Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need answers to this: this is the list: next: thank you!!! Edmonton Hardware Ltd. had the following shareholders' equity on January 1, 2019: A
I need answers to this:
this is the list:
next:
thank you!!!
Edmonton Hardware Ltd. had the following shareholders' equity on January 1, 2019: A (Click the icon to view the shareholders' equity section on the balance sheet.) The following information is available for the year ending December 31, 2020: A (Click the icon to view the transactions.) * Shareholders' equity section on the balance sheet Llude Contributed Capital Preferred shares, $0.50, cumulative, convertible to common on a 2-for-1 basis, 50.000 shares authorized, 21,000 shares issued and outstanding Common shares, unlimited number of shares authorized 51,000 shares issued and outstanding Total contributed capital $ 55,000 planati 67,000 122.000 140,000 Retained earnings Total shareholders' equity 262.000 Print Done Done 0 Transactions Sales for the year. Cost of good sold.. Operating expenses.. Income from discontinued operations, Loss on sale of discontinued operations.... $215,000 $100,000 $66,000 $5,500 $3,000 Mar. 7 Declared a cash dividend of $13,000 payable on April 1 to the shareholders of record on March 15. Indicate the amount payable to each class of shareholder. Apr 1 Paid the cash dividend declared on March 7 Jun. 6 Declared a 10-percent shares dividend on the common shares, distributable on August 5 to the shareholders of record on July 4. The market value of the shares was $6.00 per share. Aug. 5 Distributed the common shares dividend declared on June 6. Sep. 15 Received notification from Canada Revenue Agency that Edmonton Hardware Ltd. had made an error in filing 2019 taxes. The reassessment showed that the company had reported and overpaid $5,000 in taxes. Dec. 31 Close the Income Summary account, assuming the net income tax on all types of income is 40 percent Print Done Requirement 1. Record the transactions in the general journal Explanations are not required Mar. 7. Declared a cash dividend of $13,000 payable on April 1 to the shareholders of record on March 15 Indicate the amount payable to each class of shareholder (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question Apr. 1. Paid the cash dividend declared on March 7. Journal Entry Date Accounts Debit Credit Apr. Jun. 6. Declared a 10-percent share dividend on the common shares, distributable on August 5 to the shareholders of record on July 4. The market value of the shares was $6.00 per share. Journal Entry Accounts Debit Credit Jun Aug. 5. Distributed the common shares dividend declared on June 6. Journal Entry Accounts Date Debit Credit Aug. 5 Sep. 15. Received notification from Canada Revenue Agency that Edmonton Hardware Ltd. had made an error in filing taxes. The reassessment showed that the company had reported and overpaid 55,000 in taxes Journal Entry Accounts Date Debit Credit Sep 15 We will complete requirement 2 before we complete the journal entry for December 31, since the data determined in requirement 2 is necessary for completion of the final December 31 journal entry Requirement 2. Prepare a combined multi-step statement of income and retained earnings for the year ended December 31, 2020. Include earnings-per-share information (Use parentheses or a minus sign for normally shown in parentheses on income statement.) Edmonton Hardware Ltd. Statement of Income and Retained Earnings For the Year Ended December 31, 2020 Discontinued operations: in the field Discontinued operations: Net income Net income Retained earnings, December 31, 2020 Cash Correction of error in 2019 income tax expenses Ed Cost of goods sold Discontinued operations: Dividends Gross margin Income from continuing operations Re Income from discontinued operations 1. Income taxes 2. Less income tax savings Less income taxes Loss on sale of discontinued operations Net income Operating expenses Retained earnings, December 31, 2019 Retained earnings, December 31, 2019. as adjusted Retained earnings December 31, 2020 Calculate earnings per share for 2020. (Calculate a separate EPS for ea Earnings per share Choose from any list of enter any number in the input fields and then nua e ba 1, 20 VUSTUI yovus sur Discontinued operations: Dividends Gross margin Income from continuing operations The Income from discontinued operations Income taxes Less income tax savings Less income taxes Loss on sale of discontinued operations Net income Operating expenses Retained earnings, December 31, 2019 Retained earnings, December 31, 2019, as adjusted Retained earnings. December 31, 2020 Sales ot requ earnin Retained earnings, December 31, 2020 Calculate earnings per share for 2020. (Calculate a separate EPS for each line. Earnings per share Choose from any list or enter any number in the input fields and then continue Calculate oamings per share for 2020. (Calculate a separate EPS for each line. Addition of the EPS may not result in the correct solution due to rounding. Round EPS amounts to the nearest ce Earnings per share Dec 31. Based on the information given for December 31 and your calculations in requirement 2, record net income. Journal Entry Date Accounts Debit Credit DecStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started