A Corp. had 40,000 common shares outstanding on January 1, 2023. On May 1, 2023, the company
Question:
A Corp. had 40,000 common shares outstanding on January 1, 2023. On May 1, 2023, the company issued 20,000 more common shares. It has no preferred shares outstanding. For the year ended December 31, 2023, assume that AA Corp. had earnings of $700,000. What is the company’s weighted average number of shares outstanding on December 31, 2023?
B. Below is the adjusted trial balance for Seen Inc.
Seen Inc. | ||
Adjusted Trial Balance | ||
June 30, 2023 | ||
Account Title | Debit | Credit |
Accounts Payable | $25,000 | |
Accounts Receivable | $55,500 | |
Accumulated Depreciation | 24,000 | |
Cash | 75,000 | |
Common Shares | 7,000 | |
Cost of Goods Sold | 120,000 | |
Depreciation Expense | 12,500 | |
Income Tax Expense | 9,000 | |
Interest Expense | 18,000 | |
Interest Payable | 15,600 | |
Merchandise Inventory | 80,000 | |
Notes Payable | 150,000 | |
Preferred Shares | 9,000 | |
Prepaid Rent | 24,500 | |
Property, Plant & Equipment | 185,000 | |
Rent Expense | 54,000 | |
Retained Earnings (after dividends) | 39,900 | |
Salaries Expense | 60,000 | |
Salaries Payable | 50,000 | |
Sales Returns | 15,000 | |
Sales Revenue | 420,000 | |
Unearned Revenue | 30,000 | |
Utilities Expense | 62,000 | |
Total | $770,500 | $770,500 |
Additional Information
• Net income for the year was $69,500 and the retained earnings at July 1, 2022, were $39,400. Dividends of $5,000 were declared and paid in the year.
• Seen Inc. has a note payable due in five years. The principal payments are $2,500 per month.
• The preferred shares pay a dividend of 10% of their $5 value. The company issued 1,800 cumulative preferred shares and 15,000 have been authorized. The company has authorized 50,000 common shares, and 7,000 have been issued at $1 per share.
How much are the total assets under ASPE’s classified balance sheet as at June 30, 2023?
Select one:
a. $150,600
b. $235,000
c. $396,000
d. $270,600
C...
True or False: The accounting treatments for correcting prior period errors are treated similarly under both ASPE and IFRS.
Select one:
True
False
d....
When it comes to the statement of changes in equity, which one of the following is true under IFRS?
Select one:
a. Only changes in retained earnings are presented on the face of the statement.
b. None of the choices listed
c. Changes in all equity accounts are presented on the face of the statement.
d. Changes in other shareholders’ equity accounts are presented in the notes to the financial statements.
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson