Hawthorn Corporation’s adjusted trial balance contained the following accounts at December 31, 2020: Retained Earnings $120,000, Common Stock $750,000, Bonds Payable $100,000, Paid-in Capital in Excess of Par—Common Stock $200,000, Goodwill $55,000, Accumulated Other Comprehensive Loss $150,000, and Noncontrolling Interest $35,000. Prepare the stockholders’ equity section of the balance sheet.
Q: Smallville Company was organized on January 1, 2020. It is authorized to issue 109000 shares of $110…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Miami Heat Inc. began operations in January2017, and reported the following results for each of its…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: Stowe Company’s December 31, 2020, trial balance includes the following accounts: Investment in…
A: STOWE COMPANY Balance Sheet (Partial) December 31, 2020 Stockholders' Equity Common stock…
Q: short-term debt should be presented
A: Adjusting events are events occurring after the balance sheet date, before the issue of financial…
Q: a) Journalize the transactions for the month of April. (Assume that the company follows perpetual…
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: The following information is available for Stellar Company at December 31, 2020, regarding its…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: The post-closing trial balance of Carla Vista Corporation at December 31, 2020, contains the…
A: Stockholder equity: Retained earnings plus share capital make up the account on a company's balance…
Q: Calculate earnings per share for 2020 as it should be reported to shareholders. (Round answer to 2…
A: Earnings per shares refers to the profit earned by each shareholder after paying all the expenses of…
Q: During the year ended December 31, 2020, Gluco Inc. split its stock on a 2-for-1 basis. In its…
A: No. of shares outstanding after split off = No. of shares outstanding before split off x split off…
Q: Ivanhoe Corporation had 80,000 common shares outstanding on December 31, 2019. During 2020, the…
A: Event Dates Outstanding Shares Restatement Months Weighted shares (a) (b) (c) (a*b*c)…
Q: On December 31, 2020, Loving Company showed shareholder’s equity of P5,000,000. The share capital of…
A: Retained Earnings is the left out earnings of the company that is not distributed among…
Q: Ringmeup Inc. had net income of $112,400 for the year ended December 31, 2019. At the beginning of…
A: Basic earnings per share = (Net Income - Preference Dividend)/ Weighted number of shares outstanding
Q: The account balance information for Miller Company at the end of 2019 and 2020 and related 2020…
A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business…
Q: Miami Heat Inc. began operations in January2017, and reported the following results for each of its…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: At December 31, 2020, Coburn Corp. has assets of $10,000,000, liabilities of $6,000,000, common…
A: Financial Statements:Financial statements are condensed summary of transactions communicated in the…
Q: A partial list of the accounts and ending account balances taken from the post-closing trial balance…
A: Shareholders Equity Equity held by shareholders refers to the sum that a company's founders have…
Q: You are engaged to perform the first audit of the Parker Company for the year ended December 31,…
A:
Q: Ringmeup Inc. had net income of $197,300 for the year ended December 31, 2019. At the beginning of…
A: Earnings Per Share: =Earnings attributable to shareholders / Weighted average number of shares…
Q: Lucas Company reports net income of $5,125 for the year ended December 31, 2019, its first year of…
A: Earnings per share (EPS): The amount of net income available to each shareholder per common share…
Q: On January 1, 2020, Ivanhoe Corporation had $1,470,000 of common stock outstanding that was issued…
A: On January 1,2020 Ivanhoe corporation had 1470000 of common stock Calculating with option A) Par…
Q: Wendell Company provided the following pertaining to its accounting year that ended December 31,…
A: Additional paid-in capital on Common stock sold = Sale value of Common stock - Par value of Common…
Q: On December 31, 2020, Blue Devil Inc. has a ending balance of total shareholders' equity of…
A: Dividends means part of profits that is distributed to the shareholders of the company. It can be in…
Q: on December 31, 2021. Avon, Inc has the following account balances pertaining to its stockholder’s…
A: Calculation of stockholders equity on Dec 31, 2021 are as follows
Q: Hawthorn Corporation’s adjusted trial balance contained the following accounts at December 31, 2017:…
A:
Q: Miami Heat Inc. began operations in January2017, and reported the following results for each of its…
A: Cumulative preference shares have all of the perks of regular preference shares, including increased…
Q: Equipment-$3700, Common Stock-$124000, Paid in capital in excess of par value: Common Stock-$24000,…
A: Date Particulars Debit Credit April -01 Cash Common Stock (2500*120)…
Q: At December 31, 2021, the financial statements of Hollingsworth Industries included the following: $…
A: Diluted EPS Diluted EPS is used to evaluate the quality of a company's profits per share after all…
Q: At the end of Malasia Inc.'s third fiscal quarter in 2020, the shareholders' equity section of the…
A: SOLUTION- TOTAL SHAREHOLDERS EQUITY- ITS REPRESENTS THE NET WORTH OF A COMPANY , WHICH IS THE…
Q: Smallville Company was organized on January 1, 2020. It is authorized to issue 104000 shares of $110…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: At December 31, 2020, the following account balances were selected from the records of beverage…
A: Retained earnings is the amount of earnings accumulated over the period of time. Shareholders equity…
Q: What would be the classified Balance Sheet for Sandpiper as of December 31, 2020? After…
A: Calculate Current ratio, Quick ratio, Debt to assets ratio, Ratio of fixed assets to long-term…
Q: Martinez Company's December 31, 2020, trial balance includes the following accounts: Investment in…
A: Balance sheet: To know the financial position of the business on the particular date balance sheet…
Q: Ringmeup Inc. had net income of $151,000 for the year ended December 31, 2019. At the beginning of…
A: Calculation of Basic Earnings per share: Thus, Basic Earnings per share is $2.84
Q: Smallville Company was organized on January 1, 2020. It is authorized to issue 104000 shares of $110…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: On January 1, 2019, Concord Corporation had $1,470,000 of common stock outstanding that was issued…
A: Dividend means an amount paid by a corporation/company to its stockholders, out of profit. Dividend…
Q: Lucas Company reports net income of $5,125 for the year ended December 31, 2019, its first year of…
A: Earnings per share (EPS): The amount of net income available to each shareholder per common share…
Q: Crane Inc. began operations in January 2018 and reported the following results for each of its 3…
A: a)Computation of the book value of the common stock at December 31, 2020 as follows:- Computation…
Q: Drake Co. summarized select account balances on December 31, 2020, and activity for 2020 in the…
A: Stockholders' equity: Stockholders' equity means the remaining net assets available to shareholders.…
Q: Abajo, Inc. went into business on January 1, 2017 when it issued 100 shares of stock for $10,000. No…
A: Return on Equity = Net IncomeShareholder's Equity it is the measure of financial performance and it…
Q: Tamarisk Corporation's adjusted trial balance contained the following accounts at December 31, 2020:…
A: There are three main elements in a balance sheet, which are assets, liabilities, and stockholders'…
Q: Lagro Co. was incorporated on July 1, 2021, with P200,000 from the issuance of stock and borrowed…
A: This is a basic question which can be solved by many methods like accounting equation or by making a…
Q: The Retained Earnings for Blanka Corporation at January 1, 2021 were $250,000. The corporation had…
A: Retained earnings is the term that represents the profits accumulated by the entity that are not…
Q: Sandhill Company reported the following amounts in the stockholders’ equity section of its December…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: llville Company carried the following balances to their respective accounts. Cash-$58000,…
A: Date Particulars Debit Credit April -01 Cash Common Stock…
Q: Ringmeup Inc. had net income of $148,800 for the year ended December 31, 2019. At the beginning of…
A: Weighted average number of outstanding shares = 38,000×412 + 53,000×712 + 48,300×112…
Q: On January 1, Martinez Corporation's retained earnings accounts had the following balances:…
A: Retained Earnings means accumulated earnings of the business, which is attributable to the…
Q: The post-closing trial balance of Storey Corporation at December 31, 2020, contains the following…
A: Stockholders' equity refers to the amount that is attributable to the shareholders of the company.…
Q: The company reported total assets of P2,100,000 and total liabilities of P1,360,000 in its December…
A: Stockholders’ Equity on December 31, 2020 = total assets- total liabilities = P2,100,000 -…
Q: During the year ended December 31, 2020, Gluco Inc. split its stock on a 3-for-1 basis. In its…
A: Net income: The bottom line of income statement which is the result of excess of earnings from…
Q: On January 1, 2020, Frontier Corporation had $1,000,000 of common stock outstanding that was issued…
A: Given information is: Outstanding common stock = $10,00,000 Retained Earnings = $750,000 Net income…
Hawthorn Corporation’s adjusted
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Gray Company lists the following shareholders equity items on its December 31, 2018, balance sheet: The following stock transactions occurred during 2019: Required: 1. Prepare journal entries to record the preceding transactions. 2. Prepare the December 31, 2019, shareholders equity section (assume that 2019 net income was 225,000).Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.
- The controller of Red Lake Corporation has requested assistance in determining income, basic earnings per share, and diluted earnings per share for presentation on the companys income statement for the year ended September 30, 2020. As currently calculated, Red Lakes net income is 540,000 for fiscal year 2019-2020. Your working papers disclose the following opening balances and transactions in the companys capital stock accounts during the year: 1. Common stock (at October 1, 2019, stated value 10, authorized 300,000 shares; effective December 1, 2019, stated value 5, authorized 600,000 shares): Balance, October 1, 2019issued and outstanding 60,000 shares December 1, 201960,000 shares issued in a 2-for-l stock split December 1, 2019280,000 shares (stated value 5) issued at 39 per share 2. Treasury stockcommon: March 3, 2020purchased 40,000 shares at 38 per share April 1, 2020sold 40,000 shares at 40 per share 3. Noncompensatory stock purchase warrants, Series A (initially, each warrant was exchangeable with 60 for 1 common share; effective December 1, 2019, each warrant became exchangeable for 2 common shares at 30 per share): October 1, 201925,000 warrants issued at 6 each 4. Noncompensatory stock purchase warrants, Series B (each warrant is exchangeable with 40 for 1 common share): April 1, 202020,000 warrants authorized and issued at 10 each 5. First mortgage bonds, 5%, due 2029 (nonconvertible; priced to yield 5% when issued): Balance October 1, 2019authorized, issued, and outstandingthe face value of 1,400,000 6. Convertible debentures, 7%, due 2036 (initially, each 1,000 bond was convertible at any time until maturity into 20 common shares; effective December 1, 2019, the conversion rate became 40 shares for each bond): October 1, 2019authorized and issued at their face value (no premium or discount) of 2,400,000 The following table shows the average market prices for the companys securities during 2019-2020: Adjusted for stock split Required: Prepare a schedule computing: 1. the basic earnings per share 2. the diluted earnings per share that should be presented on Red Lakes income statement for the year ended September 30, 2020 A supporting schedule computing the numbers of shares to be used in these computations should also be prepared. Assume an income tax rate of 30%.Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.
- Included in the December 31, 2018, Jacobi Company balance sheet was the following shareholders equity section: The company engaged in the following stock transactions during 2019: Required: 1. Prepare journal entries to record the preceding transactions. 2. Prepare the December 31, 2019, shareholders equity section (assume that 2019 net income was 270,000).Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as follows: During 2019, the following events and transactions occurred: 1. JR recognized sales revenues of 108,000. It incurred cost of goods sold of 62,000 and operating expenses of 12,000, 2. JR issued 1,000 shares of its 5 par common stock for 14 per share. 3. JR invested 30,000 in available-for-sale securities. At the end of the year, the securities had a fair value of 35,000. 4. JR paid dividends of 6,000. The income tax rate on all items of income is 30%. Required: 1. Prepare a 2019 income statement for JR which includes net income and comprehensive income ignore earnings per share). 2. For 2016 prepare a separate (a) income statement (ignore earnings per share) and (b) statement of comprehensive income.Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000
- Tamarisk Corporation's adjusted trial balance contained the following accounts at December 31, 2020: Retained Earnings $126,000, Common Stock $765,600, Bonds Payable $109,700, Paid-in Capital in Excess of Par-Common Stock $208,700, Goodwill $59,300, Accumulated Other Comprehensive Loss $154,700, and Noncontrolling Interest $34,200. Prepare the stockholders' equity section of the balance sheet.Martinez Company's December 31, 2020, trial balance includes the following accounts: Investment in Common Stock $74,600, Retained Earnings $121,40O, Trademarks $39,900, Preferred Stock $158,500, Common Stock $63,400, Deferred Income Taxes $90,900, Paid-in Capital in Excess of Par-Common Stock $175,800, and Noncontrolling Interest $63,640. Prepare the stockholders' equity section of the balance sheet.Stowe Company’s December 31, 2020, trial balance includes the following accounts: Investment in Common Stock $70,000, Retained Earnings $114,000, Trademarks $31,000, Preferred Stock $152,000, Common Stock $55,000, Deferred Income Taxes $88,000, Paid-in Capital in Excess of Par—Common Stock $174,000, and Noncontrolling Interest $63,000. Prepare the stockholders’ equity section of the balance sheet.