2. On January 1, 2020, Twist Corp. had cash and common shares
of $60,000. At that...
2. On January 1, 2020, Twist Corp. had cash and common shares
of $60,000. At that date, the company had no other assets,
liability, or shareholders’ equity balance. On January 2, 2020.
Twist paid $40,000 cash for equity securities that it designated as
fair value through other comprehensive income (PV-OCI) investments.
During the year, Twist received non-taxable cash dividends of
$18,000 and had an unrealized holding gain of $25,000 (net of tax)
on these securities. Determine the following amounts for...
On January 1, 2014, Tri-State Industries had cash and common
stock of $180,000. At that date...
On January 1, 2014, Tri-State Industries had cash and common
stock of $180,000. At that date the company had no other asset,
liability or equity balances. On January 2, 2014, it purchased
$160,000 of equity securities for cash that it classified as
available-for-sale. It received cash dividends of $9,000 during the
year on these securities. In addition, it had an unrealized holding
gain on these securities of $24,000 net of tax. Based on this
information, what is the amount of...
The Flounder Corporation had income from continuing operations
of $13 million in 2020. During 2020, it...
The Flounder Corporation had income from continuing operations
of $13 million in 2020. During 2020, it disposed of its restaurant
division at a loss of $82,000 (net of tax of $38,000). Before the
disposal, the division operated at a loss of $218,000 (net of tax
of $135,000) in 2020. Blue Collar also had an unrealized gain-OCI
of $44,000 (net of tax of $18,000) related to its FV-OCI equity
investments. Flounder had 10 million common shares outstanding
during 2020.
Prepare a...
Pronghorn Corporation, a clothing retailer, had income from
operations (before tax) of $405,000, and recorded the...
Pronghorn Corporation, a clothing retailer, had income from
operations (before tax) of $405,000, and recorded the following
before-tax gains/(losses) for the year ended December 31,
2020:
Gain on disposal of equipment
29,160
Unrealized (loss)/gain on FV-NI investments
(58,320
)
(Loss)/gain on disposal of building
(73,440
)
Gain on disposal of FV-NI investments
35,640
Pronghorn also had the following account balances as at January 1,
2020:
Retained earnings
$442,800
Accumulated other comprehensive income (this was due to a
revaluation surplus on...
On January 1, 2015, Sigma Inc. had these stockholders’ equity
balances.
Common Stock, $1 par (3,000,000...
On January 1, 2015, Sigma Inc. had these stockholders’ equity
balances.
Common Stock, $1 par (3,000,000
shares authorized, 615,000 shares issued and outstanding)
$615,000
Paid-in Capital in Excess of Par
Value
1,410,000
Retained Earnings
690,000
Accumulated Other Comprehensive Income
60,000
During 2015, the following transactions and events
occurred.
1.
Issued 54,500 shares of $1 par
value common stock for $2 per share.
2.
Issued 55,500 shares of common
stock for cash at $6 per share.
3.
Purchased 19,600 shares of...
Presented below is information which relates to Pharoah Company,
a Canadian public corporation traded on the...
Presented below is information which relates to Pharoah Company,
a Canadian public corporation traded on the Toronto Stock Exchange,
for 2020.
Net income
$435,000
Retained earnings, January 1, 2020
820,000
Cash dividends declared on common shares
33,000
Correction of calculation error depreciation understatement in
2016 (pre-tax)
459,000
Gain on FV-OCI investments (net of tax)
202,000
Proceeds from issuance of Pharoah common shares
55,000
Accumulated other comprehensive income, January 1, 2020
15,500
On January 1, 2020, Pharoah had 18,000 common shares...
Pharoah Co. reports the following information for 2017: sales
revenue $756,800, cost of goods sold $518,900,...
Pharoah Co. reports the following information for 2017: sales
revenue $756,800, cost of goods sold $518,900, operating expenses
$89,600, and an unrealized holding loss on available-for-sale
securities for 2017 of $54,400. It declared and paid a cash
dividend of $12,390 in 2017.
Pharoah Co. has January 1, 2017, balances in common stock $363,100;
accumulated other comprehensive income $88,700; and retained
earnings $91,090. It issued no stock during 2017.
Prepare a statement of stockholders’ equity.
total
retained earnings
Accumulated Other
Comprehensive...
On January 1, 2020, Castaway Corp. issued 5,000 shares of
preferred stock ($15 par value) at...
On January 1, 2020, Castaway Corp. issued 5,000 shares of
preferred stock ($15 par value) at $45 per share. Each share of
preferred stock is redeemable at the option of the stockholder at
$45 per share. On September 1, 2020, preferred shareholders holding
1,000 shares of preferred stock redeemed their stock.
The entry recorded by Castaway Corp. on September 1, 2020, would
include the following:
A.
No net change to stockholders’ equity.
B.
A decrease to retained earnings for $5,000....
2021
2020
Number
of Shares
Amount
Number
of Shares
Amount
Common shares, unlimited authorized
Balance, January...
2021
2020
Number
of Shares
Amount
Number
of Shares
Amount
Common shares, unlimited authorized
Balance, January 1
440,000
$528,000
440,000
$528,000
Issued shares
for cash
44,000
28,500
0
Reacquired
shares
(22,000
)
(25,295
)
0
Balance, December 31
462,000
531,205
440,000
528,000
Contributed surplus—reacquisition of common shares
Balance, January 1
13,000
13,000
Reacquired
common shares
7,000
0
Balance, December 31
20,000
13,000
Retained earnings
Balance, January 1
158,000
167,000
Profit
(loss)
20,000
17,500
Common
dividends—Cash
(19,000
)
(26,500
)
Balance,...
2017: sales revenue $777,100, cost of goods sold $520,000,
operating expenses $89,200, and an unrealized holding...
2017: sales revenue $777,100, cost of goods sold $520,000,
operating expenses $89,200, and an unrealized holding loss on
available-for-sale securities for 2017 of $53,700. It declared and
paid a cash dividend of $11,670 in 2017.
Barber Co. has January 1, 2017, balances in common stock $360,400;
accumulated other comprehensive income $86,000; and retained
earnings $92,040. It issued no stock during 2017.
Prepare a statement of stockholders’ equity.
Prepare a statement of stockholders’ equity.
Total
Retained Earnings
Income
Common Stock...