On March 2, 2020, Zoe Moreau. Karen Kreta, and Veronica Visentin start a partnership to operate a personal coaching and lifestyle consulting practice for professional women. Zoe will focus on work-life balance issues, Karen on matters of style, and Veronica on health and fitness. They sign a partnership agreement to split profits in a 3.2.3 ratio for Zoe, Karen, and Veronica, respectively. The following are the transactions for CULLUMBER Personal Coaching 2020 Mar. 2 The partners contribute assets to the partnership at the following agreed amounts: Z Moreau K Krneta V. Visentin Cash $14.900 $10.400 $19.900 Furniture 17.100 Equipment 19,000 14.000 Total $33.900 $27.500 $33.900 They also agree that the partnership will assume responsibility for Karen's note payable of $4.900 Dec Zoe, Karen, and Veronica each withdraw $29.600 cash as a year end boos."No other withdrawals were made - View Policies Current Attempt in Progress The shareholders' equity accounts of Cullumber Inc at December 31, 2020, are as follows: $500,000 Preferred shares, $3 noncumulative, unlimited number authorized, 5,000 issued Common shares, unlimited number authorized, 160,000 issued Retained earnings Accumulated other comprehensive loss 800,000 380,000 (51,000) Cullumber has a 40% income tax rate. During the following fiscal year, ended December 31, 2021, the company had the following transactions and events: Feb. 1 July 12 Repurchased 10,000 common shares for $40.000, Announced a 2-for preferred stock split. The market price of the preferred shares at the date of announcement was $150 Declared the annual cash dividend (5150 post-split) to the preferred shareholders of record on January 10, 2022, payable on January 31, 2022 Dec 1 Cullumber has a 40% income tax rate. During the following fiscal year, ended December 31, 2021, the company had the following transactions and events: Feb. 1 July 12 Dec 1 Repurchased 10,000 common shares for $40,000. Announced a 2-for-1 preferred stock split. The market price of the preferred shares at the date of announcement was $150 Declared the annual cash dividend ($1.50 post-split) to the preferred shareholders of record on January 10, 2022, payable on January 31, 2022. Declared a 10% stock dividend to common shareholders of record at December 20, distributable on January 12, 2022. The fair value of the common shares was $10 per share. Determined that for 2021. profit before income tax was $310,000 and other comprehensive income, net of income tax expense of $45.200, was $67.800. Dec. 18 Dec 31 On March 2, 2020, Zoe Moreau. Karen Kreta, and Veronica Visentin start a partnership to operate a personal coaching and lifestyle consulting practice for professional women. Zoe will focus on work-life balance issues, Karen on matters of style, and Veronica on health and fitness. They sign a partnership agreement to split profits in a 3.2.3 ratio for Zoe, Karen, and Veronica, respectively. The following are the transactions for CULLUMBER Personal Coaching 2020 Mar. 2 The partners contribute assets to the partnership at the following agreed amounts: Z Moreau K Krneta V. Visentin Cash $14.900 $10.400 $19.900 Furniture 17.100 Equipment 19,000 14.000 Total $33.900 $27.500 $33.900 They also agree that the partnership will assume responsibility for Karen's note payable of $4.900 Dec Zoe, Karen, and Veronica each withdraw $29.600 cash as a year end boos."No other withdrawals were made - View Policies Current Attempt in Progress The shareholders' equity accounts of Cullumber Inc at December 31, 2020, are as follows: $500,000 Preferred shares, $3 noncumulative, unlimited number authorized, 5,000 issued Common shares, unlimited number authorized, 160,000 issued Retained earnings Accumulated other comprehensive loss 800,000 380,000 (51,000) Cullumber has a 40% income tax rate. During the following fiscal year, ended December 31, 2021, the company had the following transactions and events: Feb. 1 July 12 Repurchased 10,000 common shares for $40.000, Announced a 2-for preferred stock split. The market price of the preferred shares at the date of announcement was $150 Declared the annual cash dividend (5150 post-split) to the preferred shareholders of record on January 10, 2022, payable on January 31, 2022 Dec 1 Cullumber has a 40% income tax rate. During the following fiscal year, ended December 31, 2021, the company had the following transactions and events: Feb. 1 July 12 Dec 1 Repurchased 10,000 common shares for $40,000. Announced a 2-for-1 preferred stock split. The market price of the preferred shares at the date of announcement was $150 Declared the annual cash dividend ($1.50 post-split) to the preferred shareholders of record on January 10, 2022, payable on January 31, 2022. Declared a 10% stock dividend to common shareholders of record at December 20, distributable on January 12, 2022. The fair value of the common shares was $10 per share. Determined that for 2021. profit before income tax was $310,000 and other comprehensive income, net of income tax expense of $45.200, was $67.800. Dec. 18 Dec 31
