Presented below is selected information pertaining to Pineapple Enterprises Ltd. for last year: Assets January 1...
Presented below is selected information pertaining to Pineapple Enterprises Ltd. for last year:
Assets January 1 $240,000
Assets December 31 $320,000
Liabilities January 1 $120, 000
Common shares December 31 60,000
Retained earnings December 31 $20,000
Common shares issued during the year 2,000
Dividends declared during the year 32,000
Required
1. Calculate the net income for last year.
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Presented below is selected information pertaining to Pineapple
Enterprises Ltd. for last year:
Assets January 1...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son Company for $90,000 in cash. On the date of the purchase, Son had common shares of S38,000 and retained earnings of $26,000 Son has a new patent that is not recorded in its books but has a fair value of $15,000. The patent rights extend for another 3 years. The carrying amounts of Son's assets and liabilities were equal to their fair value except...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son Company for $90,000 in cash. On the date of the purchase, Son had common shares of S38,000 and retained earnings of $26,000 Son has a new patent that is not recorded in its books but has a fair value of $15,000. The patent rights extend for another 3 years. The carrying amounts of Son's assets and liabilities were equal to their fair value except...
Southern Exposure Ltd. begins operations on January 2, 2016. During the year, the following transactions affect...
Southern Exposure Ltd. begins operations on January 2, 2016. During the year, the following transactions affect shareholders' equity: 1. Southern Exposure's articles of incorporation authorizes the issuance of 1 million common shares, and the issuance of 100,000 preferred shares, which pay an annual dividend of $2 per share. 2. A total of 240,000 common shares are issued for $5 a share. 3. A total of 15,000 preferred shares are issued for $14 per share. 4. The full annual dividend on...
The equity sections for Atticus Group at the beginning of the year (January 1) and end...
The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$4 par value, 100, 000 shares authorized, 35,000 shares issued and outstanding $140,000Paid-in capital in excess of par value, common stock100,000Retained earnings320,000Total stockholders' equity$560,000 Stockholders' Equity (December 31) Common stock-$4 par value, 100,000 shares authorized, 41,000 shares issued, 5,000 shares in treasury$164,00Paid-in capital in excess of par value, common stock160,000Retained earnings ($60,000 restricted by treasury stock) 420,000744,000Less cost of...
The stockholders’ equity accounts of Indigo Corporation on January 1, 2017, were as follows. Preferred Stock...
The stockholders’ equity accounts of Indigo Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,000 shares authorized) $240,000 Common Stock ($5 stated value, 326,000 shares authorized) 1,358,333 Paid-in Capital in Excess of Par Value—Preferred Stock 12,000 Paid-in Capital in Excess of Stated Value—Common Stock 521,600 Retained Earnings 711,000 Treasury Stock (4,000 common shares) 32,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 4,620 shares...
eBook Calculator Entries for Selected Corporate Transactions Morrow Enterprises Inc, manufactures bathroom fixtures. The stockholders' equity...
eBook Calculator Entries for Selected Corporate Transactions Morrow Enterprises Inc, manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2045, are as follows: Common Stock, $10 stated value (900,000 shares authorized, 600,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock $6,000,000 1,150,000 Retained Earnings 13,620,000 Treasury Stock (60,000 shares, at cost) 900,000 The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.12 per share on the...
On January 2, 20X7, Victory Co. acquired 60% of the shares of Sauce Ltd. by issuing...
On January 2, 20X7, Victory Co. acquired 60% of the shares of Sauce Ltd. by issuing shares valued at $1,200,000. On this date, Sauce’s building and machinery had estimated remaining useful lives of 10 years and 5 years respectively. Both Victory and Sauce use straight-line depreciation. The separate-entity statements of financial position for Victory and Sauce just prior to the acquisition are presented below. Statements of Financial Position As of January 1, 20X7 Victory Co. Sauce...
On January 2, 20X7, Victory Co. acquired 60% of the shares of Sauce Ltd. by issuing...
On January 2, 20X7, Victory Co. acquired 60% of the shares of Sauce Ltd. by issuing shares valued at $1,200,000. On this date, Sauce’s building and machinery had estimated remaining useful lives of 10 years and 5 years respectively. Both Victory and Sauce use straight-line depreciation. The separate-entity statements of financial position for Victory and Sauce just prior to the acquisition are presented below. Statements of Financial Position As of January 1, 20X7 Victory Co. Sauce...
Refrence Deegan. (2016). Financial Accounting . McGraw-Hill Education, Australi On 1 January 2019, Rake Ltd had...
Refrence
Deegan. (2016). Financial Accounting . McGraw-Hill
Education, Australi
On 1 January 2019, Rake Ltd had equity accounts as follows. Share capital (60 000 shares issued for $30 each) General reserve Retained earnings $1 800 000 250 000 900 000 During the year, the following transactions occurred. Feb. 1 Mar. 1 July 1 Declared a $0.60 cash dividend per share to shareholders, payable on 1 March. Paid the dividend declared in February. Declared a 10% share dividend to shareholders, distributable...
On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred...
On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.06 million issued Retained earnings $2,860,000 3,470,000 The following selected transactions occurred during 2018: Jan. 2 Issued 210,000 preferred shares at $25 per share. Feb. 8 Issued 100,000 common shares in exchange for land. On this date, the current value of the land was $210,000. The common shares have not recently...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son Company for $90,000 in cash. On the date of the purchase, Son had common shares of S38,000 and retained earnings of $26,000 Son has a new patent that is not recorded in its books but has a fair value of $15,000. The patent rights extend for another 3 years. The carrying amounts of Son's assets and liabilities were equal to their fair value except...
On January 1, Year 1, Par Ltd. purchased 80% of the outstanding common shares of Son Company for $90,000 in cash. On the date of the purchase, Son had common shares of S38,000 and retained earnings of $26,000 Son has a new patent that is not recorded in its books but has a fair value of $15,000. The patent rights extend for another 3 years. The carrying amounts of Son's assets and liabilities were equal to their fair value except...
eBook Calculator Entries for Selected Corporate Transactions Morrow Enterprises Inc, manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2045, are as follows: Common Stock, $10 stated value (900,000 shares authorized, 600,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock $6,000,000 1,150,000 Retained Earnings 13,620,000 Treasury Stock (60,000 shares, at cost) 900,000 The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.12 per share on the...
Refrence
Deegan. (2016). Financial Accounting . McGraw-Hill
Education, Australi
On 1 January 2019, Rake Ltd had equity accounts as follows. Share capital (60 000 shares issued for $30 each) General reserve Retained earnings $1 800 000 250 000 900 000 During the year, the following transactions occurred. Feb. 1 Mar. 1 July 1 Declared a $0.60 cash dividend per share to shareholders, payable on 1 March. Paid the dividend declared in February. Declared a 10% share dividend to shareholders, distributable...
On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.06 million issued Retained earnings $2,860,000 3,470,000 The following selected transactions occurred during 2018: Jan. 2 Issued 210,000 preferred shares at $25 per share. Feb. 8 Issued 100,000 common shares in exchange for land. On this date, the current value of the land was $210,000. The common shares have not recently...
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