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Could you explain part (b)?
Thanks.
Question 2 (a) Prepare a statement of changes in equity for the year ended 30 June 2017. Total Shenzi Ltd Statement of Changes in Equity Share General Currency Capital Reserve Translation $'000 Reserve $'000 7,000 125 Retained Earnings $'000 For the Year ending 30 June 2017 Balance 1 July 2016 Operating Profit $'000 32 180 7,337 230 230 (65) (65) Comprehensive Income Cash Dividends (74) (74) Share Dividends (85) General Reserves 24 (24) 7,085...
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1. Prepare journal entries for each of the following transactions for ABL Ltd that started operations in September 2019: In September 2019, ABC Ltd issued a prospectus offering 500 000 shares at $3.00 per share with $2 payable at the time of application, $0.50 payable on allotment and $0.50 on call. On 15 October, the directors allotted 500 000 shares to subscribers. The call was receivable on 15 November 2019 and all amounts due were collected on 30 November On...
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Problem 1 (11 marks) 1. Prepare journal entries for each of the following transactions for ABL Ltd that started operations in September 2019: In September 2019, ABC Ltd issued a prospectus offering 500 000 shares at $3.00 per share with $2 payable at the time of application, $0.50 payable on allotment and $0.50 on call. On 15 October, the directors allotted 500 000 shares to subscribers. The call was receivable on 15 November 2019 and all amounts due were collected...
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QUESTION ONE PART A New Century Equipment Ltd offers a 12-month warranty for the sale of used equipment. On 1 July 2015, there was a credit balance of $95 000 in its Warranty Provision account. During the year ended 30 June 2016, New Century Equipment Ltd incurred $105 000 in warranty costs, of which $55 000 was in the form of inventory and $50 000 was for labour costs. At 30 June 2016, New Century Equipment Ltd estimated its liability...
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1. Prepare
journal entries to record the transactions and closings for 2020
(assume the retirements were the first ever recorded by Zen
Aerospace). Assume share dividends and cash dividends account is
used when dividends are declared. (If no entry is required
for a transaction/event, select "No journal entry required" in the
first account field.)
2. Prepare the statement of changes in equity for
the year ended December 31, 2020. (Amounts to be deducted
should be indicated by a minus sign....
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PART B On 1 July 2017, South Water Ltd had 1 500 000 shares. The equity accounts at 1 July 2017 had the balances listed as follows. Share capital $1 500 000 500 000 Retained earnings Transactions during 2017-18 financial year and other information related to equity accounts were as follows. 1. An interim cash dividend of $0.25 per share was declared on 31 December 2017 and paid on 31 January 2018. 2. The shareholders agreed to a 3-for-1 share...
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Please Help me! Thanks
The following details are taken from the accounting records of Alanna Ltd as at 30 June 2018: DR S CR S Sales Revenue 1,425,000 15,000 37,500 Gain on Sale of Plant and Equipment Interest Revenue Cost of Goods Sold 900,000 45,000 30,000 45,000 22,500 112,500 Distribution Expenses Selling Expenses Administration Expenses Interest Expense Income Tax Expense Share Capital ( as at 1 July 2017) Retained Earnings ( as at 1 July 2017) Asset Revaluation Reserve (as...
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Problem III: (15%) Juno Corporation's stockholders' equity section at December 31, 2016 appears below: Stockholders' equity Paid-in capital Common stock, $10 par, 60,000 outstanding $600,000 Paid-in capital in excess of par 150.000 Total paid-in capital $750,000 Retained earnings 150.000 Total stockholders' equity $900.000 On June 30, 2017, the board of directors of Juno Corporation declared a 20% stock dividend, payable on July 31, 2017, to stockholders of record on July 15, 2017. The fair value of Juno Corporation's stock on...
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Problem 5 (18 marks) Bunny's International is a public company. The following information relates to Bunny's International's equity at 30 June 2018. Issued capital: 500 000 ordinary shares issued at $1.00, fully paid Retained earnings General reserve $ 500 000 350 000 100 000 The following events took place after 30 June 2018. 2018 1 September Final dividends of 8c per share out of retained earnings were declared for the year ended 30 June 2019. 15 October 11 December Paid...
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Sava ment 0 Required information [The following information applies to the questions displayed below) Kohler Corporation reports the following components of stockholders' equity on December 31, 2015 Common stock-$25 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $1,375,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 430,000 Total stockholders' equity $1,885,000 In year 2016, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 5,500 shares of its own stock at $20 cash...
Could you explain part (b)?
Thanks.
Question 2 (a) Prepare a statement of changes in equity for the year ended 30 June 2017. Total Shenzi Ltd Statement of Changes in Equity Share General Currency Capital Reserve Translation $'000 Reserve $'000 7,000 125 Retained Earnings $'000 For the Year ending 30 June 2017 Balance 1 July 2016 Operating Profit $'000 32 180 7,337 230 230 (65) (65) Comprehensive Income Cash Dividends (74) (74) Share Dividends (85) General Reserves 24 (24) 7,085...
1. Prepare journal entries for each of the following transactions for ABL Ltd that started operations in September 2019: In September 2019, ABC Ltd issued a prospectus offering 500 000 shares at $3.00 per share with $2 payable at the time of application, $0.50 payable on allotment and $0.50 on call. On 15 October, the directors allotted 500 000 shares to subscribers. The call was receivable on 15 November 2019 and all amounts due were collected on 30 November On...
Problem 1 (11 marks) 1. Prepare journal entries for each of the following transactions for ABL Ltd that started operations in September 2019: In September 2019, ABC Ltd issued a prospectus offering 500 000 shares at $3.00 per share with $2 payable at the time of application, $0.50 payable on allotment and $0.50 on call. On 15 October, the directors allotted 500 000 shares to subscribers. The call was receivable on 15 November 2019 and all amounts due were collected...
QUESTION ONE PART A New Century Equipment Ltd offers a 12-month warranty for the sale of used equipment. On 1 July 2015, there was a credit balance of $95 000 in its Warranty Provision account. During the year ended 30 June 2016, New Century Equipment Ltd incurred $105 000 in warranty costs, of which $55 000 was in the form of inventory and $50 000 was for labour costs. At 30 June 2016, New Century Equipment Ltd estimated its liability...
1. Prepare
journal entries to record the transactions and closings for 2020
(assume the retirements were the first ever recorded by Zen
Aerospace). Assume share dividends and cash dividends account is
used when dividends are declared. (If no entry is required
for a transaction/event, select "No journal entry required" in the
first account field.)
2. Prepare the statement of changes in equity for
the year ended December 31, 2020. (Amounts to be deducted
should be indicated by a minus sign....
PART B On 1 July 2017, South Water Ltd had 1 500 000 shares. The equity accounts at 1 July 2017 had the balances listed as follows. Share capital $1 500 000 500 000 Retained earnings Transactions during 2017-18 financial year and other information related to equity accounts were as follows. 1. An interim cash dividend of $0.25 per share was declared on 31 December 2017 and paid on 31 January 2018. 2. The shareholders agreed to a 3-for-1 share...
Please Help me! Thanks
The following details are taken from the accounting records of Alanna Ltd as at 30 June 2018: DR S CR S Sales Revenue 1,425,000 15,000 37,500 Gain on Sale of Plant and Equipment Interest Revenue Cost of Goods Sold 900,000 45,000 30,000 45,000 22,500 112,500 Distribution Expenses Selling Expenses Administration Expenses Interest Expense Income Tax Expense Share Capital ( as at 1 July 2017) Retained Earnings ( as at 1 July 2017) Asset Revaluation Reserve (as...
Problem III: (15%) Juno Corporation's stockholders' equity section at December 31, 2016 appears below: Stockholders' equity Paid-in capital Common stock, $10 par, 60,000 outstanding $600,000 Paid-in capital in excess of par 150.000 Total paid-in capital $750,000 Retained earnings 150.000 Total stockholders' equity $900.000 On June 30, 2017, the board of directors of Juno Corporation declared a 20% stock dividend, payable on July 31, 2017, to stockholders of record on July 15, 2017. The fair value of Juno Corporation's stock on...
Problem 5 (18 marks) Bunny's International is a public company. The following information relates to Bunny's International's equity at 30 June 2018. Issued capital: 500 000 ordinary shares issued at $1.00, fully paid Retained earnings General reserve $ 500 000 350 000 100 000 The following events took place after 30 June 2018. 2018 1 September Final dividends of 8c per share out of retained earnings were declared for the year ended 30 June 2019. 15 October 11 December Paid...
Sava ment 0 Required information [The following information applies to the questions displayed below) Kohler Corporation reports the following components of stockholders' equity on December 31, 2015 Common stock-$25 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $1,375,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 430,000 Total stockholders' equity $1,885,000 In year 2016, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 5,500 shares of its own stock at $20 cash...