Take me to the textMarry Inc. provided the following information from its accounting records for the years ended December 31, 2021and 2020.20212020Income from continuing operations (net of tax)858,000 799,000Income from discontinued operations (net of tax)143,000123,000Net income1,001,000 922,000Number of common shares outstanding throughout year 100,000 100,000Beginning retained earnings1,834,000 1,682,000Current liabilities606,000 470,000Long-term liabilities846,000 830,000Market price per share1712Total dividends paid428,000 339,000lo shares were issued or redeemed during the two years. The company has never issued any preferred shares.Common shares were sold for $1 per share.alculate the following ratios for both years.o not enter dollar signs or commas in the input boxes.pund your answers to 2 decimal places. Current liabilities606,000 470,000846,000830,000Long-term liabilitiesMarket price per share1712Total dividends paid428,000 339,000No shares were issued or redeemed during the two years. The company has never issued any preferred sharCommon shares were sold for $1 per share.Calculate the following ratios for both years.Do not enter dollar signs or commas in the input boxes.Round your answers to 2 decimal places.20212020EPSDividend Payout RatioPrice-Earnings RatioBook Value per Common Share

Introduction:- Shares are equity ownership units in a firm. Shares exist as a financial asset for…

Take me to the text Marry Inc. provided the following information from its accounting records for the years ended December and 2020. 2021 2020 ncome from continuing operations (net of tax) 858,000 799,000 ncome from discontinued operations (net of tax) 143,000 123,000 let income 1,001,000 922,000 umber of common shares outstanding throughout year 100,000 100,000 eginning retained earnings 1,834,000 1,682,000

Take me to the text Marry Inc. provided the following information from its accounting records for the years ended December and 2020. 2021 2020 ncome from continuing operations (net of tax) 858,000 799,000 ncome from discontinued operations (net of tax) 143,000 123,000 let income 1,001,000 922,000 umber of common shares outstanding throughout year 100,000 100,000 eginning retained earnings 1,834,000 1,682,000

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 Financial controller at Think Inc. is currently preparing the calculation for earnings per share and the related disclosure for the firm's financial statements. The following information has been extracted from the firm's financial statements for the fiscal year ended June 30, 2021. * Share capital - preference, 6% cumulative, $50 par value, 100,000 shares authorized, 25,000 shared issued and outstanding $1,250,000 * Share capital - ordinary, $1 par, 10,000 shares authorised, 1,000,000 shares issued outstanding $1,000,000 * Share premium - ordinary (includes any amounts for options and conversations) - $4,000,000 * Retained earnings - $6,000,000 * Notes payable, 10% - $1,000,000 * Convertible bonds payable - $5,000,000 * 10% bonds payable - $6,000,000 The following transactions have also occurred at Think. Options were granted on July 1, 2020, to purchase 200,000 shares at $15 per share. Although no options were exercised during the fiscal year 2021, the average price per ordinary…
ABC Co. reports under IFRS and has a December 31st year end. On January 1, 2020, ABC Co. purchased 3000 shares (30%) of the outstanding common shares of XYZ Inc. for $28/share in cash. XYZ Inc. provided the following statement of comprehensive income for the year ended Dec 31, 2020: Net income $22,500 Other comprehensive income 600 Comprehensive income $23,100 XYZ Inc. paid dividends of $1.20 per share during the year. Due to recent uncertainty in XYZ’s industry, shares were trading at $26.50 per share at year end. ABC CO.'s accountant is still investigating whether it will need to classify the investment as an investment in associate or FVTOCI. Required: a. Prepare the 2020 journal entries for ABC Co for the investments assuming the investment is classified as : i) investment in associate (equity method) ii) FVTOCI b. Calculate the value of the investment in XYZ Inc on the balance sheet of ABC Co. at December 31, 2020 as classified as: i) investment in…
Shown as follows are the amounts from the stockholders' equity section of the balance sheets of Wasson Corporation for the years ended December 31, 2020 and 2021. Stockholders' equity: Capital Stock Retained Earnings Total stockholders' equity a. b. 2021 2020 $50,000 $30,000 200,000 180,000 $250,000 $210,000 Calculate the amount of additional investment that the stockholders made during 2021. Assuming that the corporation declared and paid $15,000 in dividends during 2021, calculate the amount of net income earned by the corporation during 2021. c. Explain the significance of the $200,000 balance of retained earnings at December 31, 2021.
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The following financial information was extracted from the accounting records of Eytan Ltd for the year end 30 June 2021: Issued share capital Authorised share capital Sales (Turnover) Gross margin on sales percentage Total asset turnover Return on total assets after interest and tax Net working capital Current ratio Acid test ratio Current liabilities (including Dividends payable) Debt to equity ratio (using interest bearing debt) Retained earnings at the beginning of the year Dividends proposed and paid Notes 500 Class A (Ordinary shares of R1 each) 500 000 Class A (Ordinary shares of R1 each) R100 000 15% 1.60 : 1 11.52 % R30 000 2.5:1 1.3:1 R20 000 0.55 : 1 (55%) R22 000 R4.40 per Class A share 1. Taxation is calculated at 28 % of Net Profit before Taxation. 2. Interest expense is 27.78 % of Net Profit after Taxation. REQUIRED: Prepare the Statement of Comprehensive Income and the Statement of Financial Position as at 30 June 2021. You are required to provide only the details which…
Explain the income statement.
A Company provided the following balances on December 31, 2021: Subscription receivable 100,000 Losses from investment in equity FVTOCI 60,000 Accrued taxes 15,000 Ordinary share capital 2,500,000 Profit for the year 1,200,000 Retained earnings, beginning balance3,500,000 Salaries payable 80,000 Share dividends payable 50,000 Treasury shares, at cost 300,000 Unamortized issue cost on notes payable 10,000 Unearned rent income 60,000 Accounts payable (net of accounts with debit balances of P100,000) 300,000 Dividends paid 250,000 Mortgage payable (P800,000 due in 8 months) 3,000,000 Trade notes payable, due on January 31, 2023 600,000 Share premium 200,000 Preference share capital 1,300,000 Discount on notes payable 200,000 [Q3]: Determine the total amount of (7) current liabilities, (8) non-current liabilities, (9) retained earnings and (10) shareholder’s equity on December 31, 2021.
The following financial information is available for Blossom Ltd. as at December 31 (in thousands, except for per share amounts): 2021 2020 2019 Profit $1,721 $1,854 $2,317 Preferred share dividends (total) $73 $43 $30 Weighted average number of common shares 437 435 436 Dividends per common share $2.50 $2.25 $2.10 Market price per common share $43.00 $49.75 $56.25 (a)Calculate the earnings per share, price-earnings ratio, and payout ratio for the common shareholders for each of the three years. 2021 2020 2019 Earnings per share (Round answer to 2 decimal places, e.g. 5.25.) $enter Earnings per share in dollars rounded to 2 decimal places $enter Earnings per share in dollars rounded to 2 decimal places $enter Earnings per share in dollars rounded to 2 decimal places Price-earnings ratio (Round answer to 1 decimal place, e.g. 15.5.) enter Price-earnings ratio in times rounded to 1…
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)…
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