8. If a corporation reissued at P200 per share 100 shares of treasury stock that it had previously acquired for P280 per share and there wasn't any Share Premium- Treasury, it would debit Loss on Sale of Treasury Stock for P8,000. b. Share Premium-Ordinary for P8,000. Retained Earnings for P8,000. d. Treasury Stock for P8,000. а. С. 9. Corpuz, Inc. has issued 200,000' shares of P1 par value ordinary shares at P15. If it repurchases 5,000 shares during 2019 at P20, a. profit would decrease by P25,000. b. profit would decrease by P100,000. c. shareholders' equity would decrease by P25,000. d. shareholders' equity would decrease by P100,000. 0. On Sept. 1, 2019, Modesto Corp.; a newly formed corporation, had the following shares issued and outstanding: Ordinary Shares, no par, P10 stated value, 5,000 shares originally issued at P150 per share. Preference Shares, P10 par value, 1,500 shares originally issued at P250 per share. Modesto's Sept. 1, 2019 statement of shareholders' equity should report Ordinary Shares P50,000 Preference Shares Share Premium P925,000 P700,000 а. P150,000 P375,000 P370,000 P150,000 b. P50,000 P750,000 P750,000 С. d. P225,000
8. If a corporation reissued at P200 per share 100 shares of treasury stock that it had previously acquired for P280 per share and there wasn't any Share Premium- Treasury, it would debit Loss on Sale of Treasury Stock for P8,000. b. Share Premium-Ordinary for P8,000. Retained Earnings for P8,000. d. Treasury Stock for P8,000. а. С. 9. Corpuz, Inc. has issued 200,000' shares of P1 par value ordinary shares at P15. If it repurchases 5,000 shares during 2019 at P20, a. profit would decrease by P25,000. b. profit would decrease by P100,000. c. shareholders' equity would decrease by P25,000. d. shareholders' equity would decrease by P100,000. 0. On Sept. 1, 2019, Modesto Corp.; a newly formed corporation, had the following shares issued and outstanding: Ordinary Shares, no par, P10 stated value, 5,000 shares originally issued at P150 per share. Preference Shares, P10 par value, 1,500 shares originally issued at P250 per share. Modesto's Sept. 1, 2019 statement of shareholders' equity should report Ordinary Shares P50,000 Preference Shares Share Premium P925,000 P700,000 а. P150,000 P375,000 P370,000 P150,000 b. P50,000 P750,000 P750,000 С. d. P225,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:8. If a corporation reissued at P200 per share 100 shares of treasury stock that it had
previously acquired for P280 per share and there wasn't any Share Premium-
Treasury, it would debit
a. Loss on Sale of Treasury Stock for P8,000.
b. Share Premium-Ordinary for P8,000.
Retained Earnings for P8,000.
d. Treasury Stock for P8,000.
а.
С.
9. Corpuz, Inc. has issued 200,000 shares of P1 par value ordinary shares at P15. If it
repurchases 5,000 shares during 2019 at P20,
a. profit would decrease by P25,000.
b. profit would decrease by P100,000.
c. shareholders' equity would decrease by P25,000.
d. shareholders' equity would decrease by P100,000.
С.
10. On Sept. 1, 2019, Modesto Corp.; a newly formed corporation, had the following
shares issued and outstanding:
Ordinary Shares, no par, P10 stated value, 5,000 shares originally issued at P150 per
share.
Preference Shares, P10 par value, 1,500 shares originally issued at P250 per share.
Modesto's Sept. 1, 2019 statement of shareholders' equity should report
Ordinary Shares
Р50,000
Preference Shares
Share Premium
P150,000
P375,000
P370,000
P925,000
P700,000
а.
b.
P50,000
P750,000
P750,000
C.
d.
P150,000
P225,000
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