Triad declared and paid a P25,000 cashdividend on December 15, 2008. If thecompany's dividends in arrears prior to thatdate were P6,000, Triad's commonstockholders received *Triad Corporation's December 31, 2008 balance sheet showed the following:8% preferred stock, P20 par value, cumulative, 10,000 shares authorized;5,000 shares issuedCommon stock, P10 par value, 1,000,000 shares authorized; 650,000shares issued, 640,000 shares outstanding 6,500,000 Paid-in capital in excess of parvalue preferred stock 20,000 Paid-in capital in excess of par value-common stock9,000,000Retained earningsTreasury stock (10,000 shares)P 100,0002,500,000210,000O P19,000.P9,000.O P11,000.O no dividend.

Dividend paid = P25,000 Arrears = P6,000 Dividend of this year = P19,000

Answered: Triad declared and paid a P25,000 cash…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The shareholders’ equity of Proactive Solutions, Inc., included the following at December 31, 2016: Common stock, $1 par Paid-in capital—excess of par on common stock 7% cumulative convertible preferred stock, $100 par value Paid-in capital—excess of par on preferred stock Retained earnings Additional Information: • Proactive had 7 million shares of preferred stock authorized of which 2 million were outstanding. All 2 million shares outstanding were issued in 2010 for $112 a share. The preferred stock is convertible into common stock on a two-for-one basis until December 31, 2018, after which the preferred stock no longer is convertible. None of the preferred stock has been converted into common stock at December 31, 2016. There were no dividends in arrears. • Of the 13 million common shares authorized, there were 8 million shares outstanding at January 1, 2016. Proactive also sold 3 million shares at the beginning of September 2016 at a price of $52 a share. • The company has an…
Bradley Corporation issued 10,000 shares of common stock on January 1, 2013. The stock has par value of $0.01 per share and was sold at $25 per share. The journal entry for this transaction would: a. Credit Cash $250,000 and debit Paid-in capital $250,000 b. Credit Cash $250,000, debit Common stock $100, and debit Paid-in capital $249,900 c. Debit Cash $250,000, credit Common stock $100, and credit Paid-in capital $249,900 d. Debit Cash $250,000, credit Paid-in capital $100, and credit Common stock $249,900
The equity section of Atticus Group’s 2017 year-end balance sheet had 200,000 shares of $4 par value common stock authorized. Of this amount, 40,000 shares were issued and outstanding in one offering in which the stock was sold at $7 per share. Retained earnings had a balance of $320,000. The following transactions and events occurred in 2018. Jan. 5 Declared a $0.50 per share cash dividend, date of record January 10, to be paid February 10. Mar. 20 Purchased 3,000 shares of treasury stock for $10 per share. Apr. 5 Declared a 20% stock dividend when the stock’s market value was $12 per share. The dividend is to be distributed on April 30 to stockholders of record on April 10. Jul. 5 Declared a $0.25 per share cash dividend, date of record July 10, to be paid August 10. Aug. 14 Issued 4,000 shares at $15 per share. Oct. 5 Declared and distributed a 2-for-1 stock split. Dec. 31 Atticus recorded net income of $248,000 in 2018. 1.What is total paid-in capital one…
At the end of the accounting year, December 31, 2007, Emme's records reflected the following: (Compute for the total stockholders' equity) - Common stock, no par, 5,000 shares issued, issue price P12 per share - Preferred stock, par P5, 1,000 shares issued and outstanding; issue price, P15 per share - Unrealized gain, available-for-sale securities, P18,000 - Retained earnings, P20,000 (unappropriated) - Preferred stock, par P5, subscribed (not yet issued), 400 shares; subscription price P20 per share -Subscriptions receivable on the preferred stock P5,000 to be collected on January 1, 2008 -Reserve for bond sinking fun, P15,000 -Treasury stock, common stock, 1,000 shares, cost P10 per share
Dillion Company is authorized to issue 1,000,000 shares of $40 par value common stock. By November 15, 2016, the company had issued 50,000 shares at $50 per share. On November 15, 2016, the company declared a 30% stock dividend when the market price was $52 per share. What amount is transferred from retained earnings to paid-in capital as a result of the stock dividend? A) $3,120,000 B) $ 600,000 C) $ 780,000 OD) $2,400,000
blue Bay Logistics Ltd.'s shareholders' equity accounts were as follows at the beginning of the current fiscal year, April 1, 2009:$6-cumulative preferred shares (20,000 shares issued) $1,800,000Common shares (500,000 shares issued) 3,750,000Contributed capital-reacquisition of common shares 50,000Retained earnings 1,500,000Total shareholders' equity $7,100,000During the year, the following selected transactions occurred:June 1 Reacquired 22,800 common shares for $9 per share.July 1 Issued 52,000 common shares for $10 per share.Feb. 28 Declared the annual preferred dividend to shareholders of record on March 12, payable on April 1.Mar. 31 Net earnings for the year ended March 31, 2009, were $1,021,350.Calculate the weighted average number of common shares for the year.
1. At March 31, 2012, True had 9,571,200 shares issued with a par value of $4.00 per share and $62,600 share held in treasury. On April 25, 2012, the company announced that its Board of Directors approved payment of a regular quarterly cash dividend of .75 per share, payable on May 15, 2012, to common shareholder of record on May 7,2012. Assume no shares were acquired or sold by the company after March 31. Give the journal entry to record the declaration of the cash dividend.
FV Company earned net income of $75,000 during the year ended December 31, 2012. On December 15, FV declared the annual cash dividend on its 5% preferred stock (par value, $115,000) and a $0.50 per share cash dividend on its common stock (55,000 shares). FV then paid the dividends on January 4, 2013. Journalize for FV: Declaring the cash dividends on December 15, 2012. Paying the cash dividends on January 4, 2013.
On January 1, 2010, the accounts of Mac Corporation showed the following: Common stock, par SI, authorized 100.000 shares Capital in excess of par value ($2 per share) Retained carnings 60,000 140,000 During 2010, the following transactions occurred affecting stockholders' equity (in the order given) A B. C. D. Issued a 100° stock dividend when the market price was at $5 per share. Purchased treasury stock, 1.000 shares at a total cost of $8.000. Declared and paid cash dividends. SI5.000. Net income for 2010. S25.000
On January 1, 2022, NYC Co. had 1,191,000 shares of its $12 par value common stock outstanding. On March 1, NYC Co. sold an additional 2,382,000 shares for $48 per share. The company issued a 15% stock dividend on May 1. On August 1, NYC Co. repurchased 715,000 shares of its stock. On November 1, 1,072,500 shares were sold for $50 per share. What is the weighted- average number of shares outstanding for 2022? (NIE) 4,129,067 3,175,733 3,533,233 3,771,567
Bizarre Company acquired 6,000 shares with P1 par value at P36 per share. During 2012, the entity issued 3,000 of these shares at P50 per share. The cost method is used in accounting for treasury shares. What accounts and amounts should be credited to record the issuance of the 3,000 shares? a. Share capital for P6,000, share premium for P102,000, and retained earnings for P42,000. b. Share capital for P6,000 and share premium for P144,000. c. Treasury shares for P108,000 and share premium for P42,000. d. Treasury shares for P108,000 and retained earnings for P42,000.
JKL Corp. reported the following amounts in the shareholders' equity section of its December 31, 2015, statement of financial position: Preference shares, P10 par (100,000 shares authorized, 40,000 shares issued) P400,000 Ordinary shares, P5 par (50,000 shares authorized, 20,000 shares issued) 100,000 Share premium – Ordinary shares 192,000Accumulated profits 1,200,000 The following transactions occurred during 2016: At the beginning of 2016, the company…

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS