An abstract of the shareholders' equity of the Camia Co. on December 31,200A appears as follows: Preference Share, Php35 par value, 150,000 shares issued and outstanding Php5,250,000 Ordinary Shares, Php25 par value, 300,000 shares issued and Outstanding 7,500,000 Premium on Preference Share 450,000 Premium on Ordinary Share 600,000 Retained Earnings 1,200,000 Treasury Share – Ordinary 60,000 The Board of Directors decided to establish a reserve of Php230,000 for contingencies and Php380,000 for plant expansion. Required: 1. Record the appropriation of Retained Earnings. 2. Prepare the shareholders' equity section of Camia Corporation
An abstract of the shareholders' equity of the Camia Co. on December 31,200A appears as follows: Preference Share, Php35 par value, 150,000 shares issued and outstanding Php5,250,000 Ordinary Shares, Php25 par value, 300,000 shares issued and Outstanding 7,500,000 Premium on Preference Share 450,000 Premium on Ordinary Share 600,000 Retained Earnings 1,200,000 Treasury Share – Ordinary 60,000 The Board of Directors decided to establish a reserve of Php230,000 for contingencies and Php380,000 for plant expansion. Required: 1. Record the appropriation of Retained Earnings. 2. Prepare the shareholders' equity section of Camia Corporation
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
an abstract of the shareholders’ equity of the camia co. on december 31,200a appears as follows:
outstanding Php5,250,000
Ordinary Shares, Php25 par value, 300,000 shares issued and
Outstanding 7,500,000
Premium on Preference Share 450,000
Premium on Ordinary Share 600,000
Retained Earnings 1,200,000
Treasury Share – Ordinary 60,000
The Board of Directors decided to establish a reserve of Php230,000 for contingencies and
Php380,000 for plant expansion.
Transcribed Image Text:Exercises
1. An abstract of the shareholders' equity of the Camia Co. on December 31,200A appears as
follows:
Preference Share, Php35 par value, 150,000 shares issued and
outstanding
Php5,250,000
Ordinary Shares, Php25 par value, 300,000 shares issued and
Outstanding
7,500,000
Premium on Preference Share
450,000
Premium on Ordinary Share
Retained Earnings
600,000
1,200,000
Treasury Share - Ordinary
60,000
The Board of Directors decided to establish a reserve of Php230,000 for contingencies and
Php380,000 for plant expansion.
Required:
1. Record the appropriation of Retained Earnings.
2. Prepare the shareholders' equity section of Camia Corporation
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education