1. Prepare the journal entry to record Tamas Company’s issuance of 5,800 shares of $100 par value, 6% cumulative preferred stock for $104 cash per share. 2. Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.) Par Value per Preferred Share Dividend Rate Dividend per Preferred Share Number of Preferred Shares Preferred Dividend %
Q: On January 1, 2021, the company purchased 8% bonds in the face amount of P8,000,000. The bonds…
A: 1. In the given case, currently the entity is following FVTOCI method for its financial Asset…
Q: KLM Company has the opportunity to purchase an asset that costs $50,000. The asset is expected to…
A: The term "payback period" refers to the number of years that must pass before the initial monetary…
Q: Indicate where each of the following income-related items for this company appears on its current…
A: If any Gain or loss arises in business not due to regular activity will be Reported as Other usual…
Q: Sunland Corporation follows IFRS. Prior to 2022, the accounting income and taxable income for…
A: The method of depreciation may differ in accounting and taxation. Sometimes, the depreciation method…
Q: Pepper Inc., an S Corporation that has “C” years E&P, has gross receipts of $780,000 ($400,000 from…
A: Please see the answer below Calculation of penalty tax Pepper pays a $ 1375 penalty tax of…
Q: Which of the following foreign taxes is not a creditable foreign tax for U.S. tax purposes? Multiple…
A: The following foreign taxes is not a creditable foreign tax for U.S Tax purposes: - Value- added tax…
Q: The CEO and the CFO of Automation Company were both aware that the company’s controller was…
A: The Sarbanes-Oxley (SOX) Act 2002 is a federal law which was passed on 30 July 2002 to protect the…
Q: Fruitas Company uses the weighted average method to determine the cost of its inventory. During July…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Bentley Inc. had the following balances: Account Cash Accounts receivable Prepaid interest Machinery…
A: The working capital is calculated as difference between current assets and liabilities and current…
Q: What is the entity in charge of creating and ensuring accounting standards for government…
A: The questions are answered below. Please note all questions are answered in English.
Q: X8. The bonds were purchased at 100 plus accrued interest. Interest is paid semi-annually on 30 June…
A: In the present case accounting to investment in bond has been discussed, how to record the different…
Q: Which of the following is a criterion for classifying a lease as a finance lease by the lessee?
A: The correct answer is: (A) The lease term is equal to 75% or more of the estimated economic life of…
Q: In the equity method, the journal entry required to record the amortization of the excess amount…
A: Amortization is the expense which is recorded in the income statement and it decrease the net income…
Q: Company applies overhead to jobs using a predetermined overhead rate based on machine hours. At the…
A: Predetermined overhead rate is the formula of determining overhead rate by dividing the total…
Q: All of the following would appear in the Paid-In Capital section of Stockholders' Equity except:
A: The correct answer is: (C) Retained earnings Retained earnings are not part of paid-in capital.…
Q: The income statement and a schedule reconciling cash flows from operating activities to net income…
A: The cash flow statement is important financial statements of the business. The cash flow from…
Q: Adams Air is a large airline company that pays a customer relations representative $16,425 per…
A: - Payment to customer relations representative: $16,425 per month - Expectation to process total…
Q: The Bank of Canada (BOC) operating bands for the overnight rate is at 1 %: The Bank Rate, (The rate…
A: The correct Answer is : Decrease the Bank Rate
Q: On January 1, 2022, Skysong, Inc. had the following stockholders' equity accounts. Common Stock ($12…
A: Stockholder's Equity -Stockholder's Equity includes the amount contributed by shareholders issued in…
Q: TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried…
A: DIRECT MATERIALS EFFICIENCY VARIANCE Direct Materials efficiency Variance is the difference…
Q: Required: 1. How many units can the cell produce per hour (on a continuous running basis)? If…
A: Time taken using Cellular manufacturing Processing time (12 units) First unit (24 + 15 + 10 + 8)…
Q: Ma1. Please classify as true or false and comment the following sentence: “The costs of the…
A: Manufacturing costs refer to the expenses incurred during in the production of a product. Some of…
Q: The Pima and Southern Railroad (PSRR) is a small railroad operating in rural Arizona. It exists by…
A: Memorandums are informal records that are kept quickly and concisely of a specific lawful…
Q: On September 30, 2020, Zee Company purchased an equipment for P240,000 to be used for the next 4…
A: Depreciation Expense are not deducted from Cost of the Asset instead they are held in the…
Q: Assuming that a decedent left no valid last will and testament, which one of the following assets…
A: The correct answer is: (D) Assets held by the decedent and his or her spouse as community property…
Q: Prepare cashflow statement for BBB Co. from the following information for 2022: Net change in cash 2…
A: Statement of Cash flows : Cash flows from operating activities Net income 440 (-)…
Q: On January 1, 2024, Splash City issues $420,000 of 7% bonds, due in 10 years, with interest payable…
A: A bond is a constant-earnings instrument that represents a mortgage made via way of means of an…
Q: equity Following is the stockholders' section from ABC Company's balance sheet as of Dec 31, Yr 1:…
A: Issued stock = Par value + paid in capital Outstanding shares = Issued shares- Treasury stock
Q: Give an example, by using your own numbers, of calculating the Margin of Choosing a Cost Structure?
A: Let's say that a company has a cost structure with fixed costs of $100,000, variable costs of $30…
Q: The allocation base of the company is machine-hours and the estimated amount of the allocation base…
A: Fixed Manufacturing Overhead: P848,820 fixed machine hours: 43,000 machine hours manufacturing…
Q: A master budget consists of A. An interrelated long-term plan and operating budgets B. Financial…
A: Introduction:- A master budget can be defined as the aggregation of all the lower level budgets. It…
Q: Common-size and trend percents for Roxi Company's sales, cost of goods sold, and expenses follow.…
A: An income statement is a type of financial statement that illustrates the profitability of the…
Q: Retail Company reported the following cash flow information: 1. Acquisition of equipment: P122,000…
A: A cash flow statement indicates cash inflow and outflow information for a particular time period and…
Q: On 30 April 20X2, Marc Company purchased 4,800 shares of Spencer Ltd. for $29 per share plus $480 in…
A: 1. Introduction: a. Under Cost method, Investments will be intially measured and recorded at…
Q: The two primary sources of capital include contributed capital and: a. retained earnings…
A: Contributed Capital:Contributed capital is one of the two basic sources of capital. The funds raised…
Q: relates to Grimsley Company: Units: Beginning units in process: Direct materials 100% complete;…
A: Process Costing - Process costing is an accounting technique generally employed by businesses that…
Q: state the importance of transparency and validity in relation to financial plan/budget.
A: Answer:- Financial budget:- Predicting the company's income and expenses over the long and short…
Q: Briefly discuss any audit evidence that the auditors may consider or may expect during the stage of…
A: Answer:- Audit:- To ensure that all the departments are using a documented system of documenting…
Q: Below is a trial balance as of 12-31-2019 for Richmond Field Inc. sh counts receivable ventory…
A: Financial Statement comprises of Income Statement, Balance Sheet, cash flow statement and Notes to…
Q: Which of the following statements best describes the minimum standard for active participation in a…
A: The correct answer is: (C) The taxpayer must be involved in the management of the property in a…
Q: Assume the following: WIP, beginning 3,500 units (100% complete as to direct materials, 40% complete…
A: Equivalent units measure the labour that went into producing a specific number of physical items. To…
Q: Experimental outcomes that are based on measurement scales such as time, weight, and distance can be…
A: The correct answer is: (C) Continuous Continuous random variables are variables that can take on…
Q: Accorsi & Sons specializes in selling and installing upscale home theater systems. On March 1, 2024,…
A: The transaction price is the sum that the client anticipates earning from the sale of goods and…
Q: XYZ Company has an opportunity to purchase and asset that will cost the company $60,000. The asset…
A: ACCOUNTING RATE OF RETURN Accounting Rate of Return (ARR) is a method uses accounting information…
Q: -Tel Inc. manufactures and assembles two models of smartphones-the Tiger Model and the Lion Model.…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: lease answer in detail with full working 17. Jackson Company purchased $ 50,000 in equipment on…
A: Error in keeps the accords of business transaction which does happen in the business where booking…
Q: Ayayai Corporation purchased a truck at the beginning of 2023 for $37,800. The truck is estimated to…
A: In case of multiple questions, we are allowed to solve only the first question. If you want other…
Q: You have been approached by the financial institutions Databank Financial Services Limited and…
A: The whole risk involved in an audit engagement is known as the engagement risk. It may also result…
Q: Journalize the transactions using the following accounts:
A: 1. Purchase Discount terms for Spend more : 5/10, 3/20, n/30 refers to Spend more has given credit…
Q: 9.5A The following is the trial balance of T Owen as at 31 March 20X9. Draw up a set of financial…
A: Financial statements are those statements which are prepared at the end of accounting period for the…
1. Prepare the
2. Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.)
|
|
|
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the market price per share for Rebert is 51.50. Required: 1. Compute the dollar amount of preferred dividends. 2. Compute the number of common shares. 3. Compute earnings per share. (Note: Round to two decimals.) 4. Compute the price-earnings ratio. (Note: Round to the nearest whole number.)Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the dividends paid to common stockholders for last year were 2,600,000 and that the market price per share of common stock is 51.50. Required: 1. Compute the dividends per share. 2. Compute the dividend yield. (Note: Round to two decimal places.) 3. Compute the dividend payout ratio. (Note: Round to two decimal places.)Alert Companys shareholders equity prior to any of the following events is as follows: The company is considering the following alternative items: 1. An 8% stock dividend on the common stock when it is selling for 30 per share. 2. A 30% stock dividend on the common stock when it is selling for 32 per share. 3. A special stock dividend to common shareholders consisting of 1 share of preferred stock for every 100 shares of common stock. The preferred stock and common stock are selling for 123 and 31 per share, respectively. 4. A 2-for-1 stock split on the common stock, reducing the par value to 5 per share (assume the same date for declaration and issuance). The market price is 30 per share on the common stock. 5. A property dividend to common shareholders consisting of 100 bonds issued by West Company. These bonds are carried on the Alert Company books as an available-for sale investment at a fair value of 48,000 (which is also its cost); it has a current value of 54,000. 6. A cash dividend, consisting of a normal dividend and a liquidating dividend, on both the preferred and the common stock. The 10% preferred dividend includes a 2% liquidating dividend, and the 2.30 per share common dividend includes a 0.30 per share liquidating dividend (separate liquidating dividend contra accounts should be used). Required: For each of the preceding alternative items: 1. Record (a) the journal entry at the date of declaration and (b) the journal entry at the date of issuance. 2. Compute the balances in the shareholders equity accounts immediately after the issuance (any gains or losses are to be reflected in the retained earnings balance; ignore income taxes).
- Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.1. Prepare the journal entry to record Tamas Company's issuance of 5,100 shares of $100 par value, 6% cumulative preferred stock for $101 cash per share. 2. Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.) Par Value per Preferred Share Dividend Rate % Dividend per Number of Preferred Preferred Share Shares Preferred Dividend
- 1. Prepare the journal entry to record Tamas Company's issuance of 6,100 shares of $100 par value, 9% cumulative preferred stock for $101 cash per share. 2. Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record Tamas Company's issuance of 6,100 shares of $100 par value, 9% cumulative preferred stock for $101 cash per share.1. Prepare the journal entry to record Tamas Company's issuance of 6,100 shares of $100 par value, 9% cumulative preferred stock for $101 cash per share. 2. Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.) Par Value per Dividend per Number of Dividend Preferred Dividend Preferred Preferred Preferred Rate Share Share Shares %1. Prepare the journal entry to record Tamas Company's issuance of 6,900 shares of $100 par value, 9% cumulative preferred stock for $104 cash per share. 2. Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record Tamas Company's issuance of 6,900 shares of $100 par value, 9% cumulative preferred stock for $104 cash per share. View transaction list Journal entry worksheet
- 1. Prepare the journal entry to record Tamas Company’s issuance of 5,000 shares of $100 par value, 7% cumulative preferred stock for $102 cash per share. 2. Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.)Calgate Company had the following shares outstanding and retained earnings at the end of the current year: Preferred shares, 4% (par value $15; outstanding, 10,300 shares) Common shares (outstanding, 33,000 shares) Retained earnings The board of directors is considering the distribution of a cash dividend to both groups of shareholders. No dividends were declared during the previous two years. Three independent cases are assumed: Case A: The preferred shares are non-cumulative; the total amount of dividends is $51,600. Case B: The preferred shares are cumulative; the total amount of dividends is $63,000. Case C: Same as case B, except the amount is $97,500. Required: 1. Compute the amount of dividends, in total and per share, that would be payable to each class of shareholders for each case. (Round "Per share" to 2 decimal places.) Case A: Total Per share Case B: Total Per share $ 154,500 615,000 296,000 Case C: Total Per share Preferred Shares Common SharesBeacon Corporation issued a 8 percent stock dividend on 35,000 shares of its $7 par common stock. At the time of the dividend, the market value of the stock was $30 per share. Required a. Compute the amount of the stock dividend. b. Show the effects of the stock dividend on the financial statements using a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. Complete this question by entering your answers in the tabs below. Required A Required B Show the effects of the stock dividend on the financial statements using a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. (Enter any decreases to account balances with a minus sign.)…
