AA8The adjusted trial balance of ZZZ Corp. on December 31, 2021 includes the followingaccount balances:Dividends PayableP 40,000Ordinary Share Capital (P5 par, 500,000 shares750,000authorized)Ordinary Share Capital Subscribed (10,000 shares)25,000Ordinary Share Premium50,00010% Preference Share Capital (25,000 shares authorized,12,000 shares outstanding)300,000Preference Share Premium30,000Retained Earnings Appropriated for Contingencies150,000Retained Earnings Appropriated for Bond Retirement100,000Retained Earnings-Unappropriated450,000Ordinary Share Capital Dividends Distributable105,000Paid-in Capital from Share Capital Dividend63,000 Using the information in AA8, what is the par value for each preference share capital?P 12P 10P 25P 40

Preference shareholders enjoy the preference of capital redemption in the event of liquidation of…

AA8 The adjusted trial balance of ZZZ Corp. on December 31, 2021 includes the following account balances: Dividends Payable P 40,000 Ordinary Share Capital (P5 par, 500,000 shares 750,000 authorized) Ordinary Share Capital Subscribed (10,000 shares) 25,000 Ordinary Share Premium 50,000 10% Preference Share Capital (25,000 shares authorized, 12,000 shares outstanding) 300,000 Preference Share Premium 30,000

AA8 The adjusted trial balance of ZZZ Corp. on December 31, 2021 includes the following account balances: Dividends Payable P 40,000 Ordinary Share Capital (P5 par, 500,000 shares 750,000 authorized) Ordinary Share Capital Subscribed (10,000 shares) 25,000 Ordinary Share Premium 50,000 10% Preference Share Capital (25,000 shares authorized, 12,000 shares outstanding) 300,000 Preference Share Premium 30,000

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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Shaina company reported the following shareholders’ equity on December 31, 2019:Preference share capital, 10% cumulative and non participating, P100 par, 10,000 shares P1,000,000Ordinary share capital, P100 par, 20,000 shares 2,000,000Subscribed ordinary share capital, 10,000 shares 1,000,000Subscriptions receivable 250,000Share Premium 500,000Retained Earnings 1,200,000Treasury ordinary shares, 5,000 at cost 400,000 The preference dividends are in arrears for 2017, 2018 and 2019. a. What is the book value per ordinary share? b. What is the book value per preference share?
29. The Corazon Corporation it authorized to isue 100,000 shares at P20 par ordinary shares. At the beginning of 2020, I8.000 ordinary shores were issued and outstanding. These shares had been hsued at P27 per sham. During 2020, me company enteted into the folowing transactione January 4 Morch 19 ued 1.300 ordinary sharet at P28 per share. Exchanged 12,000 ordinary shares for a mochine. The ordinary share was seling at P30 per share. Reacquired ordiniary shates at P29 per share. May 9 Juhy 19 Accepted subscriptions tor 1.000 ordincry shares at P31 per share. the contract caled Ior 105 down pnyment with the hoinnre dun on December 1 Septermber 4 Sold 500 of trmasury shares at P32 per shate. December 1 Collected the balance due on July 19 subscriptions and issued the stock certificate. How much s the total contritutecd copital for December 31, 20209
The Gangnam Company began operations in January 2019 and reported the following results for each of its three years of operations. 2019 – P520,000 loss; 2020 – P80,000 loss; 2021 – P1,600,000 profit At December 31, 2020, Gangnam Company’s capital accounts were as follows: 8% Cumulative Preference Share Capital, P100 par, 50,000 shares authorized, issued and outstanding- P5,000,000; Ordinary Share Capital, P10 par, 1,000,000 shares authorized, 750,000 shares issued and outstanding- P7,500,000 Gangnam Company has never paid a cash or bonus issue and there has been no change in its capital accounts since it began operations in 2019. The corporation law permits dividends only from retained earnings.What is the book value of the ordinary share at December 31, 2020 assuming that the preference share has a liquidating value of P106 per share?
Endless Company provided the following shareholders Problem 18-2 (ACP) equity on December 31, 2021: Preference share capital, l12% P100 par Ordinary share capital, P100 Share premium Retained earnings 1,000,000 4,000,000 2,000,000 1,000,000 Dividends have been paid on the preference share un in December 31, 2019. Required: Compute the book value per ordinary share and pen preference share under each of the following conditions with respect to preference share: a. Cumulative and fully participating b. Cumulative and fully participating after ordinary share receives 15%: c. Cumulative and participating up to l16% d. Cumulative and nonparticipating e. Noncumulative and nonparticipating
Part of the Financial Position of Candy Inc. as of Dec. 31, 2019 shows the following: Accounts Payable Bonds payable Ordinary Share Capital par) 8% Preference Share Capital (P200 par) 10% Preference Share Capital(P200 par) Р 56,000 500,000 550,000 (P100 300,000 200,000 25,000 50,000 70,000 230,000 (21,000) P 1,960,000 Share Premium – ordinary Share Premium – Preference Appropriations reserve Accumulated Profits Treasury shares - ordinary (P105/sh) Total Equities Dividends are in arrears for two years. The 10% preference share capital is cumulative while the 8% preference share capital is participating up to 12%. If Candy Inc. is liquidated, how much would be received by Mr. Gwapo who holds 500 ordinary shares and 100 shares of 10% preference shares?
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The stockholders/ equity section of Glavine Company revealed the following information on December 31, 2019: Preference share, P100 par 1,150,000 Premium on share capital - Preference share 402,500 Ordinary share, P15 par 2,620,000 Premium on share capital - Ordinary share 1,375,000 Subscribed ordinary share 250,000 Retained earnings 950,000 Note payable 2,000,000 Subscriptions receivable - Ordinary share…
On January 01, 2021, ABC Corporation provided you the following information: Ordinary share capital, 300,000 shares issued, P10 par 3,000,000 Preference share capital, 400,000 shares issued, P20 par 8,000,000 Share premium – ordinary shares 1,200,000 Share premium – preference 2,000,000 Retained earnings 6,000,000 Share transactions for the year 2021: March 10 – Reacquired 80,000 preference shares at P35 per share April 20 – Reissued 30,000 preference treasury shares at P43 per share April 25 - Reissued 10,000 preference treasury shares at P30 per share May 13 – Retired 20,000 preference treasury shares. Journal entry on May 13 should include a.Debit share premium – treasury shares – 200,000 b.Debit retained earnings – 200,000…
18. The stockholders’ equity account balances of Image Corporation as of December 31, 2020 are as follows: Ordinary shares, P100 par; 50,000 shares authorized; 25,000 shares issued, P2,500,000 Share premium, P1,500,000 Accumulated profits, P1,000,000 Treasury shares, 2,000 shares at cost, P360,000 On January 10, 2021 Image reacquired additional 2,000 shares from stockholders at P225 On February 5, 2021, Image sold 2,500 treasury shares on the open market at P200 per share. On March 15, 2021, Image retired 1,000 treasury shares of the remaining treasury shares, the entry to record the retirement shall include: Group of answer choices Debit to accumulated profits of P60,000 Debit to accumulated profits of P37,500 Debit to accumulated profits of P27,500 Debit to accumulated profits of P10,000
ABC Company provided the following information relating to shareholders' equity on December 31, 2020: Preference share capital, P100 par, 80,000 shares issued, 12% cumulative and fully participating, P8,000,000 Ordinary share capital, P50 par, 200,000 shares issued, P10,000,000 Share premium, P5,000,000 Retained earnings, P7,000,000 Dividends on preference shares are in arrears for two years including the current year. On December 31, 2020, ABC Company intends to pay cash dividend of P10 per share to its ordinary shareholders. What is the total amount of dividends to be declared for the preference and ordinary shareholders? (round answer to a whole number)