Accounting On 1 January 2021, ADE Ltd. reported the following in shareholders' equity: Preferred shares, no-par value; authorized, unlimited shares; issued, 100,000 shares 2,500,000 Common shares, no-par value; authorized, unlimited shares; issued, 620,000 shares 4,960,000 Contributed capital on retirement of preferred shares 30,000 Retained earnings 3,850,000 The company acquired and retired shares in the following sequence during 2021: Retired 20,000 common shares at $12 per share. a. Retired 30,000 common shares at $6 per share. o. Retired 10,000 preferred shares at $30 per share. c. Retired 5,000 preferred shares at $22 per share. Required: 1. Prepare journal entries for the share retirement transactions (If no entry is reguired

Accounting On 1 January 2021, ADE Ltd. reported the following in shareholders' equity: Preferred shares, no-par value; authorized, unlimited shares; issued, 100,000 shares 2,500,000 Common shares, no-par value; authorized, unlimited shares; issued, 620,000 shares 4,960,000 Contributed capital on retirement of preferred shares 30,000 Retained earnings 3,850,000 The company acquired and retired shares in the following sequence during 2021: Retired 20,000 common shares at $12 per share. a. Retired 30,000 common shares at $6 per share. o. Retired 10,000 preferred shares at $30 per share. c. Retired 5,000 preferred shares at $22 per share. Required: 1. Prepare journal entries for the share retirement transactions (If no entry is reguired

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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On October 1, 2021, ATN Corporation, a newly formed company had the following shares issued and outstanding: Preference shares, P50 par, 6,000 shares originally issued at P100; Ordinary share P20 par,20,000 shares originally issued at P60. ATN shareholders' equity should report preference share capital, ordinary share capital and paid-in capital in excess of par, respectively at: a.) P600,000, P1,200,000 0 b.) P300,000, P1,200,000 P300,000 c.) P300,000, P400,000 P1,100,000 d.) P600,000, P400,000 P800,000 SHOW COMPLETE SOLUTION
How much is the Ordinary Share Capital at year end? please kindly answer
For the year ended December 31, 2024, Norstar Industries reported net income of $980,000. At January 1, 2024, the company had 1,130,000 common shares outstanding. The following changes in the number of shares occurred during 2024: April 30 May 24 June 1 Sold 100,000 shares in a public offering Declared and distributed a 5% stock dividend Issued 114,000 shares as part of the consideration for the purchase of assets from a subsidiary Required: Compute Norstar's earnings per share for the year ended December 31, 2024. Show computations. Numerator Denominator Earnings per Share
ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions during the year: Jan. 1 Feb. 2 June 1 Dec 1 150,000 O 110,000 What is the number of ABC Corp.'s ordinary share outstanding at December 31, 2020? 120,000 number of shares authorized number of shares issued number of shares reacquired but not retired 2 for 1 share split O 115,000 80,000 60,000 5,000
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Required: How much is the Ordinary Share Capital at year end?* How much is the Preference Share Capital at year end?* How much is the TOTAL subscribed share capital (assuming subscriptions receivable is collectible on January 5, 2022)?*
On January 1, 2021, Heaven Inc. reported the following shareholders' equity: Preference share capital (P75 par value, 20,000 shares) P 1,500,000 Ordinary share capital (P25 par value, 100,000 shares) 2,500,000 Share premium 3,000,000 Retained earnings 2,250,000 At the beginning of 2021, Heaven Inc sold for cash 20,000 additional ordinary shares for P45 per share. It was discovered late in 2021 that 2020 depreciation expense was overstated by 500,000. Heaven Inc. had a net income of P2,000,000 for 2021. It also declared cash dividend of P500,000 on preference shares and P1,000,000 on its ordinary shares during 2021. How much the total shareholders' equity on December 31, 2021? A. 9,650,00B. 11,150,000C. 6,650,000D. 8,150,000
As of the end of Year 1, the shareholders’ equity of Philip Corporation consisted of: Common stock, 80,100 shares at $1 par $ 80,100 Paid-in capital—excess of par 168,210 Retained earnings 121,000 At the beginning of Year 2, the company repurchased and retired 1,100 shares at $8.10 per share. Prepare the appropriate journal entry for the repurchase and retirement of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field
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WHAT IS THE TOTAL SHAREHOLDERS' EQUITY?