99. Vicar Company was organized on January 1,2013 with 100,000 authorized shares of PI 00 par value. On January 5, the entity issued 75,000 shares at P140 per share and on December 31, the entity purchased 5,000 shares at P110 per share. The entity used the par value method to record the purchase of the treasury shares. What is the balance of the share premium from treasury shares on December 31,2013? * A. 0 O B. 50,000 O C. 150,000 O D 200,000

99. Vicar Company was organized on January 1,2013 with 100,000 authorized shares of PI 00 par value. On January 5, the entity issued 75,000 shares at P140 per share and on December 31, the entity purchased 5,000 shares at P110 per share. The entity used the par value method to record the purchase of the treasury shares. What is the balance of the share premium from treasury shares on December 31,2013? * A. 0 O B. 50,000 O C. 150,000 O D 200,000

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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Sheridan Corp. issues 5200 shares of $10 par value common stock at $16 per share. When the transaction is recorded, credits are made to Common Stock $52000 and Paid-in Capital in Excess of Par $31200. O Common Stock $52000 and Paid-in Capital in Excess of Stated Value $31200. O Common Stock $52000 and Retained Earnings $31200. O Common Stock $83200.
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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?
W16-3 SB Company has outstanding 40,000 shares of P5 par common stock which had been issued at P30 per share. SB then entered into the following transactions. 1. Purchased 5,000 treasury shares at $45 per share. 2. Resold 500 of the treasury shares at $40 per share. 3. Resold 2,000 of the treasury shares at $49 per share. Instructions: Use the following code to indicate the effect each of the three transactions has on the financial statement categories listed in the table below; assuming SB Company uses the cost method. |= Increase; D = Decrease; NE = No effect. Liabilities Stockholders' Paid-in Equity Number Assets Retained Net Capital Earning Income 1 2 3.
Answer no. 4 to 6
Glen Tay Inc. had issued 24,000 shares of its no-par common shares on April 1, 2017 for property with an appraisal value of $320,000. The common shares of the company were being traded at $13.15 each on that day. What is the journal entry required to record the issuance of the shares? Select one: a. DR Common Shares Receivable, $320,000; CR Common Share Capital, $315,600; CR Gain On Issue Of Shares, $4,400. b. DR Common Shares Receivable, $320,000; CR Common Share Capital, $315,600; CR Contributed Surplus - Common Shares, $4,400. c. DR Property, $320,000; CR Common Share Capital, $315,600; CR Retained Earnings -Issue Of Shares, $4,400. d. DR Property, $320,000; CR Common Share Capital, $315,600; CR Gain On Issue Of Shares, $4,400. e. None of the above entries.
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Jupiter corporation had the following shares outstanding at December 31. 2018: Ordinary shares, par P80 - 320.000: 6% preference shares, par P80 - 160.000. Accumulated profits for dividend distribution amounted to P64.400. No dividends were declared for 2016 and 2017. If the preference share capital is cumulative and fully participating, what is the dividends per share of the preference share? (Round off answers to two decimal places.)
JKL Corp. reported the following amounts in the shareholders' equity section of its December 31, 2015, statement of financial position: Preference shares, P10 par (100,000 shares authorized, 40,000 shares issued) P400,000 Ordinary shares, P5 par (50,000 shares authorized, 20,000 shares issued) 100,000 Share premium – Ordinary shares 192,000Accumulated profits 1,200,000 The following transactions occurred during 2016: At the beginning of 2016, the company…
Bridgeport SA uses a calendar year for financial reporting. The company is authorized to issue 8,210,000 R$12 par ordinary shares. At no time has Bridgeport issued any potentially dilutive securities. Listed below is a summary of Bridgeport’s ordinary share activities. 1. Number of ordinary shares issued and outstanding at December 31, 2021 2,040,000 2. Shares issued as a result of a 12% share dividend on September 30, 2022 244,800 3. Shares issued for cash on March 31, 2023 1,870,000 Number of ordinary shares issued and outstanding at December 31, 2023 4,154,800 4. A 2-for-1 share split of Bridgeport’s ordinary shares took place on March 31, 2024 (a) Compute the weighted-average ordinary shares used in computing earnings per ordinary share for 2022 on the 2023 comparative income statement. enter a number of shares shares