User Account

All Pages

Prepare the shareholders equity section of the balance sheet

Assignment Help Accounting Basics
Reference no: EM132610099

Question - On January 1, 2019, Accounting For You Professional Corporation had $ 2,000,000 of common shares that were issued at $ 10 per share and retained earnings of $ 1,000,000. The corporation issued 100,000 common shares at $ 13 per share on July 1, 2019. On August 1, 2019, the company declared a $ 0.50 cash dividend to be paid on August 31, 2019 to shareholders of record on August 15, 2019. On December 15, 2019 the board of directors declared a 10% common stock dividend to shareholders of record on December 31, 2019, distributable on January 15, 2020. The market value of Accounting For You Professional Corporation common shares was $ 15 per share on December 15 and $ 14 per share on December 31, 2019. Profit for 2019 was $ 500,000.

Instructions -

a) Prepare the journal entries related to the above transactions up to December 31, 2019.

b) Prepare the shareholders' equity section of the balance sheet for Accounting For You Professional Corporation at December 31, 2019.

c) Calculate the dividend payout ratio for 2019.

Reference no: EM132610099

Questions Cloud

Give the name of both of the structures : Choose one plant structure that has a similar function to a structure in the human body. Give the name of both of the structures
Find the ending balance in each account : Kenton Company, Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $39,000.
Describe robert owen new lanark community : Describe Robert Owen's "New Lanark" community? What were his innovations? Did he suspend either private property or market economics? Are there people today.
Did your coworker do anything unethical in the transaction : You have a co-worker at work that you are also friends with. One day, a borrower comes in and meets with him. You overhear the borrower tell your co-worker.
Prepare the shareholders equity section of the balance sheet : Prepare the shareholders' equity section of the balance sheet for Accounting For You Professional Corporation at December 31, 2019
Principles of direct manipulation : Describe the three principles of direct manipulation and give examples as to how they are used in video game controls.
Identify the challenges faced by the up country vegan foods : Recent Development, Identify the Challenges faced by the Up Country Vegan Foods owner in running his business under this new situation.
What other functions does costing system perform : Sale prices has accomplished only a small part of its mission". In the light of this statement, explain what other functions does costing system perform?
What role should the internal audit function play : Question - Internal Auditing. What role should the internal audit function play in the bank's decision to outsource this function

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate total contribution of the most profitable product

scarce resources long beach currently manufactures 3 products with information as followsa b cselling price 56 25

  Compute the depreciation charge for the year ended

If depreciation is provided at 10% p.a. on the diminishing-balance basis, compute the depreciation charge for the year ended 31 December 2016

  Why might the company use a process costing system

This chapter's opener featured Jeff Avallon, John Goscha and Morgen Newman and their company Idea Paint.

  Explain some of this industrys characteristics if you were

you are doing your final research before you write your business plan. industry a has 20 firms and a concentration

  How much advertising expense should be allocated

Advertising expense totaled $90,000 for the current year, and departmental sales were: How much advertising expense should be allocated to each department

  Compute how the projected income would be shared equally

Assume that Baker, Warner, and Rice form the BWR Partnership by making capital contributions of $200,000, $300,000, and $500,000, respectively.

  Categories of funds prescribed by gasb standards

What are the three categories of funds prescribed by GASB standards and which fund types are included in each? Do the three fund categories correspond precisely with the three activity categories described in? If not, how do they differ?

  Diane carter is interested in buying a five-year zero

diane carter is interested in buying a five-year zero coupon bond with a face value of 1000. she understands that the

  Discuss relative costs amp benefits for firms to

discuss relative costs amp benefits for firms to mandatorilydisclose information about their operating segments

  The classification of short- term obligations repaid prior

Formulate your own opinion on the proper treatment for the $5,000,000 commercial paper based on your reading in the text. Explain how you think the item should be reported and give textbook pages to support your conclusions.

  Discuss what stock exchange is the company listed on

What stock exchange is the company listed on. What is their ticker symbol

  Explain one pitfall and one security measure

E-commerce creates its own risks and therefore special internal controls. Identify and explain one pitfall and one security measure for an online business and provide examples of how your selected security measure will strengthen internal control.

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