Unearned rent Retained earnings (unrestricted) Common stock, $5 par Premium on bonds payable Bonds payable Additional paid-in capital on common stock Treasury stock, at cost Retained earnings restricted for plant expansion Sinking fund for bond retirement Required: Prepare the shareholders' equity section of the balance sheet for Meyers. $4,500 141,000 150,000 1,800 28,000 55,000 29,000 17,000 31,250

Unearned rent Retained earnings (unrestricted) Common stock, $5 par Premium on bonds payable Bonds payable Additional paid-in capital on common stock Treasury stock, at cost Retained earnings restricted for plant expansion Sinking fund for bond retirement Required: Prepare the shareholders' equity section of the balance sheet for Meyers. $4,500 141,000 150,000 1,800 28,000 55,000 29,000 17,000 31,250

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 14P

See similar textbooks

Similar questions

E15-16 Contributed Capital Adams Company's records provide the following information on December 31, 2019: LO 15.8 Account Title Amount Additional Paid-in Capital on Preferred Stock Common Stock Premium on Bonds Payable Preferred Stock Bonds Payable Preferred Stock Subscribed $ 17,000 75,000 4,000 80,000 100,000 20,000 121,000 84,000 SHOW ME HOW Retained Earnings Additional Paid-in Capital on Common Stock Additional information: 1. Common stock has a $5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a $100 par value, 3,000 shares are authorized, 800 shares have been issued and are out- standing. Two hundred shares have been subscribed at $120 per share. The stock pays an 8% dividend, is cumulative, and is callable at $130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance…
E15-16 Contributed Capital Adams Company's records provide the following information on December 31, 2019: in, assuming it uses the cost method. 10 15.8 Account Title Additional Paid-in Capital on Preferred Stock Amount Common Stock Premium on Bonds Payable Preferred Stock Bonds Payable Preferred Stock Subscribed Retained Earnings Additional Paid-in Capital on Common Stock $ 17,000 75,000 4,000 80,000 100,000 20,000 121,000 84,000 SHOW ME HOW Additional information: 1. Common stock has a $5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a $100 par value, 3,000 shares are authorized, 800 shares have been issued and are out- standing. Two hundred shares have been subscribed at $120 per share. The stock pays an 8% dividend, is cumulative, and is callable at $130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital…
Financial statement analysis 2. Given below are the summarized accounts of Belper Ltd for the past five years. These the basis for the questions which follow. Summarized profit and loss accounts of Belper Ltd Sales Cost of sales Trading profit Depreciation Interest Net profit before tax Taxation Net profit after tax Extraordinary items Dividends Retained profits Retained at start of year Retained at end of year Fixed assets Freehold land and buildings Leasehold land and buildings Plant and machinery Total gross fixed assets Depreciation freehold Depreciation leasehold Depreciation plant, etc. Total depreciation Net fixed assets Intangible fixed assets Goodwill Investments Patents and trade marks Current assets Stock Debtors Bank and cash Current liabilities Creditors Taxation Dividends Bank loans and overdraft 19X4 Net current assets £000 Financed by Ordinary share capital Share premium account Retained profits Revaluation reserves 93,930 81,750 12,180 1,023 2,727 8,430 2,517 5,913…
Brief Exercises Journalize entries for debt investments. BEH.1 (LO 1), AP Craig Corporation purchased debt investments for $40,800 on January 1, 2022. On July 1, 2022, Craig received cash interest of $1,660. Journalize the purchase and the receipt of interest. Assume no interest has been accrued. Journalize entries for stock investments. GRANT Docombor 1 the
Problem 7-6 (IAA) Kareń Company showed the following accounts on December 31, 2020. 5,000,000 250,000 Bonds payable Premium on bonds payable Share capital – 250,000 shares authorized and 200,000 shares issued, P50 par Share premium -issuance Share premium - conversion privilege Retained earnings 10,000,000 2,000,000 500,000 2,500,000 The bonds are convertible into 10 shares of capital for every P1,000 bond. On December 31, 2020, the entire bond issue was converted and on this date, the market value of the share is 120 and the market value of the bonds is 103. The entity paid P200,000 as a result of the bond conversion. Required: Prepare journal entries for the conversion of the bonds on December 31, 2020.
II. The following is a comparative balance sheet of ABC Co. for December 31, 2022 and 2021: Cash and cash equivalents Accounts receivable Inventories Investment in bonds at amortized cost Equipment Accumulated depreciation Total Assets Accounts payable Bonds payable, due 2025 Ordinary stock, P20 par Share premium Retained earnings Total Liabilities and Equity Additional information: . 2022 250,000 327,600 822,000 0 . 2,400,000 (700,000) 3,099,600 359,000 0 1,800,000 280,000 660,600 3,099,600 2021 220,000 356,000 780,000 200,000 2,040,000 (760,000) 2,836,000 • Net income for 2022, P545,600. Depreciation reported on income statement, P140,000. Fully depreciated equipment, no salvage value, was scrapped. Equipment was purchased for P560,000. Bonds of P400,000 were retired at their face value. 281,000 400,000 1,600,000 200,000 355,000 2,836,000 10,000 shares of ordinary stock were issued for cash of P28 per share. Cash dividends declared and paid, P240,000 Investment in bonds with carrying…
Question Content Area Bond (held - to - maturity) investments Journalize the entries to record the following selected held - to - maturity investment transactions for Marr Products: If an amount box does not require an entry, leave it blank. Question Content Area a. Purchased for cash $180,000 of Hotline Inc. 5% bonds at 100 plus accrued interest of $1,500. blankAccountDebitCredit blank Question Content Area b. Received first semiannual interest payment. blankAccountDebitCredit blank Question Content Area c. Sold $90,000 of the bonds at 102 plus accrued interest of $750. blankAccountDebitCredit blank Question Content Area d. Received face value of remaining bonds at their maturity. blankAccountDebitCredit blank
Required - In accordance with IAS 33 Earnings per share 3. Compute basic earnings per share for 2019 b. Compute diluted earnings per share for 201 c. State the Presentation and Disclosure requirements i The information below pertains to Rainfall ple for 2019. Net Income for the year 8% convertible bonds issued at par ($1,000 per bond); $2,000,000 each bond is convertible into 30 shares of ordinary shares; the liability component of the bonds is $1,800,000 based on a market rate of 9% 6% convertible, cumulative preference shares, $100 par value; each share is convertible into 3 shares of ordinary shares. Ordinary shares, $10 par value Tax rate for 2019 $1,200,000 $4,000,000 $6,000,000 40% Average market price of ordinary shares $25 per share
Compute for stockholders' equity using the following information: 5 points Bonds payable Additional paid in capital on common stock Donated capital Treasury stock at cost Common stock, par P1 Common stock option warrants Investments in marketable securities P120,000 20,000 16,000 8,000 200,000 40,000 28,000 6,000 54,000 Additional paid in capital from treasury stock Retained earnings
Problem 5-7 (IAA) Bronze Company provided the following information at year-end: Share capital Share premium Cumulative translation adjustment - debit Treasury shares, at cost Retained earnings Cumulative unrealized gain on option contract designated as cash flow hedge 6,000,000 3,500,000 2,000,000 700,000 1,500,000 600,000 What is the shareholders' equity at year-end? a. 9,500,000 b. 8,900,000 c. 7,400,000 d. 7,500,000
l-Itihad Corporation Balance SheetDecember 31, 2019AssetsLiability & EquityCurrent AssetsCurrent LiabilityCash$5,000Accounts payable22,000Short term securities10,000Accrual Account8,000Account Receivables30,000Short term debt6,000Inventory32,000Total Current Liability36,000Long-term debt40,000Total Current Assets77,000TotalLiability76,000Long term AssetsEquityNet Property & equipment70,000CommonStocks64,000Retained earnings17,000Total Equity81,000Total Liability and Equity157,000Other assts 10000Total Assets157,000Sur Corporation Income StatementDecember 31, 2019Other Financial information of Sur corporation December 31, 2019Net sales (revenue)$150,000· Average Number of Common shares outstanding 16,000 Shares· Market price of Common share $3.5Cost of goods sold80,000Gross profit70,000Operating expenses30,000EBIT- (Operating profit)40,000Interest expense10,000EBT- ( Earnings before taxes)30,000Income tax 10,000Net Income (net profit)20,000You have to find the following ratios…
Cullumber Company's equity securities portfolio which is appropriately included in current assets is as follows: Catlett Corp. Lyman, Inc. O O $-7440. O $-20400. O $0. O $-130740. December 31, 2021 Cost O $23000 loss. O $14000 loss. - $0. O $9000 gain. $150000 Cash $296000 146000 Cash Ignoring income taxes, what amount should be reported as a charge against income in Cullumber's 2021 income statement if 2021 is Cullumber's first year of operation? Debt Investments Premium on Bonds Cash Current Attempt in Progress Sunland Company purchased $2700000 of 9%, 5-year bonds from Cheyenne, Inc. on January 1, 2021, with interest payable on July 1 and January 1. The bonds sold for $2830740 at an effective interest rate of 8%. Using the effective-interest method, Sunland Company decreased the Available-for-Sale Debt Securities account for the Cheyenne, Inc. bonds on July 1, 2021 and December 31, 2021 by the amortized premiums of $10020 and $10380, respectively. Debt Investments Eair Value $127000…