7. On Dec. 31, 2018, the shareholders' equity section of A. Pacis, Inc. was as follows: Ordinary Shares, par value P100, authorized 30,000 shares, issued and outstanding 9,000 shares Share Premium P 900,000 1,160,000 Retained Earnings 1,460,000 P3,520,000 Total Shareholders' Equity On March 31, 2019, A. Pacis declared a 10% share dividend. Accordingly, 900 shares were issued when the fair market value was P160 per share. For the three months ended March 31, 2019, A. Pacis sustained a loss of P320,000. The balance of A. Pacis's retained earnings as of March 31, 2019 should be

7. On Dec. 31, 2018, the shareholders' equity section of A. Pacis, Inc. was as follows: Ordinary Shares, par value P100, authorized 30,000 shares, issued and outstanding 9,000 shares Share Premium P 900,000 1,160,000 Retained Earnings 1,460,000 P3,520,000 Total Shareholders' Equity On March 31, 2019, A. Pacis declared a 10% share dividend. Accordingly, 900 shares were issued when the fair market value was P160 per share. For the three months ended March 31, 2019, A. Pacis sustained a loss of P320,000. The balance of A. Pacis's retained earnings as of March 31, 2019 should be

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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At the beginning of the year 2021, Algorand Co. had 100,000 ordinary shares authorized and 50,000 shares issued and outstanding. The company had the following equity transactions during 2021: January 31, declared and issued 20% share dividends May 1, purchased 6,000 of the shares issued September 30, reissued 3,000 treasury shares November 30, declared a 3-for-1 share split How many shares are outstanding as of year-end?
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The shareholders' equity section of the balance sheet of TNL Systems Incorporated included the following accounts at December 31, 2023: Shareholders' Equity Common stock, 240 million shares at $1 par Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings Required: ($ in millions) $ 240 1,680 1 1,100 1. During 2024, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are (a) retired and (b) viewed as treasury stock. a. On February 5, 2024, TNL Systems purchased 6 million shares at $10 per share. b. On July 9, 2024, the corporation sold 2 million shares at $12 per share. c. On November 14, 2026, the corporation sold 2 million shares at $7 per share. 2. Prepare the shareholders' equity section of TNL Systems' balance sheet at December 31, 2026, comparing the two approaches. Assume all net income earned in 2024-2026…
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