Required: Journal entries to record transactions of 2021 to determine the following 1. Total amount of ordinary shares 12/31/21 2. Total number of shares issued and outstanding as of 12/31/21 3. Treasury shares remaining balance 4. Balance of retained earnings 12/31/21
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- Contributed Capital Adams Companys records provide the following information on December 31, 2019: 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 outstanding. 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 sheet for Adams. Include appropriate parenthetical notes.Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000
- Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000Calculating the Number of Shares Issued Castanet Inc. issued shares of its $1. 50 par value common stock on November 9,2019, for $13 per share. In recording the issuance of the stock, Castanet credited the Additional Paid-In Capital- Common Stock account for $416,300. Required: How many shares were issued on November 9, 2019?The December 31, 2021shareholder's equity section of Cubix Corp.'s balance sheet is as follows: Cubix Corp. Partial Balance Sheet As of December 31, 2021 Shareholders Equity Share Capital Ordinary Shares (Note 1) Share Premium P600,000 375,000 P975,000 365,00 Total Shareholder's Equity P1.340,000 Total Share Capital Retained Earnings Note 1: P4 par value, 200,000 shares authorized, 150,000 shares issued and outstanding The following transactions took place during January 2022 Jan 4 Purchased 24,000 shares of its own Cubix' stock for P168,000. Jan. 10 Sold 4,000 treasury shares for P9 per share. Jan. 29 Sold 14,000 treasury shares for P6 per share. Jan 31 Sold the remaining 6,000 treasury shares for P7 per share. Required: Prepare the journal entries
- The shareholders' equity section of De Guzman Company revealed the followinginformation on Dc. 31, 2019: Preference Shares, P100 par P2,300,000Share Premium-Preference 805,000Ordinary Shares, P15 par 5,250,000Share Premium-Ordinary 2,750,000Subscribed Ordinary Shares 50,000Retained Earnings 1,900,000Notes Payable 4,000,000Subscription Receivable-Ordinary 400,000 Required: How much is the legal capital?The accounts below appear in the December 31, 2019 balance of J Company: Authorized ordinary share capital P5,000,000 Unissued ordinary share capital 2,000,000 Subscribed ordinary share capital 1,000,000 Subscription Receivable 400,000 Share Premium 500,000 Retained Earnings 1,100,000 Treasury ShareCost 100,000 In its December 31, 2019 balance sheet, J company should record a total shareholder’s equity of a.P5,500,000 b.P4,900,000 c.P4,800,000 d.P5,100,000Joy Ashliy Company reported the following amounts in the shareholders' equity section Of its December 31, 2020, statement of financial position: Preference share, P 100 par (10,000 shares authorized, 4,000 shares issued - P 400,000Ordinary share, P5 par (100,000 shares authorized 40,000 shares issued - P200,000Share premium - P250,000Retained earnings - P900,000TOTAL = 1,750,000 During 2021' the following transactions transpired concerning shareholders' equity: 1) paid the annual P10 per share dividend on preference share and a P2 per share dividend on ordinary share. These dividends had been declared onDecember 31, 2020.2) purchased 5,000 shares of its own outstanding ordinary share for P40 per share3) Reissued 2,000 treasury shares for land valued at P 100,000.4) Issued 4,000 preference shares with detachable warrants. The package sellsfor P 120. The warrants enable the holder to purchase 2,000 ordinary shares at P30 per share. Immediately after the issuance of the share, the…
- Joy Ashliy Company reported the following amounts in the shareholders' equity section Of its December 31, 2020, statement of financial position: Preference share, P 100 par (10,000 shares authorized, 4,000 shares issued - P 400,000Ordinary share, P5 par (100,000 shares authorized 40,000 shares issued - P200,000Share premium - P250,000Retained earnings - P900,000TOTAL = 1,750,000 During 2021' the following transactions transpired concerning shareholders' equity: 1) paid the annual P10 per share dividend on preference share and a P2 per share dividend on ordinary share. These dividends had been declared onDecember 31, 2020.2) purchased 5,000 shares of its own outstanding ordinary share for P40 per share3) Reissued 2,000 treasury shares for land valued at P 100,000.4) Issued 4,000 preference shares with detachable warrants. The package sellsfor P 120. The warrants enable the holder to purchase 2,000 ordinary shares at P30 per share. Immediately after the issuance of the share, the…Joy Ashliy Company reported the following amounts in the shareholders' equity section Of its December 31, 2020, statement of financial position: Preference share, P 100 par (10,000 shares authorized, 4,000 shares issued - P 400,000Ordinary share, P5 par (100,000 shares authorized 40,000 shares issued - P200,000Share premium - P250,000Retained earnings - P900,000TOTAL = 1,750,000 During 2021' the following transactions transpired concerning shareholders' equity: 1) paid the annual P10 per share dividend on preference share and a P2 per share dividend on ordinary share. These dividends had been declared onDecember 31, 2020.2) purchased 5,000 shares of its own outstanding ordinary share for P40 per share3) Reissued 2,000 treasury shares for land valued at P 100,000.4) Issued 4,000 preference shares with detachable warrants. The package sellsfor P 120. The warrants enable the holder to purchase 2,000 ordinary shares at P30 per share. Immediately after the issuance of the share, the…The shareholders' equity of Laguz Inc. as of January 1, 2021, is as follows: Share Capital Ordinary Shares, P6 par value P1,500,000 1,000,000 shares authorized, 250,000 shares issued and outstanding 820,000 Share Premium - Ordinary Total Share Capital P2,320,000 970,000 Retained Earnings - Unappropriated Total Shareholders' Equity P3,290,000 Transactions for the year 2021 were as follows: Jan. 5 Jan. 10 The board of directors declared a 2-for-1 share split. The board of directors obtained authorization to issue 50,000 non-cumulative 6% preference shares with a par value of P100. Feb. 3 Issued 12,000 ordinary shares for a building appraised at P96,000. Mar. 15 Purchased 8,000 ordinary shares for P64,000. Apr. 6 Issued 20,000 preference shares for P100 per share. Sold 5,000 treasury shares for P35,000. May 10 Jun. 19 Declared cash dividends of P6 per preference share and P0.20 per ordinary share. Jul. 14 Date of record for the dividends. Aug. 18 Sept. 22 Paid the preference and ordinary…