paid the cash dividend declared on Jan. 10. 4- May 01, Sold 6,000 of its treasury shares at $15 cash per share. 5- Sep. 30, Directors declared a 30% stock dividend when the share market price is $16. 6- Nov. 01, Distributed stock dividends declared on Sep. 30. 7-Nov. 15, The company implemented 5-for-1 stock split for the common stock. Required: Prepare journal entries to record each of these transactions for…
Problem One: Prepare proper journal entries for these transactions for Batman Industries Inc. The following activities regarding share subscriptions occurred during 2020 for Batman Industries Inc. July 1- Sold 1,000 subscriptions for common shares at $20 per share. Subscribers paid $5 per share on this date; $5 more per share is due on September 1. Subscribers who fail to make the second payment on September 1 get their deposit refunded. The final payment of the balance of $10 per share is due on December 1. Subscribers who fail to make the final payment forfeit the $10 per share they have paid. September 1 – 900 of the subscribed shares first payment were made. 100 were not made and qualified for the refund. Record the payments received and the refund made. December 1 – 800 final payments were received, 100 more did not make the payment and forfeited their first two payments. Record the payments received, the common shares issued, and the payments forfeited.
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)…
National Supply's shareholders' equity included the following accounts at December 31, 2020: $ Shareholders' Equity Common stock 6,000,000 shares $1 par $6,000,000 Paid-in Capital in excess of par $30,000,000 Retained earnings $6,500,000 REQUIRED: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions 15-Feb-21 Reacquired 300,000 shares at $8 per share 17-Feb- 22 Reacquired 300,000 shares at $5.50 per share 9-Nov-23 Sold 200,000 shares at $7 per share 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2023, assuming the shares are a) retired and b) accounted for as treasury stock. Net income was $14,000,000 in 2021 $15,000,000 in 2022 $16,000,000 in 2023

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