Compute for the balance of share premium account immediately after the retirement of the shares?
Q: Bandara Gold Inc.'s equity section on the October 31, 2023, balance sheet showed the following…
A: The stock split increases the number of shares issued and outstanding. The stock split does not…
Q: During the year, the company acquired and retired shares, while other shares were issued:
A: The record of day-to-day transactions in the books of accounts is called journal entries. In a…
Q: Buttercup Corp had the following shareholder’s equity at January 1, 2023. $5 Preferred Shares,…
A: a) Date Particulars Debit ($) Credit ($) June 20 Cash (4,000 shares x $10 x 40%) 16,000…
Q: Datatec, Inc., had 400,000 shares of P20 par common stock and 40,000 shares of P100 par, 6%…
A: Net income is net profit after tax but before deduction of preference dividend . When preferred…
Q: Assume that on July 1, 2021, Togo's Sandwiches Issues a $2.53 million, one-year note. Interest Is…
A:
Q: Show the solution in good accounting form
A: Answer: Concept: Stock holders equity consists of value that shareholder hold in company. Common…
Q: Cullumber Ltd. was organized on January 1, 2023, with 299600 no par value common shares authorized.…
A: Stockholders' equity refers to the residual value of the business which belongs to the owners of the…
Q: On December 2, 2022, Andrew Corporation issued for cash 12,000 shares of no-par ordinary shares with…
A: Stockholder's Equity -Stockholder's Equity includes the amount contributed by shareholders issued in…
Q: At December 31, 2025 and 2024, Oriole Corp. had 171000 shares of common stock and 12000 shares of…
A: $2.09Earning per share = Net income - preferred dividends/Weighted average number of common shares…
Q: San Martin Corporation has 300,000 shares of P10 par value, ordinary shares authorized through its…
A: The total dividend paid to shareholders is based on the number of shares outstanding and the rate of…
Q: Sunland Co's stockholders' equity at January 1, 2026 is as follows: Common stock, $10 par value;…
A: When a company purchases its own shares from outside market, the shares so purchased are known as…
Q: On January 1, 2023, Cullumber Ltd. (a public company had the following shareholders equity accounts:…
A: Answer:- The process for initially recording business transactions in the books of accounts is known…
Q: Cookie Corporation reported the following amount in the shareholders’ equity section of its December…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three subparts…
Q: ABC Corporation presented the following information in its 2021 statement of financial position:…
A: Journal entry is the first step in recording financial transactions in the books of the company. It…
Q: Prepare journal entries to record the following transactions as they relate to th mpany's common…
A: Introduction: A journal entry is used to document a business transaction in a company's accounting…
Q: On January 1, 2018, Bast Co. had a net book value of $2,100,000 as follows: Preferred stock,…
A: Total amount paid to both equity and preference shareholders are = $1429000 = $148,000…
Q: Stockholders' Equity section of the Balance Sheet
A: Stockholders' equity is the worth of what business owes to stockholders.
Q: BFAR Corporation has the following transactions related to treasury shares: . Purchased its own…
A: Treasury stock: Shares that are bought back by the company from the open market but not retired from…
Q: The shareholder’s equity section of FED, Inc. contains the following: Preference share capital of…
A: The treasury stock decreases the total shareholders' equity of the business. The retired shares…
Q: The following transactions occurred in the order given, during 2023 la) 1210 subscriptions were sold…
A: A journal is made to record all business transactions. All the financial transactions are recorded…
Q: At December 31, 2020, the balance sheet of Meca International included the following shareholders'…
A: Treasury Stock - Treasury Stock is the shares repurchased by the company from the open market. It is…
Q: The stockholders' equity section of the January 1, 2031 balance sheet for XYZ Company is given…
A: The treasury stock decreases the total stockholders' equity of the business. The retained earnings…
Q: the journal entries of the above transactions?
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: Show the solution in good accounting form
A: Shareholders Equity Shareholders equity which is consist of common shareholders equity, preference…
Q: Bonita Corporation began business by issuing 633600 shares of $5 par value common stock for $30 per…
A: A balance sheet depicts a company's assets, liabilities, and shareholder's equity at a given point…
Q: On December 31, 2023, Rulz Corporation's balance sheet reported the following. Common stock, $1 par…
A: Treasury shares are shares of a company's stock that have been issued, fully paid for, and…
Q: The balance sheet of Wireless, Inc., reported the following:6 Preferred stock, 9%, $20 par, 1,300…
A: Book value per share shows the ratio of amount of equity available to common stockholders divided by…
Q: On January 1, 2023, Cullumber Ltd. had 522,000 common shares outstanding. During 2023, it had the…
A: The weighted average number of shares is calculated on the basis of the fraction of time period for…
Q: Instructions (a) Prepare the entries, if any, on each of the three dates that involved dividends.…
A:
Q: Velvet Inc. had the following stockholders’ equity account balances at December 31,2006: Preferred…
A: Step 1 Journal is the part of book keeping.
Q: in January 1st 2003, Pisces issue ceres 10000 share for $400000 In cash meaning there are 120000…
A: The process of recording transactions in a business's many books of accounts, such as its cash book,…
Q: For the year ended December 31, 2024, Norstar Industries reported net income of $990,000. At January…
A: Earning per share tells net earnings available to common shareholders.It is calculated by dividing…
Q: On 1 January 20X1, Grey Corp. issued 386,000 no-par common shares at $4.55 per share. In 20X5, there…
A: Working : The portion of shares that a company keeps in his own treasury is called as treasury…
Q: Pharoah Inc. issued 12900 shares of no-par common stock with a stated value of $5 per share. The…
A: A journal entry records a business transaction in the accounting system of a company. Journal…
Q: Blue River Inc. was formed on January 1, 2020. Its common shares have no par value. During 2020, the…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Tamarisk Corporation has outstanding 18,000 shares of $5 par value common stock. On August 1, 2025,…
A: The journal entries are prepared to record the transactions on regular basis. The treasury stock…
Q: The stockholders' equity section of Peter Corporation's balance sheet at December 31, 20X2, was as…
A: Treasury stock is those stock or shares that is being repurchased by the company from its own…
Q: Acer Inc. organized on June 1,2009, was authorized to issue shares as follows: 9%, 800,000, P100…
A: Equity: It is the amount shareholder invested in the company. This is the difference between total…
Q: the shares issued for cash the year would be _____shares.
A: Legal capital refers to the amount of the corporation's equity that cannot be legally allowed to…
Q: 2. Calculate the closing balance in each account in shareholders' equity. (Round intermediate…
A: Journal entry is a record of financial transactions in the books of accounts of a business. It…
Q: At the beginning of 20X1, the accounting records of Friends Corp. reported the following: $ 228,750…
A: Tje journal entries are prepared to keep the record of day to day transactions of the business.
Q: 3. VUR Industries Inc. originally issued its 4,300 common shares at $32 per share and all are…
A: General Journal Entries for VUR Industries Inc.1) Feb 1, 2023 - Purchased and retired 433 common…
Q: Sunland Company had the following Shareholders' Equity section as of February 1, 2024: Share…
A: Shares are defined as the company’s holdings that are provided to the investors or any person who…
PC issued all its outstanding common shares for P390 in 2006. On January 5, 2007, PC acquired 200,000 shares of its stock at P360/share and retired them. PC’s equity accounts as at December 31, 2006 follow:
Share premium, 162,000,000
Common stock, P300 par, 2,000,000 shares, authorized, 1,800,000 shares issued and outstanding, P540,000,000.
Compute for the balance of share premium account immediately after the retirement of the shares?
a. 168,000,000
b. 156,000,000
c. 150,000,000
d. 144,000,000
Step by step
Solved in 2 steps
- D1.The adjusted trial balance of ZZZ Corp. on December 31, 2010 includes the following account balances: Dividends Payable P 40,000 Ordinary Share Capital (P5 par, 5,000 shares authorized) P 750,000 Ordinary Share Capital Subscribed (10,000 subscribed) P 25,000 Ordinary Share Premium P 50,000 10% Preference Share Capital (25,000 shares authorized, 12,000 shares outstanding) P 300,000 Preference Share Premium P 30,000 Retained Earnings Appropriated for Contingencies P 150,000 Retained Earnings Appropriated for Bond Retirement P 100,000 Retained Earnings - Unappropriated P 450,000 Ordinary Share Capital Dividends Distributable P 105,000 Paid-in, Capital from Share Capital Dividend P 63,000 SHOW SOLUTION PLEASE 1. What is the number of ordinary shares issued and outstanding? 2. What is the par value of each preferred share? 3. What is the market value of the share capital dividend distributable? 4. What is the total amount of retained earnings?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
- On January 1, 2006, ABC had 100,000 common shares outstanding. During 2006, ABC issued rights to acquire one common share at P10 in the ratio of one for every 5 shares outstanding. The rights are exercised on October 1, 2006. The market value of the common share immediately prior to October 1. 2006 was P16. The net income for 2006 was P5,500,000. ABC would report earnings per share for 2006 at45,83 50 52.38 55The shareholder’s equity of the Amongan Lumber Co. on June 30, 2004, was as follows: (see image below). Compute for the balance of Retained Earnings at December 31, 2004Dblue Company had 5,000,000 ordinary shares authorized and 3,000,000 shares outstanding at January 1, 2003. The following events occurred during 2003: Jan 31 - Declared 20% stock dividend June 30 - Purchased 500,000 shares Aug 1 - Reissued 100,000 shares Nov 30 - Declared 2-for-1 stock split On December 31, 2003, how many ordinary shares are outstanding?
- Huhu Company was incorporated on January 1, 2003, with the following authorized capitalization: 200,000 shares of common stock, no par, stated value P100 per share 200,000 shares of 10% cumulative preferred stock, par value P50 per share. During 2003 Baby Jean issued 150,000 shares of common stock for a total of P18,000,000 and 50,000 shares of preferred stock at P60 per share. In addition, on December 15, 2003, subscriptions for 20,000 shares of preferred stock were taken at a purchase price of P100. These subscribed shares were paid for on January 2, 2004. Net income for 2003 was P5,000,000. What should be reported as total contributed capital on its December 31, 2003 balance sheet?Sandhill Storage Products purchased 11600 shares of its own $0.75 par value common stock at a cost of $8 per share. The stock was originally issued at $7 per share. Which of the following is part of the journal entry to record the purchase? Credit Common Stock for $92800. O Debit Treasury Stock for $8700. Debit Treasury Stock for $92800. O Credit Common Stock for $8700.nts CFAS Company showed the following information from its shareholders' equity at year-end before the effect of the transaction below: Ordinary share capital P6,250,000 Share premium 3,125,000 Retained earnings 3,724,000 Treasury shares (at cost) 1,530,000 The ordinary shares were originally issued for P187.50 per share. At the end of the year, CFAS Company retired 5,100 shares held in treasury. The treasury shares had a P125 par value per share and an average cost per share of P300. (Input your answers as figures, do NOT put any comma, peso sign or extra spaces. E.g. if your answer is one thousand, please input 1000): 1. How much is the adjusted ordinary share capital at year end? 2. How much is the adjusted share premium at year end? 3. How much is the adjusted balance of retained earnings at year end?
- Matthew Corporation is authorized to issue 1,500,000 shares of its P10 share, par Ordinary Shares. It has issued half of the stock for P16 recorded net income of P2,000,000, declared but has not yet paid cash dividend of P150,000 and has split its stock 2:1 all during the first year of per operations. How much is the total stockholders' equity at the end of its first year operations?On January 1, 2010, the accounts of Mac Corporation showed the following: Common stock, par SI, authorized 100.000 shares Capital in excess of par value ($2 per share) Retained carnings 60,000 140,000 During 2010, the following transactions occurred affecting stockholders' equity (in the order given) A B. C. D. Issued a 100° stock dividend when the market price was at $5 per share. Purchased treasury stock, 1.000 shares at a total cost of $8.000. Declared and paid cash dividends. SI5.000. Net income for 2010. S25.000FMC Corp has 100 million shares of $1 par common stock authorized. The transactions below caused changes in FMC's outstanding shares. January 4, 2021: Repurchased and retired 1.90 million shares at $8.90 per share. June 25, 2021: Repurchased and retired 2.90 million shares at $2.90 per share. Prior to the transactions, FMC's shareholders' equity included the following: Common stock, 80.90 million shares at $1 par $ 80,900,000 Paid-in capital—excess of par 234,610,000 Retained earnings 129,000,000 Required:Prepare the journal entries to record the repurchase and retirement of the shares. (Do not round your per share amounts. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)