Homework Answers
| 12-7B | a.. | ||
| 2018 | |||
| 5-Feb | Cash | 1680000 | |
| Common stock | 1680000 | ||
| (70000 shares*24) | |||
| 28-Feb | Pre-incorporation expenses | 96000 | |
| Common stock | 96000 | ||
| 3750 shares | |||
| 3-Mar | Land | 192000 | |
| Buildings | 504000 | ||
| Machinery | 372000 | ||
| Common stock | 1068000 | ||
| 44000 shares | |||
| 31-Dec | Retained earnings | 64800 | |
| Income summary | 64800 | ||
| 2019 | |||
| 28-Jan | Cash(4000*240) | 960000 | |
| Preferred stock(4000*24) | 96000 | ||
| APIC-Preferred stock(4000*(240-24)) | 864000 | ||
| 4000 pref. shares | |||
| 31-Dec | Income summary | 235200 | |
| Retained earnings | 235200 | ||
| 2020 | |||
| 1-Jan | Cash dividends | 152520 | |
| Dividends distributable-Common shares(0.48*(70000+3750+44000)) | 56520 | ||
| Dividends distributable- Preferred shares(24*4000) | 96000 | ||
| 5-Feb | Dividends distributable-Common shares(0.48*(70000+3750+44000)) | 56520 | |
| Dividends distributable- Preferred shares(24*4000) | 96000 | ||
| Cash | 152520 | ||
| 31-Dec | Income summary | 381600 | |
| Retained earnings | 381600 | ||
| Retained earnings | 152520 | ||
| Cash dividends | 152520 | ||
| b.. Statement of changes in equity | Common stock | Preferred stock | APIC-Preferred stock | Retained Earnings | Total |
| 2018 | |||||
| Issue of common stock | 2844000 | 2844000 | |||
| Loss for the year | -64800 | -64800 | |||
| Balance as at Dec 31,2018 | 2844000 | 0 | 0 | -64800 | 2779200 |
| 2019 | |||||
| Beg. Balance | 2844000 | 0 | 0 | -64800 | 2779200 |
| Changes during the year | |||||
| Issue of preferred stock | 96000 | 864000 | 960000 | ||
| Income for the year | 235200 | 235200 | |||
| Balance as at Dec 31,2019 | 2844000 | 96000 | 864000 | 170400 | 3974400 |
| 2020 | |||||
| Beg. Balance | 2844000 | 96000 | 864000 | 170400 | 3974400 |
| Cash dividends | -152520 | -152520 | |||
| Income for the year | 381600 | 381600 | |||
| Balance as at Dec 31,2020 | 2844000 | 96000 | 864000 | 399480 | 4203480 |
| c.Equity section of the balance sheet as at Dec 31, 2020 | ||
| Labtech Pharmacy Inc. | ||
| Assets | ||
| Liabilities & Equity | ||
| Liabilities | ||
| Equity: | ||
| Common shares,Unlimited authorised | ||
| 117750 shares issued & o/s | 2844000 | |
| Preferred shares, $ 24 non-cumulative, 100000 shares authorised | ||
| 4000 shares issued & o/s | 96000 | |
| APIC-Preferred shares | 864000 | 960000 |
| Total contributed capital | 3804000 | |
| Retained earnings | 399480 | |
| Total equity | 4203480 | |
Add Answer to:
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A...
Problem 12-8B Share transactions, dividends, statement of changes in equity LO2, 3, 4, 5, 6 CHECK...
Problem 12-8B Share transactions, dividends, statement of changes in equity LO2, 3, 4, 5, 6 CHECK FIGURES: 2. Retained earnings, Dec 31, 2020 = $754,500: 3. Equity, Dec 31, 2020 = $4,345,500 Pace Oil & Gas Corp. began operations in 2018. Its balance sheet reported the following components of equity on December 31, 2018. Pace Oil & Gas Corp. Equity Section of the Balance Sheet December 31, 2018 $ 780,000 Contributed capital: Preferred shares. $1.80 non-cumulative, unlimited shares authorized: 25.000...
15 L Problem 12-8A Share transactions, dividends, statement of changes in equity LO2, 3, 4, 5,...
15 L Problem 12-8A Share transactions, dividends, statement of changes in equity LO2, 3, 4, 5, 6 CHECK FIGURES: 2. Retained earnings, Dec. 31, 2021 = $1,063,300; 3. Equity, Dec. 31, 2021 = $2,666,300 The balance sheet for Tactex Controls Inc., provincially incorporated in 2018, reported the following compon- ents of equity on December 31, 2019. Tactex Controls Inc. Equity Section of the Balance Sheet December 31, 2019 $ 392,000 Contributed capital: Preferred shares, $2.10 cumulative, unlimited shares authorized; 20,000...
no lavour Analysis Component: Calculate the net assets of able or unfavourable? Explain. component: Calculat...
no lavour Analysis Component: Calculate the net assets of able or unfavourable? Explain. component: Calculate the net assets of Labtech Inc. for 2016, 2017), Problem 12-8B Share transactions, CHECK FIGURES: 2. Retained earnings, Dec. 31, - Share transactions, dividends, statement of changes the unty LO2, 3, 4, 5, 6 GURES: 2. Retained earnings, Dec 31, 2020 = $754,500; 3. Equity. 020 = $4,345,500 ace Oil & Gas Corp. began operations in 2018. Its balance sheet reported wing components of en...
Mady Entertainment Inc. showed the following equity account balances on the December 31, 2019, balance sheet:...
Mady Entertainment Inc. showed the following equity account
balances on the December 31, 2019, balance sheet:
Common shares, unlimited authorized shares, 550,000 shares
issued and outstanding
$
3,850,000
Retained earnings
2,580,000
During 2020, the following selected transactions occurred:
Apr.
1
Repurchased and retired 150,000 common shares at $7.60 per
share; this is the first retirement recorded by Mady.
June
1
Declared a 2:1 share split to shareholders of record on June
12, distributable June 30.
Dec.
1
Declared a 10%...
part A part B closing enteries part C T accounts and post the shareholder's equity accounts. part D prepare...
part A
part B
closing enteries
part C
T accounts and post the shareholder's equity accounts.
part D
prepare a statement of retained earnings for the year.
part E
prepare the shareholder's equity section of the statement of
financial position at december 31.
Problem 11-4A On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.86 million issued Retained earnings $2,860,000...
Exercise 15-14 On January 1, 2020, Pina Colada Ltd. (a public company) had the following shareholders’...
Exercise 15-14
On January 1, 2020, Pina Colada Ltd. (a public company) had the
following shareholders’ equity accounts:
Preferred shares, $5 non–cumulative, unlimited number
authorized, none issued
0
Common shares, unlimited number authorized, 740,000 issued
$
5,920,000
Retained earnings
1,259,000
Accumulated other comprehensive income
150,000
The following selected transactions occurred during 2020:
Jan. 2
Issued 100,000 preferred shares at $100 per share.
Mar. 5
Declared the quarterly cash dividend to preferred shareholders
of record on March 20, payable April 1....
On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred...
On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.06 million issued Retained earnings $2,860,000 3,470,000 The following selected transactions occurred during 2018: Jan. 2 Issued 210,000 preferred shares at $25 per share. Feb. 8 Issued 100,000 common shares in exchange for land. On this date, the current value of the land was $210,000. The common shares have not recently...
Hammond Manufacturing Inc. was legally incorporated on January 2, 2020. Its articles of incorporation granted it...
Hammond Manufacturing Inc. was legally incorporated on January 2, 2020. Its articles of incorporation granted it the right to issue an unlimited number of common shares and 100,000 shares of $14.9 non-cumulative preferred shares. The following transactions are among those that occurred during the first three years of operations: 2020 Jan. 12 Issued 40,250 common shares at $5.3 each. 20 Issued 8,000 common shares to promoters who provided legal services that helped to establish the company. These services had a...
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,100 shares issued and outstanding $ 369,000 Retained earnings 217,000 Total equi
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,100 shares issued and outstanding$369,000Retained earnings217,000Total equity$586,000In 2020, Umi had the following transactions affecting shareholders and the equity accounts: Jan.5The directors declared a $3.30 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record.Feb.28Paid the dividend declared on January 5.July6Sold 800 common shares at $38.50 per share.Aug.22Sold 1,300 common shares at $27.30 per share.Sept.5The...
Record the above transactions for 2018, including any entries required to close dividends declared and net...
Record the above transactions for 2018, including any entries
required to close dividends declared and net income to Retained
Earnings, open T accounts and post to the shareholders’ equity
accounts, prepare a statement of retained earnings for the
year.
On January 1, 2018, Macaron Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 3.07 million issued Retained earnings $3,070,000 4,150,000 The following selected transactions occurred...
Problem 12-8B Share transactions, dividends, statement of changes in equity LO2, 3, 4, 5, 6 CHECK FIGURES: 2. Retained earnings, Dec 31, 2020 = $754,500: 3. Equity, Dec 31, 2020 = $4,345,500 Pace Oil & Gas Corp. began operations in 2018. Its balance sheet reported the following components of equity on December 31, 2018. Pace Oil & Gas Corp. Equity Section of the Balance Sheet December 31, 2018 $ 780,000 Contributed capital: Preferred shares. $1.80 non-cumulative, unlimited shares authorized: 25.000...
15 L Problem 12-8A Share transactions, dividends, statement of changes in equity LO2, 3, 4, 5, 6 CHECK FIGURES: 2. Retained earnings, Dec. 31, 2021 = $1,063,300; 3. Equity, Dec. 31, 2021 = $2,666,300 The balance sheet for Tactex Controls Inc., provincially incorporated in 2018, reported the following compon- ents of equity on December 31, 2019. Tactex Controls Inc. Equity Section of the Balance Sheet December 31, 2019 $ 392,000 Contributed capital: Preferred shares, $2.10 cumulative, unlimited shares authorized; 20,000...
no lavour Analysis Component: Calculate the net assets of able or unfavourable? Explain. component: Calculate the net assets of Labtech Inc. for 2016, 2017), Problem 12-8B Share transactions, CHECK FIGURES: 2. Retained earnings, Dec. 31, - Share transactions, dividends, statement of changes the unty LO2, 3, 4, 5, 6 GURES: 2. Retained earnings, Dec 31, 2020 = $754,500; 3. Equity. 020 = $4,345,500 ace Oil & Gas Corp. began operations in 2018. Its balance sheet reported wing components of en...
Mady Entertainment Inc. showed the following equity account
balances on the December 31, 2019, balance sheet:
Common shares, unlimited authorized shares, 550,000 shares
issued and outstanding
$
3,850,000
Retained earnings
2,580,000
During 2020, the following selected transactions occurred:
Apr.
1
Repurchased and retired 150,000 common shares at $7.60 per
share; this is the first retirement recorded by Mady.
June
1
Declared a 2:1 share split to shareholders of record on June
12, distributable June 30.
Dec.
1
Declared a 10%...
part A
part B
closing enteries
part C
T accounts and post the shareholder's equity accounts.
part D
prepare a statement of retained earnings for the year.
part E
prepare the shareholder's equity section of the statement of
financial position at december 31.
Problem 11-4A On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.86 million issued Retained earnings $2,860,000...
Exercise 15-14
On January 1, 2020, Pina Colada Ltd. (a public company) had the
following shareholders’ equity accounts:
Preferred shares, $5 non–cumulative, unlimited number
authorized, none issued
0
Common shares, unlimited number authorized, 740,000 issued
$
5,920,000
Retained earnings
1,259,000
Accumulated other comprehensive income
150,000
The following selected transactions occurred during 2020:
Jan. 2
Issued 100,000 preferred shares at $100 per share.
Mar. 5
Declared the quarterly cash dividend to preferred shareholders
of record on March 20, payable April 1....
On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.06 million issued Retained earnings $2,860,000 3,470,000 The following selected transactions occurred during 2018: Jan. 2 Issued 210,000 preferred shares at $25 per share. Feb. 8 Issued 100,000 common shares in exchange for land. On this date, the current value of the land was $210,000. The common shares have not recently...
Hammond Manufacturing Inc. was legally incorporated on January 2, 2020. Its articles of incorporation granted it the right to issue an unlimited number of common shares and 100,000 shares of $14.9 non-cumulative preferred shares. The following transactions are among those that occurred during the first three years of operations: 2020 Jan. 12 Issued 40,250 common shares at $5.3 each. 20 Issued 8,000 common shares to promoters who provided legal services that helped to establish the company. These services had a...
Record the above transactions for 2018, including any entries
required to close dividends declared and net income to Retained
Earnings, open T accounts and post to the shareholders’ equity
accounts, prepare a statement of retained earnings for the
year.
On January 1, 2018, Macaron Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 3.07 million issued Retained earnings $3,070,000 4,150,000 The following selected transactions occurred...
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