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horngrens accounting 11th canadian

Questions and Answers of Horngrens Accounting 11th Canadian

Identify the two main sections of shareholders’ equity and explain how they differ.
The ________ measures a company’s success in using its assets to earn income for the stakeholders who are financing the business.
Shredders Wintersports Inc. reported these comparative shareholders’ equity data:During 2020, Shredders Wintersports Inc. completed these transactions and events:a. Net income, $1,430,000.b. Cash
The shareholders’ equity for Queen’s Windows Inc. on June 30, 2020 (end of the company’s fiscal year), follows:Common shares, 800,000 shares authorized, 80,000 shares issuedand outstanding
In 2022, Amber Wilson, owner of Canyon Canoe Company, started a new company that will be operated as a corporation, Outdoor Equipment Incorporated (OEI). This company sells outdoor clothing and
The following accounting issues have arisen at Tri-City Computers Corp.:1. An investor noted that the market price of shares seemed to decline after the date of record for a cash dividend. Why do you
Sparkly Gold Mine Ltd. is a gold mine in northern Ontario. In February 2020, company geologists discovered a new vein of gold-bearing ore that tripled the company’s reserves. After this discovery,
RMA Corporation Inc. completed the following selected transactions during 2020:Mar. 4 Declared a cash dividend on the 30,000, $1.40 preferred shares. Declared a $0.20 per share cash dividend on the
Nest Corp. reports the following transactions for 2020:Jan. 27 Sold 30,000 common shares for $10 per share.Feb. 1 Sold 6,000 shares of $1.50, noncumulative, preferred shares for $70 per share.Oct. 13
In 2018, you purchased 10,000 common shares of your friend’s company, Kingston Technologies Inc., at a market price of $25.00 per share. On December 31, 2020, the company reported the following
Coolmatt Travel Ltd. is authorized to issue 500,000 common shares. As of December 31, 2019, the company had issued 70,000 shares at $7.50 per share and its Retained Earnings balance was
Western Wireless Inc. completed the following selected transactions during the year 2020:May 19 Declared a cash dividend on the $8.50 preferred shares (3,000 shares outstanding).Declared a $2.00 per
The Retained Earnings account has the following transactions for the fiscal year shown in a T-account format:1. What does X represent?2. How much is X?3. What does the amount of $20,000 represent?
Tillay Environmental Products Inc. (TEPI) began 2020 with 1.6 million common shares issued and outstanding for $4.0 million. Beginning Retained Earnings was $4.5 million. On February 26, 2020, TEPI
Examine Halifax Metal Products Ltd.’s shareholders’ equity information in E14–4. Suppose that on November 14, 2020, Halifax Metal Products Ltd. consolidated its common shares 1 for 2 to
The Stahl Metalworks Corp. general ledger contained the following information at September 30, 2020:Cost of goods
Orillia Outfitters Ltd. reported the following shareholders’ equity information on January 1, 2020:Contributed capitalPreferred shares, $0.75, cumulative (1 year in arrears), liquidationprice of
Compare and contrast the accounting for cash dividends and stock dividends. In the space provided, insert either “Cash dividends,” “Stock dividends,” or “Both cash dividends and stock
Snowist Corp. has 10,000 common shares outstanding. Snowist distributes a 20 percent stock dividend when the market value of its shares is $18.00 per share.1. Journalize Snowist’s declaration of
Nepal Grocery Inc.’s balance sheet showed the following account information at November 30, 2019; 250,000 common shares authorized, with 75,000 shares issued, a Common Shares balance of $187,500,
Jurgen’s Farms Inc. recently reported the following shareholders’ equity on its balance sheet:Common shares, 250,000 shares authorized,55,000 shares issued and outstanding
The balance sheet of Investtech Inc. at December 31, 2019, reported 2,000,000 common shares authorized with 250,000 shares issued at an average price of $4.00 each and a Retained Earnings balance of
Halifax Metal Products Ltd. reported the following shareholders’ equity at October 31, 2020:Common shares, unlimited shares authorized, ............... 60,000shares issued and outstanding
Timpano Communication Inc. reported the following shareholders’ equity information on December 31, 2019:Contributed capitalPreferred shares, $2.00, cumulative (1 year in arrears),liquidation price
Thomas Wong, accountant for APB Bikes Ltd., was injured in a biking accident. Another employee prepared the income statement shown on the next page for the fiscal year ended September 30, 2020.The
Happy Valley Potato Corp. issued 100,000 common shares at $12.00 per share. Later, when the market price was $15.00 per share, the company distributed a 10 percent stock dividend. Then Happy Valley
Usurp Corp., an Internet service provider, has prospered during the past seven years, and recently the company’s share price increased to $244.00. Usurp’s management wishes to decrease the share
The balance sheet of Augen Vision Ltd. at December 31, 2019, reported the following shareholders’ equity information:Common shares, 200,000 shares authorized, 50,000 shares issuedand outstanding
The balance sheet of Toronto Exports Inc. at December 31, 2019, presented the following shareholders’ equity information:Common shares, 3,000,000 shares authorized, 500,000 sharesissued and
What value is normally assigned to shares issued as a stock dividend?
Poly Panels Inc. declares a stock dividend on June 21 and reports Stock Dividend Payable as a liability on the June 30 balance sheet. Is this correct? Give your reason.
Journalize the following transactions that Flip Corp. conducted during 2020:Feb. 7 Issued 10,000 common shares at $15.00 per share.Apr. 8 Repurchased 2,500 common shares at $13.00 per share. The
Toluca Inc. repurchased 1,000 common shares, paying cash of $12.00 per share on April 16, 2020. The shares were originally issued for $5.00 per share. Journalize the transaction. An explanation is
Muriel Thomas, accountant for Duchlorol Ltd., was injured in a hiking accident. Another employee prepared the income statement shown on the next page for the fiscal year ended December 31,
The capital structure of Renault Marketing Inc. at December 31, 2019, included 50,000, $0.50 preferred shares and 74,000 common shares. The 50,000 preferred shares were issued in 2009. Common shares
The capital structure of Redding Design Ltd. at December 31, 2019, included 15,000 $1 preferred shares and 420,000 common shares. Common shares outstanding during 2020 were 330,000 in January through
List the major parts of a multi-step corporate income statement for Star Pilates Trainers Inc. for the year ended December 31, 2020. Include all the major parts of the income statement, starting with
Justice Inc. began 2020 with the following account balances:Common shares, 150,000 shares authorized,75,000 issued ........................................................... $2,175,000Retained
Yeong Ltd. reported the following shareholders’ equity information on March 26, 2020:Common shares, unlimited shares authorized, 140,000 sharesissued and outstanding
Sarnia Hardware Ltd. reported the following shareholders’ equity on December 31, 2019:Contributed capitalPreferred shares, $0.50 cumulative, convertible to common on a 2-for-1basis, 50,000 shares
Assured Collision Repair Inc. reported the following shareholders’ equity information on December 31, 2019:Contributed capitalPreferred shares, $2.50, convertible to common on a 2-for-1basis,
What effect does the repurchase and cancellation of common shares have on the (a) Assets, (b) Authorized shares, (c) Issued and outstanding shares of the corporation?
Return to the CS Rentals Ltd. data in S14–10. CS Rentals had 10,000 common shares outstanding on January 1, 2020. CS Rentals declared and paid preferred dividends of $1,500 during 2020. In
The following accounts are from Mizuko Limited’s general ledger. All data are shown before tax.RequiredPrepare a single-step income statement for the year ended December 31, 2020. Omit earnings per
Figero Inc. has $390,000 of income in 2020. During that same time it declared preferred dividends in the amount of $12,500. The following activities affecting common shares occurred during the
Why do creditors wish to restrict a corporation’s payment of cash dividends and repurchases of the corporation’s shares?
The net income of Valente Inc. amounted to $3,750,000 for the year ended December 31, 2020. There were 200,000, $9.00 cumulative preferred shares throughout the year. At January 1, 2020, Valente Inc.
Zelda Solutions Inc. earned net income of $152,000 in 2020. The general ledger reveals the following figures:Preferred shares, $1.50, 10,000 authorized, 4,000 shares issuedand outstanding
York Inc. had Retained Earnings of $60,000 at its fiscal year end on October 31, 2019. At that time, it had $75,000 in common shares and $20,000 in $2 preferred shares. During 2020, the company
LeDuc Construction Ltd. had 60,000 common shares and 20,000, $0.75 cumulative preferred shares outstanding on December 31, 2019. On April 30, 2020, the company issued 6,000 additional common shares
What is the earnings per share of Jasmine Corp., which had net income of $48,750 and a weighted average number of common shares of 15,000?
Sharp Inc. ended 2019 with $20,000 in common shares, $15,000 in $0.50 preferred shares and retained earnings of $49,500. During 2020, no shares were sold or repurchased, the business earned net
Pacific Hotels Inc. had Retained Earnings of $250.0 million at the beginning of 2020. The company showed these figures at December 31,
Kalios Corp. reported the following shareholders’ equity information for the year ended October 31, 2019:Common shares, 400,000 shares authorized, 140,000 sharesissued and outstanding
Taylor Corporation discovered in 2019 that it had incorrectly recorded in 2018 a cash payment of $70,000 for utilities expense. The correct amount of the utilities expense was $35,000.1. Determine
The shareholders’ equity of Inspiration Management Corp. as of January 1, 2020, follows:Contributed capitalPreferred shares, $3, noncumulative 20,000 shares authorized,4,000 shares issued and
What information is recorded on the statement of shareholders’ equity?
Tamarack Research Inc. (TRI) ended 2019 with Retained Earnings of $37,500. During 2020 TRI earned net income of $50,000 and paid cash dividends of $15,000. Also during 2020 TRI got a $12,000 tax
Ji-hyuk Corp.’s agreement for the issuance of long-term debt requires the restriction of $150,000 of the company’s Retained Earnings balance. Total Retained Earnings is $337,500, and total
As Bali Imports Inc. was finalizing its 2020 statements, it discovered that an accounting error caused the net income of 2019 to be understated by $10 million. Retained earnings at December 31, 2019,
What is a prior-period adjustment?
According to the information in this chapter, companies reporting under IFRS are required to report two types of information in their financial statements that are not required for companies
Given the following information, prepare League Products Ltd.’s statement of retained earnings for the year ended December 31, 2020:• An inventory error caused net income of the prior year to be
For errors made in prior periods, what account do all corrections affect? On what financial statement are these corrections reported?
Companies reporting under ASPE, as described in the chapter, sometimes create a statement of shareholders’ equity. What is the name of a similar statement for companies reporting under IFRS?
Prepare a simple statement of comprehensive income for Yoshi Corporation using the following information:• For the year ended June 30, 2020• Loss for the year is $25,000• Gain on equity

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