ABC Company canceled 5,000 shares of P25 par value held in treasury at an average cost of P130 per share. Before the cancellation of the treasury shares, the entity had the following shareholders’ equity   Share capital 625,000 Share premium 750,000 Retained earnings 900,000 Treasury shares, at cost.   650,000

Q: A company bought back 57,000 shares of its own common stock at $14 per share. Four months later the…

A: Given Information: Company bought back 57,000 shares at price $14 After 4 month 20,000 shares were…

Q: INDUSTRY Company had 40,000 shares of P10 par value treasury shares. These shares were reacquired at…

A: Solution When a corporation buys its own stock, such transaction affects retained earnings…

Q: The following information pertains to IRON MAN Company: a. Dividends on its 50,000 shares of 10%,…

A: Appropriated retained earnings are retained earnings that are earmarked for a certain project or…

Q: The Resty Company issued 200,000 new P1 ordinary shares at a fair value of P1.80 each. Resty…

A: Total expense net of tax = ( professional fees + internal management time in managing the process) x…

Q: 2021 statement of financial position of

A: Share refers to the portion held by the shareholder from the total share capital. The holder of the…

Q: Company makes final call of 25c per share on 500 000 shares issued at $1. Holders of 20 000 shares…

A: Forfeiture and Reissue of shares When any shareowner defaults in making the payments being called…

Q: Eunice Company provided the following information:   Dividends on 1,000 cumulative preference…

A: Retained earnings: The retained earnings contain the net income that is retained after distributing…

Q: The following information pertains to A Company: • Dividends on its 1,000 shares of 6%, $10 par…

A: An appropriation is a discretionary reclassification of retained earnings. Its purpose is to…

Q: If the cost method is used to record treasury stock transactions, to record the sale of the 5,000…

A: Given information is: Long Co. issued 100,000 shares of  P10 par ordinary shares  for P1,200,000.…

Q: Columbiana Corporation reports a deficit in current E&P of ($400,000) in 20X8 and accumulated E&P at…

A: The dividend is the percentage of profits paid to its shareholders.

Q: At year-end, XYZ Company canceled 1,000 shares of P10 par value held in treasury at an average cost…

A: Number of shares issued after cancelation of the treasury share = Beginning Number of shares issued…

Q: The Irish Lontoc Corporation was authorized to issue 150,000 no-par value common shares. There were…

A: Treasury stock- is the stock owned by the company of it's own shares. On cancellation of treasury…

Q: 1,495,000 c. 1,391,000 d. 1,316,000 a. b. 1,420,000

A: Step 1 Investment in Associate refers to the investment in an entity in which the investor has…

Q: 1. (Chapter 15 – Contributed Surplus) ABC Limited had the following shareholders' equity on January…

A:

Q: Kingbird, Inc. began business by issuing 390000 shares of $5 par value common stock for $24 per…

A: The total paid in capital includes the total value of shares issued to the shareholders. The…

Q: Westside Corp. issued 2,000,000 common shares at $9 a share during April, Year 1. On September 23,…

A: Treasury stock is the shares of a business's stock that it has bought back from the public market.…

Q: Swarten AG issued 500 shares of no-par ordinary shares for €8,000. Prepare Swarten’s journal entry…

A: Journal entries are defined as recording of the business transactions into the books of accounts of…

Q: Weighted average number of common shares

A: The weighted average number of shares outstanding number of shares outstanding that is multiplied…

Q: The following information pertains to Enzo Company: - Dividends on its 50,000 shares of 10%, P100…

A: Appropriated retained earnings is that portion of retained earnings that is kept aside by the board…

Q: The accounts below appear in the December 31, 2018 trial balance of Utah Jazz Corporation:…

A: Shareholder's equity can be calculated by using the following formula: SE = Share capital + Retained…

Q: Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's…

A: The journal entries are prepared to record the transactions on regular basis. The additional cash…

Q: Want Answer in text

A: Step 1: Introduction to Short-Term Liability:Short term liability are the liabilities that the…

Q: Under the cost method of accounting for treasury stock, the reissuance resulted in a credit to  a.…

A: The answers for the multiple choice questions and relevant explanation are presented hereunder : The…

Q: Toy Co Corporation purchased 282,000 of the 940,000 common shares of Abacus Ltd. on October 1, 2021,…

A: Journal entry is the first stage of accounting process.Journal entry used to record business…

Q: Ace Hardware Inc has the following information: • Dividends on its 10,000 cumulative preference…

A: Retained Earnings The calculation of retained earnings is added the net earning which are incurred…

Q: Rolan Corporation issued 10,000 shares of common stock in exchange for all of Sandin Corporation's…

A: The business combination may be effected through stock acquisition or net identifiable asset and…

Q: A corporation issued 10,000 shares of $20 par value common stock for $240,000 cash. A corporation…

A: The accounting equation states that assets equal to sum of liabilities and equity.

Q: Persistence Inc. provided the following information at year end: Share capital 15,000,0000 Share…

A: The total shareholders' equity refers to the total amount in the statement of the financial position…

Q: Ashante Sports Collections Ltd. (ASCL) ended 20X5 with 820,000 common shares outstanding, after…

A: EPS stands for Earnings Per Share which states that how much amount the business makes for every…

Q: The Resty Company issued 200,000 new P1 ordinary shares at a fair value of P1.80 each. Resty…

A: Issue of shares=Number of shares×Fair value=200,000×P 1.80=P 360,000

Q: The market value of Yeates Corporation's common stock had become excessively high. The stock was…

A: 4-for-1 Stock split means, the stockholder will have 4 shares, after the split takes place for every…

Q: Sunland Company has issued 1,900 shares of common stock and 380 shares of preferred stock for a lump…

A: Stocks are issued at fair value. But, they should record as “par value for share capital” and…

Q: On December 31, 2022, Oriole Corporation had 144,000 common shares outstanding. On April 30, 2023,…

A: Weighted average number of common shares is the number of common shares of a company calculated…

Q: edit to Additional Paid in Capital $40,000. bit to Legal Expense $40,000. ebit to Legal Expense…

A: The journal entry for the transaction would debit legal expense and credit common stock and…

Q: Caswell Corporation is authorized to issue 10,000 shares of common stock on December 31. It sells…

A: The objective of the question is to record the sale of common stock for Caswell Corporation, given…

Q: None

A: Return on common share equity:The return on common share equity is popularly known as the ROCE. It…

Q: XYZ Company issued 10,000 shares of 5% preferred stock with a par value of $5 per share when the…

A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…

Q: Quality Cleaning Corp. issued 50 no-par-value common shares for land with a market value of $4,000.…

A: The Shares can be issued by the company for cash or non cash assets. The non cash assets can be…

Q: Rich Ltd. declares a 3 for 1 stock split on its class A common shares. There are 12,000,000 shares…

A: The stock split is a method of increasing the number of outstanding shares by decreasing the value…

Q: The pro-rata payment to stockholders on the peso is

A: Pro-rata payment to stockholders = Estimated amount to be recovered by stockholders ÷ Stock…

Q: Grunted law offices paid 59,000 to buy back 14,000 shares of its $1 par value common stock. The…

A: Total sales value of shares = no. of shares sold x issue price per share = 14000 shares x $15 per…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.