Contributed capital: Preferred shares, $4 cumulative, 15,000 shares authorized, issued and outstanding $ Common shares, 100,000 shares authorized; 60,000 shares issued and outstanding Western Grass Inc. Equity Section of Balance Sheet December 31, 2023 Total contributed capital Retained earnings Total equity a. b. Book Value of Common Shares 144,000 300,000 $444,000 584,000 $1,028,000 Required: Using the information provided, calculate book value per common share assuming: (Round the final answers to 2 de a. There are no dividends in arrears. b. There are three years of dividends in arrears. A
Q: Required: c. What would their taxable income be if their itemized deductions totaled $28,400 instead…
A: Itemized deductions are expenses that taxpayers can subtract from their adjusted gross income (AGI)…
Q: On January 2, 2021, Athol Company bought a machine for use in operations. The machine has an…
A: The total cost of acquiring a machine extends well beyond its initial buying price, encompassing a…
Q: Sandhill Company manufactures pizza sauce through two production departments: Cooking and Canning.…
A: The journal entries are prepared to record the transactions on regular basis. The direct costs…
Q: In writing your response, the following points must be addressed fully:a) Determine the type of…
A: The objective of the question is to analyze a hypothetical case of fraud at Purell's Magazine and…
Q: Bethesda Mining Company reports the following balance sheet information for 2021 and 2022. Prepare…
A: BETHESDA MINING COMPANY Balance Sheets as of December 31, 2021 and 2022 2021 % 2022 % Assets…
Q: EX.17-179.ALGO The following information was from Slater Company's balance sheet: Fixed assets (net)…
A: Ratio of fixed assets to long-term liabilities = Fixed assets/Long term liabilitiesRatio of…
Q: Cash dividends were $33. The company sold equipment for $63 that was originally purchased for $33…
A: To calculate the net cash provided by or used in investing activities, we need to consider the cash…
Q: A partnership is considering possible liquidation because one of the partners (Bell) is personally…
A: Partnership : Arrangement between two or more people whereby they agree to manage business…
Q: In evaluating the fair value of net assets in an acquisition the auditor has to gather independent…
A: Audit Evidence -The data that the business's auditor obtains from the business is known as audit…
Q: PA3-3 and PA3-4 (Algo) Preparing a Process Costing Production Report [L [The following information…
A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: When Patey Pontoons issued 6% bonds on January 1, 2024, with a face amount of $680,000, the market…
A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: Foxx Corporation acquired all of Greenburg Company's outstanding stock on January 1, 2022, for…
A:
Q: Del Gato Clinic's cash account shows an $17,223 debit balance and its bank statement shows $17,205…
A: Disparities between the amount indicated in the account holder's records and the cash balance…
Q: Required information Problem 15-46 (LO 15-3) (Algo) [The following information applies to the…
A: A form of income known as qualified business income is produced by companies that qualify for…
Q: For its fiscal year ending October 31, 2022, Lily Corporation reports the following partial data.…
A: INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…
Q: Fiske Corporation manufactures a popular regional brand of kitchen utensils. The design and variety…
A: Variable cost Depends upon the production of goods or services that is increment of sales increases…
Q: Inc. has decided to acquire a new market data and quotation system for its Richmond home office. The…
A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: Explain the usefulness of the concept of "profit' to users of accounting
A: Profit is the financial gain or advantage achieved by a business or individual when the revenue…
Q: Hemming Company reported the following current-year purchases and sales for its only product. Units…
A: Inventory includes all the items, merchandise, and raw materials that are used by the business…
Q: specified three annual lease payments of $93,000 each, beginning December 31, 2024, and on each…
A: Lease is a an agreement in which usually two parties are involved one is lessor and other is the…
Q: During the last decades it has not been unusual for the premium paid to acquire a company to be…
A: In accordance with IAS38, intangible assets refers to intangible assets which exist without physical…
Q: On July 4, Great Student Company completed a 4 for 1 stock split when outstanding shares were…
A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: KT partnership provided the following information: • Net income Total Salaries of the partners Total…
A: Partnership is one of agreement between two or more than persons. They join hands for the purpose of…
Q: Raphael Corporation's balance sheet shows the following stockholders' equity section. Preferred…
A: A dividend is a portion of a company's profits and retained earnings that it pays to its…
Q: What does book value per share measure? Current selling price of stock Amount shareholder would…
A: The book value per share (BVPS) is calculated by taking the ratio of equity available to common…
Q: University Car Wash purchased new soap dispensing equipment that cost $249,000 including…
A: The depreciation expense is charged on the fixed assets as reduction in the value of the fixed…
Q: At the beginning of his current tax year, David invests $12,400 in original issue U.S. Treasury…
A: The income statement's recognition of interest expenditure is smoothed out by amortizing the premium…
Q: Assume that TDW Corporation (calendar-year-end) has 2023 taxable income of $662,000 for purposes of…
A: The Section 179 Expense Deduction is a U.S. tax provision that allows businesses to deduct the cost…
Q: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,890…
A: Statement of retained earnings is the one which is prepared by the entity to determine the ending…
Q: A company that uses an activity-based costing system provided the following data. Activity Cost Pool…
A: ACTIVITY BASED COSTINGActivity Based Costing is a Powerful tool for measuring…
Q: Kerevi Ltd leases a machine for making dog crates from the Rennie Bank on 1 July 2020. The lease is…
A: A lease is an agreement between two parties where the lessor gives the right to use the asset to the…
Q: On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 59…
A: Chain discounts encourage customers to place greater orders, which might have an impact on inventory…
Q: During 2020, Bonita Company changed from FIFO to weighted-average inventory pricing. Pretax income…
A: In industries where there is a substantial danger of obsolescence, the weighted average might be…
Q: ales eginning inventories ost of goods sold nding inventories Current Year $934,400 43,572 467,200…
A: The inventory turnover measures how efficiently a company uses its inventory by dividing the cost of…
Q: PE.17-06.ALGO - Long-Term Solvency Analysis The following information was taken from Celebrate…
A: The ratio analysis helps to analyse and compare the various elements of the Financial statements.…
Q: On June 13, the board of directors of Siewert Incorporated declared a 2-for-1 stock split on its 60…
A: In order to enhance the stock's liquidity, companies may increase the number of shares outstanding…
Q: Seal Mate established a $100 petty cash fund on June 1. On June 30, the fund had $10 cash and petty…
A: Journal entries are made to record the transactions as the first process in the books of accounts…
Q: Prepare Natura Company's journal entries to record the following transactions involving its…
A: Journal entries help a company maintain systemic records of the transactions that occur. Journal…
Q: Adams Enterprises produces a product with fixed costs of $49,900 and variable cost of $2.70 per…
A: Contribution margin is the difference between the sales and the variable cost, or in other words it…
Q: General Accounting Questions (To be completed along with VPs): How do the following flow through the…
A: Financial Statements are written records prepared from financial transactions for a certain period.…
Q: A subsequent event for an entity with a December 31, 2023, year-end and a March 1, 2024, financial…
A: Subsequent events are the events occurring after the balance sheet date but before the financial…
Q: On January 1, 2024, NFB Visual Aids issued $900,000 of its 20-year, 6% bonds. The bonds were priced…
A: Journalizing is one of the most important and basic steps in the accounting cycle. Journalizing is…
Q: Compute the division ROI for each of the three regions. How have these regions performed?
A: Divisional ROI is a measure of the profitability and efficiency of a certain division within an…
Q: Prepare the journal entry to record interest on June 30, 2024. What is the amount related to the…
A: Since you have posted multiple questions, we will provide the solution only to the specified sub…
Q: On December 31, Reggit Company held the following short-term investments in its portfolio of…
A: A debit or a credit to the account of securities fair value adjustment is an accumulation or…
Q: 2. When a reversal of a deferred tax liability occurs:
A: Deferred Tax Liability :A deferred tax liability occurs when a company reports higher taxable income…
Q: What would be the beginning inventory?
A: Beginning inventory is generally considered as the value of inventory in previous…
Q: What is the statement of cash flows for this? Revenues = $304000 COGS = 164000 Depreciation 24000…
A: Statement of cash flowsCash flow statement is the statement that shows the cash inflows and outflows…
Q: Assume receivables of $20,000 at the start of the January are all collected during the month; if…
A: When a sale is made and cash is received at the time of sale it is referred to as cash sale, however…
Q: Nabo Corporation reports the following balances: As of 12/31/23 40,000 80,000 60,000 20,000 Accounts…
A: CASH BUDGET Cash Budget is a detailed budget of cash income and cash expenditure incorporating both…
Step by step
Solved in 6 steps
- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, 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 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. 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. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.Walking Bear Resources Inc. Equity Section of the Balance Sheet March 31, 2023 Contributed capital: Preferred shares, $17 cumulative, 3,500 shares authorized, issued, and outstanding Common shares, unlimited shares authorized, se,000 shares issued and outstanding Total contributed capital Retained earnings Total equity 1,190,000 1,200,000 2,390,000 472,000 2,062,000 Required: a. Refer to the equity section above. Assume that the preferred are convertible into common at a rate of eight common shares for each share of preferred. if 1000 shares of the preferred are converted into common on April 1, 2023, prepare the journal entryContributed capital: Western Grass, Inc. Equity Section of Balance Sheet December 31, 2823 Preferred shares, $3 cumulative, 10,000 shares authorized, issued and outstanding Common shares, 100,000 shares authorized; 65,000 shares issued and outstanding Total contributed capital Retained earnings Total equity 75,000 552,500 627 500 581 000 $1,208,500 Required: Using the Information provided, calculate book value per common share assuming: (Round the final answers to 2 decimal places.) a. There are no dividends in arrears. b. There are three years of dividends in arrears. Book Value of Common Shares
- Contributed capital: Preferred shares, $3 cumulative, 20,000 shares authorized, issued and outstanding $ Common shares, 100,000 shares authorized; 70,000 shares issued and outstanding Western Grass Inc. Equity Section of Balance Sheet December 31, 2023 Total contributed capital Retained earnings Total equity Required: Using the information provided, calculate book value per common share assuming: (Round the final answers to 2 decimal places.) a. There are no dividends in arrears. b. There are three years of dividends in arrears. a. b. Book Value of Common Shares 174,000 560,000 $ 734,000 535,000 $1,269,000E15-16 Contributed Capital Adams Company's records provide the following information on December 31, 2019: LO 15.8 Account Title Amount Additional Paid-in Capital on Preferred Stock Common Stock Premium on Bonds Payable Preferred Stock Bonds Payable Preferred Stock Subscribed $ 17,000 75,000 4,000 80,000 100,000 20,000 121,000 84,000 SHOW ME HOW Retained Earnings Additional Paid-in Capital on Common Stock Additional information: 1. Common stock has a $5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a $100 par value, 3,000 shares are authorized, 800 shares have been issued and are out- standing. Two hundred shares have been subscribed at $120 per share. The stock pays an 8% dividend, is cumulative, and is callable at $130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance…Capital stock, $1 par value, 500,000 shares authorized, 382,000 issued and outstanding .... Additional paid-in capital: capital stock
- The equity section of CFAS Company revealed the following information on December 31, 2022: Preference share capital, P100 par P5,000,000 Share premium-preference shares 2,000,000 Ordinary share capital, P50 3,200,000 Share premium-ordinary shares 421,076 Subscribed ordinary share capital 800,000 Retained earnings-appropriated Subscription receivable-ordinary shares 250,000 400,000 Retained earnings- unappropriated 3,500,000 Treasury shares-ordinary 1,000,000 How much is the contributed capital of CFAS Company as of December 31, 2022?E15-16 Contributed Capital Adams Company's records provide the following information on December 31, 2019: in, assuming it uses the cost method. 10 15.8 Account Title Additional Paid-in Capital on Preferred Stock Amount Common Stock Premium on Bonds Payable Preferred Stock Bonds Payable Preferred Stock Subscribed Retained Earnings Additional Paid-in Capital on Common Stock $ 17,000 75,000 4,000 80,000 100,000 20,000 121,000 84,000 SHOW ME HOW Additional information: 1. Common stock has a $5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a $100 par value, 3,000 shares are authorized, 800 shares have been issued and are out- standing. Two hundred shares have been subscribed at $120 per share. The stock pays an 8% dividend, is cumulative, and is callable at $130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital…Compute for stockholders' equity using the following information: 5 points Bonds payable Additional paid in capital on common stock Donated capital Treasury stock at cost Common stock, par P1 Common stock option warrants Investments in marketable securities P120,000 20,000 16,000 8,000 200,000 40,000 28,000 6,000 54,000 Additional paid in capital from treasury stock Retained earnings
- The December 31, 2023, equity section of ZoomZoom inc's balance sheet appears below ZooZoon Inc. Equity Section of the Balance Sheet December 31, 2023 Contributed capital: Preferred shares, $3.75 cumulative, 33,000 shares authorized and issued Preferred shares, $10 non-cumulative, 8,700 shares authorized and issued Common shares, 330,000 shares authorized and issued Total contributed capital Retained earnings Total equity Required: All the shares were issued on January 1, 2021 (when the corporation began operations) No dividends had been declared during the first two years of operations (2021 and 2022) During 2023, the cash dividends declared and paid totalled $578,300. 1. Calculate the amount of cash dividends paid during 2023 to each of the three classes of shares Show Transcribed Text Cumulative preferred shares Noncumulative preferred shares Common shares Required: All the shares were issued on January 1, 2021 (when the corporation began operations). No dividends had been de first…The equity section of the December 31", 2025, balance sheet for BOOYA Inc. showed the following: BOOYA Inc. Equity Section of the Balance Sheet December 31, 2025 Contributed Capital: Preferred shares, $0.25 non-cumulative, 80,000 shares authorized, 60,000 shares issued and outstanding Common shares, 250,000 shares authorized, 120,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $150,000 120.000 $270,000 92.500 $362,500 During the year 2026, BOOYA Inc had the following transactions affecting equity accounts: Sold 20,000 common shares for a total of $21,500 cash Sold 5,000 preferred shares for $3.00 each, cash. Issued and exchanged 7,000 common shares for equipment with a list price of $10,000 (fair value unknown). Common shares were trading at $1.42 on June 15th. Jan. 3 Mar. 1 June 15. Closed the Income Summary account, which showed a credit balance of $175,000. Dec. 31 The board of directors had not declared a dividend for the past two years…Answer with computation and explanation If the total authorized share capital is P1,000,000 at P10 par, the unissued share capital is 25,000 shares, and all the issued shares were sold at P15, then the total shareholders' equity before any operation activities is a 2 750,000. b P1,125,000 c. P375,000. d. P250,000.