Please answer question completely and correctly Indicate the effect(s) of each of the foregoing items on the subdivisions of stockholders' equity.Paid-in CapitalItemCapital StockAdditionalRetained Earnings1.No EffectNo EffectDecrease2.3.4.5.6.7.8.>> During 2022, Roblez Corporation had the following transactions and events.1.Declared a cash dividend.2.Issued par value common stock for cash at par value.3.Completed a 2-for-1 stock split in which $10 par value stock was changed to $5 par value stock.4.Declared a small stock dividend when the market price was higher than par value.5.Made a prior period adjustment for overstatement of net income.6.Issued the shares of common stock required by the stock dividend declaration in item no. 4 above.7.Paid the cash dividend in item no. 1 above.8.Issued par value common stock for cash above par value.

Capital stock means par value of shares that is being issued by the company. Additional paid in…

Answered: Indicate the effect(s) of each of the…

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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During 2020, Roblez Corporation had the following transactions and events. 1. Declared a cash dividend. 2. Issued par value common stock for cash at par value. 3. Completed a 2-for-1 stock split in which $10 par value stock was changed to $5 par value stock. 4. Declared a small stock dividend when the market price was higher than par value. 5. Made a prior period adjustment for overstatement of net income. 6. Issued the shares of common stock required by the stock dividend declaration in item no. 4 above. 7. Paid the cash dividend in item no. 1 above. 8. Issued par value common stock for cash above par value. Indicate the effect(s) of each of the foregoing items on the subdivisions of stockholders’ equity. Paid-in Capital Item Capital Stock Additional Retained Earnings 1. No Effect No Effect Decrease 2. IncreaseDecreaseNo Effect IncreaseDecreaseNo Effect IncreaseDecreaseNo Effect 3.…
During 2022, Roblez Corporation had the following transactions and events. 1. 2. 3. 4. 5. 6. 7. 8. Declared a cash dividend. Issued par value common stock for cash at par value. Completed a 2-for-1 stock split in which $10 par value stock was changed to $5 par value stock. Declared a small stock dividend when the market price was higher than par value. Made a prior period adjustment for overstatement of net income. Issued the shares of common stock required by the stock dividend declaration in item no. 4 above.. Paid the cash dividend in item no. 1 above. Issued par value common stock for cash above par value. Indicate the effect(s) of each of the foregoing items on the subdivisions of stockholders' equity. Item 1. 2. 3. 4. 5. 6. 7. 8. Paid-in Capital Capital Stock No Effect Additional No Effect Retained Earnings Decrease
On January 1, 2022, Wildhorse Corporation had retained earnings of $540,000. During the year, Wildhorse had the following selected transactions. Declared cash dividends $120,000. 2. Corrected overstatement of 2021 net income because of inventory error $40,000. Earned net income $345,000. 4. Declared stock dividends $60,000. 1. 3. Determine the retained earnings balance at the end of the year. Retained earnings LA
On January 1 2020 the Happy Corporation had a credit balance in the retained earnings account of $1,000,000. During 2020 the following occurred: 1. Net income for the year was $500,000. 2. It was discovered the 2019 net income was understated by $100,000. 3. The following dividends were declared: On preferred stock... $ 120,000 On common stock: Cash dividends. 20,000(only 15,000 paid in 2021) Stock dividends.. 60,000 Instructions: On the worksheet provided, prepare a retained earnings statement in good form.
The following account balances relate to the stockholders’ equity accounts of Bonita Corp. at year-end. A small stock dividend was declared and issued in 2022. The market price of the shares issed was $10,500. Cash dividends of $16,300 were declared and paid in both 2022 and 2021. The common stock and preferred stock have no par or stated value. What was the amount of net income reported by Bonita Corp. in 2022? Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2022. Common stock Dividends Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows. Common Stock Dividends
The following data were reported in the shareholders' equity section of the Bubba Industries' comparative balance sheets for the years ended December 31 ($ in millions): 2020 2019 Common stock, $1 par per share Paid-in capital-excess of par Retained earnings $306 $300 174 150 314 300 During 2020, Bubba declared and paid cash dividends of $45 million. The company also issued a stock dividend. No other changes occurred in shares outstanding during 2020. What was Bubba's net income for 2020? $99 million O $24 million O $69 million $75 million
Use the following information to complete the December 31, 2019, Statement of Financial Position of XYZ Supplies Company. (1) Equity as of January 1, 2019, totaled P175,000, which included share capital of P150,000. (2) Additional capital stock was issued during 2019 in exchange for P40,000 cash. (3) Profit for 2019 amounted to P200,000; no dividends were paid during 2019. (4) Cash and accounts receivable together amount to 3 times as much as accounts payable. XYZ Supplies Company Statement of Financial Position December 31, 2019 Assets Liabilities & Shareholders’ Equity Land P 215,000 Liabilities: Accounts payable Notes payable P40,000 Buildings Equipment 300,000 ? Accounts receivable ? Total liabilities ? Shareholders' equity Share capital Retained earnings Total Shareholders' equity Cash 30,000 P ? ? Total assets P 835,000 Total Liabilities & P. Shareholders' equity How much is the Share Capital at the end of the year?
Use the following information to complete the December 31, 2019, Statement of Financial Position of XYZ Supplies Company. (1) Equity as of January 1, 2019, totaled P175,000, which included share capital of P150,000. (2) Additional capital stock was issued during 2019 in exchange for P40,000 cash. (3) Profit for 2019 amounted to P200,000; no dividends were paid during 2019. (4) Cash and accounts receivable together amount to 3 times as much as accounts payable. XYZ Supplies Company Statement of Financial Position December 31, 2019 Assets Liabilities & Shareholders’ Equity P 215,000 300,000 Land Liabilities: Accounts payable Notes payable P40,000 Buildings Equipment ? Accounts receivable Total liabilities P ? Shareholders' equity Share capital Retained earnings Total Shareholders’ equity Cash 30,000 ? Total assets P 835,000 Total Liabilities & P. Shareholders' equity How much is the amount of Equipment account at the end of the year?
XYZ Corp. reported the following activity and balance sheet data for fiscal 2019: • The company declared cash dividends of $90. • The company issued bonds to raise cash in order to redeem bonds with a face value of $300 and to raise additional capital for expansion. • The company raised cash by issuing 50 shares of stock. • The company purchased treasury shares at a cost of $90. • Fiscal 2019 net income was $220. Dividends Payable Bonds Payable Common Stock, $1 Paid In Capital Retained Earnings Treasury Stock 12/31/19 30 1,700 550 1,770 1,670 140 1/1/19 20 1,500 500 1,350 1,540 50 Cash flow from/used in financing activities was: Enter a positive number for a cash inflow or a negative number for a cash outflow.
The stockyholder's section of the balance sheet contains such as the following . Common stock . Preferred stock .Additional paid in capital . Other accumulated comprehensive income .retained earnings It is important to understand how changes in the accounts impact the balance sheet and the financial positions. Ginseng inc. Has $200, 000 of 5%, $10 par value preferred and $450,000 of $5 par value common stock issued outstanding on Dec.31, 2021. There were no stock issuance, stock splits or dividends for 2021. The organization's calender year end is Dec. 31, 2021. The preferred stock did not receive any dividends for 2019 or 2020 because the company did not have adequate cash reserves to pay out dividends. The preferred stock has a mix characteristics. . 10% of the preferred stock is noncumulative, nonparticipating . 20% of the preferred stock is cumulatuve , nonparticipating .20% of the preferred stock is nonculative, participating .50% of the preferred stock is cumulatuve,…
Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023. Assume that the preferred shares are non-cumulative. Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2026 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse Current assets $ 26,760 40,200 11,140 22,280 9,400 20,600 Required: Prepare a classified balance sheet at December 31, 2023. (Enter all amounts as positive values.) Assets 122,000 79,400 41,600 127,600 34,600 110,200 40,200 28,720 282,100 138,800 SPICER INC. Balance Sheet December 31, 2023 K
The shareholders' equity section of Propel Company's comparative balance sheets for the years ended December 31, 2021 and 2020, reported the following data: ($ in millions) 2021 2020 Common stock, $1 par per share $ 614 $ 601 Paid-in capital—excess of par 350 301 Retained earnings 630 601 During 2021, Propel declared and paid cash dividends of $91 million. The company also declared and issued a small stock dividend. No other changes occurred in shares outstanding during 2021. What was Propel's net income for 2021? Multiple Choice $29 million $120 million $133 million $182 million

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Indicate the effect(s) of each of the foregoing items on the subdivisions of stockholders' equity. Paid-in Capital Item Capital Stock Additional Retained Earnings 1. No Effect No Effect Decrease 5. 6. 7. 8. > > > > > > > > > > > > > > 2. 3. 4.