Tipp Corporation's adjusted trial balance on December 31, 2XX1 includes the following account balances: Ordinary share capital, P10 par, 60,000 shares issued, 55,000 shares outstanding Share premium - ordinary shares Treasury shares at cost Retained earnings, appropriated for treasury shares Retained earnings, appropriated for contingencies Retained earnings, appropriated for bond redemption Retained earnings, unappropriated What is the total shareholders' equity? Give your answer in this format X,XXX,XXX (disregard the pesos sign). ? 280,000 75,000 75,000 80,000 180,000 150,000

Tipp Corporation's adjusted trial balance on December 31, 2XX1 includes the following account balances: Ordinary share capital, P10 par, 60,000 shares issued, 55,000 shares outstanding Share premium - ordinary shares Treasury shares at cost Retained earnings, appropriated for treasury shares Retained earnings, appropriated for contingencies Retained earnings, appropriated for bond redemption Retained earnings, unappropriated What is the total shareholders' equity? Give your answer in this format X,XXX,XXX (disregard the pesos sign). ? 280,000 75,000 75,000 80,000 180,000 150,000

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 20BEA: The income statement, statement of retained earnings, and balance sheet for Somerville Company are...

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Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. Issued 15,000 shares of 20 par common stock at 30, receiving cash. B. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. E. Paid the cash dividends declared in (D). F. Purchased 8,000 shares of treasury common stock at 33 per share. G. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. H. Paid the cash dividends to the preferred stockholders. I. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). J. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. The amortization is determined using the straight-line method. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 20Y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follow were taken from the records of Equinox Products Inc. Income statement data: Advertising expense 150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 Depreciation expenseoffice buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Income tax expense 140,500 Interest expense 21,000 Interest revenue 30,000 Miscellaneous administrative expense 7,500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,313,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Bonds payable, 5%, due in 10 years 500,000 Cash 282,850 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 700,000 Income tax payable 44,000 Interest receivable 1,200 Inventory (December 31, 20Y8),at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4,320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock, 80 par (30,000 shares authorized; 20,000 shares issued) 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 20Y8 8,197,220 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 A. Prepare a multiple-step income statement for the year ended December 31, 20Y8. B. Prepare a retained earnings statement for the year ended December 31, 20Y8. C. Prepare a balance sheet in report form as of December 31, 20Y8.
The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Includes both state and federal taxes. Brief Exercise 15-20 Calculating the Average Common Stockholders Equity and the Return on Stockholders Equity Refer to the information for Somerville Company on the previous pages. Required: Note: Round answers to four decimal places. 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.
Basic Income Statement The following are selected account balances of Rule Corporation at the end of the current year: Rule is subject to a 30% income tax rate, and shareholders own 800 shares of its capital stock. Required: Prepare the income statement for Rule.
Tipp Corporation's adjusted trial balance on December 31, 2XX1 includes the following account balances: Ordinary share capital, P10 par, 60,000 shares issued, 55,000 shares outstanding Share premium - ordinary shares Treasury shares at cost Retained earnings, appropriated for treasury shares Retained earnings, appropriated for contingencies ? 280,000 75,000 75,000 80,000 180,000 150,000 Retained earnings, appropriated for bond redemption Retained earnings, unappropriated What is the amount available for distribution as dividend? Give your answer in this format XXX,XXX (disregard the pesos sign). Save Answer
BFAR Company presented its adjusted trial balance on December 31, 2022 and includes the following account balances: Ordinary Share Capital Ordinary Share Premium Accumulated Profits - Appropriated for bond retirement Accumulated Profits - Unappropriated Treasury shares Compute the Total Shareholders' Equity. 5,000,000 3,000,000 500,000 1,000,000 100,000
IamLearning Corporation showed the following balances in its financial records as of December 31: Current Assets- P1,880,000 Current Liabilities- P550,000 Non-current Assets- P2,000,000 Non-current Liabilities- P1,450,000 Outstanding ordinary shares, beginning- 1,200,000Outstanding ordinary shares, ending- 1,650,000 IamLearning Corporation issued additional 300,000 ordinary shares on June 1 and another 150,000 ordinary shares on Nov 1 as part of its financing plan. What is the book value per share of IamLearning Corporation as of December 31? a. Php1.37 b. Php1.18 c. Php1.34 d. Php0.94
Way Company's adjusted trial balance at December 31, 2021 includes the following: Ordinary Share Capital, P5 par P360,000 Share Premium - Ordinary 480,000 Treasury Shares, at cost 30,000 Share Premium - Preference 12,000 Retained Earnings 90,000 Preference Share Capital, P10 par 120,000 What amount should Way report as total shareholders' equity in its December 31, 2021 statement of financial position?
At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $10; 5,100 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 51,000 13,000 64,000 49,000 $ 113,000 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 2,000 shares of common stock at $27 cash per share (at year-end). b. Determined net income, $53,000. c. Declared and paid a cash dividend of $2 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year. BARNARD CORPORATION Statement of Stockholders' Equity Common Stock Shares Amount Paid-in Capital Retained Earnings Total Stockholders' Equity Balances as of December 31, prior year Balances as of December 31, current year
6. The following is a list of selected account balances taken from the December 31, 2021, general ledger of Selecta Corp. Account Payable 50,000 Accounts Receivable 45,500 Ordinary Share Capital 126,000 Paid in Capital in Excess of Par –Ordinary Share Capital 110,500 Paid in Capital in Excess of Par – Preferred Share Capital 10,250 Preference Share Capital 58,000 Preference Share capital Subscribed 6,000 Retained Earnings 20,500 Subscription Receivable –Preference 10,500 Compute for total stockholder’s equity for Selecta Corp. On December 31, 2021.
6. The following is a list of selected account balances taken from the December 31, 2021, general ledger of Selecta Corp. Account Payable 50,000 Accounts Receivable 45,500 Ordinary Share Capital 126,000 Paid in Capital in Excess of Par –Ordinary Share Capital 110,500 Paid in Capital in Excess of Par – Preferred Share Capital 10,250 Preference Share Capital 58,000 Preference Share capital Subscribed 6,000 Retained Earnings 20,500 Subscription Receivable –Preference 10,500 Compute first for the total paid-in capital then proceed to total stockholder’s equity for Selecta Corp. On December 31, 2021.
The following information was taken from the accounting records of ATLANTA Company for the year ended December 31, 2021: Net income during the year, P2,250,000Proceeds from the issuance of preference shares, P4,000,000Dividends paid on preference shares, P400,000Bonds payable converted to ordinary shares, P2,000,000Payment for purchase of machinery, P500,000Proceeds from sale of plant building, P1,200,000Retirement of bonds payable at face value, P2,500,0002% bonus issue on ordinary shares, P300,000Purchase of ordinary treasury shares, P120,000Payment for the purchase of debt securities at amortized cost, P450,000Gain on sale of plant building, P200,000Depreciation expense, P188,000Doubtful accounts expense, P87,000Increase in accounts receivable, P325,000Decrease in merchandise inventory, P129,000Increase in investments in equity securities at FVTPL, P440,000Increase in accounts payable, P90,000Decrease in accrued expenses, P225,000Increase in income tax payable, P117,000 How much is…
Subject: accounting