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- Leverage Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,2019 Assets $8,000,000 Liabilities $1,200,000 Stockholders' equity (300,000 shares) $6,800,000 Income statement for 2019: Income from operations $1,200,000 Less: Interest expense (100,000) Income before taxes $1,100,000 Less: Income taxes expense (0,30) (330,000) Net income $ 770,000 The levels of assets, liabilities, stockholders' equity, and operating income have been stable in recent years; however, Cook Corporation is planning a 51,800,000 expansion program that will increase income from operations by $350,000 to $1,550,000, Cook is planning to sell 8.5% notes at par to finance the expansion. Required: What earnings per share does Cook report before the expansion?Pat Company reported the following information on December 31, 2020. Determine the legal capital: * P230 000 80 500 525.000 275,000 5.000 Preference Share, P100 par Share Premium - Preference Ordinary Share, P15 par Share Premium- Ordinary Subscribed Ordinary Share Retained Earnings Notes Payable Subscription receivable- Ordinary 190,000 400,000 40,000 Your answer This is a required questionShilling Company reports the following information for its fiscal year end of March 31,2019:Common stock, $0.01 par value per share $57 millionPaid-in capital in excess of par - CommonRetained earnings 400 millionTotal stockholders' equity $757 million300 millionWhat is the total paid-in capital for Shilling Company at March 31, 2019?a. $57 millionb. $300 millionc. $357 milliond. $757 million
- The comparative balance sheets for Metlock Corporation show the following information. December 312020 2019Cash $33,500 $12,900Accounts receivable 12,400 10,000Inventory 12,100 9,000Available-for-sale debt investments –0– 3,000Buildings –0– 29,800Equipment 44,800 19,900Patents 5,000 6,300 $107,800 $90,900Allowance for doubtful accounts $3,100 $4,500Accumulated depreciation—equipment 2,000 4,500Accumulated depreciation—building –0– 6,000Accounts payable 5,000 3,000Dividends payable –0– 4,900Notes payable, short-term (nontrade) 3,000 4,100Long-term notes payable 31,000 25,000Common stock 43,000 33,000Retained earnings 20,700 5,900 $107,800 $90,900 Additional data related to 2020 are as follows. 1. Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500.2. $10,000 of the long-term note payable was paid by issuing common stock.3. Cash dividends paid were $4,900.4. On January…Blossom SA reported the following balances at December 31, 2019: share capital-ordinary €530,000, share premium-ordinary €115,000, and retained earnings €310,000. During 2020, the following transactions affected equity. 1. Issued preference shares with a par value of €140,000 for €247,000. 2. Purchased treasury shares (ordinary) for €45,000. Earned net income of €174,000. Declared and paid cash dividends of €52,000 3. 4. Prepare the equity section of Blossom SA's December 31, 2020, statement of financial position.LABAN Company provided the following shareholders’ equity on December 31, 2020:Preference share capital, 12% P100 par1,000,000Ordinary share capital, P1004,000,000Share premium2,000,000Retained Earnings1,000,000Dividends have been paid on the preference share up to December 31, 2017.Required:Compute the book value per ordinary share and per preference share under each of thefollowing conditions with respect to preference share:a) Cumulative and fully participatingb) Cumulative and fully participating after ordinary share receives 15%c) Cumulative and participating up to 16%d) Cumulative and non-participatinge) Noncumulative and non-participating
- LABAN Company provided the following shareholders’ equity on December 31, 2020:Preference share capital, 12% P100 par1,000,000Ordinary share capital, P1004,000,000Share premium2,000,000Retained Earnings1,000,000Dividends have been paid on the preference share up to December 31, 2017.Required:Compute the book value per ordinary share and per preference share under each of thefollowing conditions with respect to preference share:d) Cumulative and non-participatinge) Noncumulative and non-participatingHHH Company provided for the following shareholders’ equity on December 31, 2020: Share capital, P100 5,000,000 Share premium 1,000,000 Retained earnings unappropriated 1,500,000 Retained earnings appropriated for contingencies 500,000 Revaluation surplus 800,000 8,800,000 Compute for the book value per share on December 31, 2020The following information pertains to BT21 Co. for the year.· Net assets, Jan.1, 2021- P1,008,480· Net assets, Dec. 31. 2021- P2,112,960· Share capital issued in 2021- P335,520· Dividends declared in 2021- P195,120How much is the profit (loss)?
- Bay Holdings Limited: 30 June 2021.Required: Statement of financial position as at: 30 June 2021InformationBALANCE SHEET ACCOUNTSOrdinary share capital 2 648 000Retained income (1 Jul 2020) 490 000Shareholders for dividends 280 000Fixed deposit 60 000Mortgage bond 336 000Fixed/tangible assets (Carrying value) 4 021 000Debtors control 45 000Creditors control 85 200Creditors for salaries 12 300Provision for bad debts ?SARS (Income tax) 400 000SARS (PAYE) 6 650Expenses payable (accrued) 7 200Income receivable (accrued) 7 950Bank 28 450Trading stock/inventory 129 600Consumable stores 5 600 Additional information1.The net profit after tax for the year amounted to R875 0002.Provision for bad debts should be adjusted to 5 % of debtors.3.One third of total fixed assets matures on 31 August 2021.4.A portion of loan amounting to R48 000 will be paid on 31 December 2021.5.SARS (Income tax) owes the business R25 000 for tax overpayment.#17The following data are presented for Caroline company for the year ended December 31, 2020.Preference share capital authorized, 100 par, P15,000,000, Ordinary share capital authorized,10 par, P6,000,000, Unissued preference share capital, P5,400,000, Unissued ordinary sharecapital, P3,000,000, Subscriptions receivable, ordinary, P540,000, Subscriptions receivable,preference, P570,000, Preference share capital subscribed, P900,000, Ordinary share capitalsubscribed, P660,000, Treasury preference shares (700 shares at cost), P2,040,000, Sharepremium, P2,550,000, Retained earnings, P6,000,000. What is the amount of shareholder’sequity on December 31, 2018? 19,560,000 pls provide solution for this answerThe Statement of Financial Position (SFP) of Arthur Corporation on June 30, 202X is presented below:Current Assets P195,000Land 1,320,000Building 660,000Equipment 525,000Total Assets P2,700,000Liabilities P525,000Ordinary Shares, P5 par 900,00Share Premium 825,000Retained Earnings 450,000Total Equities P2,700,000All the assets and liabilities of Arthur were assumed to approximate their fair values except for land and building. It is estimated that the land has a fair value of P2,100,000, and the fair value of the building increased by P480,000. Ezekeil Corporation acquired 80% of Arthur’s outstanding shares for P3,000,000. The non-controlling interest is measured at fair value.Required:a. Determine the goodwill or gain on bargain purchase assuming the consideration paid includes control premium of P852,000. Determine the goodwill or gain on bargain purchase assuming the consideration paid excludes control premium of P138,000 and the fair value of the non-controlling interest is…