Homework Answers
Restricted retained earning is the part of equity that must stay in the company .Not to be distributed as dividend .
Here ,
Company spending P30,000 for acquired Treasury share
and has to pay term loan P1,000,000
and The Further company decided to planned expenses P5,000,000 to expend business .
Hence , Retain Earning should be restricted = (P30,000+P1,000,000+P5,000,000) =P6,030,000
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Problem 8 The following information pertains to Orange Corporation. • Treasury shares costing P100,000 acquired for...
Please show all work. Thank you in advance. The books of Crane Corporation carried the following...
Please show all work. Thank you in
advance.
The books of Crane Corporation carried the following account balances as of December 31, 2020. Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 280,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,800 shares at cost) Retained Earnings $ 176,000 300,000 1,400,000 151,000 36,500 97,300 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on...
Problem 15-07 The books of Bonita Corporation carried the following account balances as of December 31,...
Problem 15-07
The books of Bonita Corporation carried the following account
balances as of December 31, 2020.
Cash
$ 191,000
Preferred Stock (6% cumulative, nonparticipating, $50 par)
300,000
Common Stock (no-par value, 317,000 shares issued)
1,585,000
Paid-in Capital in Excess of Par—Preferred Stock
162,000
Treasury Stock (common 2,800 shares at cost)
32,700
Retained Earnings
110,000
The company decided not to pay any dividends in 2020.
The board of directors, at their annual meeting on December 21,
2021, declared the following:...
Problem 15-07 The books of Martinez Corporation carried the following account balances as of December 31,...
Problem 15-07 The books of Martinez Corporation carried the following account balances as of December 31, 2020. Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 309,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,600 shares at cost) Retained Earnings $ 179,000 326,000 1,545,000 156,000 36,000 102,600 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 21, 2021, declared the following:...
Problem 15-07 The books of Sheridan Corporation carried the following account balances as of December 31,...
Problem 15-07 The books of Sheridan Corporation carried the following account balances as of December 31, 2020. Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 302,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,700 shares at cost) Retained Earnings $ 187,000 318,000 1,510,000 161,000 31,900 105,700 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 21, 2021, declared the following:...
The books of Shamrock Corporation carried the following account balances as of December 31, 2020. Cash...
The books of Shamrock Corporation carried the following account balances as of December 31, 2020. Cash $ 209,000 Preferred Stock (6% cumulative, nonparticipating, $50 par) 284,000 Common Stock (no-par value, 318,000 shares issued) 1,590,000 Paid-in Capital in Excess of Par—Preferred Stock 156,000 Treasury Stock (common 3,000 shares at cost) 33,300 Retained Earnings 111,900 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 21, 2021, declared the following: “The current...
Problem 24-1 Your firm has been engaged to examine the financial statements of Indigo Corporation for...
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Use the following information to answer questions 1 and 2. Riley's Corporation was organized on January...
Use the following information to answer questions 1 and 2. Riley's Corporation was organized on January 1, 2019. The firm was authorized to issue 100,000 shares of $5 par value common stock. During 2019, Riley had the following transactions relating to stockholders’ equity: Issued 10,000 shares of common stock at $7 per share Issued 20,000 shares of common stock at $8 per share Reported a net income of $100,000 Declared and paid dividends of $50,000 Purchased 3,000 shares of treasury...
Problem 24-1 Your firm has been engaged to examine the financial statements of Monty Corporation for...
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Journalize Entries 38 Points: 30 Minutes stock authorized. During Rowlands Corporation has 100,000 shares of $10 par value it had the following transactions related to its preferred stock. E...
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Please show all work. Thank you in
advance.
The books of Crane Corporation carried the following account balances as of December 31, 2020. Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 280,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,800 shares at cost) Retained Earnings $ 176,000 300,000 1,400,000 151,000 36,500 97,300 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on...
Problem 15-07
The books of Bonita Corporation carried the following account
balances as of December 31, 2020.
Cash
$ 191,000
Preferred Stock (6% cumulative, nonparticipating, $50 par)
300,000
Common Stock (no-par value, 317,000 shares issued)
1,585,000
Paid-in Capital in Excess of Par—Preferred Stock
162,000
Treasury Stock (common 2,800 shares at cost)
32,700
Retained Earnings
110,000
The company decided not to pay any dividends in 2020.
The board of directors, at their annual meeting on December 21,
2021, declared the following:...
Problem 15-07 The books of Martinez Corporation carried the following account balances as of December 31, 2020. Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 309,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,600 shares at cost) Retained Earnings $ 179,000 326,000 1,545,000 156,000 36,000 102,600 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 21, 2021, declared the following:...
Problem 15-07 The books of Sheridan Corporation carried the following account balances as of December 31, 2020. Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 302,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,700 shares at cost) Retained Earnings $ 187,000 318,000 1,510,000 161,000 31,900 105,700 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 21, 2021, declared the following:...
Problem 24-1 Your firm has been engaged to examine the financial statements of Indigo Corporation for the year 2017. The bookkeeper who maintains the financial records has prepared alll the unaudited financial statements for the corporation since its organization on January 2, 2012. The client provides you with the information below. INDIGO CORPORATION BALANCE SHEET DECEMBER 31, 2017 Liabilities Assets Current assets $1,874,000 Current liabilities $976,000 Other assets 5,240,660 1,470,000 Long-term liabilities Capital 4,668,660 $7,114,660 $7,114,660 An analysis of current...
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Journalize Entries 38 Points: 30 Minutes stock authorized. During Rowlands Corporation has 100,000 shares of $10 par value it had the following transactions related to its preferred stock. Exercise 1 DATE a) issued 20,000 shares at $55 per share. a) issued 10,000 shares for equipment having a $850,000 asking price. The stock hada of $75 per share Journalize the transactions in the following page On January 1, 2019, the stockholders' stock (S5 par value) $1,500,000; paid-in capital in excess of...
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