Calculate the average per share amount of the preferred and common shares at January 1, 2021.
Homework Answers
| Average per share=Total paid up value/Number of shares issued | ||||||||||||
| Preferred shares=1670000/100000=$ 16.7 per share | ||||||||||||
| Common shares=2450000/700000=$ 3.5 per share | ||||||||||||
| Date | Account titles and explanation | Debit | Credit | |||||||||
| Mar 31,2021 | Preferred dividend | (100000*2.5) | 250000 | |||||||||
| Cash dividend | (750000-250000) | 500000 | ||||||||||
| Dividend payable | 750000 | |||||||||||
| (Dividend declared) | ||||||||||||
| Apr 30. | Dividend payable | 750000 | ||||||||||
| Cash | 750000 | |||||||||||
| (Dividend paid) | ||||||||||||
| July 10. | Preferred shares | (25000*16.7) | 417500 | |||||||||
| Common shares | (25000*4*3.5) | 350000 | ||||||||||
| Additional paid in capital-common stock | (Plug) | 67500 | ||||||||||
| (Preferred shares converted) | ||||||||||||
| Feb 20,2022 | Preferred dividend | (100000-25000)*2.5 | 187500 | |||||||||
| Cash dividend | (650000-187500) | 462500 | ||||||||||
| Dividend payable | 650000 | |||||||||||
| (Dividend declared) | ||||||||||||
| Mar 5. | Dividend payable | 350000 | ||||||||||
| Cash | 350000 | |||||||||||
| (Dividend paid) | ||||||||||||
| July 15. | Preferred shares | (50000*16.7) | 835000 | |||||||||
| Common shares | (50000*4*3.5) | 700000 | ||||||||||
| Additional paid in capital-common stock | (Plug) | 135000 | ||||||||||
| (Preferred shares converted) | ||||||||||||
| Dividend schedule: | ||||||||||||
| Preferred | Common | Total | ||||||||||
| Feb 20. Declared dividend | a | 187500 | 462500 | 650000 | ||||||||
| Mar 5. Dividend paid | b | 187500 | 162500 | 350000 | ||||||||
| (350000-187500) | ||||||||||||
| Ending balance | a-b | 0 | 300000 | 300000 | ||||||||
| Balance sheet (Partial) | ||||||||||||
| $ | $ | |||||||||||
| Share capital: | ||||||||||||
| $ 2.50 cumulative preferred shares,convertible into common shares at a ratio of 4 common shares for 1 preferred share, | ||||||||||||
| unlimited number of shares authorized,25000 shares issued | (25000*16.7) | 417500 | ||||||||||
| Common shares,unlimited number of shares authorized,1000000 shares issued | (1000000*2.5) | 2500000 | ||||||||||
| Additional paid in capital-common stock | (67500+135000) | 202500 | ||||||||||
| Total share capital | 3120000 | |||||||||||
Add Answer to:
Calculate the average per share amount of the preferred and
common shares at January 1, 2021....
On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred...
On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.70 million issued Retained earnings $2,700,000 3,940,000 The following selected transactions occurred during 2018: Jan. 2 Issued 180,000 preferred shares at $25 per share. Feb. 8 Issued 90,000 common shares in exchange for land. On this date, the current value of the land was $184,000. The common shares have not recently...
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...
Sage Ltd. showed the following information on its September 30, 2021 year-end financial statements: Preferred Shares,...
Sage Ltd. showed the following information on its September 30,
2021 year-end financial statements:
Preferred Shares, $8 cumulative, 500,000 shares
authorized,
214,000 shares
issued and outstanding
$3,424,000
Common Shares, no par value, unlimited shares authorized,
559,000 shares
issued and outstanding
$5,590,000
The following transactions occurred, in the order given, during
2022:
(a)
October 10, 2021: Received subscriptions and down payments for
81,000 common shares at $11 per share. The subscription contracts
calls for 40% of the subscription to be paid...
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,100 shares issued and outstanding $ 369,000 Retained earnings 217,000 Total equi
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,100 shares issued and outstanding$369,000Retained earnings217,000Total equity$586,000In 2020, Umi had the following transactions affecting shareholders and the equity accounts: Jan.5The directors declared a $3.30 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record.Feb.28Paid the dividend declared on January 5.July6Sold 800 common shares at $38.50 per share.Aug.22Sold 1,300 common shares at $27.30 per share.Sept.5The...
15 L Problem 12-8A Share transactions, dividends, statement of changes in equity LO2, 3, 4, 5,...
15 L Problem 12-8A Share transactions, dividends, statement of changes in equity LO2, 3, 4, 5, 6 CHECK FIGURES: 2. Retained earnings, Dec. 31, 2021 = $1,063,300; 3. Equity, Dec. 31, 2021 = $2,666,300 The balance sheet for Tactex Controls Inc., provincially incorporated in 2018, reported the following compon- ents of equity on December 31, 2019. Tactex Controls Inc. Equity Section of the Balance Sheet December 31, 2019 $ 392,000 Contributed capital: Preferred shares, $2.10 cumulative, unlimited shares authorized; 20,000...
Record the above transactions for 2018, including any entries required to close dividends declared and net...
Record the above transactions for 2018, including any entries
required to close dividends declared and net income to Retained
Earnings. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts.)
Transaction entries:
Problem 11-4A (Part Level Submission) On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited...
The stockholders’ equity accounts of Ayayai Corp. on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Ayayai Corp. on January 1,
2022, were as follows.
Preferred Stock (7%, $100 par noncumulative, 12,000 shares
authorized)
$720,000
Common Stock ($4 stated value, 720,000 shares authorized)
2,400,000
Paid-in Capital in Excess of Par Value—Preferred Stock
36,000
Paid-in Capital in Excess of Stated Value—Common Stock
1,152,000
Retained Earnings
1,651,200
Treasury Stock (12,000 common shares)
96,000
During 2022, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb.
1
Issued 12,000 shares...
Bridgeport Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares,...
Bridgeport Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares, no par value $6 cumulative, 460,000 shares authorized, 200.000 shares issued and outstanding Common Shares, no par value, unlimited shares authorized 450.000 shares issued and outstanding $42,000,000 $12.150.000 The following transactions occurred in the order given, during 2022: (a) April 15: Received subscriptions and down payments for 108,000 common shares at $36 per share. The subscription contracts call for 65% of the subscription price...
The stockholders' equity accounts of Sarasota Corp. on January 1, 2022, were as follows. Preferred Stock...
The stockholders' equity accounts of Sarasota Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 3,000 shares authorized) $180,000 Common Stock ($4 stated value, 180,000 shares authorized) 600,000 Paid-in Capital in Excess of Par Value-Preferred Stock 9,000 Paid-in Capital in Excess of Stated Value-Common Stock 288,000 Retained Earnings 412,800 Treasury Stock (3,000 common shares) 24,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 3,000 shares...
Pronghorn Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares,...
Pronghorn Corporation showed the following information on its
financial statements on December 31, 2021:
Preferred Shares, no par value $5 cumulative, 380,000 shares
authorized,
190,000 shares issued and
outstanding
$34,200,000
Common Shares, no par value, unlimited shares authorized,
450,000 shares issued and
outstanding
$13,500,000
The following transactions occurred, in the order given, during
2022:
(a)
April 15: Received subscriptions and down payments for 115,000
common shares at $38 per share. The subscription contracts call for
55% of the subscription price...
On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.70 million issued Retained earnings $2,700,000 3,940,000 The following selected transactions occurred during 2018: Jan. 2 Issued 180,000 preferred shares at $25 per share. Feb. 8 Issued 90,000 common shares in exchange for land. On this date, the current value of the land was $184,000. The common shares have not recently...
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...
Sage Ltd. showed the following information on its September 30,
2021 year-end financial statements:
Preferred Shares, $8 cumulative, 500,000 shares
authorized,
214,000 shares
issued and outstanding
$3,424,000
Common Shares, no par value, unlimited shares authorized,
559,000 shares
issued and outstanding
$5,590,000
The following transactions occurred, in the order given, during
2022:
(a)
October 10, 2021: Received subscriptions and down payments for
81,000 common shares at $11 per share. The subscription contracts
calls for 40% of the subscription to be paid...
15 L Problem 12-8A Share transactions, dividends, statement of changes in equity LO2, 3, 4, 5, 6 CHECK FIGURES: 2. Retained earnings, Dec. 31, 2021 = $1,063,300; 3. Equity, Dec. 31, 2021 = $2,666,300 The balance sheet for Tactex Controls Inc., provincially incorporated in 2018, reported the following compon- ents of equity on December 31, 2019. Tactex Controls Inc. Equity Section of the Balance Sheet December 31, 2019 $ 392,000 Contributed capital: Preferred shares, $2.10 cumulative, unlimited shares authorized; 20,000...
Record the above transactions for 2018, including any entries
required to close dividends declared and net income to Retained
Earnings. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts.)
Transaction entries:
Problem 11-4A (Part Level Submission) On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited...
The stockholders’ equity accounts of Ayayai Corp. on January 1,
2022, were as follows.
Preferred Stock (7%, $100 par noncumulative, 12,000 shares
authorized)
$720,000
Common Stock ($4 stated value, 720,000 shares authorized)
2,400,000
Paid-in Capital in Excess of Par Value—Preferred Stock
36,000
Paid-in Capital in Excess of Stated Value—Common Stock
1,152,000
Retained Earnings
1,651,200
Treasury Stock (12,000 common shares)
96,000
During 2022, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb.
1
Issued 12,000 shares...
Bridgeport Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares, no par value $6 cumulative, 460,000 shares authorized, 200.000 shares issued and outstanding Common Shares, no par value, unlimited shares authorized 450.000 shares issued and outstanding $42,000,000 $12.150.000 The following transactions occurred in the order given, during 2022: (a) April 15: Received subscriptions and down payments for 108,000 common shares at $36 per share. The subscription contracts call for 65% of the subscription price...
The stockholders' equity accounts of Sarasota Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 3,000 shares authorized) $180,000 Common Stock ($4 stated value, 180,000 shares authorized) 600,000 Paid-in Capital in Excess of Par Value-Preferred Stock 9,000 Paid-in Capital in Excess of Stated Value-Common Stock 288,000 Retained Earnings 412,800 Treasury Stock (3,000 common shares) 24,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 3,000 shares...
Pronghorn Corporation showed the following information on its
financial statements on December 31, 2021:
Preferred Shares, no par value $5 cumulative, 380,000 shares
authorized,
190,000 shares issued and
outstanding
$34,200,000
Common Shares, no par value, unlimited shares authorized,
450,000 shares issued and
outstanding
$13,500,000
The following transactions occurred, in the order given, during
2022:
(a)
April 15: Received subscriptions and down payments for 115,000
common shares at $38 per share. The subscription contracts call for
55% of the subscription price...
Most questions answered within 3 hours.
-
A horizontal mass of M=5kg is on a spring and stretched to
x=0.5m when released from...
asked 1 hour ago -
26 of 50
"I have worked at the Arizona Humane Society for ten years, and
have...
asked 1 hour ago -
Compare and contrast zero based budgeting and incremental (or
base year) budgeting.
asked 1 hour ago -
4 pts 10. Which of the following hypothesis would be MOST
difficult to test experimentally? Group...
asked 1 hour ago -
A business owner makes 1,000 items a day. Each day he or she
contributes eight hours...
asked 1 hour ago -
A
circular loop in the plane of a paper lies inca0.65 T magnetic
field pointing into...
asked 1 hour ago -
A business owner is trying to decide whether to buy, rent, or
lease office space and...
asked 1 hour ago -
Thermal Storage Solar heating of a house is much more efficient
if there is a way...
asked 2 hours ago -
Considering the “fits” for group and job design dimensions,
suppose you had 12 employees with different...
asked 2 hours ago -
Consider TCP connection management.
How many segments are typically involved in the TCP connection
establishment? What...
asked 2 hours ago -
1. You placed a stop-loss order to sell 500 shares of AAPL with
a stop price...
asked 2 hours ago -
Sylva Warehousing desired to locate a central warehouse to serve
five North Carolina markets. Placed on...
asked 2 hours ago