Reference no: EM132910134
Question - P & C Company are authorized to issue 330,000, 12% preferred stocks (par value $10 each) and 1,000,000 common stocks (par value $5 each).
Company issued 25,000 preferred stocks at par on Jan 17, 2020.
Company issued 350,000 common stocks at par on Apr 11, 2020.
Company issued 125,000 preferred stocks at $12 each on Aug 22, 2020.
Company issued 80,000 preferred stocks at par on Sep 01, 2020.
Company issued 300,000 common stocks at $20 each on Oct 01, 2020.
At the end of Dec. 31, 2020, company earned Gross Profit of $6,300,000 which is 25% of total revenue.
Operating Expense includes salaries and admin expense of $50,000, Advertising Expense of $100,000 and other miscellaneous operating expenses of the year are 5% of total revenue.
Interest was paid @ 8% of Notes Payable $750,000 and Mortgage Payable $800,000 and 6% on long term loan of 2,500,000.
Company reacquired its 150,000 shares at par.
Interim Dividend declared: $0.25 per share on common stocks and 50% of the preferred stocks were paid.
Final Dividend declared: $2 per share on common stocks
Retained Earnings balance (Dec. 31, 2019) was $850,000.
Required -
1. Prepare a Retained Earnings Statement for the year ended Dec. 31, 2020.
2. Prepare a Shareholders' Equity Statement for the year ended Dec. 31, 2020.
|
What steps business take to get case within judicial system
: If a business does not agree with the decision of a hearing officer, may that business appeal the decision directly to the judicial court system?
|
|
What is the interest rate
: Teal Mountain Inc. has completed the purchase of new Surface computers. The fair value of the equipment is $442,625. What is the interest rate
|
|
Challenges teachers are facing
: Challenges Teachers are Facing. "In this written assignment, students will write a reflection on their research journey so far.
|
|
Briefly explain the details of the negotiation
: Explore what are the interests v. positions in this negotiation? Explore how could you separate people from the problem in this negotiation?
|
|
Prepare a Retained Earnings Statement for the year ended
: Company issued 25,000 preferred stocks at par on Jan 17, 2020. Prepare a Retained Earnings Statement for the year ended Dec. 31, 2020
|
|
Explain the product design and features of wisma kfc
: 1.Describe the background, including:Types of business/Nature of business/Product for Wisma KFC?
|
|
Research the ways universities present themselves
: What percentage of the images are of students of color? How does that compare to the numbers of faculty and staff of color (look at data)?
|
|
How a real company has used each of multivariate techniques
: Which technique is your preferred method, and how is your chosen multivariate technique different from the other two techniques?
|
|
Prepare the journal entry at the date of the bond purchase
: On January 1, 2020, B Inc. purchased 7% bonds having a maturity value of $506,000 for $523,531.74. Prepare the journal entry at the date of the bond purchase
|