User Account

All Pages

Prepare the equity section of bancroft balance sheet

Assignment Help Accounting Basics
Reference no: EM133126155

Question - Bancroft Holdings Inc. has authorized share capital of an unlimited number of common shares and 1,000,000 preferred, $ 3-cumulative preferred shares. At January 1, 2021, the balances in its share capital accounts were $ 45,000 in common shares representing 15,000 shares and $ 30,000 in preferred shares representing 1,000 shares. The retained earnings balance on that date was $ 180,000. Profit for the year ending December 31, 2021 was $ 24,000. There were no dividends in arrears at January 1, 2021 and no dividends were declared during 2021. During 2021, Bancroft had the following share transactions: Mar 1 Issued 4,000 common shares for $ 5 each. Jun 30 Issued 500 preferred shares for $ 11 each. Sep 1 Issued 60,000 common shares in exchange for land valued at $ 285,000.

Required -

a) Journalize the share transactions.

b) Prepare the equity section of Bancroft's balance sheet at December 31, 2021 and describe any disclosure requirements related to share capital.

c) Calculate return on equity for 2021.

Reference no: EM133126155

Questions Cloud

Calculate ken total tax due because of the sale : For the current year, determine the character of the gain or loss and calculate Ken's total tax due because of the sale (assuming his marginal ordinary tax rate
What is niosh and is it a subsidiary of the nih : 1. What is NIOSH and is it a subsidiary of the NIH? 2. What is the Parent Organization of OSHA?
What it means to be rational in economics : One of the example I always give in my class regarding this issue is if I give you $1000 for a month (with no other source of income) and tell you that you have
Dynamics of the us-canada bilateral relationship : How will U.K.'s Brexit impact the long-term dynamics of the US-Canada bilateral relationship?
Prepare the equity section of bancroft balance sheet : Prepare the equity section of Bancroft's balance sheet at December 31, 2021 and describe any disclosure requirements related to share capital
Prohibitively costly for low productivity types : When a potential employee's true ability cannot be observed, firms will try to use observable characteristics as signals for how well someone will perform in a
Monthly payment be on loan : After accepting your first job after graduation. you have decided to use your Signing bonus to purchase a car. The dealer has a special promotion such that if y
Explain the exchanged rate adjustment processes : Explain the exchanged rate adjustment processes that can occur after economic shocks to the domestic economy under fixed and flexible exchanges.
Determine the minimum transfer price for the screen division : The monitor's current market price is $240 per unit. Using the general approach to transfer pricing, determine the minimum transfer price for screen division

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare the entry to distribute the net income

Pug Bern Co. reports net income of $70,000. The income ratios are Pug 60% and Bern 40%. Indicate the division of net income to each partner, and prepare the entry to distribute the net income.

  Calculate inventory on each of the bases

Calculate the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept inunits only. carry unit costs to the nearest cent.

  How can a security guard in a warehouse be considered

How can a security guard in a warehouse be considered an important component of a company accounting system?

  What is their marginal tax rate on this income

If Jorge and Anita earn an additional $101,000 of taxable income, what is their marginal tax rate on this income

  A 50 stock dividend before the dividend 69 million common

identify the effects-both the direction and the dollar amount-of these assumed transactions on the total shareholders

  The process of developing budget estimates by requiring all

1 at the beginning of the period the cutting department budgeted direct labor of 155000 direct material of 165000 and

  What is the net book value of component A

The work is expected to extend its life by 3 years, but the residual value will then be zero. What is the net book value of component A

  Calculate the balance in the investments account

The following selected account balances were taken from ABC Company's general ledger at January 1, 2011 and December 31, 2011.

  How a pending jefferson deal could reshape

Do you think that from a strategic finance perspective, this is a good decision for Jefferson or a bad one and why?How a pending Jefferson deal could reshape

  A property owner is withholding payment of property taxes

A property owner is withholding payment of property taxes pending appeal of the assessed valuation of the property for the current year. The city attorney believes the appeal will be denied. However the appeal action means that property taxes that..

  What would be the new contribution margin per unit

If the fixed costs reduced to $180 000 and the variable costs reduced to $8 per calculator, what would be the new contribution margin per unit?

  Compute the value of flower valley company bonds

Flower Valley Company bonds have a 12.76 percent coupon rate. Interest is paid semiannually. Compute the value of Flower Valley Company bonds

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd