equity section of the corporation.12 The following accounts appear in the trial balance of DAVAO EAGLE Corporation as ofDecember 31, 2019:Redeemable Preference Share Capital, par P100, authorized 50,000 P1,700,000sharesSubscribed Preference Share CapitalSubscription Receivable, Preference SharesAuthorized Ordinary Share Capital, P100 stated valueUnissued Ordinary Share CapitalOrdinary Share PremiumPreference Share Premium200,000150,0001,000,000500,00055,000300,00060,000Treasury Shares (500 ordinary shares)Direction:For each class of stock, compute for the authorized number of shares, issued shares,unissued shares, issued and outstanding shares, subscribed shares, still available forsubscription, legal capital.14. To continue with problem 13, assume the following transactions took place during 2020:Jan. 10One halí of the subscriptions receivable were collected and certificates ofstock issued for 1,000 shares.Remaining subscriptions were declared delinquent and the correspondingchares put upA bidder for 300 shares paid the amount due plus accrued interest of P750and the corresponding certificates were issued.A stockholder received 2,000 preferred shares with a market value of P20020for public auction. Advertising paid, P5,500.2531 5,000 preferred shares were redeemed at a price of P120 per share.1) Prepare a table tracking down the movement of the stocks, one each for theA shareholder paid P70,000 for 500 common shares.Feb. 8300 treasury shares were sold for P45,000.2028Mar. 1100 treasury shares were sold for P10,000.Direction:preferred and common. Start with the December 31 balances.2) Journal entries) Prepare the shareholders' equity section as of March 31, 2016.4)1 of each class of stock, answer the same requirements as in Exercise 13.

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13 The following accounts appear in the trial balance of DAVAO EAGLE Corporation as of December 31, 2019: Redeemable Preference Share Capital, par P100, authorized 50,000 P1,700,000 shares Subscribed Preference Share Capital Subscription Receivable, Preference Shares Authorized Ordinary Share Capital, P100 stated value Unissued Ordinary Share Capital Ordinary Share Premium Preference Share Premium Treasury Shares (500 ordinary shares) 200,000 150,000 1,000,000 500,000 55,000 300,000 60,000 Direction: For each class of stock, compute for the authorized number of shares, issued shares, unissued shares, issued and outstanding shares, subscribed shares, still available for subscription, legal capital.

13 The following accounts appear in the trial balance of DAVAO EAGLE Corporation as of December 31, 2019: Redeemable Preference Share Capital, par P100, authorized 50,000 P1,700,000 shares Subscribed Preference Share Capital Subscription Receivable, Preference Shares Authorized Ordinary Share Capital, P100 stated value Unissued Ordinary Share Capital Ordinary Share Premium Preference Share Premium Treasury Shares (500 ordinary shares) 200,000 150,000 1,000,000 500,000 55,000 300,000 60,000 Direction: For each class of stock, compute for the authorized number of shares, issued shares, unissued shares, issued and outstanding shares, subscribed shares, still available for subscription, legal capital.

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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Kindly answer number 18 and 19 only.
AB Co issues 5.000 50c shares for $6.000. Required: What are the amounts for share capital and share premium in the statement of financial position?
Below are the accounts shown in the December 31, 2020 trial balance of ABC Corporation: Preference shares, P50 par, 100,000 authorized, 40,000 shares issued Ordinary shares, P100 par, 200,000 authorized, 50,000 shares issued Subscribed preference share, 20,000 shares Subscribed ordinary shares, 20,000 shares Subscription receivable, preference due March 31, 2021, P180,000 Subscription receivable, ordinary due June 1, 2021, P260,000 Treasury stock, preference, 10,000 shares reacquired at P86 Share premium – Ordinary shares, P1,500,000 Share premium – Preference shares, P2,100,000 Share premium from Treasury, P400,000 Donated Capital, P600,000 Ordinary share warrants outstanding, P300,000 Ordinary share options outstanding, P200,000 Accumulated Profits, P3,100,000 Revaluation Surplus, P1,500,000 Reserve for plant expansion, P1,200,000 Unrealized Gain on financial asset at FMV through OCI/L, P200,000 How much is the total contributed capital of ABC Corporation? Group of answer choices…
1. see image for the question and statmentchoices: a. 176,000b. 263,000c. 204,000d. 321,000
On January 01, 2021, ABC Corporation provided you the following information: Ordinary share capital, 300,000 shares issued, P10 par 3,000,000 Preference share capital, 400,000 shares issued, P20 par 8,000,000 Share premium – ordinary shares 1,200,000 Share premium – preference 2,000,000 Retained earnings 6,000,000 Share transactions for the year 2021: March 10 – Reacquired 80,000 preference shares at P35 per share April 20 – Reissued 30,000 preference treasury shares at P43 per share April 25 - Reissued 10,000 preference treasury shares at P30 per share May 13 – Retired 20,000 preference treasury shares. Journal entry on May 13 should include a.Debit share premium – treasury shares – 200,000 b.Debit retained earnings – 200,000…
Part A The equity section of Island Ltd as at July 1, 2020 is as follows: Share capital 2,000,000 ordinary shares, issued at $2 fully paid 6% 20,000 preference shares, issued at $3, fully paid General reserve Revaluation surplus Retained earnings $4,000,000 60,000 50,000 8,000 590,000 During the year ended June 30, 2021, the following transactions occurred: (1) On July 1, 2020, Island Ltd issued 2,000 ordinary shares at $2 each by private placement. All new shares are entitled to interim and final dividends. (ii) Declared $0.06 per share of interim dividend to all ordinary shareholders on December 1, 2020. (i) Payment of interim dividend to ordinary shareholders was made on February 28, 2021. (iv) Declared and paid a dividend to preference shareholders on March 31, 2021. (v) Declared final dividend of 2 cents per share to all ordinary shareholders on June 30, 2021. Required: Prepare journal entries for the above transactions. Show all workings and narrations.
See image. Choices: a. P780,000 b. P720,000 c. P1,440,000 d. P560,000
Dividends on Preference and Ordinary Shares Required: Calculate the amount of dividends received by preference and ordinary shareholders, respectively, under each of the following assumptions.