Reference no: EM132829626
Question - On January 1, 2020, Flint Ltd. (a public company) had the following shareholders' equity accounts:
Preferred shares, $4 non-cumulative, unlimited number authorized, none issued 0
Common shares, unlimited number authorized, 810,000 issued $7,290,000
Retained earnings 1,129,000
Accumulated other comprehensive income 143,000
The following selected transactions occurred during 2020:
Jan. 2 Issued 120,000 preferred shares at $80 per share.
Mar. 5 Declared the quarterly cash dividend to preferred shareholders of record on March 20, payable April 1.
Apr. 18 Issued 150,000 common shares at $12 per share.
June 5 Declared the quarterly cash dividend to preferred shareholders of record on June 20, payable July 1.
Sept. 5 Declared the quarterly cash dividend to preferred shareholders of record on September 20, payable October 1.
Dec. 5 Declared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 1.
Dec. 31 Net income for the year was $390,000.
Required -
1. Prepare journal entries to record the transactions above, as well as the closing entries for Income Summary and Dividends.
2. Enter beginning balances and post the entries to the shareholders' equity and dividends T accounts and arrive at the ending balances.
3. Prepare the statement of changes in shareholders' equity for the year.
4. Prepare the shareholders' equity section of the SFP at December 31.
5. Prepare the financing activities section of the statement of cash flows for the year ended December 31.
|
Comparative systems and absolute systems
: Comparative systems and absolute systems are two types of systems that can be used to evaluate employee performance and competencies.
|
|
Find the expected net distributions to stakeholders
: Assume you expect the company's net income to remain stable at $2000. Compute the expected net distributions to stakeholders (dividends) for each future year.
|
|
What is the greatest communication challenge for leaders
: "What is the greatest communication challenge for leaders; and, how can you as a leader measure the effectiveness of your communication skill?"
|
|
Describe your current educational setting
: Describe your current educational setting, including the age of children (0-2, 3-5, or 6-8), number of children you work with, and the philosophy of your.
|
|
Prepare journal entries to record the transactions
: Prepare journal entries to record the transactions above, as well as the closing entries for Income Summary and Dividends
|
|
What aspects are based on kantian ethical theory
: With the recent availability of new vaccines that prevent the spread of COVID-19, governments in Canada and around the world have been making difficult decision
|
|
Find what is amount of interest that crocus capitalize
: On June 1, 2020, the Crocus Company began construction.What is the amount of interest that Crocus should capitalize in 2020, using the specific interest method?
|
|
Performance appraisal system
: A company of 15 employees has recently decided to overhaul its performance appraisal system.
|
|
What are the significant transactions and accounts
: What are some of the questions you would have for Michael before accepting his audit plan?
|