1. What amount of retained earnings should be appropriated as a result of the given transactions? * The following information pertains to IRON MAN Company: a. Dividends on its 50,000 shares of 10%, P100 par value cumulative preference share capital have not been declared or paid for 3 years. b. Treasury ordinary shares were acquired at a cost of P1,000,000 during the year. The treasury share had not been reissued as of year-end. c. At year-end, IRON MAN appropriated P3,000,000 of retained earnings for the construction of a new plant. Also, P2,000,000 of cash was restricted for the retirement of bonds payable due in the next year. d.

1. What amount of retained earnings should be appropriated as a result of the given transactions? * The following information pertains to IRON MAN Company: a. Dividends on its 50,000 shares of 10%, P100 par value cumulative preference share capital have not been declared or paid for 3 years. b. Treasury ordinary shares were acquired at a cost of P1,000,000 during the year. The treasury share had not been reissued as of year-end. c. At year-end, IRON MAN appropriated P3,000,000 of retained earnings for the construction of a new plant. Also, P2,000,000 of cash was restricted for the retirement of bonds payable due in the next year. d.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Can I ask for a solution to this problem? In good accounting form. Thank you. What amount should be reported as unappropriated retained earnings at year-end?
Income Statement and Earnings per Share for Discontinued Operations Apex Inc. reports the following for a recent year: Income from continuing operations before income tax expense $1,000,000 Loss from discontinued operations $240,000* Weighted average number of shares outstanding 20,000 Applicable tax rate 40% *Net of any tax effect. Question Content Area a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense.
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1. The following information was taken from the accounts of JT Corp at year end:Total income since incorporation P900,000Total cash dividends paid P260,000Proceeds from sale of donated shares P 90,000Total value of share dividends distributed P60,000Excess of proceeds over cost of treasury stocks sold P140,000What should be the current balance of retained earnings? a. P780,000b. P520,000c. P720,000d. P580,0002. see imagechoices: a. 176,000b. 263,000c. 204,000d. 321,000
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