Prepare the general journal entries required to account for the above transactions and events for the year ending 30 June 2022 (i.e., from 1 July 2021 to 30 June 2022). Narrations are NOT required.
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- Common Dividends Thompson Payroll Service began in 2019 with 1,500,000 authorized and 820,000 issued and outstanding S8 par common shares. During 2019, Thompson entered into the following transactions: Declared a S0.20 per-share cash dividend on March 24. Paid the S0.20 per-share dividend on April 6. Repurchased 13,000 common shares for the treasury at a cost of S12 each on May 9. Sold 2,500 unissued common shares for $15 per share on June 19. Declared a $0.40 per-share cash dividend on August 1. Paid the $0.40 per-share dividend on September 14. Declared and paid a 10% stock dividend on October 25 when the market price of the common stock was $15 per share. Declared a 50.45 per-share cash dividend on November 20. Paid the $0.45 per-share dividend on December 20. Required: Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) What is the total dollar amount of dividends (cash and stock) for the year? CONCEPTUAL CONNECTION Determine the effect on total assets and total stockholders equity of these dividend transactions.QUESTION 1 Meranti Majų Bhd has the following equity balances at 31 December 2019. RM'000 Share Capital – Ordinary, 22,000,000 shares outstanding Retained Earnings Exchange Translation Reserve 47,300 283,800 5,350 During 2020, the following transactions occurred: Date Transactions Issued 1 million shares at a price of RM2.20 per share. The transaction cost related to the issuance of shares was RM0.15 per share. 20 March 30 September Declared a 2% share dividend to existing shareholders. The share dividend was distributed on the same date. The market price of share was RM2.40. 31 December Declared a cash dividend of RM0.50 per share on outstanding shares. Additional information: 1. Profit for the year 2020 was RM12,000,000. Exchange translation loss recognized durihg the year 2020 was RM70,000. 2. Required: (Round all figures to TWO (2) decimal points) (a) Prepare journal entries to record the above transactions. (b) Prepare the Statement of Changes in Equity for Meranti Majų Bhd for…Part A The equity section of Island Ltd as at July 1, 2020 is as follows: Share capital 2,000,000 ordinary shares, issued at $2 fully paid 6% 20,000 preference shares, issued at $3, fully paid General reserve Revaluation surplus Retained earnings $4,000,000 60,000 50,000 8,000 590,000 During the year ended June 30, 2021, the following transactions occurred: (1) On July 1, 2020, Island Ltd issued 2,000 ordinary shares at $2 each by private placement. All new shares are entitled to interim and final dividends. (ii) Declared $0.06 per share of interim dividend to all ordinary shareholders on December 1, 2020. (i) Payment of interim dividend to ordinary shareholders was made on February 28, 2021. (iv) Declared and paid a dividend to preference shareholders on March 31, 2021. (v) Declared final dividend of 2 cents per share to all ordinary shareholders on June 30, 2021. Required: Prepare journal entries for the above transactions. Show all workings and narrations.
- Question 1 Part A Success Ltd. had the following equity balances as at July 1, 2020: Equity Share Capital (5,000,000 shares) Retained earnings General reserve $10,000,000 5,600,000 200,000 Total equity $15,800,000 Payment of interim dividend of two (2) cents per share to ordinary shareholders was made on February 28, 2021. A final dividend of three (3) cents per share for the 2020/2021 financial year had been declared on June 30, 2021, and will be paid on August 10, 2021. Profit after income tax for the year ended June 30, 2021 was $680,000. The directors approved a transfer of $20,000 from the retained earnings to the general reserve. Required: Prepare a statement of changes in equity for the year ended June 30, 2021. Show the movement for each of the equity items. (10 marks)#21 The ABC Company began operations in January 2018 and reported the following results for each of its three years of operations: 2018 – 799,500 net loss 2019 – 123,000 net loss 2020 – 2,460,000 net income At December 31, 2020, ABC Company’s capital accounts were as follows: 8% cumulative preference share capital, 50,000 shares issued and outstanding – P 7,687,500 Ordinary share capital, 750,000 shares issued and outstanding – P 31,518,750 ABC Company has never paid a cash or bonus issue and there has been no change in its capital accounts since it began operations in 2018. What is the book value per ordinary share at December 31, 2020? Group of answer choices 41.62 42.85 41.70 42.03PROBLEM NO. 1 Watusi Inc. began operations in January 2021 and reported the following results for each of its 3 years of operations. 2021 P260,000 net loss P40,000 net loss P700,000 net income 2022 2023 At December 31, 2023, Watusi Inc. share capital accounts were as follows. Share Capital-Preference, 6% cumulative, par value P100; authorized, issued, and outstanding 5,000 shares Share Capital-Ordinary, par value P1.00; authorized 1,000,000 shares; issued and outstanding 750,000 shares P500,000 750,000 Watusi Inc. has never paid a cash or share dividend. There has been no change in the share capital accounts since Watusi began operations. The country law permits dividends only from retained earnings. Instructions a. Compute the book value of the ordinary shares at December 31, 2023. b. Compute the book value of the ordinary shares at December 31, 2023, assuming that the preference shares have a liquidating value of P106 per share.
- Question 2 For the year ended 30 June 2020, Murray Ltd had a net profit after tax of $3,300,000. Details of the shares and other financial instruments outstanding are as follows: On 1 July 2019 Murray Ltd had 600,000 fully paid ordinary shares. • 300,000 fully paid ordinary shares were issued on 1 November 2019 at the prevailing market price. • 75,000 fully paid ordinary shares were bought back on 1 May 2020 at the prevailing market price. • 210,000 partly paid ordinary shares were issued on 1 May 2020 at a price of $6.00. The shares were partly paid to $4.50 and carried the right to participate in dividends in proportion to the amount paid as a fraction of the issue price. • For the entire year, 3 million $3.00 preference shares were held which provided a dividend at a rate of 5% per annum. • The preference shares are convertible at a rate of 1 ordinary share for every 4 preference shares. There are options to purchase 60,000 ordinary shares at a price of $15. For the year ended 30…PART B On 1 July 2020, ABT Ltd had the following two equity accounts on its Balance sheet: Share Capital (6,000,000 shares) $30,000,000 Retained Earnings $17,000,000 The following events and transactions relate to ABT Ltd for the financial year ending 30 June 2021. 31/12/2020 ABT Ltd has been operating successfully and the current market price is $12 per share. On 31 December 2020, the company declared a 5% share dividend and $12 was the value assigned to the shares.The share dividend was distributed in January 2021. 20/01/2021 Issued the shares for the share dividend. 30/06/2021 For the financial year ending 30 June 2021, ABT Ltd recorded a profit after income tax of $15,000,000. On 30 June 2021, $2,000,000 was transferred from Retained Earnings to General Reserve to provide for future business expansion. 30/06/2021 Declared a final cash dividend of 30 cents per share. REQUIRED: Prepare the general journal entries relating…View Policies Current Attempt in Progress Wildhorse Company reported retained earnings at December 31, 2021, of $318,500. Wildhorse had 198,500 shares of common stock outstanding at the beginning of 2022. The following transactions occurred during 2022. 1. 2. 3. A cash dividend of $0.70 per share was declared and paid. A 10% stock dividend was declared and distributed when the market price per share was $14 per share. Net income was $283,000. Compute the ending balance in retained earnings at the end of 2022. Retained earnings SA
- Question 8 At the end of 2020, Diego Corporation reported a $40,000 balance in its common share account (stated value $5 per share). The treasury share account showed $720 (cost $6 per share). No dividends were paid during the first two years. During 2020 the company declared and paid a cash dividend at $1.50 per share. Calculate the total amount of the 2020 cash dividend.EXERCISE 8 The Dark Red Company, which started operations in 2018, paid dividends at the end of 2018,2019 and 2020 as follows: 2018- P 150,000; 2019-P 260,000; 2020-P 540,000 Through these years, the corporation has 250,000 shares of P 10 par value ordinary share and 20,000 shares of 9%, 100 par value preference share. REQUIRED: Compute the amount of total dividends and dividends per share at the end of 2018,2019 and 2020, on both preference and ordinary share under each of the following assumptions: a.) Preference share is non-cumulative and non-participating. b.) Preference share is cumulative and non-participating. c.) Preference share is cumulative and fully participating.Problem 3 Party Company reported total assets of P1,050,000 and total liabilities of P680,000 in its December 31, 2020 statement of financial position. The following transactions happened during 2021: * On August 1, Party Company issued an additional 5,000 ordinary shares at P25 per share. * The company paid dividends totaling P80,000. * Net income during the year was P110,000. * Reacquired treasury shares of 2,000 at P30; subsequently, reissued 1,000 for P39. * No other changes occurred in the shareholders' equity for the year. What is the total equity that must be reported in the Statement of Changes in Equity for the year ended December 31, 2021?