You are making an audit of the shareholder's equity accounts of Clarence Corporation for the year...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
You are making an audit of the shareholder's equity accounts of Clarence Corporation for the year ended December 31, 2017 The statement of financial position at December 31, 2016 showed the following SHE balances : During the year ended December 31, 2017, the company was active in transactions affecting the SHE. The following summarized these transactions Date 14-Feb 28-Mar 31- Type of Transaction Issue of preference share Issue of ordinary share Number of shares Price /per share 10,000 35,000 225 70 Retirement of preference share (from shares outstanding as of January 1) May Purchase of Treasury shares ordinary (at 2,000 30 31-Jul cost) 5,000 12-Nov Sale of treasury shares 3,000 15-Nov Sale of treasury shares 1,000 8887 80 82 77 30-Nov Declaration of dividends 2 to preference at 31-Dec the annual rate; to ordinary, P5 per share Increase in fair value of equity investments at fair value through other comprehensive 31-Dec income, P34,000 (acquired during the year) Profit for the year, P500,000 Balances of the accounts in the SHE section of the December 31, 2016, statement of financial position were: Preference Share Capital, 50,000 shares, P20 par - P1,000,000 Ordinary Share Capital, P50 par, 100,000 shares - P5,000,000 Share Premium Share Premium Preference Ordinary - 400,000 1,200,000 Retained earnings - 850,000 1. Get the adjusted balances of the following: a. Preference share capital b. Ordinary share capital C. Additional paid in capital d. Retained earnings e. Treasury shares f. Cumulative other comprehensive income 2. How much is the dividends relating to preference share capital? 3. How much is the dividends relating to ordinary share capital? You are making an audit of the shareholder's equity accounts of Clarence Corporation for the year ended December 31, 2017 The statement of financial position at December 31, 2016 showed the following SHE balances : During the year ended December 31, 2017, the company was active in transactions affecting the SHE. The following summarized these transactions Date 14-Feb 28-Mar 31- Type of Transaction Issue of preference share Issue of ordinary share Number of shares Price /per share 10,000 35,000 225 70 Retirement of preference share (from shares outstanding as of January 1) May Purchase of Treasury shares ordinary (at 2,000 30 31-Jul cost) 5,000 12-Nov Sale of treasury shares 3,000 15-Nov Sale of treasury shares 1,000 8887 80 82 77 30-Nov Declaration of dividends 2 to preference at 31-Dec the annual rate; to ordinary, P5 per share Increase in fair value of equity investments at fair value through other comprehensive 31-Dec income, P34,000 (acquired during the year) Profit for the year, P500,000 Balances of the accounts in the SHE section of the December 31, 2016, statement of financial position were: Preference Share Capital, 50,000 shares, P20 par - P1,000,000 Ordinary Share Capital, P50 par, 100,000 shares - P5,000,000 Share Premium Share Premium Preference Ordinary - 400,000 1,200,000 Retained earnings - 850,000 1. Get the adjusted balances of the following: a. Preference share capital b. Ordinary share capital C. Additional paid in capital d. Retained earnings e. Treasury shares f. Cumulative other comprehensive income 2. How much is the dividends relating to preference share capital? 3. How much is the dividends relating to ordinary share capital?
Expert Answer:
Answer rating: 100% (QA)
ANSWER To compute the adjusted balances of the shareholders equity SHE accounts for Clarence Corpora... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1119048541
11th Canadian edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
Students also viewed these accounting questions
-
Formulas Current Ratio = Current Assets / Current Liabilities Debt-to-assets ratio = Total Liabilities / Total Assets Asset turnover ratio = Net Sales Revenue / Average Total Assets Net profit...
-
A wooden furniture company can produce two different types of furniture: sideboards and chairs. Two machines are used in the production: a jigsaw and a lathe. The manufacture of a sideboard requires...
-
Case 2: Company DEF I have 20 staff, with 2 groups rotating the shift. Group 1: - working 6 days in week 1 and week 3. - Working 5 days in week 2 and week 4 Group 2: - working 6 days in week 2 and...
-
If fX,Y(x, y) = 2, x 0, y 0, x + y 1 show that the conditional pdf of Y given x is uniform.
-
Use a supply-and-demand diagram to explain the statement "Talk is cheap because supply exceeds demand." At what price is this comparison being made?
-
Find the solution of Example 13.1 using the following two-term approximation for \(x(t)\) : \[\underset{\sim}{x}(t)=A_{0} \sin \omega t+A_{3} \sin 3 \omega t\] Data From Example 13.1:- Using a...
-
IMHO Products Co. manufactures a variety of products made of plastic and aluminum components. During the winter months, substantially all of the production capacity is devoted to the production of...
-
Using the EDGAR database, a document that includes data and analysis of Deferred Taxes. If you selected Target Corp. look at 10-K (annual reports) and 10-Q (quarterly reports) and open the May 28,...
-
Described perfectly how the Protocol Analyzer function differently from Security and Network Administration Perspective.
-
For a purely inductive circuit, with sinusoidal-steady-state excitation, the voltage and current phasors are (a) In phase (b) Perpendicular to each other with \(V\) leading \(I\) (c) Perpendicular to...
-
For a purely capacitive circuit, with sinusoidal-steady-state excitation, the voltage and current phasors are (a) In phase (b) Perpendicular to each other with \(V\) leading \(I\) (c) Perpendicular...
-
With sinusoidal-steady-state excitation, the average power in a singlephase ac circuit with a purely resistive load is given by (a) \(\mathrm{I}_{\mathrm{rms}}^{2} R\) (b) \(\mathrm{V}_{\max }^{2} /...
-
Why is gross output a better measure of overall economic activity than GDP is? How could you construct a new statistic that focuses only on nonfinal economic activity? Given what you know about the...
-
Suppose GDP is $5.0 trillion, depreciation is $1 trillion, and gross output (GO) is $17.25 trillion. a. What is the value of all stages of production and distribution except for final sales of goods...
-
Write a paper about Chuck Mackinnon discussion, through the discussion, you will, as a group (collaborative learning community) analyzes the case. Provide a brief summary and make clear its...
-
Draw and label the E and Z isomers for each of the following compounds: 1. CH3CH2CH==CHCH3 2. 3. 4. CH,CH2C CHCH2CH Cl CH3CH2CH2CH2 CH CH2CCCH2CI CHCH3 CH3 HOCH CH CCC CH O-CH C(CH
-
What kinds of qualifications might a statute place on someone who is in a dating relationship? What problems might these qualifications pose?
-
What kinds of relationships would qualify for a protective order in an inclusive state?
-
In brief, what is a civil order of protection?
Study smarter with the SolutionInn App