BananaQ, Inc. has the following stock outstanding on Dec. 31,2020 Ordinary Shares, P100 par, 100,000 shares authorized, 45,000 shares issued and outstanding. Share Premium. P4,500,000 3,600,000 BananaQ purchased 1,000 shares for P195 per share. BananaQ sold 600 of the shares purchased on March 10 for P210 per share. BananaQ sold the 200 shares purchased on March 10 for P190 per share, BananaQ retired the remaining 200 shares. March -10. June-19 October-2, October-15. The balance of Share Premium from treasury shares after retirement of remaining 200 treasury shares is Select the correct response P5,000 P8,000 P9,000 none < Previous

BananaQ, Inc. has the following stock outstanding on Dec. 31,2020 Ordinary Shares, P100 par, 100,000 shares authorized, 45,000 shares issued and outstanding. Share Premium. P4,500,000 3,600,000 BananaQ purchased 1,000 shares for P195 per share. BananaQ sold 600 of the shares purchased on March 10 for P210 per share. BananaQ sold the 200 shares purchased on March 10 for P190 per share, BananaQ retired the remaining 200 shares. March -10. June-19 October-2, October-15. The balance of Share Premium from treasury shares after retirement of remaining 200 treasury shares is Select the correct response P5,000 P8,000 P9,000 none < Previous

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Vaughn Corporation sold 390 shares of treasury stock for $55 per share. The cost for the shares was $45. The entry to record the sale will include a O credit to Treasury Stock for $21450. O credit to Paid-in Capital from Treasury Stock for $3900. O debit to Paid-in Capital in Excess of Par for $3900. O credit to Gain on Sale of Treasury Stock for $17550.
Vikrambhai
On January 1, 2020, Chen Company acquired 10,000 shares of GHI Corporation for P600, 000. GHI Corporation has the following equity account on January 1, 2020. 10% Non-Cumulative Preference Shares, par value P100; Authorized shares, 100,000; Issued and outstanding, 50,000 shares - P 5,000,000 Ordinary Shares, P50 par value; Authorized shares, 500,000; Issued and outstanding, 75,000 shares Retained Earnings - 25,000,000 - 10,000,000 On January 1, 2021, Chen acquired an additional 5,000 shares of GHI Corporation for P300, 000. The acquisition resulted in 20% ownership, which is considered significant since Chen was able to get a seat in the board of directors of GHI Corporation. GHI Corporation has the following fair values of its shares as follows: 2020 - P65 per share 2021 - P72 per share GHI Corporation reported the following at year-end: Net Income Dividends 2020 2021 P5,000,000 6,500,000 P2,000,000 3,000,000 Requirements: 1. Prepare the necessary journal entries to record the above…
On January 1, 2025, Wildhorse Corporation had 380000 shares of its $2 par value common stock outstanding. On March 1, Wildhorse sold an additional 760000 shares on the open market at $20 per share. Wildhorse issued a 20% stock dividend on May 1. On August 1, Wildhorse purchased 422000 shares and immediately retired the stock. On November 1, 603000 shares were sold for $25 per share. What is the weighted-average number of shares outstanding for 2025? O 517620 O 1140667 O 718620 O 1549000
BananaQ Company was organized on January 1,2020, with an authorization of 400,000 ordinary shares, a par value of P6 per share. During 2020, the corporation had the folloWing capital transactions: January-5. July-28. December-31. Sold the 30,000 shares held in treasury at P18 per share Issued 225,000 share at P10 per share Purchased 30,000 of its own shares at P11 per share How many shares are issued and outstanding as of December 31,2020? Select the correct response: O 370,000 O 400,000 O 225,000 O 195,000 Continue > < Previous
Cane company issued share capital of 20,000 shares with P5 par at P10 per share On Dec 31, 2019 Cane’s retained earnings were P300,000. In March 2020 Cane reacquired 5,000 shares at P20 per share. In June 2020 Cane sold1,000 of these shares to its corporate officers for P25 per share. Cane uses the cost method to record treasury shares. Net income for the year ended Dec 31, 2020 was P60,000. At Dec 31, 2020, what amount should Cane report as unappropriated retained earnings? __________________
On December 31, 2020, Brisbane Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2021, Brisbane purchased 24,000 shares of common stock on the open market as treasury stock paying $40 per share. Brisbane sold 6,000 treasury shares on September 30, 2021, for $45 per share. Net income for 2021 was $180,905. Also outstanding during the year were fully vested incentive stock options giving key officers the option to buy 50,000 common shares at $40. The market price of the common shares averaged $50 during 2021. Compute Brisbane's basic and diluted earnings per share (rounded to 2 decimal places) for 2021.
On January 1, 2019, ABC Corporation had 125,000 shares of its $2 par value ordinary shares outstanding. On March 1, ABC sold an additional 250,000 shares on the open market at $20 per share. ABC issued a 20% share dividend on May 1. On August 1, ABC purchased 140,000 shares and immediately retired the shares. On November 1, 200,000 shares were sold for $25 per share. What is the weighted-average number of shares outstanding for 2019?
IFA Corporations had Net Income of $780,000 and the following information for January 2021 to December 2021.Ordinary shares issued and outstanding:Jan 1 500,000 sharesMarch 1 300,000 shares.June 1 A 10% share dividendAugust 1 120,000 shares.October 1 700,000 shares.December 1 A 2 for 1 share splitOn January 1, 10% convertible debentures, $60,000,000 face value, were issued at par. Each $1,000 debenture is convertible into 40 ordinary shares. The interest expense for the current year related to the liability component of the convertible debentures is $6,500,000.250,000 preference shares outstanding, $60 par, 10% cumulative, not convertible.Options were granted to purchase 400,000 ordinary shares at $18 each. The company’s average market price of ordinary shares was $24.10-year $3,000,000 face value, 8% bonds issued at par on May 1. Each $500 bond is convertible into 30 ordinary shares. The interest expense on the liability component of convertible bonds for the year was $360,000The tax…
Lilac Company has 200,000 shares of ordinary shares outstanding on January 1, 2021. On March 31, 2021, 100,000 additional ordinary shares. On June 30, the company issued 10%, 100,000 convertible preference share par value of P20. The preference shares are convertible into 200,000 shares of ordinary shares. On December 31, 2021, Lilac Company reported a net income of P1,140,000 after tax and paid dividends of P300,000 to ordinary and P100,000 to preference shareholders. What is the diluted earnings per share? Group of answer choices A. 3.51 B. 3.42 C. 3.04 D. 3.24
On December 31, 2023, Li-Wu Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2024, Li-Wu purchased 24,000 shares of common stock on the open market as treasury stock for $35 per share. Li-Wu sold 6,000 treasury shares on September 30, 2024, for $37 per share. Net income for 2024 was $180,905. Also outstanding during the year were fully vested incentive stock options giving key executives the option to buy 50,000 common shares at $40. The market price of the common shares averaged $39 during 2024. Required: Compute Li-Wu's basic and diluted earnings per share for 2024. Note: Leave no cells blank - be certain to enter "0" wherever required. Round your answers to 2 decimal places. Basic Diluted Earnings per share
on January 1, 2021 Tonge Industries had outstanding 540,000 common shares ($1 par) that originalky sold for $30 per share, 3,000 shares of 10%