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 December 31, 2021 statement of financial position accounts of ABC Company are shown below in alphabetical order: Required: Prepare a properly classified statement of financial position for ABC Company as of December 31, 2021.
For this question, please refer to the Fact Pattern below (Same fact pattern as previous question). Given the set of transactions above, what was Adjusted EBITDA in 2021? O $1,107.2 O $1,082.2. O $1,068.2 $1,092.2 Activities during the year: Capital expenditures Cost of Goods Sold (excluding D&A) Dividend Payout Ratio (dividends/ net income to common shareholders) Income Tax Net Interest Expense Net Revenues Non-controlling Interest Expense (After-Tax) Litigation Expense Other Operating Expenses (excluding D&A) Purchases of intangible assets Preferred dividends Research And Development (excluding D&A) Proceeds from sale of land with book value of $15 Selling, General, & Administrative (excluding D&A) Write-down of PP&E 2021 580.0 3,256.0 40% 35% 45.6 5,800.0 25.0 97.0 16.5 45.0 5.0 56.3 20.0 1,488.0 7.0
5.17. A company's statement of financial position at the end of 2018 included the following items. 2018 Land Buildings Accum. Depr.-buildings Equipment Accum. Depr.- equipment Patents Long-term investment Current assets Total assets Bond payable Current liabilties Share capital -ordinary Treasury shares Retained earnings Total Liabilities and Equity The following information is available for 2019. 1. Net income was $55,000 30,000 120,000 (30,000) 90,000 (11,000) 40,000 Instructions: 235,000 474,000 a. Prepare a statement of cash flows for 2019. b. Prepare a statement of financial postiion at the end of 2019. 100,000 150,000 180,000 2. Equipment (cost $20,000 and accumulated depreciation 8,000) was sold for 9,000. 3. Depreciation expense was $4,000 on the building and $9,000 on equipment 44,000 474,000 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $25,000. Current liabilities increased by $13,000. 6. An addition to the building was completed at a cost…
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KAT Productions reports the following amounts on December 31, 2024: retained earnings, $15,000; equipment, $38,000; accounts payable, $9,000; inventory, $15,000; notes payable, $20,000; common stock, $19,000; cash, $10,000. Prepare the balance sheet for KAT Productions. Equipment Intangible assets Inventory Cash Intangible assets Total assets Assets ***** S $ Answer is complete but not entirely correct. KAT Productions Balance Sheet December 31, 2024 38,000 38,000 15,000 10,000✔✔ 25,000 126,000 Accounts payable Notes payable Total liabilities Retained earnings Common stock Liabilities Stockholders' Equity equity Total stockholders' equity Total liabilities and stockholders 9 $ 9,000 20,000 29,000 15,000 19,000 34,000 63,000
You have been appointed to assist the accountant of Catalyst (Pty) Ltd to prepare the financialstatements for the year ended 31 December 2023. You have been provided with the followingfinancial information for the year ended 31 December 2023:RandsOrdinary shares (5 200 000)Retained earnings at 1 January 2023 (850 000)Inventory at 1 January 2023 5 400 000Land at cost 3 600 000Buildings at cost 10 800 000Buildings accumulated depreciation at 1 January 2023 (2 700 000)Plant at cost 12 000 000Plant accumulated depreciation at 1 January 2023 (4 500 000)Motor vehicles at cost 4 000 000Motor vehicles accumulated depreciation at 1 January 2023 (1 400 000)Trade payables (10 800 000)Trade receivables 7 200 000Provision for credit losses at 1 January 2023 (300 000)Purchases 24 500 000Revenue (36 000 000)Administrative expenses 2 500 000Distribution expenses 2 900 000Other expenses 600 000Bank 1 300 0004% Redeemable Preference shares at R1 each (6 000 000)8% Loan (6 000 000)23 2023c The…
As of December 31, 2018, Sadaf Oman Company reported assets of RO 3,700,000, share capital of RO 990,000 and retained earnings of RO 1,600,000. Total liabilities reported on the statement of financial position as of December 31, 2018 is Select one O a RO 1,100,000. Ob RO 1350,00. OC RO 1,110000. O d. RO 1,240,000.
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Please answer in good accounting form. Thankyou What is the retained earnings balance ending December 31, 2021?
The December 31, 2018, balance sheet of Whelan, Inc., showed long-term debt of $1,470,000, $154,000 in the common stock account, and $2,790,000 in the additional paid-in surplus account. The December 31, 2019, balance sheet showed long-term debt of $1,720,000, $164,000 in the common stock account and $3,090,000 in the additional paid-in surplus account. The 2019 income statement showed an interest expense of $101,000 and the company paid out $159,000 in cash dividends during 2019. The firm's net capital spending for 2019 was $1,100,000, and the firm reduced its net working capital investment by $139,000. What was the firm's 2019 operating cash flow, or OCF? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567.) Operating cash flow
Rand Company produces dry fertilizer. At the beginning of the year, Rand had the following standard cost sheet: Direct materials (8 lbs. @ $1.25) $10.00 Direct labor (0.15 hr. @ $18.00) 2.70 Fixed overhead (0.20 hr. @ $3.00) 0.60 Variable overhead (0.20 hr. @ $1.70) 0.34 Standard cost per unit $13.64 Overhead rates are computed using practical volume, which is 49,000 units. The actual results for the year are as follows: Units produced: 53,000 Direct materials purchased: 408,000 pounds at $1.32 per pound Direct materials used: 406,800 pounds Direct labor: 10,500 hours at $17.95 per hour Fixed overhead: $36,570 Variable overhead: $18,000 MPV=28,560 UNFAV MUV=21,500 FAV LRV=525 FAV LEV=45,900 UNFAV FIXED SPENDING VARIANCE= 7,170 UNFAV FIXED VOLUME VARIANCE= 2,400 FAV VARIABLE SPENDING= 150 UNFAV VARIABLE EFFICIENCY= 4,335 UNFAV Prepare journal entries for the following: The purchase of direct materials The issuance…