Homework Answers
Balance sheet ( Partial)
| Shareholders Equity | |
| Share capital | |
| Preferred shares(1,300×$105) | $136,500 |
| Common shares(34,000×$10) | $340,000 |
| Total share capital | $476,500 |
| Retained earnings($283,500+$117,500-$69,500) | $331,500 |
| Total shareholders Equity | $808,000 |
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Windsor Limited is a private company that follows ASPE. It is authorized to issue an unlimited...
BE13.13 (LO 6) AP True Green Nurseries Ltd. is a private company that follows ASPE. It...
BE13.13 (LO 6) AP True Green
Nurseries Ltd. is a private company that follows ASPE. It is
authorized to issue an unlimited number of both common and $6.50
cumulative preferred shares. On December 31, 2021, there were
15,000 common and 1,000 preferred shares issued with the following
balances: Common Shares, $150,000; and Preferred Shares, $100,000.
The statement of retained earnings showed retained earnings of
$285,000 at December 31, 2021. The dividend on the preferred shares
was two years in arrears....
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Northwestern Corporation, a private company, is authorized to issue an unlimited number of common shares and 500,000, $5 cumulative preferred shares. It began operations on January 1, 2023, and the following occurred in 2023: Jan 1 Issued 5,000 common shares for $50,000 cash. Jan 2 Issued 1,000 preferred shares for $72.50 per share. Dec 10 Declared a total of $17,000 in dividends, payable on January 3, 2024 to shareholders of record on December 23, 2023. The following information is also...
Question 1: (27 points) Northwestern Corporation, a private company, is authorized to issue an unlimited number...
Question 1: (27 points) Northwestern Corporation, a private company, is authorized to issue an unlimited number of common shares and 500,000, $5 cumulative preferred shares. It began operations on January 1, 2023, and the following occurred in 2023: Jan 1 Issued 5,000 common shares for $50,000 cash. Jan 2 Issued 1,000 preferred shares for $72.50 per share. Dec 10 Declared a total of $17,000 in dividends, payable on January 3, 2024 to shareholders of record on December 23, 2023. The...
CHECK Selected information regarding the accounts of Infinity Minerals Corp. follows: Common shares, unlimited authorized, 61,000...
CHECK Selected information regarding the accounts of Infinity Minerals Corp. follows: Common shares, unlimited authorized, 61,000 shares issued and outstanding, December 31, 2019 $1,885,000 Common dividends declared and paid during 2020 131,000 Cumulative effect of change in accounting estimate (net of $7,200 tax) (34,700) Profit for the year ended December 31, 2020 353,000 Preferred dividends declared and paid during 2020 94,990 Preferred shares, $5.90 non-cumulative, 16,100 shares authorized, issued, and outstanding, December 31, 2019 461,000 Retained earnings, December 31, 2019...
On January 1, 2018, Windsor Corporation was authorized to issue 400,000 shares of common stock, par...
On January 1, 2018, Windsor Corporation was authorized to issue 400,000 shares of common stock, par value $12 per share, and 80,000 shares of 5 percent cumulative preferred stock, par value $25 per share. The preferred dividends are 2 years in arrears. Prepare Journal Entries to record the following 2018 transactions: 1. Windsor Corporation was granted a charter authorizing the issuance of 400,000 shares of common stock. 2. Issued 80,000 shares of common stock at $19 per share. 3. Issued...
Settlers of Catan Co is authorized to issue an unlimited number of common shares and 10,000...
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Question 4 (20 Marks) 1 Mark Inc. has authorized share capital of an unlimited number of...
Question 4 (20 Marks) 1 Mark Inc. has authorized share capital of an unlimited number of common shares and 800,000 preferred, $2 preferred shares. At January 1, 2019, the balance in its shareholders equity includes $60,000 in common shares representing 20,000 shares and $45,000 in preferred shares representing 1,500 shares and retained earnings of $110,000. Profit for the year ending December 31, 2019 was $20,000. No dividends were declared during 2019. During 2019, Mark Inc. had the following share transactions:...
Question 8 Settlers of Catan Co is authorized to issue an unlimited number of common shares...
Question 8 Settlers of Catan Co is authorized to issue an unlimited number of common shares and 10,000 preferred shares. During its first year, the business completed the following share issuance transactions: July 19: Issued 10,000 common shares for cash of $6.50 per share. Oct 3: Issued 500, $1.50 preferred shares for $50,000 cash. Oct 11: Received inventory valued at $11,000 and equipment with fair value of $8,500 for 3,300 common shares. Journalize the transactions. Explanations...
Exercise 15-17 Windsor Corporation's post-closing trial balance at December 31, 2020, is shown as follows. WINDSOR...
Exercise 15-17 Windsor Corporation's post-closing trial balance at December 31, 2020, is shown as follows. WINDSOR CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020 Dr. Cr. $ 345,900 $ 488,000 183,000 1,380,000 169,000 33,000 273,000 Accounts payable Accounts receivable Accumulated depreciation-buildings Additional paid-in capital in excess of par-common From treasury stock Allowance for doubtful accounts Bonds payable Buildings Cash Common stock ($1 par) Dividends payable (preferred stock-cash) Inventory Land Preferred stock ($50 par) Prepaid expenses Retained earnings Treasury stock (common at...
12-4A $1,560,000 462,000 $2,022,000 Contributed capital Preferred shares. $17 cumulative, issued, and outstanding....... Common shares, unlimited...
12-4A
$1,560,000 462,000 $2,022,000 Contributed capital Preferred shares. $17 cumulative, issued, and outstanding....... Common shares, unlimited shares authorized, 40.000 shares issued and outstanding Total contributed capital vertible into common a referred are converted int ity section of the balan Retained earings Total equity balance shoes he company plans to pay quired Refer to the equity section above. Assume that the preferred are convertible of eight common shares for each share of preferred. If on April 1, 2020, prepare the entry...
BE13.13 (LO 6) AP True Green
Nurseries Ltd. is a private company that follows ASPE. It is
authorized to issue an unlimited number of both common and $6.50
cumulative preferred shares. On December 31, 2021, there were
15,000 common and 1,000 preferred shares issued with the following
balances: Common Shares, $150,000; and Preferred Shares, $100,000.
The statement of retained earnings showed retained earnings of
$285,000 at December 31, 2021. The dividend on the preferred shares
was two years in arrears....
CHECK Selected information regarding the accounts of Infinity Minerals Corp. follows: Common shares, unlimited authorized, 61,000 shares issued and outstanding, December 31, 2019 $1,885,000 Common dividends declared and paid during 2020 131,000 Cumulative effect of change in accounting estimate (net of $7,200 tax) (34,700) Profit for the year ended December 31, 2020 353,000 Preferred dividends declared and paid during 2020 94,990 Preferred shares, $5.90 non-cumulative, 16,100 shares authorized, issued, and outstanding, December 31, 2019 461,000 Retained earnings, December 31, 2019...
On January 1, 2018, Windsor Corporation was authorized to issue 400,000 shares of common stock, par value $12 per share, and 80,000 shares of 5 percent cumulative preferred stock, par value $25 per share. The preferred dividends are 2 years in arrears. Prepare Journal Entries to record the following 2018 transactions: 1. Windsor Corporation was granted a charter authorizing the issuance of 400,000 shares of common stock. 2. Issued 80,000 shares of common stock at $19 per share. 3. Issued...
Question 4 (20 Marks) 1 Mark Inc. has authorized share capital of an unlimited number of common shares and 800,000 preferred, $2 preferred shares. At January 1, 2019, the balance in its shareholders equity includes $60,000 in common shares representing 20,000 shares and $45,000 in preferred shares representing 1,500 shares and retained earnings of $110,000. Profit for the year ending December 31, 2019 was $20,000. No dividends were declared during 2019. During 2019, Mark Inc. had the following share transactions:...
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12-4A
$1,560,000 462,000 $2,022,000 Contributed capital Preferred shares. $17 cumulative, issued, and outstanding....... Common shares, unlimited shares authorized, 40.000 shares issued and outstanding Total contributed capital vertible into common a referred are converted int ity section of the balan Retained earings Total equity balance shoes he company plans to pay quired Refer to the equity section above. Assume that the preferred are convertible of eight common shares for each share of preferred. If on April 1, 2020, prepare the entry...
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