SHEA Corp. was organized on January 2020. Share capital transactions for the year are shown below: Jan. -5- Authorized to issue 50,000 shares of P10 par value ordinary share. 10-Issued 12,500 shares at P11 per share. Mar.- 25- Issued 500 shares for legal services valued at P6,000. Sept-30-Issued 2,500 shares for a tract of land valued at P65,000. As of Sept. 30, the balance of the Share Capital is: Select the correct response O P155,000 O P150,000 O P140,000 O P130,000

SHEA Corp. was organized on January 2020. Share capital transactions for the year are shown below: Jan. -5- Authorized to issue 50,000 shares of P10 par value ordinary share. 10-Issued 12,500 shares at P11 per share. Mar.- 25- Issued 500 shares for legal services valued at P6,000. Sept-30-Issued 2,500 shares for a tract of land valued at P65,000. As of Sept. 30, the balance of the Share Capital is: Select the correct response O P155,000 O P150,000 O P140,000 O P130,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000
Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?
Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000
Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?
Tama Companys capital structure consists of common stock and convertible bonds. At the beginning of 2019, Tama had 15,000 shares of common stock outstanding; an additional 4,500 shares were issued on May 4. The 7% convertible bonds have a face value of 80,000 and were issued in 2016 at par. Each 1,000 bond is convertible into 25 shares of common stock; to date, none of the bonds have been converted. During 2019, the company earned net income of 79,200 and was subject to an income tax rate of 30%. Required: Compute the 2019 diluted earnings per share.
SHEA Corp. was organized on January 2020. Share capital transactions for the year are shown below: Jan.-5- Authorized to issue 50,000 shares of P10 par value ordinary share. 10-Issued 12,500 shares at P11 per share. Mar.- 25- Issued 500 shares for legal services valued at P6,000. Sept.-30-Issued 2,500 shares for a tract of land valued at P65,000. The journal entry to record the transaction on March 25 includes Select the correct response: O a credit to Share Premium of P6,000 Oa debit to Organization Cost of P6,000 O a credit to Share Capital of P6,000 O a debit to Cash of P6,000 < Previous 3ms 44Hz
Yoko Company was organized on May 25, 2020 and was authorized to issue 250,000 shares of Rs 15 nar and 10,000 shares of 8% Preferred Stock, par value Rs 50. The following were the Capital Stock transactions through September 15, 2020: Issued 50,000 shares of Common Stock to an investment group at Rs 20, Assets were obtained from Tom Co. in exchange for 75,000 Shares of Common Stock. The assets were appraised as follows: June 1: June 15: Rs 300,000 Rs 75,000 Rs 475,000 Rs 375,000 Merchandize Inventory Furniture & Fixtures Machinery & Equipment Land Subscriptions were received for 100,000 Shares of Common Stock at Rs 25 and for 5,000 Shares of Preferred 8% Stock at Rs 55. Each class of Stock is to b paid in full within 90 days, Payment was received in full against 90,000 Shares of Common Stock and all th 5,000 Shares of Preferred against the above subscriptions. Nothing is expect to be received against the remaining 10,000 Shares of the Common her cancelled. July 1: Sep 15: Required: 1)…
BananaQ Company was organized on January 1,2020, with an authorization of 400,000 ordinary shares, a par value of P6 per share During 2020, the corporation had the following capital transactions: January-5. July-28. December-31 Sold the 30,000 shares held in treasury at P18 per share Issued 225,000 share at P10 per share Purchased 30,000 shares at P11 per share What is the total amount of Share Premium as of December 31.2020? Select the correct response: O P1,110,000 O PO P900,000 O P690,000 ( Previous Conti
BananaQ Company was organized on January 1,2020, with an authorization of 400,000 ordinary shares, a par value of P6 per share. During 2020, the corporation had the folloWing capital transactions: January-5. July-28. December-31. Sold the 30,000 shares held in treasury at P18 per share Issued 225,000 share at P10 per share Purchased 30,000 of its own shares at P11 per share How many shares are issued and outstanding as of December 31,2020? Select the correct response: O 370,000 O 400,000 O 225,000 O 195,000 Continue > < Previous
TJH Corporation was organized on January 1, 2020, with authorized capital of 200,000 shares of P10 par value ordinary share. During 2020, TJH had the following transactions:Jan. 12- Issued 80,000 shares for P12 per shareJune 23- Issued 4,000 shares for legal services when the market price was P14 per shareWhat should be the amount of share premium at December 31, 2020?
ABC Co. was organized on January 1, 2019, with an authorization of 1.200.000 ordinary shares with a par value of Rp6 per share. During 2019, the corporation had the capital transactions as provided below. ABC Co. used the cost method to record the purchase and reissuance of the treasury shares. What is the total amount of share premium as of December 31, 2019?