Homework Answers
| Statement of Change in Equity | Amount $ | |||
| Common Stock | Accumulated other comprehensive income | Retained earnings | Total | |
| Balance , January 1,2019 | 560,000 | 423,000 | 275,000 | 1,258,000 |
| Issuance of Common Stock | 410,000 | 410,000 | ||
| Unrealized gain (loss) on fair value | -135,000 | -135,000 | ||
| Net income | 985,000 | 985,000 | ||
| Dividends Declared | -165,000 | -165,000 | ||
| Balance , December 31,2019 | 970,000 | 288,000 | 1,095,000 | 2,353,000 |
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Question 2 (7 points) Saved Access Corporation reported the following amounts si its December 31, 2019...
The Culver Corporation had income from continuing operations of $13 million in 2020. During 2020, it...
The Culver Corporation had income from continuing operations of $13 million in 2020. During 2020, it disposed of its restaurant division at a loss of $80,000 (net of tax of $38,000). Before the disposal, the division operated at a loss of $220,000 (net of tax of $135,000) in 2020. Blue Collar also had an unrealized gain-OCI of $43,000 (net of tax of $18,000) related to its FV-OCI equity investments. Culver had 10 million common shares outstanding during 2020. Prepare a...
E4.13 (LO 3) (Earnings per Share) At December 31, 2019, Shiga Naoya Corporation had the following...
E4.13 (LO 3) (Earnings per Share) At December 31, 2019, Shiga Naoya Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 107,500 shares $10,750,000 Common stock, $5 par, 4,000,000 shares 20,000,000 During 2020, Shiga Naoya did not issue any additional common stock. The following also occurred during 2020. Income from continuing operations before taxes $23,650,000 Discontinued operations (loss before taxes) $ 3,225,000 Preferred dividends declared $ 1,075,000 Common dividends declared $ 2,200,000 Effective tax rate 17% Instructions...
Question 2 The shareholders' equity section of Culver Corporation as at December 31, 2020, follows: 8%...
Question 2 The shareholders' equity section of Culver Corporation as at December 31, 2020, follows: 8% cumulative preferred shares, 100,000 shares authorized, 74,000 shares outstanding Common shares, 10 million shares authorized and issued Contributed surplus $4,500,000 10,000,000 10,800,000 25,300,000 172,000,000 $197,300,000 Retained earnings Net income of $23 million for 2020 reflects a total effective tax rate of 24%. Included in the net income figure is a loss of $12 million (before tax) relating to the operations of a business segment...
do not need it Question 7 (5 marks) The shareholders' equity section of Riverbed Corporation as...
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Question 7 (5 marks) The shareholders' equity section of Riverbed Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 65,000 shares outstanding $4,300,000 Common shares, 10 million shares authorized and issued 10,000,000 Contributed surplus 11,000,000 25,300,000 Retained earnings 176,000,000 $201,300,00 et income of $25 million for 2020 reflects a total effective tax rate of 26%. Included in the ne ome figure is a loss of $16 million (before tax) relating to...
At December 31, 2019, Oriole Corporation had the following stock outstanding. 10% cumulative preferred stock. $...
At December 31, 2019, Oriole Corporation had the following stock outstanding. 10% cumulative preferred stock. $ 100 par, 109,261 shares $10,926,100 Common stock. $5 par, 4.099.840 shares 20,499,200 During 2020, Oriole did not issue any additional common stock. The following also occurred during 2020. Income from continuing operations before taxes $24.649,800 Discontinued operations (loss before taxes) $3,399,100 Preferred dividends declared $1,092,610 Common dividends declared $2,322,900 Effective tax rate 35% Compute earnings per share data as it should appear in the...
At December 31, 2019, Blue Corporation had the following stock outstanding. 10% cumulative preferred stock, $100...
At December 31, 2019, Blue Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 108,054 shares $10,805,400 Common stock, $5 par, 4,058,240 shares 20,291,200 During 2020. Blue did not issue any additional common stock. The following also occurred during 2020. Income from continuing operations before taxes $22,544,700 Discontinued operations (loss before taxes) $3,341,700 Preferred dividends declared $1,080,540 Common dividends declared $2,036,500 Effective tax rate 35% Compute earnings per share data as it should appear in the 2020...
At December 31, 2017, Concord Corporation had the following shares outstanding: 8% cumulative preferred shares, 100,000...
At December 31, 2017, Concord Corporation had the following shares outstanding: 8% cumulative preferred shares, 100,000 shares outstanding $10,000,000 Common shares, 3,940,000 shares outstanding 19,700,000 During 2017, the corporation’s only share transaction was the issuance of 360,000 common shares on April 1. During 2017, the following also occurred: Income from continuing operations before tax $22,760,000 Discontinued operations (loss before tax) 3,032,000 Preferred dividends declared 800,000 Common dividends declared 2,270,000 Effective tax rate 31% Calculate earnings per share information as it...
Webber Corporation reported the following alphabetical items for the year ended December 31, 2019 (some of...
Webber Corporation reported the following alphabetical items for the year ended December 31, 2019 (some of Webber's balance sheet accounts have been omitted). Accumulated Depreciation Accumulated Other Comprehensive Income Available for Sale Securities Common Stock, $10 par Cost of Goods Sold (condensed) Dividends Declared ($3,000 for Preferred and $29,000 for Common) Dividend Revenue Gain on Sale of Equipment Interest Expense Loss from Discontinued Operations Net Sales Operating Expenses (condensed) Paid in Capital in Excess of Par - Common Preferred Stock,...
Bridgeport Corp. reported the following amounts in the shareholders’ equity section of its December 31, 2019...
Bridgeport Corp. reported the following amounts in the shareholders’ equity section of its December 31, 2019 SFP: Preferred shares, $7 dividend (9,000 shares authorized, 2,000 shares issued) $206,000 Common shares (unlimited authorized, 29,000 issued) 696,000 Contributed surplus 81,700 Retained earnings 300,000 Accumulated other comprehensive income 67,000 Total $1,350,700 During 2020, the company had the following transactions that affect shareholders’ equity. 1. Paid the annual 2019 $7 per share dividend on preferred shares and a $3 per share dividend on common...
Ivanhoe Corporation Ltd. has the following capital structure at the following fiscal years ended December 31: 2020 2019 Number of common shares 840,000 690,000 Number of non-convertible, non-cumulative preferred A shares 40,000 40,000 Amount of 4
Ivanhoe Corporation Ltd. has the following capital structure at the following fiscal years ended December 31:20202019Number of common shares840,000690,000Number of non-convertible, non-cumulative preferred A shares40,00040,000Amount of 4% convertible bonds$1,000,000$1,000,000The following additional information is available.1.On July 31, 2020, Ivanhoe Corporation exchanged common shares for a large piece of equipment. This was the only transaction that resulted in issuance of common shares in 2020.2.Income before discontinued operations for 2020 was $1,600,000, and a loss from discontinued operations of $320,000 was recorded, net of applicable tax recovery.3.During 2020,...
E4.13 (LO 3) (Earnings per Share) At December 31, 2019, Shiga Naoya Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 107,500 shares $10,750,000 Common stock, $5 par, 4,000,000 shares 20,000,000 During 2020, Shiga Naoya did not issue any additional common stock. The following also occurred during 2020. Income from continuing operations before taxes $23,650,000 Discontinued operations (loss before taxes) $ 3,225,000 Preferred dividends declared $ 1,075,000 Common dividends declared $ 2,200,000 Effective tax rate 17% Instructions...
Question 2 The shareholders' equity section of Culver Corporation as at December 31, 2020, follows: 8% cumulative preferred shares, 100,000 shares authorized, 74,000 shares outstanding Common shares, 10 million shares authorized and issued Contributed surplus $4,500,000 10,000,000 10,800,000 25,300,000 172,000,000 $197,300,000 Retained earnings Net income of $23 million for 2020 reflects a total effective tax rate of 24%. Included in the net income figure is a loss of $12 million (before tax) relating to the operations of a business segment...
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Question 7 (5 marks) The shareholders' equity section of Riverbed Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 65,000 shares outstanding $4,300,000 Common shares, 10 million shares authorized and issued 10,000,000 Contributed surplus 11,000,000 25,300,000 Retained earnings 176,000,000 $201,300,00 et income of $25 million for 2020 reflects a total effective tax rate of 26%. Included in the ne ome figure is a loss of $16 million (before tax) relating to...
At December 31, 2019, Oriole Corporation had the following stock outstanding. 10% cumulative preferred stock. $ 100 par, 109,261 shares $10,926,100 Common stock. $5 par, 4.099.840 shares 20,499,200 During 2020, Oriole did not issue any additional common stock. The following also occurred during 2020. Income from continuing operations before taxes $24.649,800 Discontinued operations (loss before taxes) $3,399,100 Preferred dividends declared $1,092,610 Common dividends declared $2,322,900 Effective tax rate 35% Compute earnings per share data as it should appear in the...
At December 31, 2019, Blue Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 108,054 shares $10,805,400 Common stock, $5 par, 4,058,240 shares 20,291,200 During 2020. Blue did not issue any additional common stock. The following also occurred during 2020. Income from continuing operations before taxes $22,544,700 Discontinued operations (loss before taxes) $3,341,700 Preferred dividends declared $1,080,540 Common dividends declared $2,036,500 Effective tax rate 35% Compute earnings per share data as it should appear in the 2020...
Webber Corporation reported the following alphabetical items for the year ended December 31, 2019 (some of Webber's balance sheet accounts have been omitted). Accumulated Depreciation Accumulated Other Comprehensive Income Available for Sale Securities Common Stock, $10 par Cost of Goods Sold (condensed) Dividends Declared ($3,000 for Preferred and $29,000 for Common) Dividend Revenue Gain on Sale of Equipment Interest Expense Loss from Discontinued Operations Net Sales Operating Expenses (condensed) Paid in Capital in Excess of Par - Common Preferred Stock,...
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