Problem 21-2 (ACP) At the beginning of current year, Alegro Company reported the following issuance of equity shares: 200,000 shares at P20 250,000 shares at P25 During the current year, the entity reacquired 50,000 shares at P20, and these shares were reissued at year-end at P25 per share. 4,000,000 6,250,000 Required: Prepare journal entries to record the foregoing transactions assuming: a. The share has a P15 par value. b. The share is no par with stated value of P20. 745
Q: Discuss whether the dividend growth model or the capital asset pricing model should be used to…
A: The dividend growth model and the capital asset pricing model are both methods that can be used to…
Q: The controller of Crane Production has collected the following monthly cost data for analyzing the…
A: The high-low method is used to differentiate the mixed cost. The mixed cost is the combination of…
Q: A taxpayer OA. U.S. Circuit Court of Appeals OB.U.S. Tax Court OC. None of these O D.U.S. Court of…
A: Solution: a. Correct answer : (A) U.S. Circuit Court of appeals Explanation: whenever a taxpayer…
Q: Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item…
A: The question is based on the concept of Cost Accounting. As per the cost accounting valuation of…
Q: FIFO and LIFO costs under perpetual inventory system The following units of an item were available…
A: A perpetual inventory system means inventory is valued continuously that is after every transaction.…
Q: Diane's Designs purchased a one-year liability insurance policy on March 1 of a year for $3,240 and…
A: Prepaid insurance means the insurance paid in advance. It, basically, represents the amount of…
Q: Relevant Range and Fixed and Variable Costs Child Play Inc. manufactures electronic toys within a…
A: Variable Cost per unit remains same, and fixed cost in total remains constant.
Q: Account Mountain Top Hardware Adjusted Trial Balance Cash "Nate's reciverble Account's recirable…
A: Income statement is the financial statement which is prepared to depict the entity's profits. It is…
Q: To enter transactions in QBO: a. From the Navigation Bar, select Reports b. From the (+) New icon,…
A: QBO is a cloud based financial management software it is designed to slash the time you spend…
Q: DogMart Company records depreciation for equipment. Depreciation for the period ending December 31…
A: Depreciation is considered an expense charge on the value of the Asset. It can be calculated by…
Q: Del Gato Clinic's cash account shows an $15,050 debit balance and its bank statement shows $14,255…
A: Lets understand the basics. Bank reconciliation statement is a statement which shows the reason…
Q: The purpose of an audit trail is to be able to trace a transaction through source documents to the…
A: An audit trail is a step-by-step record that may be used to trace accounting, trade information, or…
Q: ! Required information [The following information applies to the questions displayed below.] O'Brien…
A: ABSORPTION COSTING Absorption Costing is One of the Important Cost Management Techniques which…
Q: walker, inc. owns 25% of runner corporation. During 2021, walker, inc. has 580,000 of gross income…
A: If a corporation owns 20% or less in a corporation that distributes dividend, then it is entitled to…
Q: The following information is for Alex Corp: Product X: Revenue $25.00 Variable Cost $5.00 Product Y:…
A: The Break-even point indicates that total units are to be sold by the business entity to recover its…
Q: Budget Performance Report Salisbury Bottle Company manufactures plastic two-liter bottles for the…
A: Manufacturing Cost :— It is the total Cost Incurred in the manufacturing process of product. It is…
Q: in his shares is $50,000 and Bronco’s E&P is $100,000. Bronco redeems 25 shares of Jack’s stock for…
A:
Q: A and B enter into a partnership agreement contributing their respective business' assets at fair…
A:
Q: ou have the following information for Tamarisk, Inc. for the month ended October 31, 2022. Tamarisk…
A: Lets understand the basics. In FIFO basis entity assumes that, goods purchased first are sold first…
Q: IFRS requires annual reviews of long-lived assets (other than goodwill) for reversal indicators. A…
A: Accounting for Impairments From a GAAP perspective, the asset is recorded at its historical cost,…
Q: A machine has a first cost of P50,000 with interest rate of 10% annually. Expected salvage value…
A: Depreciation is the loss in value of an asset over a period of time. Value of an asset keeps on…
Q: A machine has a first cost of P50,000 with interest rate of 10% annually. Expected salvage value…
A: The business organizations are required to charge the depreciation expense so as to shown the assets…
Q: A furniture company reports these data: Price per unit: $30 Variable cost per unit: $15 Fixed…
A: Break Even Point (BEP) :— It is the point at which total cost is equal to total revenue. At this…
Q: The articles of Spades Ltd. provide inter alia i) Any shareholder appointed to the position of…
A: Articles of Association The articles of association are a legal document that outline the rules for…
Q: s a fraction in lowest terms or a decimal rounded to the nearest millionth. Employees on Nonfarm…
A: Payroll refers to the form of a defined having the details of the employees of a company who are…
Q: A summary of B's capital account for the year ended December 31, 2022 is as follows: Balance, Jan.…
A: A partnership is an agreement between two or more partners where partners are agreed to work…
Q: Question Content Area Entries for Selected Corporate Transactions Selected transactions completed…
A: The company issue shares to the public and receives cash. The company uses this cash in its business…
Q: 15 Required information [The following information applies to the questions displayed below.] Preble…
A: FLEXIBLE BUDGET A flexible budget is a budget that changes as per the activity level or production…
Q: e hockey stick sells for $130. Description ning Inventory mase Units 16 61 Ur
A: Answer : FIFO = First in first out Moving weighted average = average base
Q: CompuWatch Inc. produces wrist-worn tablet computers. The company uses Thin Film Crystal (TFC) LCD…
A: Lets understand the basics. Direct material price variance is a variance between the rate at which…
Q: The product of a company passes through three processes to completion. They are known as A, B, and…
A: Process costing is a method of costing used mainly in manufacturing where units are continuously…
Q: Different categories of financial assets are valued differently in the balance sheet. The different…
A: SOLUTION:- The company needs to look at its balance sheet and identify tangible and intangible…
Q: An accountant for a corporation forgot to pay the firm's income tax of $725,718.89 on time. The…
A: Income tax is amount of liability that is to be paid to the government or the appropriate tax…
Q: Cost of the investment $ 32,000 Annual cost savings $ 9,000 Estimated salvage value $ 3,000…
A: NET PRESENT VALUE Net Present Value is one of the Important Capital Budgeting Techniques. Net…
Q: Question 7 Kay Company budgets overhead cost of $3,738,000 for the next year. The company uses…
A: The traditional method of overhead allocation is based on a predetermined overhead rate. The…
Q: Enter the following information into a manual journal with credits/debits:
A: The accrual basis of accounting is the method by which revenues and expenses are recognized when…
Q: ignmenty takeAssignmentivan.do?invoker-atakeAssignmentSessionLocator=&inprogress=false eBook…
A: PERPETUAL INVENTORY SYSTEM A perpetual inventory system keeps continual track of your inventory…
Q: a On December 1, $11,650 was received for a service contract to be performed from December 1 through…
A: Adjustment Journal Entry Adjusting entries are used to transform money transfers into accrual -…
Q: statements are prepared for a general purpose? Reflect on that and also on company's stakeholders.…
A:
Q: 01/01 Balance 12/04 Shipments to branch 12/28 Expense Allocation 12/28 Shipments to branch 12/28…
A: Introduction: Reciprocal: Reciprocal account is an arrangement under the this one credit institution…
Q: Paulson Company issues 7%, four-year bonds, on January 1 of this year, with a par value of $109,000…
A: Journal entry is the primary step to record the transaction in the books of accounts. Interest…
Q: What are the differences between a direct-financing and a sales-type lease for a lessor? Why would a…
A: First of all, let us understand the concepts of lessor and lessee. So essentially, a lessor is de…
Q: What will his insurance company pay?
A: Given in the question: Auto policy insurance coverage = 25/50/10 Collision coverage deductible =…
Q: Winny, who is in the 25% marginal tax bracket, was injured in an automobile accident. She has…
A: Proposal of Winny: Damages for 25 % loss of the use of her right arm = $300,000 Medical expenses =…
Q: Safari Co. sells two products: Orks and Zins. Last year, Safari sold 21,000 units of Orks and 14,000…
A: The question is based on the concept of Cost Accounting. Contribution Margin is the difference…
Q: Joetz Corporation has gathered the following data on a proposed investment project (Ignore income…
A: The incremental net income anticipated from a potential investment opportunity, divided by the…
Q: A major objective of MACRS is to: O A. Ensure that the amount of cost recovery for tax purposes will…
A: Modified Accelerated Cost Recovery System is method of depreciation in taxation. In this method…
Q: Question: Delta Company issued $1,000,000, 4%, 10-year, bonds. Interest to be paid semiannually. The…
A: Bond valuation is a method that is used to determine the theoretical value that should be assigned…
Q: Foley Systems is considering a new project whose data are shown below. Under the new tax law, the…
A: NPV stands for Net present value which states the difference among PV (stands for Present value) of…
Q: Problem 3 In January 1, 2008, Ringer Company purchased a machine at a cost of P850,000. The machine…
A: Double declining balance method is type of declining method that use double the normal rate…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Answer the following:a. On July 6, Omanair Corporation issued 4,500 ordinary shares with a RO 7.50 par value. The stated price of the shares on that date was RO 12.50 per share. Journalize the issuance of the shares. b. Duqm Corporation is authorized to issue 1,600,000 ordinary shares with a RO 1.75 par value. During 2020, the company has the following share transactions.Jan. 15 Issued 520,000 ordinary shares at RO 2.50 per share.Provide the journal entry for January 15.Bridgeport SA uses a calendar year for financial reporting. The company is authorized to issue 8,210,000 R$12 par ordinary shares. At no time has Bridgeport issued any potentially dilutive securities. Listed below is a summary of Bridgeport’s ordinary share activities. 1. Number of ordinary shares issued and outstanding at December 31, 2021 2,040,000 2. Shares issued as a result of a 12% share dividend on September 30, 2022 244,800 3. Shares issued for cash on March 31, 2023 1,870,000 Number of ordinary shares issued and outstanding at December 31, 2023 4,154,800 4. A 2-for-1 share split of Bridgeport’s ordinary shares took place on March 31, 2024 (a) Compute the weighted-average ordinary shares used in computing earnings per ordinary share for 2022 on the 2023 comparative income statement. enter a number of shares sharesAlpha company reported the following equity accounts on January 1, 2020. Share capital, P20 par, P8,000,000; Share premium, P2,750,000; Retained earnings, P1,275,000. All shares outstanding on January 1 were issued for P26 a share. On December 31, the entity reacquired 20,000 shares at P24 a share and retired them. What is the balance of the share premium?
- The following accounts are found in the trial balance of Dawn Corporation as December 31, 2019. Authorized Ordinary share capital, P 100 par P1,000,000; Unissued Ordinary share capital P300,000; Subscribed Ordinary share P200,000; Ordinary share subscription receivable P100,000; Ordinary share premium P70,000. The total number of shares issued is Using data in number 1, the total number of shares still available for subscription isPupil, Inc. prepares this journal entry on June 30, 2019. Issued ordinary share capital for P140/share. DR Cash P70,000 CR Ordinary share capital P65,000 CR Ordinary share premium P5,000. How many shares were issued? Using data above, what is the par value per share for this share capital?S14-4 Issuing shares and interpreting shareholders' equity At 30 June, Adelaide Hills Ltd shows the following on its balance sheet (which includes the previous year's amounts for comparison): 30 June Current year Previous year $00 $000 Share capital (2 000 000 ordinary shares issued) (1 850 000 ordinary shares issued) Retained earnings $ 4000 $ 3 500 21 600 20 500 Requirements How much did total share capital increase during the current year? What caused total share capital to increase? How can you tell? 2 Did Adelaide Hills make a profit or a loss for the current year? How can you tell? 1
- On 3 October 20X6, Corbin Ltd issued 100,000 5% redeemable GHS 1 preference shares. These shares are redeemable on 3 October 20Y1. In accordance with IAS 32 Financial Instruments: Presentation, how will these shares and their related dividend be shown in Corbin Ltd’s financial statements for the year ended 31 December 20X6?E14-4 Issuing shares payable by instalments [10–15 min] Riverside Ltd is issuing shares payable by instalments. It completed the following transactions: Received an application for 2000 ordinary shares with a total issue price of $10 per share. The applicant paid one-quarter of the total issue price. Allotted the 2000 shares and collected a further half of the total issue price. Made a call on the shares and collected the balance still due. May 3 May 18 Aug 3 Requirement Record these transactions in the general journal. Explanations aren't required.The following accounts are found in the trial balance of Dawn Corporation as December 31, 2019. Authorized Ordinary share capital, P 100 par P1,000,000; Unissued Ordinary share capital P300,000; Subscribed Ordinary share P200,000; Ordinary share subscription receivable P100,000; Ordinary share premium P70,000. The total number of shares issued is _____. Using data above, the total number of shares still available for subscription is ______.
- ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions during the year: Jan. 1 number of shares authorized 85,000 Feb. 2 number of shares issued. 65,000 June 1 number of shares reacquired but not retired 5,000 Dec 1 2 for 1 share split What is the number of ABC Corp.’s ordinary share outstanding at December 31, 2020? To input answers, kindly follow the sample format below(no peso sign, with comma, no space): 100,000AB Co issues 5.000 50c shares for $6.000. Required: What are the amounts for share capital and share premium in the statement of financial position?ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions during the year: Jan. 1 number of shares authorized 80,000Feb. 2 number of shares issued 60,000June 1 number of shares reacquired but not retired 5,000Dec 1 2 for 1 share split What is the number of ABC Corp.’s ordinary share outstanding at December 31, 2020? A. 150,000 B. 110,000 C. 120,000 D. 115,000