The following accounts are taken from the general ledger of GRL Trading Ltd. on 31 December 20X1:
Question:
The following accounts are taken from the general ledger of GRL Trading Ltd. on 31 December 20X1:
Required:
Prepare the shareholders’ equity section of the SFP at year-end. Assume accounts have normal (i.e., debit or credit) balances.
Explain the meaning of each account in equity.
Transcribed Image Text:
Preferred shares, no par value, $3, unlimited number authorized, cumulative, and fully participating: 27,000 shares issued and outstanding Bonds payable, 6% Stock subscriptions receivable, common shares Common shares, no par, unlimited number authorized; 45,000 shares issued and 44,900 outstanding Discount on bonds payable Retained earnings Treasury shares, 100 common shares Unrealized exchange gain on translation of foreign subsidiary's financial statements Fractional common share rights Contributed capital on common share retirement Common shares subscribed, 100 shares $ 84,000 250,000 1,500 675,000 3,000 326,500 4,300 75,250 4,600 9,450 4,500
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
Some classify this as an asset but classification as a contra equity account avoids overstatement of equity from promises to inject capital Terminolog...View the full answer
Answered By
Hamza Amjad
Currently I am student in master degree program.from last two year I am tutring in Academy and I tought many O/A level student in home tution.
4.80+
3+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting Volume 2
ISBN: 9781260881240
8th Edition
Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel
Question Posted:
Students also viewed these Business questions
-
The following accounts are taken from the general ledger of Spice Corp. on December 31, its annual year-end. Debit Balance Accounts Cash... Accounts receivable Short-term investment (cost...
-
The following accounts are taken from the general ledger of XYZ Company Inc. on December 31, 2018, before the books were closed: Treasury shares, 100 common shares $8,600 Common Shares Subscribed,...
-
The following general ledger accounts are taken from the books of the Hynes Corporation at the end of its fiscal year, December 31, 2016: Required: 1. Label the debit and credit amounts that...
-
Multi-Star, Inc., had sales of $890,000, cost of sales and operating expenses of $450,000 and $200,000, respectively, and 10,000 shares of common stock outstanding. Calculate the amount of earnings...
-
Each year, U.S. News and World Report publishes rankings of colleges based on statistics such as admission rates, graduation rates, class size, faculty-student ratio, faculty salaries, and peer...
-
(a) If G(x) = x/(1 + 2x), find G(a) and use it to fine an equation of the tangent line to the curve y = x/(1 + 2x) at the point (- , - ). (b) Illustrate part (a) by graphing the curve and the tangent...
-
Show the variation of the transmission ratio, \(\frac{X_{1}}{\delta_{\mathrm{st}}}\), with \(\frac{\omega}{\omega_{1}}\) for an undamped dynamic vibration absorber for \(\omega_{2}=\omega_{1}\) and...
-
a. Based on this information alone, can you determine whether White can pay a $2,000 cash dividend? Why or why not? b. Reconstruct the accounting equation for each company using percentages on the...
-
Outline any 4 FOUR Ethical problems that are likely to confront an MNC 2. Suggest what guidelines an MNE/MNC may take to ensure effective implementation of Ethical standards in its overseas...
-
Tollmark Ltd. (Tollmark) is a private company founded 20 years ago by Karam Raynan. The company is in the medical supply industry, providing medical equipment to hospital and doctors offices....
-
Fast Transportation Co. sold $1,500,000 of five-year, 12% bonds on 1 August 20X2. Additional information on the bond issue is as follows: Required: 1. Record the bond issuance on 1 August 20X2. 2....
-
In order to raise the lamp post from the position shown, the force F on the cable must create a counterclockwise moment of 1500 lb ? f about point A. Determine the magnitude of F that must be applied...
-
Rafner Manufacturing has the following budgeted data for its two production departments. Budgeted Data Assembly Overhead cost $ 1,560,000 $ 1,035,000 Direct labor hours Machine hours 13,000 direct...
-
Discuss the role of the I/O scheduler in an operating system, and describe how different scheduling algorithms can affect system performance and responsiveness.
-
Lawson Consulting had the following accounts and amounts on December 31. Cash Accounts receivable Equipment Accounts payable Common stock $ 9,000 5,300 Dividends Services revenue 7,300 Rent expense...
-
How do contemporary operating systems manage concurrency and synchronization, and what mechanisms are commonly employed to avoid race conditions and deadlocks ?
-
What is wrong with this code & why? How do I fix it? public class JavaApplication1 { private int num; public static void main(String[] args) { num = 14; num = num ++ % 3 + num; System.out.println(...
-
Use a computer algebra system to find the exact area enclosed by the curves y = x5 - 6x3 + 4x and y = x.
-
Q:1 Take any product or service offered in Pakistan and apply all determinents of customer Perceived value ?
-
Your firm has been engaged to examine the financial statements of Samson Corporation for the year 2020. The bookkeeper who maintains the financial records has prepared all the unaudited financial...
-
You have completed your audit of Khim Inc. and its consolidated subsidiaries for the year ended December 31, 2020, and are satisfied with the results of your examination. You have examined the...
-
The following excerpt is from the financial statements of a large Canadian manufacturer and provides segmented geogThe company reported that it was engaged principally in one line of...
-
A bond has 10 years to maturity, a coupon rate of 5%(coupons paid semi-annually), a yield to maturity of 6%, and a face value of 1000. Calculate the bonds (Macaulay) duration. Enter your answer as an...
-
What is the acceleration of mass m on the inclined plane? Take positive acceleration to be up the ramp.
-
A three year dual currency bond that pays annual coupons of 50 NZD and a principal value of 1000 AUD at maturity has a present value of NZD 1250. The one, two and three year yield to maturity on...
Study smarter with the SolutionInn App