C9. Adams and Apple Corporation had issued 70% of its total authorized shares of 450,000 at P25 par value. Before closing the month of February 2022, the Board of Directors decided to repurchased 20% of its outstanding shares to protect the majority shareholders. On March 15, The Board decided to declare a P5.00 per share cash dividend. The market price per share during the date of declaration was P30. At the date of payment, May 31, 2022, the stock is selling at P35 per share and on April 15, the date of record, the price of the share was P32.00 per share. How much is the cash dividends paid on May 31? a. P1,260,000 b. Not given c. 1,800,000 Od. P990,000 o P1575.000

C9. Adams and Apple Corporation had issued 70% of its total authorized shares of 450,000 at P25 par value. Before closing the month of February 2022, the Board of Directors decided to repurchased 20% of its outstanding shares to protect the majority shareholders. On March 15, The Board decided to declare a P5.00 per share cash dividend. The market price per share during the date of declaration was P30. At the date of payment, May 31, 2022, the stock is selling at P35 per share and on April 15, the date of record, the price of the share was P32.00 per share. How much is the cash dividends paid on May 31? a. P1,260,000 b. Not given c. 1,800,000 Od. P990,000 o P1575.000

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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On January 1, 2021, the start of the current financial year, Tubble Ltd had in issue 36 million ordinary shares with a par value of $1.60 each. The company also had a retained earnings balance of $121.6 million, arevaluation reserve balance of $5.9 million, and a share premium balance of $16.4 million. On May 1, 2021, the entity made a two for three bonus issue of shares, sparing retained earnings as much as possible. The entity reported profit after tax of $17.5 million for 2020 and $24.1 million for 2021. Required: • Prepare the relevant journal entries to record the bonus issue of shares. o Determine the EPS for 2021. o Determine the original and restated EPS for 2020.
ABC Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2020, ABC's retained earnings amounted to P3,000,000. In March 2020, ABC reacquired 50,000 treasury shares at P20/share. In June 2020, ABC sold 10,000 of these shares to its corporate officers for P25 per share. ABC used the cost method to record treasury shares. Net income for the year ended December 31, 2020 was P600,000. On December 31, 2020, what amount should ABC report as unappropriated retained earnings? (Round answer to whole number)
On January 1, 2020, XYZ Corporation had 250,000 ordinary shares of P2 par value outstanding. On March 1, XYZ sold an additional 500,000 shares on the open market at P20 per share. XYZ issued a 20% share dividend on May 1. On August 1, XYz purchased 280,000 shares and immediately retired the shares. On November 1, 400,000 shares were sold for P25 per share. What is the weighted-average number of shares outstanding for 2020?
On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market price of the stock is P50 per share. The company also has 50,000 ordinary shares in the treasury reacquired at a total cost of P1,650,000 On the same date, Funk Company declared a 1 for 5 share split. Immediately before the split, the total Share premium was P1,500,000. If half of the treasury shares were reissued at P10 per share, the entry to record the reissuance shall involve: Debit to Accumulated profits at P425,000. Credit to Share premium at P850,000. Debit to Accumulated profits at P850,000. Credit to Share premium at P425,000.
29. The Corazon Corporation is authorized to issue 100,000 shares at P20 par ordinary shares. At the beginning of 2020, 18,000 ordinary shares were issued and outstanding. These shares had been issued at P27 per share. During 2020, the company entered into the following transactions: Issued 1,300 ordinary shares at P28 per share. Exchanged 12,000 ordinary shares for a machine. The ordinary share was selling at P30 January 4 March 19 per share. Reacquired ordinary shares at P29 per share. Accepted subscriptions for 1,000 ordinary shares at P31 per share. The contract called for 10% down payment with the balance due on December 1. May 9 July 19 September 4 Sold 500 of treasury shares at P32 per share. December 1 Collected the balance due on July 19 subscriptions and issued the stock certificate. How much is the total contributed capital for December 31, 2020?
The Corazon Corporation is authorized to issue 100,000 shares at P20 par ordinary shares. At the beginning of 2020, 18,000 ordinary shares were issued and outstanding. These shares had been issued at P27 per share. During 2020, the company entered into the following transactions: January 4 - Issued 1,300 ordinary shares at P28 per share. March 19 - Exchanged 12,000 ordinary shares for a machine. The ordinary share was selling at P30 per share. May 9 - Reacquired ordinary shares at P29 per share. July 19 - Accepted subscriptions for 1,000 ordinary shares at P31 per share. The contract called for 10% down payment with the balance due on December 1. September 4 - Sold 500 of treasury shares at P32 per share. December 1 - Collected the balance due on July 19 subscriptions and issued the stock certificate. How much is the total contributed capital for December 31, 2020?
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On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market price of the stock is P50 per share. The company also has 50,000 ordinary shares in the treasury reacquired at a total cost of P1,650,000 On the same date, Funk Company declared a 1 for 5 share split. Immediately before the split, the total Share premium was P1,500,000. What should be the balance in Funk Company’s Ordinary share account after the share split is effected? a. 25,000,000 b. 2,000,000 c. 20,000,000 d. 10,000,000
During its first year of operations, Cupola Fan Corporation issued 30,000 of $1 par Class B shares for $385,000 on June 30, 2024. Share issue costs were $1,500. One year from the issue date (July 1, 2025), the corporation retired 10% of the shares for $39,500. Required: 1. to 4. Prepare the journal entries to record the issuance of the shares, the declaration of a $2 per share dividend on December 1, 2024, the payment of the dividend on December 31, 2024, and the retirement of the shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)