2293: Accelerated Fin'l Accounting (S A company is repurchasing its own shares. The company is buying back its shares for $3.00 cash per share and the average cost of the shares is $2.00. There is no contributed surplus account. The entry to record the share repurchase would be: en Select one: a. Debit to Common shares, a credit to cash, and a credit to Contributed capital. O b. Debit to Retained earnings, a credit to cash, and credit to Common shares. Debit to Common shares, a debit to Retained earnings, and a credit to cash. O d. Debit to Common shares, debit to Contributed capital, debit to Retained earnings, and credit to cash. Check Next page Neek 11 Assignment Chapter 12 practice Jump to inns O Loa 15 16 A 17 FOR re f1019 Cou F12 & 5 6 7 8 9 o 293: Accelerated Fin'l Accounting You purchase shares in a company at the cost of $30,000. What is the most you can lose if the company declares bankruptcy? Select one: a. $30,000 b. $0 C. $30,000 plus any personal assets the creditors demand d. $15,000 Check Next page 1 Assignment Jump to Chapter 12 practice questions OL 15 16 A 12 480/5 no & 5 6 7 8 9 0 7 ACCT 2293 S12 SPRING 2022 / Week 11. Mar 15 Shareholders' Equity (Chapter 11) and Investments (Chapter 12) / 293: Accelerated Fin'l Accounting (S1 On January 1, JDS Ltd. had 30,000 common shares outstanding, recorded at $84,000, and $450,000 in retained earnings. On May 1, JDS issued an additional 7,000 common shares at $15 per share. On July 1, the company declared a $0.60 per share cash dividend with a record date of July 15 and issue date of July 24. Instructions: Answer the following questions. Enter dollar amounts with no dollar signs or commas (e.g., 4596). a) After the issue of common shares, how many common shares are outstanding b) On July 1, you would credit for c) On July 24, you would credit for Check OL C 15 16 17 89 110D 411 112 IA 5 6 7 8 9 0 a On January 1, a company had 30,000 common shares outstanding, recorded at $94,000, and $550,000 in retained earnings. On May 1, the company's board of directors declares a 20% stock dividend with a date of distribution of June 1. The common share price was $15 on May 1. On July 1, the company declared a $1.20 per share cash dividend with a record date of July 15 and payment date of July 24. Instructions: Answer the following questions. Debit and credit the affected accounts. Enter dollar amounts with no dollar signs or commas (e.g., 4596). a) On May 1, you would debit and credit for ($) b) On June 1, you would debit and credit for ($) c) On July 1 you would debit and credit e for ($) d) on July 24, you would debit and credit for ($) e) After the cash dividend has the been issued, what are the balances for the I- Loc 15 f6 f7 H10 mo 12 5 6 7. 8 9 0 93: Accelerated Fin'l Accounting For a company that follows IFRS, when shares are issued in exchange for non-cash assets and the market value of the shares is known, the shares will be recorded at: Select one: a. the market value of the assets received. O b. The average of the fair value of the shares issued and assets received. O c. Zero dollars. Od the market value of the shares issued. Check Next page Assignment ser Key Jump to... Chapter 12 practice questions - OL CO f7 fo/ f9 f10 D 6. 7 * 8. 9 o E 293: Accelerated Fin'l Accounting (S There are 1,500, $6 preferred shares and 4.000 common shares outstanding. No dividends were declared for 2019. During 2020, the company's board of directors declared $30,000 in cash dividends. What is the dollar amount of dividends would be received by each class of shareholder if? 1) The preferred shares were cumulative, 2) The preferred shares were non-cumulative, Enter the dollar amounts in the table below as whole numbers without commas or dollar signs (e.g. 15000) Type of preferred share Preferred shares ($) Common shares ($) Cumulative Non-cumulative. Check OLD OC u 46 A 17 180/5 19 HTC 1012 mo 02 IA & 5 6 7 8 9 0 . C Y U 00 P [ 2293: Accelerated Fin'l Accounting (S You sell your 100 shares of JDS Limited to another investor for $5,000. Which of the following statements are correct? Select one: O a. Shareholders' equity decreases by $5,000. O b. Shareholders' equity does not change. O c. Total assets increase by $5,000. O d. Shareholders' equity increases by $5,000. Check ge Next page k 11 Assignment Answer Key Jump to Ehaster 2 practice questions 16 A f7 from f11 412 5 6 7 8 9 0 T Y U P On July 15, the board of directors of JDS declared a cash dividend of $0.50 per share on 84,000 common shares. The dividend is to be paid on August 15, to shareholders of record on July 31, 2018. The effects of the journal entry to record the declaration of the dividend on July 15, are to Select one: O a. decrease shareholders' equity and decrease assets. O b. increase shareholders' equity and increase liabilities. O c. increase shareholders' equity and decrease assets. Od decrease;shareholders equity and increase liabilities Check Next page O LO Q o a 17 FOIR 112 f70 5 6 7 8 9 0 The company had profit of $150,000 for the year ended, December 31, 2020. It declared and paid the $4 per preferred share dividend for its 5,000 preferred shares. The company had 40,000 common shares outstanding at the beginning of the year, January 1, 2020. On September 30, the company sold 20,000 additional common shares to investors. Instructions: Answer the following question. Enter the dollar amount to the nearest penny ($0.01) with no dollar signs or commas (e.g., 2.15). What was the weighted average number of shares outstanding? What was the earnings per share for the year? Check Next page page= OLOdo 16 A f7 1800 (fron 411 6 7 8 9 O T Y U JO The maximum number of shares that a company can issue without changing its articles of incorporation is called: Select one: a. Authorized shares. O b. Redeemed shares. O c. Issued and outstanding shares. O d. Outstanding shares. Check Finish attem e