Sheffield Corporation, a public company, reported the following balances at January 1, 2020: Common Shares (31,200...
Sheffield Corporation, a public company, reported the following
balances at January 1, 2020:
| Common Shares (31,200 shares issued, unlimited authorized) | $ | 780,000 | |
| Retained Earnings | 1,522,000 | ||
| Contributed Surplus | 144,000 | ||
| Accumulated Other Comprehensive Income | 38,300 |
During the year ended December 31, 2020, the following summary
transactions occurred:
| Net income earned during the year | $ | 383,000 | |
| Unrealized gain on fair value through other comprehensive income (FV-OCI) investments | 20,000 | ||
| Reduction of contributed surplus during the year due to repurchase of common shares | 17,000 | ||
| Reduction of common shares account balance during the year due to repurchase of 1,400 common shares | 35,000 | ||
| Dividends declared during the year on common shares | 73,000 | ||
| Issued 2,200 common shares during the year |
110,000 |
Prepare a statement of changes in shareholders’ equity for the year as required under IFRS.
Prepare the shareholders’ equity section of the SFP at December 31.
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Sheffield Corporation, a public company, reported the following
balances at January 1, 2020:
Common Shares (31,200...
Bridgeport Corp. reported the following amounts in the shareholders’ equity section of its December 31, 2019...
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Exercise 15-14 On January 1, 2020, Pina Colada Ltd. (a public company) had the following shareholders’...
Exercise 15-14
On January 1, 2020, Pina Colada Ltd. (a public company) had the
following shareholders’ equity accounts:
Preferred shares, $5 non–cumulative, unlimited number
authorized, none issued
0
Common shares, unlimited number authorized, 740,000 issued
$
5,920,000
Retained earnings
1,259,000
Accumulated other comprehensive income
150,000
The following selected transactions occurred during 2020:
Jan. 2
Issued 100,000 preferred shares at $100 per share.
Mar. 5
Declared the quarterly cash dividend to preferred shareholders
of record on March 20, payable April 1....
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a) Prepare journal entries to record the transactions above. Swifty Corp. reported the following amounts in...
a) Prepare journal entries to record the transactions above.
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Secord limited has two classes of shares outstanding preferred (6$ dividends) and common. At December 31,...
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Richetti Corporation, a publicly traded company, is authorized to issue 219,000 $4 cumulative preferred shares and...
Richetti Corporation, a publicly traded company, is authorized to issue 219,000 $4 cumulative preferred shares and an unlimited number of common shares. On January 1, 2018, the general ledger contained the following shareholders' equity accounts: Preferred shares (8,600 shares issued) $473,000 Common shares (72,800 shares issued) 1,092,000 Contributed surplus 24,300 Retained earnings 788,000 Accumulated other comprehensive income 10,400 The following equity transactions occurred in 2018: Feb. 6 Issued 9,200 preferred shares for $561,200. Apr. 6 Issued 20,800 common shares for...
Exercise 15-14
On January 1, 2020, Pina Colada Ltd. (a public company) had the
following shareholders’ equity accounts:
Preferred shares, $5 non–cumulative, unlimited number
authorized, none issued
0
Common shares, unlimited number authorized, 740,000 issued
$
5,920,000
Retained earnings
1,259,000
Accumulated other comprehensive income
150,000
The following selected transactions occurred during 2020:
Jan. 2
Issued 100,000 preferred shares at $100 per share.
Mar. 5
Declared the quarterly cash dividend to preferred shareholders
of record on March 20, payable April 1....
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a) Prepare journal entries to record the transactions above.
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