Reference no: EM132946401
Question - Chinito Company began operations on January 1, 2019 by issuing at 15 per share one-half of the 500,000 ordinary shares (1 par value) that had been authorized for issue. In addition, Chinito has 250,000 6% preference shares (5 par value) authorized. During 2019, Chinito reported net income of 620,000 and declared dividends of 130,000.
During 2020, Chinito completed the following transactions:
Jan. 10 Issued an additional 40,000 ordinary shares for 18 per share
Apr. 2 Issued 115,000 preference shares for 7 per share
July 21 Authorized the acquisition of a custom-made machine to be delivered in January 2021. Chinito appropriated 147,500 of retained earnings for the purchase of the machine.
Oct. 25 Issued an additional 55,000 preference shares for 9 per share.
Dec. 31 Reported 610,000 of net income and declared a dividend of 317,500 to shareholders of record on January 31, 2021 to be paid on February 4, 2021.
Required -
1. What is the total shareholders' equity on December 31, 2020?
a. 6,552,500 c. 6,405,000
b. 4,240,000 d. 6,870,000
2. What is the unappropriated retained earnings balance on December 31, 2020?
a. 490,000 c. 635,000
b. 952,500 d. 782,500
|
Define the process involved in human resources planning
: How to effectively utilize their resources including amongst others human resources. Define the process/steps involved in human resources planning
|
|
What is the total assets of business
: What is the total assets of her business? On 1 January 2020, Mala started her business with cash of RM105,000 and a motor van worth RM90,000.
|
|
Which is true about carriage outwards
: Which is true about carriage outwards? The cost of carriage outwards is recorded in the Statement of Financial Position. Which is a current asset.
|
|
Calculate the total revenue of webster company
: Calculate the total revenue of Webster Company in 2018 from the information below:Cash sales of $10,000.
|
|
What is the total shareholders equity on December
: Oct. 25 Issued an additional 55,000 preference shares for 9 per share. What is the total shareholders' equity on December 31, 2020
|
|
How service express serves employees first
: How Service Express Serves Employees First - He set a new goal to become a manager-and eventually became vice president of sales
|
|
Which of the is true concerning comparability concept
: Which of the following is true concerning comparability concept? Incomes and expenses incurred should be charged to the statement profit or loss.
|
|
What changes do you recommend making
: What changes do you recommend making to the current onboarding or assimilation process to improve their effectiveness when orientating new employees
|
|
What the amount of retained earnings
: During 2015, Alligator had a net loss of $30,000 and paid dividends of $15,000. At December 31, 2015, what the amount of retained earnings
|