3. What is the total shareholders' equity at year-end? At the beginning of the current year, SCARLET Company's issued and outstanding shares total 100,000 shares of P10 par value, Share Premium of P400,000 and Retained Earnings of P360,000. The following transactions occurred during the year: January 10 Sold 40,000 shares at P15 per share March 27 Purchased 5,000 treasury shares at a cost of P12 per share. October 31 Issued P5,000,000 convertible bonds at 120.The bonds are quoted at 98 without the conversion feature. November 10 Declared a 2 for 1 split when the market value of the share was P16. December 15 Sold 20,000 shares at P10 per share. December 31 Net income for the year was P550,000

3. What is the total shareholders' equity at year-end? At the beginning of the current year, SCARLET Company's issued and outstanding shares total 100,000 shares of P10 par value, Share Premium of P400,000 and Retained Earnings of P360,000. The following transactions occurred during the year: January 10 Sold 40,000 shares at P15 per share March 27 Purchased 5,000 treasury shares at a cost of P12 per share. October 31 Issued P5,000,000 convertible bonds at 120.The bonds are quoted at 98 without the conversion feature. November 10 Declared a 2 for 1 split when the market value of the share was P16. December 15 Sold 20,000 shares at P10 per share. December 31 Net income for the year was P550,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On January 1st, Admiral Nelson Company had 300,000 shares of common stock issued andoutstanding. Admiral issued a 10% stock dividend on June 30th. On September 30th, 12,000 shares ofcommon stock were reacquired as treasury stock. What is the appropriate number of shares to be usedin calculating basic earnings per share for the year?
On January 1st, Admiral Nelson Company had 300,000 shares of common stock issued and outstanding. Admiral issued a 10% stock dividend on June 30th. On September 30th, 12,000 shares of common stock were reacquired as treasury stock. What is the appropriate number of shares to be used in calculating basic earnings per share for the year?
In Year 1, a company sold 20,000 shares of common stock at $1 par value for $20 per share. On February 1, the company sold 10,000 shares of $20 par preferred stock for $30 per share. The preferred stock pays a fixed dividend of 10% of par each year. The company paid $30,000 in total dividends in Year 1. In Year 2, total dividends paid in dollars equaled $12,000. Assume cumulative preference. In Year 2, what is the total dollar amount of dividends paid to common shareholders?
A company with 95,000 authorized shares of $7 par common stock issued 42,000 shares at $16. Subsequently, the company declared a 2% stock dividend on a date when the market price was $34 per share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?
The following equity investment transactions were completed by Vintage Company during a recent year: Apr. 10 Purchased 4,400 shares of Delew Company’s common stock for a price of $50 per share plus a brokerage commission of $115. Delew Company has 220,000 shares of common stock outstanding. July 8 Received a quarterly dividend of $0.65 per share on the Delew Company investment. Sept. 10 Sold 1,200 shares for a price of $41 per share less a brokerage commission of $90. Dec. 31 At the end of the accounting period, the fair value of the remaining 3,200 shares of Delew Company’s stock was $49.53 per share.
Using the following information for the year ended 30 June, prepare the Retained Earnings Account for Kramer Ltd. Retained earnings as at 1 July $450,000 Transfer from Dividend Equalisation Reserve $200,000 Operating Profit (before income tax expenses $270,000) $900,000 Create a provision for dividend of 15 cents per share. There are 7,500,000 shares issue
Earnings per Share Stanford Corporation began the year with 150,000 shares of common stock outstanding. On March 1 an additional 10,000 shares of common stock were issued. On August 1, another 16,000 shares of common stock were issued. On November 1, 12,000 shares of common stock were acquired as Treasury Stock. Stanford Corporation’s net income for the calendar year is $489,000. RequiredCalculate the company’s earnings per share.Earnings per Share $Answer
Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Jan. 9 Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,200,000 common shares outstanding. Feb. 28 Purchased 40,000 shares of the corporation’s own common stock at $28, recording the stock at cost. May 1 Declared semiannual dividends of $0.80 on 75,000 shares of preferred stock and $0.12 on the common stock to stockholders of record on June 1, payable on July 10. Jul. 10 Paid the cash dividends. Sep. 7 Sold 30,000 shares of treasury stock at $34, receiving cash. Oct. 1 Declared semiannual dividends of $0.80 on the preferred stock and $0.12 on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36. Dec. 1 Paid the cash dividends and issued the certificates for the…
6
On January 1, the company had 150,000 common shares outstanding. During the year, the following events occurred: March 1: Two-for-one stock split June 1: Issued 45,000 additional shares September 1: 20% stock dividend What was the weighted-average number of shares outstanding for the year?
Please help me
A company with 100,000 authorized shares of $6 par common stock issued 35,000 shares at $12. Subsequently, the company declared a 2% stock dividend on a date when the market price was $22 per share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?