The following are the abstract of the shareholders' equity of Shake Shake Corporation as of December 31 2020 before declaration of cash dividends 10% Preference share Capital, Par P50, 30,000shares are all issued and outstanding Ordinay share Capital P15 par 20,000 share are all issued and outstanding The board of Directors declared a P800,000 dividends. No dividends were distributod for 2018 and 2019 Compute for Dividends Preference Ordinary a The preference share is noncumulative and non-participating The proference share is noncumulative and participating C The proforence share is cumulative and non-participating d The preferonce share is both cumulative and participating The preference share is participaling only up to 15%

The following are the abstract of the shareholders' equity of Shake Shake Corporation as of December 31 2020 before declaration of cash dividends 10% Preference share Capital, Par P50, 30,000shares are all issued and outstanding Ordinay share Capital P15 par 20,000 share are all issued and outstanding The board of Directors declared a P800,000 dividends. No dividends were distributod for 2018 and 2019 Compute for Dividends Preference Ordinary a The preference share is noncumulative and non-participating The proference share is noncumulative and participating C The proforence share is cumulative and non-participating d The preferonce share is both cumulative and participating The preference share is participaling only up to 15%

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 shareholders' equity of High Company included P3,000,000 of P10 par ordinary share capital and P6.000,000 of 6% P50 par cumulative preference share capital. The board of directors declared cash dividends of P900,000 in 2019 after paying P300,000 cash dividends in 2018 and 500,000 in 2017. What amount of cash dividends was received by ordinary shareholders in 2019? Select the correct response: O 450,000 O 300,000 O 480,000 O 540,000 ( Previous Continue >
Blabla Grocery Inc., reported the following financial information on December 31, 2019: Common shares issued and outstanding throughout 2019 700,000 shares 6% nonconvertible cumulative preferred shares capital $450,000 Retained Earnings on January 1. 2019 $3,500,000 Basic EPS for 2019 $0.99 per share In addition, the company did not declare any dividends for either 2018 or 2019. The amount which the company would report as Retained Earnings on December 31, 2019 would be: Select one: a. $673,000. b. $693,000. c. $4,220,000. d. $4,173,000. e. $4,166,000.
Identifying and Analyzing Financial Statement Effects of DividendsThe stockholders' equity of DiFrancesco Company at March 31, 2019 is shown below. 4% preferred stock, $1,000 par value, 25,000 shares authorized; 10,000 shares issued and outstanding $10,000,000 Common stock, $1 par value, 3,000,000 shares authorized; 700,000 shares issued and outstanding 700,000 Additional paid-in capital—preferred stock 60,000 Additional paid-in capital—common stock 17,150,000 Retained earnings 49,005,689 Total stockholders' equity $76,915,689 The following transactions, among others, occurred during the fiscal year ended March 31, 2020.April 15, 2019 Declare and pay preferred dividends of $400,000April 15, 2019 Declare and pay common dividends of $1.30 per share October 1, 2019 Execute a 3-for-1 stock split of the common stock when the stock price was $140 per share.March 1, 2020 Declare and pay common dividends of $0.50 per share (a) Use the financial statement effects template…
On Dec 15, 2019 the board of directors of Flexsttel declared a cash dividend. The dividend is payable on Jan 8, 2019, of $0.80 per share on the 2,000,000 common shares outstanding. On dec 15, 2019 Flexsteel should: A. Decrease retained earnings $1.6 million and increase expenses $1.6 million B. Debit dividends $1.6 million and credit dividends payable by $1.6 million C. Not prepare a journal entry because the event had no effect on the corporation's financial position until 2020. D. Decrease cash $1.6 million and decrease retained earnings $1.6 million
The following data were reported in the shareholders' equity section of the Bubba Industries' comparative balance sheets for the years ended December 31 ($ in millions): 2020 2019 Common stock, $1 par per share Paid-in capital-excess of par Retained earnings $306 $300 174 150 314 300 During 2020, Bubba declared and paid cash dividends of $45 million. The company also issued a stock dividend. No other changes occurred in shares outstanding during 2020. What was Bubba's net income for 2020? $99 million O $24 million O $69 million $75 million
The following is the Stockholders' Equity section of the balance for Spencer Corporation as of December 31, 2019. Stockholders' Equity Common stock, $1 par value; authorized, 10,000,000 shares. Issued and outstanding, 500,000 shares Additional paid-in capital, common stock Retained earnings Total Stockholders' Equity $500,000 3,500,000 6,750,000 $10.750.000 Spencer Corporation declared a 10% stock dividend on January 1, 2020, at which date the fair value of Spencer Corporation common stock was trading at $35 per share. Prepare the January 1, 2020, journal entry to record the declaration of the stock dividend. Date Account Debit Credit
Lee Company has the following capital structure. Common stock, $1 par, 100,000 shares issued and outstanding On October 1, 2020, the company declared a 5% common stock dividend when the market price of the common stock was $15 per share. The stock dividend will be distributed on October 15, 2020, to stockholders on record on October 10, 2020. Upon declaration of the stock dividend, Lee Company would record Select one: a. A debit to Retained Earnings for $5,000. b. A credit to Dividends Payable for $70,000. c. A credit to Paid-in Capital in Excess of Par—Common Stock for $70,000. d. A credit to Retained Earnings for $75,000.
The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020: Shareholders' Equity ($ in millions) Common stock, 200 million shares at $1 par $ 200 Paid-in capital—excess of par 1,600 Paid-in capital—share repurchase 2 Retained earnings 1,000 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are (a) retired and (b) viewed as treasury stock. On February 5, 2021, TNL Systems purchased 8 million shares at $12 per share. On July 9, 2021, the corporation sold 3 million shares at $14 per share. On November 14, 2023, the corporation sold 3 million shares at $9 per share. 2. Prepare the shareholders’ equity section of TNL Systems’ balance sheet at December 31, 2023, comparing the two approaches. Assume all net income earned in 2021–2023 was distributed to…
The following data are extracted from the equity section of the balance sheet of Delta Corporation: 12/31/2019 12/31/2020 Common stock ($2par value) $100,000 $110,000 APIC-Common 50,000 58,000 Treasury stock (2,000 shares) 12,000 - Retained earnings 100,000 150,000 During 2020, the corporation declared cash dividends of $20,000 but paid only $14,000. In addition, the corporation declared stock dividends and issued the stock. Net income for 2020 was $30,000. There were no other changes in stock issued and outstanding during 2020. Calculate the amount (per share) for which Delta sold the treasury stock in 2020
Subject: accounting The shareholders’ equity of Phax Corporation includes $200.000 of $1 par common stock and $400,000 shares of $1 par value of 6% cumulative, nonparticipating preferred stock. The board of directors of Phax declared cash dividends of $50,000 in 2018 after paying $20,000 cash dividends in each of 2020 and 2021. What is the amount of dividends common shareholders receive in 2021?
The following partial information is taken from the comparative balance sheet of Levi Corporation: Shareholders’ equity 12/31/2021 12/31/2020 Common stock, $5 par; 20 million shares authorized; 15 million shares issued and 9 million shares outstanding at 12/31/2021; and ____ million shares issued and ____ shares outstanding at 12/31/2020. $ 75 million $ 45 million Additional paid-in capital on common stock 520 million 392 million Retained earnings 197 million 157 million Treasury common stock, at cost, 6 million shares at 12/31/2021 and 4 million shares at 12/31/2020 (72 million) (50 million) Total shareholders’ equity $ 720 million $ 544 million What was the average price (rounded to the nearest dollar) of the additional shares issued by Levi in 2021? Multiple Choice $39 per share. Cannot be determined from the given information. $26 per share. $5 per share.
On January 1, 2019, Rama Company issued 3,000 shares of 8%, OMR100 par value, preferred stock for 250,000. The board of directors declared dividends on December 30, 2019 and the dividends paid on 13/12/2019. As a result of this transaction dividend preferred in capital should be: Select one: a. Debited by 20000 b. None of the options c. Debited by OMR24000 O d. Credited by OMR24000