Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. thanks question 1 maria organised manhattan tra

Thanks Question 1 Maria organised Manhattan Transport Company in January 2017. The...

60.1K

Verified Solution

Question

Accounting

Thanks image
Question 1 Maria organised Manhattan Transport Company in January 2017. The corporation immediately issued at $ per share one half of its 200,000 authorized ordinary shares of $2 par value. On 2 June 2017, the corporation sold at par value the entire 5,000 authorized cumulative preference shares of 8 percent. $100 par value. On 2 January 2018, it again needed money and issued 5,000 shares of an authorized 10,000 no-par cumulative preference shares for a total of $512,000. The no-par shares have a stated dividend of S9 per share. On 5 February 2019, it repurchased 10,000 of its ordinary shares at $100,000. The company's net income and divided for ordinary shares are as follows: Net Income Dividend per ordinary share outstanding 2017 $170,000 2018 $490.000 $0.50 2019 $400.000 $1.60 The corporation also paid no dividend to preference shareholders in 2017. Ailth Atau anh 4 Instructions a. Prepare all journal entries of share issue and repurchase transactions during 2017 to 2019. b. Prepare the shareholders' equity section of the statement of financial position at 31 December 2019. Show your computation of retained earnings at the end of the reporting period

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students