The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares. Total assets at December 31, 2022, were $2,140,000, and total assets at December 31, 2023, were $2,616,000. The company follows IFRS. (a) Prepare journal entries to record the transactions above. TotalDuring 2023, the company had the following transactions that affect shareholders' equity:1.2.3.4.5.6.$1,158,300Paid the annual 2022 $8 per share dividend on preferred shares and a $5 per share dividend on common shares. Thesedividends had been declared on December 31, 2022.Purchased 4,000 of its own outstanding common shares for $34 per share and cancelled them.Issued 1,000 preferred shares at $106 per share (at the beginning of the year).Declared a 5% stock dividend on the outstanding common shares at their fair value when the shares were selling for $46 pershare.Issued the stock dividend.Declared the annual 2023 $8 per share dividend on preferred shares and a $4 per share dividend on common shares. Thesedividends are payable in 2024.ENGUS View PoliciesCurrent Attempt in ProgressSandhill Corp. reported the following amounts in the shareholders' equity section of its December 31, 2022 SFP:4Preferred shares, $8 dividend (9,000 shares authorized, 2,000 shares issued)Common shares (unlimited authorized, 22,000 issued)Contributed surplusRetained earningsAccumulated other comprehensive incomeTotal$200,000528,00062,300300,00068,000$1,158,300During 2023, the company had the following transactions that affect shareholders' equity:ENGUS

Journal entries are the primary reporting of the business transactions in the books of accounts.…

Sandhill Corp. reported the following amounts in the shareholders' equity section of its December 31, 2022 SFP: Preferred shares, $8 dividend (9,000 shares authorized, 2,000 shares issued) Common shares (unlimited authorized, 22,000 issued) Contributed surplus Retained earnings Accumulated other comprehensive income Total $200,000 528,000 62,300 300,000 68,000 $1,158,300 During 2023, the company had the following transactions that affect shareholders' equity: EN US

Sandhill Corp. reported the following amounts in the shareholders' equity section of its December 31, 2022 SFP: Preferred shares, $8 dividend (9,000 shares authorized, 2,000 shares issued) Common shares (unlimited authorized, 22,000 issued) Contributed surplus Retained earnings Accumulated other comprehensive income Total $200,000 528,000 62,300 300,000 68,000 $1,158,300 During 2023, the company had the following transactions that affect shareholders' equity: EN US

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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The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings Land Cash Accounts receivable (net) Inventory Machinery Patent (net) Investment in equity securities Total assets Liabilities and Shareholders' Equity Accounts payable Accumulated depreciation Notes payable Appreciation of inventory Common stock (authorized and issued no par stock) 106,000 shares Retained earnings Total liabilities and shareholders' equity $ 756,000 268,080 66,080 132,080 252,000 286,000 106,000 72,000 $1,938,000 $ 221,000 261,080 512,080 86,080 424,000 434,000 $1,938,000 Additional information: 1. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $56,000 but, due to a significant increase in market value, is listed at $132,000. The Increase in the land account was credited to retained earnings. 2. The…
19. A listing of the estimated balances in the company's ledger accounts as of December 31, 2023 is given below (as well as in your Excel template): Cash Accounts receivable Inventory-raw materials Inventory-finished goods Capital assets (net) Assets $ 83,365 1,122,900 10,000 9,125 724,000 $1,949,390 Total assets Liabilities and Shareholders' Equity Accounts payable $ 231,563 Capital stock 1,000,000 Retained Earnings Total liabilities and shareholders' equity 717,828 $1,949,390 Required: 1. Prepare a monthly master budget for ToyWorks for the year ended December 31, 2024, including the following schedules (Use the Excel template provided!): Sales Budget & Schedule of Cash Receipts Production Budget & Manufacturing Overhead Budget Direct Materials Budget & Schedule of Cash Disbursements Direct Labour Budget Selling and Administrative Expense Budget Ending Finished Goods Inventory Budget Cash Budget 2. Prepare budgeted financial statements at December 31, 2024, using absorption costing.
Use the following financial statements for Manufacturing Inc. to compute the 1) DSO 2) TIE 3) ROE Manufacturing Inc. Balance Sheets, Income Statements and Additional Information for Year Ending December 31 (Millions of Dollars, Except for Per Share Data) Balance Sheet 2019 Assets Cash and equivalents $4,156.00 Accounts receivable $12,980.00 Inventories $8,920.00 Total current assets $26,056.00 Net property, plant & equipment (PP&E) $13,405.00 Total assets $39,461.00 Liabilities and Equity Accounts payable $7,410.00 Notes payable $5,460.00 Accruals $4,290.00 Total current liabilities $17,160.00 Long-term bonds $7,800.00 Total liabilities $24,960.00 Common stock $6,921.00 Retained earnings $7,580.00 Total common equity $14,501.00 Total liabilities and equity $39,461.00 Income Statement…
Instructions: (Assume all transactions during the year were for cash.) a. Prepare the journal entry to record the sale of the available-for-sale debt securities in 2020. b. Prepare the journal entry to record the Unrealized Holding Gain or Loss for 2020. c. Prepare a statement of comprehensive income for 2020. d. Prepare a balance sheet as of December 31, 2020
6. An entity provided the fo:louingdata for the year ended December 31. 2019:Retained earnings unappropriated. Januar> Overdepreciation of20i 8 due to prior period error. net oftax 400.000Net incomeRetained earning; appropriated for treasury (original balance is 3,000,000but reduced S) P200,000 by reason of reissuance of the treasury Shares)Retained earnings eppropria:ed for contingencies (begirråpg balance P70C,OOO. 300,000but increased by current appropriation ofP 100,000) 800,000Cash dividends paid to shareholders 1000.000Change in accounting policy from FIFO to a average — credit, net OftaxWhat is the balance of unappropriated retained earnings on December 31, 2019? 4,500.000 300.000b. 4,800,000
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I need help with these please. A. Record transfer of net loss to retained earnings. B. Record transfer of net income to retained earnings. C. Record repurchase of shares for retirement. D. Record declaration of cash dividend. E. Record payment of cash dividend.
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The financial statements of Company Permanent and its subsidiary Company Senior are shown below. Statement of Financial Position As at 31 December 2019: Permanent Senior $ $ Investment in Senior 450,000 - Other net assets 4,653,400 605,550 5,103,400 605,550 Share capital 2,350,000 300,000 Retained earnings 2,753,400 305,550 5,103,400 605,550 Income Statement and Partial Statement of Changes in Equity For the Year Ended 31 December 2019 Permanent Senior $ $ Sales 10,000,000 3,300,000 Cost of sales (9,000,000) (3,139,450) Dividend income from Senior 24,000 - Profit before tax 1,024,000 160,550 Tax (220,000) (35,000) Profit after tax 804,000 125,550 Retained earnings, 1 January 2019 2,050,000 210,000 Dividends declared (100,600)…
2. The following is extracted from the books of White Co as at 31 December 2019: $ nta sets Net current assets 6 010 Current assets 12 585 Non-current liabilities 2 500 Non-current assets 6 475 For the year ended 31 December 2019, 2$ Net profit Drawings 4 500 3 000 REQUIRED: Calculate the amount of capital at 1 January 2019. END OF PAPER
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Central Avenue Company reported net income of P700,000 for the year 2021. The entity declared and paid dividends of P150,000 in 2021 and P300,000 in 2020. In the financial statements for the year ended December 31, 2020, the entity reported retained earnings of P1,500,000 on January 01, 2020. The net income for 2020 was P600,000. In 2021, after the 2020 financial statements were approved for issue, the entity discovered an error in the December 31, 2021 financial statements. The after-tax effect of the error was P420,000 understatement of net income for the year ended December 31, 2020 due to over-depreciation. What amount was reported as retained earnings on December 31, 2020? 1,200,000 1,800,000 1,500,000 2,400,000