The total shareholders' equity on December 31, 2020 is __________.
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A:
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Loving Company provided the following information on December 31, 2020: Share premium - 9,000,000; Accounts payable - 1,000,000; Sales - 10,000,000; Treasury shares - 250,000;
a. 14,100,000
b. 13,400,000
c. 11,900,000
d. 11,200,000
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- Please help meThe shareholders’ equity section of Pottery Corporation’s statement of financial position as of December 31, 2019, is as follows: Ordinary shares, P10, par value; authorized, 2,000,000 shares; issued 400,000 shares P4,000,000 Share premium 1,700,000 Accumulated profits 6,000,000 Total P11,700,000 The following transactions occurred during 2020: Jan. 5 10,000 shares of authorized and unissed ordinary shares were sold P17 per share. The company incurred share issue cost at P1 per share. Jan. 16 Declared a cash dividends of P1 per share, payable February 15 to shareholders of record February 5. Feb. 20 Reacquired 50,000 shares as treasury shares at P20 per share. Feb. 25 20,000 shares of authorized and unissued ordinary shares were issued in exchange of an equipment having a fair market value of P500,000. The company incurred share issue costs at P20,000. Mar. 1 A 30% stock dividend was declared and issued. Market value of…Rancho Cucamonga, Inc. presents the following excerpts from its December 31, 2020 balance sheet: Long-Term Liabilities: Note payable, 8% $200,000 Bonds payable, 10% 1,000,000 Shareholders’ Equity Common stock, par 50,000 Additional paid-in-capital, common stock 350,000 Total contributed capital 400,000 Retained earnings 250,000 Total shareholders’ equity 650,000 The accounting department also conveys the following information: Risk-free rate of return - 3% Risk premium - 4.05% Tax rate – 30% Requirement: Compute Rancho Cucamonga’s weighted average cost of capital.
- Court Casuals has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock, $100,000; Additional Paid-in Capital, $4,000,000; and Retained Earnings, $3,000,000. Net income for the year ended December 31, 2021, is $700,000. Court Casuals has the following transactions affecting stockholders' equity in 2021: May 18 Issues 25,000 additional shares of $1 par value common stock for $40 per share. May 31 Purchases 4,500 shares of treasury stock for $45 per share. July 1 Declares a cash dividend of $1 per share to all stockholders of record on July 15. Hint: Dividends are not paid on treasury stock. July 31 Pays the cash dividend declared on July 1. August 10 Resells 2,500 shares of treasury stock purchased on May 31 for $56 per share. Taking into consideration all the entries described above, prepare the statement of stockholders' equity for the year ended December 31, 2021, using the format provided. (Amounts to be deducted should be indicated…The Shareholders’ Equity section of Green Corporation at December 31, 2019 showed the following: 8% cumulative Preference share capital, P 100 par, liquidating value P110 - P2,000,000; Ordinary Share Capital, P50 par - P2,500,000; Additional Paid In Capital - P 500,000; Retained Earnings - P 1,000,000. During the year, the company earned profit of P 500,000. Compute the book value per share for the Preference share assuming dividends are in arrears for 3 years including the current yearUsing data, Compute the book value per share for the Ordinary Share CapitalThe following shareholders’ equity accounts are included in the statement of financial position of Chicken Wings Co. on December 31, 2020.· Preference share capital, 8%, P100 par (200,000 shares authorized, 60,000 shares issued and outstanding)- P6,000,000· Ordinary share capital, P5 par (2,000,000 shares authorized, 600,000 shares issued and outstanding)- P3,000,000· Share premium- P3,750,000· Retained earnings- P3,500,000During 2021, Chicken Wings took part in the following transactions concerning equity.· Paid the annual 2020 P8 per share dividend on preference shares and a P2 per share dividend on ordinary shares. These dividends had been declared on December 31, 2020.· Purchased 81,000 shares of its own outstanding ordinary shares for P40 per share.· Reissued 21,000 treasury shares for land valued at P900,000.· Issued 15,000 preference shares at P105 per share.· Declared a 10% stock dividend on the outstanding ordinary shares when the shares are selling for P45 per share.· Issued…
- The total stockholders' equity of Honest Corporation is P748,125 on December 31, 2020, with total 50,000 shares issued. The authorized capital stock is P1,000,000 at P10 par value and there are 2,500 treasury shares. What is the book value per share?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 shareholder’s equity of MI Company on December 31, 2020 has the following balances:· Preference Share Capital, 10% cumulative, P100 par, 50,000 issued shares: P5,000,000· Ordinary Share Capital, P100 par, 200,000 issued shares: 20,000,000· Subscribed Ordinary Shares, net of subscription receivable of P4,000,000 (100,000 subscribed shares): 6,000,000· Treasury Ordinary Shares, at cost (50,000 shares): 4,000,000· Share Premium: 10,000,000· Retained Earnings: 8,000,000Preference dividends have not been paid for three years and have a liquidation value of P110. The book value per ordinary share is: a. 168 b. 152 c. 166 d. 210
- At December 31, 2019, Hemington Company had 320,000 shares of common stock outstanding. Hemington sold 80,000 shares on October 1, 2020. Net income for 2020 was $1,985,000; the income tax rate was 35%. In addition, Hemington had the following debt and equity securities on its books at December 31, 2019. (a) 30,000 shares of $100 par, 8% cumulative preferred stock (b) 25,000 shares of 10% convertible cumulative preferred stock, par $100, sold at 110. Each share of preferred stock is convertible into three shares of common stock. (c) $1,500,000 face value of 9% bonds sold at par. (d) $2,500,000 face value of 7% convertible bonds sold to yield 8%. Unamortized bond discount is $150,000 at December 31, 2019. Each $1,000 bond is convertible into 22 shares of common stock. Also, options to purchase 20,000 shares of common stock were issued May 1, 2020. Exercise price is $20 per share; market value at date of option was $19; average market value for the year (and for the period…The shareholders’ equity section of THANOS Company revealed the following information on December 31, 2021: Preference share, ₱100 par,₱2,300,000; share premium-preference, ₱805,000; ordinary share,₱15 par, ₱5,250,000; share premium-ordinary, ₱2,750,000; subscribed ordinary share,₱50,000; Accumulated profits and losses,₱1,900,000; and stock dividends payable-ordinary, ₱450,000. How much is legal capital? a. ₱ 5,750,000 b. ₱ 8,050,000 c. ₱ 8,000,000 d. ₱ 7,600,000