Reference no: EM132572730
Question - Frank Ltd. is a public corporation, and has a December 31 fiscal year-end. There are currently 400,000 issued and outstanding no par value common shares of Frank Ltd. reflected in the share capital account, at a total value of $8,000,000.
On January 10, 2018 a further 200,000 common shares were offered on a subscription basis at $23 per share. These shares were fully subscribed, and subsequently issued on receipt of the total proceeds on March 31, 2018.
On May 15, 2018 Frank Ltd. purchased for retirement 100,000 common shares at $22 per share.
On June 30, 2018, all common shareholders were issued one stock option for each common share presently held as part of a financial reorganization. Frank Ltd. received consideration of $290,000 for the 500,000 options issued. Each option entitled the holder to subsequently acquire one common share of Frank Ltd. for $25.
On August 15, 2018 Frank Ltd. shares were trading on the stock exchange at $28 and 70% of the outstanding options were exercised. At October 15, 2018 Frank Ltd. shares were trading at $22 and the remaining options lapsed.
On November 1, 2018 Frank Ltd. decided to double the number of common shares currently outstanding, and issued a two - for - one stock split.
On December 30, 2018 Frank Ltd. declared a dividend sufficient to pay $2 per share to all common shareholders.
REQUIRED - Make Frank Ltd 2018 entries to record the above transactions.
|
What percentage of sales is considered uncollectible
: A company sales for the year were $549,650 and a credit to Allowance for Bad Debt for $16,489.50 was made. What percentage of sales is considered uncollectible
|
|
Defining what leadership entails
: One of the obstacles to defining the role of a leader is the difficulty in defining what leadership entails.
|
|
What is the straight-line depreciation for one year
: Don's Landscaping Service purchased a backhoe for $12,000. Based on this information, what is the straight-line depreciation for one year for this asset
|
|
Prepare journal entries to record end-of-year amortizations
: B. J. Bakery had the following transactions involving intangible assets: Prepare journal entries to record the end-of-year amortizations using general journal
|
|
Make frank ltd entries to record the above transactions
: On May 15, 2018 Frank Ltd. purchased for retirement 100,000 common shares at $22 per share. Make Frank Ltd entries to record the above transactions
|
|
International relations or security management
: Discuss a criminal justice, intelligence studies, international relations or security management topic requesting instructor approval of the topic
|
|
As law enforcement
: As law enforcement, probation officers, or even social workers ~ you will have constant conflict with others and your position
|
|
Substantially decrease illegal drug use
: In an effort to substantially decrease illegal drug use, should the government focus more on the supply side or the demand side of the problem?
|
|
Make journal entries in records of Quick Buck Ltd at July
: Quick Buck Ltd issued 80,000 shares having a fair value of $2.40 per share, Make the journal entries in the records of Quick Buck Ltd at 1 July 2019
|