Don't give answer in image format Foley Corporation has the following capital structure at the beginning of the year:Share capital-ordinary, £10 par value, 60,000 sharesauthorized, 40,000 shares issued and outstandingShare premium ordinary.Retained earningsTotal equity£400,000110,000440,000£950,000Record the following transactions which occurred consecutively.(1) A total cash dividend of £90,000 was declared and payable to shareholders of record.(2) A 10% ordinary share dividend was declared.(3) Assume that net income for the year was £150,000. Calculate the balance ofRetained Earnings at the end of the year.

The dividend is declared to the shareholders from the retained earnings of the business. The net…

Answered: Foley Corporation has the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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An entity provided the following information at year-end: Preference share capital, at par 2,000,000 Ordinary share capital, at par 3,000,000 Share premium 1,000,000 Sales 10,000,000 Total expenses 7,800,000 Treasury shares at cost – ordinary 500,000 Dividends 700,000 Retained earnings – beginning 1,000,000 What total shareholders’ equity should be reported at year-end?
The outstanding share capital of Sheng Inc. includes 43,000 shares of $9.60 non-cumulative preferred and 78,000 common shares, all issued during the first year of operations. During its first four years of operations, the corporation declared and paid the following amounts in dividends. Total Dividends Declared Year 2017 $ 2018 2019 2020 2017 2018 2019 2020 0 440,000 1,058,000 440,000 Required: Determine the total dividends paid in each year to each class of shareholders under the assumption that the preferred shares are non-cumulative. Also determine the total dividends paid to each class over the four years. (Leave no cells blank, enter "0" where ever required.) Common Total Dividends Preferred Total for four years
Kremlin Company reported the following shareholders' equity at year-end: Share capital, P30 par value, P3,000,000; Share premium, P600,000; Retained earnings, P4,200,000. A 20% share dividend was declared and distributed at year-end when entity's share was selling at P65. What amount should be reported as share capital outstanding?
The equity section of Whispering Inc. at January 1, 2022, was as follows. Share capital-ordinary $390,000 Accumulated other comprehensive income Unrealized holding gain on equity securities designated at fair value through other comprehensive income 65,000 Retained earnings 26,000 During the year, the company had the following transactions. 1. Issued 13,000 shares at $3 per share. 2. Dividends of $12.200 were declared and paid. 3. Net income for the year was $130,000. Unrealized holding loss of $6,500 occurred on its equity securities designated at fair value through other comprehensive 4. income. Prepare a statement of changes in equity for Whispering Inc. WHISPERING INC.
An entity provided the following shareholders' equity at year-end:Ordinary share capital, P100 par, 72,000 shares 7,200,000Subscribed ordinary share capital, 12,000 shares 1,200,000Subscription receivable 400,000Treasury shares, 4,000 at cost 600,000Retained earnings 2,000,000What is the book value per ordinary share?
1. The following information was taken from the accounts of JT Corp at year end:Total income since incorporation P900,000Total cash dividends paid P260,000Proceeds from sale of donated shares P 90,000Total value of share dividends distributed P60,000Excess of proceeds over cost of treasury stocks sold P140,000What should be the current balance of retained earnings? a. P780,000b. P520,000c. P720,000d. P580,0002. see imagechoices: a. 176,000b. 263,000c. 204,000d. 321,000
Using the following information for the year ended 30 June, prepare the Retained Earnings Account for Kramer Ltd. Retained earnings as at 1 July $450,000 Transfer from Dividend Equalisation Reserve $200,000 Operating Profit (before income tax expenses $270,000) $900,000 Create a provision for dividend of 15 cents per share. There are 7,500,000 shares issue
Ute Company reported the following capital structure during the current year: 5% cumulative preference share capital, par value P100, 25,000 shares issued and outstanding Ordinary Share capital, par value P35, 100,000 shares issued and outstanding The entity reported net income of P5,000,000 for the current year. The entity paid P125,000 in preference dividends in the current year. 7. What amount should be reported as the basic earnings per share? a. 48.75 b. 50.00 c. 51.25 2,500,000 3,500,000
The issued share capital of a company consists of 3,360,000 ordinary shares of £1 each. Half way through its financial year the company made a rights issue of 2 for 6 at an exercise price of £1.58 a share. The market value of the company's shares was £2.04 a share just before the rights issue.. The company reported a net profit after taxation for the year of £2,016,000. The market value of each ordinary share at the end of the year was £2.31. The theoretical ex-rights value per share is £1.93, and the adjustment factor is 1.059740. The weighted average number of shares issued for the year is 4,020,364. Calculate, correct to the nearest whole number, the earnings per share which would be reported in the company's income statement for the year.
The issued share capital of a company consists of 1,680,000 ordinary shares of £1 each. Half way through its financial year the company made a rights issue of 2 for 4 at an exercise price of £1.66 a share. The market value of the company's shares was £2.19 a share just before the rights issue.. The company reported a net profit after taxation for the year of £672,000. The market value of each ordinary share at the end of the year was £2.82. Calculate the theoretical ex-rights value per share in £ to two decimal places.
1. Husain Corporation has the following account it trial balance at the end of year: Retained earnings $240,000, Share Capital- Ordinary $950,000, Bonds Payable $200,000, Share Premium- Ordinary $275,000, Accumulated Investment $180,000, other comprehensive income $190,000, Minority Interest $92,000 Prepare current Equity section of the balance sheet.
The issued share capital of a company consists of 1,680,000 ordinary shares of £1 each. Half way through its financial year the company made a rights issue of 3 for 6 at an exercise price of £1.85 a share. The market value of the company's shares was £2.52 a share just before the rights issue. The company reported a net profit after taxation for the year of £1,008,000. The market value of each ordinary share at the end of the year was £2.99. The theoretical ex-rights value per share is £2.30. Calculate the adjustment factor (correct to 5 decimal places) to use to calculate earnings per share for the year. Do NOT calculate earnings per share - just the adjustment factor.

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