how can calculate
74) Bruce Corporation has the following shareholders’ equity on
December 31, 2021:
Shareholders' equity
Share capital
$ 10 convertible preferred shares,
10,000 shares authorized, 5,000 shares
issued
$ 570,000
Common shares,
200,000 shares authorized, 90,000 shares
issued
1,800,000
Total share
capital
2,370,000
Retained
earnings
450,000
Total shareholders’
equity
$ 2,820,000
If 10,000 common shares were reacquired for $ 17 per share, the
journal entry to record the transaction would
a) credit Contributed Surplus for $ 30,000.
b) debit Retained Earnings for $ 30,000.
c) credit Common Shares for $ 170,000.
d) debit Common Shares for $ 170,000.
If 10,000 common shares were reacquired for $ 17 per share, it will have the following effects:
- Common shares will decrease by $170,000 ( Number of shares reacquired x Price per share= 10,000 x 17= $170,000)
- Cash will also decrease by $170,000.
Hence, common shares will be debited and cash will be credited by $170,000.
Correct option is d.
how can calculate 74) Bruce Corporation has the following shareholders’ equity on December 31, 2021: Shareholders'...
Armstrong Corporation has the following shareholders' equity on December 31, 2021:Shareholders' equityShare capital$10 convertible preferred shares,10,000 shares authorized, 5,000 shares issued$570,000Common shares,200,000 shares authorized, 90,000 shares issued1,800,000Total share capital2,370,000Retained earnings450,000Total shareholders' equity$2,820,000If 10,000 common shares were reacquired for $24 per share, the journal entry to record the transaction wouldcredit Contributed Surplus–Reacquisition of Shares for $40,000.credit Retained Earnings for $40,000.credit Common Shares for $240,000.debit Common Shares for $200,000.
Ulrich Corporation has the following shareholders' equity on December 31, 2021: $570,000 Shareholders' equity Share capital $10 convertible preferred shares, 10,000 shares authorized, 5,000 shares issued Common shares, 200,000 shares authorized, 90,000 shares issued Total share capital Retained earnings Total shareholders' equity The average per common share amount is O $5.70 $9. $20. $11.40. 1.800.000 2,370,000 450.000 $2.820.000
The Shareholders’ Equity section of Hamilton Design Company’s December 31, 2019, balance sheet appeared as follows: Contributed Capital: Preferred stock, 6%, $100 par (10,000 shares authorized, 1,250 shares issued) $125,000 Additional paid-in capital on preferred stock $55,000 Common stock, $10 par (60,000 shares authorized, 15,000 shares issued $150,000 Additional paid-in capital on common stock $105,000 Total contributed capital $435,000 Retained earnings $78,000 Contributed capital and retained earnings $513,000 Less: Treasury Stock (300 shares of common at $14 per share) ($4,200)...
MY ANSWERS ARE NOT CORRECT SO PLEASE SOLVE ALL PARTS The shareholders' equity section of GOLDENVALLEY Corporation's statement of financial position at December 31 is presented here. GOLDENVALLEY CORPORATION Statement of Financial Position (partial) Shareholders' equity Contributed capital $5 Preferred shares, cumulative, 10,000 authorized, 5.700 shares issued $570,000 Common shares, 750,000 authorized, 658,500 shares issued 2,634,000 Contributed surplus 98.000 Total contributed capital 3,302,000 Retained earnings 1,109,000 Total shareholders' equity $4,411,000 From your review of the shareholders' equity section above, answer...
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On December 31, 2016, the shareholders' equity section of the balance sheet of R&L Corporation reflected the following: Common shares (no-par value; authorized 60,000 Shares, outstanding 22,000 shares) Contributed uxplus Retained earnings $220,000 11,700 72,000 On February 1, 2017, the board of directors declared a 10 percent stock dividend to be issued on April 30, 2017. The market value of the shares on February 1, 2017, was $16.50 per share. Required: 1. For comparative purposes, prepare the shareholders' equity section...
Whispering Company had the following Shareholders’ Equity accounts as of May 1, 2020: Share capital: Preferred shares, 60,000 issued and outstanding $738,000 Class A common shares, 150,000 issued and outstanding 750,000 Class B common shares, 440,000 issued and outstanding 2,530,000 Retained earnings 3,285,000 Total shareholders’ equity $7,303,000 On June 10, Whispering reacquired and cancelled 1,800 Class A common shares at a cost of $4.15 per share. On August 26, 2020, Whispering issued 3,600 Class A common shares for $8.55 each....
On December 31, 2016, the shareholders' equity section of the balance sheet of R&L Corporation reflected the following: Common shares (no-par value: authorized 60,000 shares, outstanding 25,000 shares) Contributed surplus Retained earnings $250,000 12,000 75,000 On February 1, 2017, the board of directors declared a 12 percent stock dividend to be issued on April 30, 2017. The market value of the shares on February 1, 2017, was $18 per share. Required: 1. For comparative purposes, prepare the shareholders' equity section...
1.In a corporation, the two basic sources of shareholders' equity are: A.donated capital and share capital B.share capital and retained earnings C.donated capital and retained earnings D.share capital and operating capital 2.Suppose 100 common shares are issued for $12.50 per share. The entry to record this issuance includes a: A.debit to Preferred Shares for $1,000 B.credit to Retained Earnings for $1,250 C.credit to Contributed Surplus for $250 D.credit to Common shares for $1,250 3.Following is the shareholders' equity section of...
On December 31, 2016, the shareholders' equity section of the balance sheet of R&L Corporation reflected the following: Common shares (no-par value; authorized 60,000 shares, outstanding 25,000 shares) Contributed surplus Retained earnings $ 250,000 12,000 75,000 On February 1, 2017, the board of directors declared a 12 percent stock dividend to be issued on April 30, 2017. The market value of the shares on February 1, 2017, was $18 per share. Required: 1. For comparative purposes, prepare the shareholders' equity...