32. During 2013, O Company purchased marketable equity securities as short-term investment tobe measured at fair value through other comprehensive income. The cost and market value onDecember 31, 2013 were as follows:SecurityA 1,000 sharesB 10,000 sharesC 20,000 sharesCostMarket value300,0001,700,0003,150,000350,0001,550,0002,950,000The entity sold 10,000 shares of B on January 5, 2014 for P150 per share and incurredP50,000 in brokerage commission and taxes.What amount should be reported as loss on sale of equity securities in 2014?a. 200,000b. 100,000c. 250,000d. 50,000

The liss on sale of securities is calculated on the basis of market value and sale value of…

A 1,000 shares B 10,000 shares C 20,000 shares 300,000 1,700,000 3,150,000 350,000 1,550,000 2,950,000 The entity sold 10,000 shares of B on January 5, 2014 for P150 per share and incurred P50,000 in brokerage commission and taxes. What amount should be reported as loss on sale of equity securities in 2014? a. 200,000 b. 100,000 c. 250,000 d. 50,000

A 1,000 shares B 10,000 shares C 20,000 shares 300,000 1,700,000 3,150,000 350,000 1,550,000 2,950,000 The entity sold 10,000 shares of B on January 5, 2014 for P150 per share and incurred P50,000 in brokerage commission and taxes. What amount should be reported as loss on sale of equity securities in 2014? a. 200,000 b. 100,000 c. 250,000 d. 50,000

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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2. Assume the following data relative to ABC Corporation for 2016 is available: Net Income $1,400,000 Transactions in common shares. Jan 1, 2016 Beginning number: March 1, 2016 Purchased treasury shares June 1,2016 Stock split 2 for 1 Nov 1, 2016 Issuance of new shares 500,000 60,000 4. What is Diluted EPS per share? a 1.43 b. 1.57 c. 1.17 d. 1.24 120,000 8% Cumulative Preferred Stock Sold at par, convertible into 200,000 shares as adjusted for stock split $1,000,000 Stock Options-60,000 options Exercisable at the option price of $25 per share. $30 average market price in 2016, $20 year end marke price (market price and option price adjusted for stock split)
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Case: Fluffy Corporation (questions 4 - 5) Fluffy Corporation has changes In Its ordinary shares outstanding for the year 2015, as Illustrated In the table below. 20 Date Share Changes Shares Outstanding January 1 Beginning balance 210 000 24 April 1 Issued 27 000 shares July 1 6-for-1 share split took place September 1 Purchased9 000 shares December 31 Issued 15 000 shares Fluffy Corporation has a net Income of €865 980 and a tax rate of 10%. Its only convertible Instruments are 27 000 outstanding warrants (Isued prior to 2015) that can each be converted to one ordinary share at an exercise price of €12. The average falr value of Fluffy's share during 2015 Is €20. Calculate the 2015 diluted EPS for Fluffy Corporation, assuming the company uses the if-converted and treasury-share method for warrants. Also assume the resulting shares are subject to the share split on July 1. Provide the numerator and denominator for your calculation of diluted EPS [Round the numerator and denominator to…
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0 Required information [The following information applies to the questions displayed below.] a. On March 22, purchased 700 shares of RPI Company stock at $22 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $2 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 350 shares of RPI stock for $32 per share. Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including+ or -) for each transaction. k Assets Liabilities + a. 8 CO M I K ( 9 ; I option { [ ? I Equity + 11 "1 C } ] Save & Ext Check delete
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Q.10. Share capital of Tomato Ltd at 31 March 2017 was as follows: 100,000 ordinary shares at an issue price of $4 each paid to $2. `At that date, a further call of $2 on ordinary shares was made. During the 3 months to 30 June 2017, all calls were duly received except those on 5000 ordinary shares which were forfeited as at 30 June 2017. To bring capital back to the original amount of issued capital, the forfeited shares were offered to an investment company at a price of $3.50 per share paid to $4 and the transfer was completed on 30 September 2017. According to the company’s constitution, shareholders’ equity in forfeited shares must be refunded to them. On 31 October, the previous owner of forfeited shares received a refund cheque for the amount due, less selling costs of $720. Required Show journal entries to implement the above transactions.