Q: On January 1, 2020, Logan Limited had shares outstanding as
On January 1, 2020, Logan Limited had shares outstanding as follows: To acquire the net assets of three smaller companies, the company authorized the issuance of an additional 330,000 common shares....
See AnswerQ: On January 1, 2020, Trigson Ltd. had 580,
On January 1, 2020, Trigson Ltd. had 580,000 common shares outstanding. During 2020, it had the following transactions that affected the common share account: The company's year end is December 31....
See AnswerQ: A portion of the combined statement of income and retained earnings of
A portion of the combined statement of income and retained earnings of Snap Ltd. for the current year ended December 31, 2020, follows: Note 1. During the year, Snap Inc. suffered a loss from discont...
See AnswerQ: At January 1, 2020, Ming Limited's outstanding shares included the
At January 1, 2020, Ming Limited's outstanding shares included the following: Net income for 2020 was $2,130,000. No cash dividends were declared or paid during 2020. On February 15, 2021, however, a...
See AnswerQ: In 2019, Capstone Ltd. issued $50,000 of
In 2019, Capstone Ltd. issued $50,000 of 8% bonds at par, with each $1,000 bond being convertible into 100 common shares. The company had revenues of $75,000 and expenses of $40,000 for 2020, not incl...
See AnswerQ: On January 1, 2020, Manfred Manufacturers had 300,000
On January 1, 2020, Manfred Manufacturers had 300,000 common shares outstanding. On April 1, the corporation issued 30,000 new common shares to raise additional capital. On July 1, the corporation dec...
See AnswerQ: Christina Inc. follows IFRS. Christina holds a variety of investments
Christina Inc. follows IFRS. Christina holds a variety of investments, some of which are accounted for at fair value through net income and some of which are accounted for at fair value through other...
See AnswerQ: Ottey Corporation issued $4 million of 10-year, 7
Ottey Corporation issued $4 million of 10-year, 7% callable convertible subordinated debentures on January 2, 2020. The debentures have a face value of $1,000, with interest payable annually. The curr...
See AnswerQ: LEW Jewellery Corp. uses gold in the manufacture of its products
LEW Jewellery Corp. uses gold in the manufacture of its products. LEW anticipates that it will need to purchase 500 ounces of gold in October 2020 for jewellery that will be shipped for the holiday sh...
See AnswerQ: On January 1, 2020, Draper Inc. issued $4
On January 1, 2020, Draper Inc. issued $4 million of face value, five-year, 6% bonds at par. Each $1,000 bond is convertible into 20 common shares. Draper's net income in 2020 was $200,000, and its ta...
See Answer
