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![Problem 1. The following data refers to the Shareholders' Equity section of Beleleng
Corporation at 31 December 20A.
1. Preference share, authorized to issue 5,000 shares at
P50 par value per share. Issued shares - 3,000
P150,000
2. Share Premium - Ordinary shares
3. Ordinary Share - Authorized to issue 10,000 shares at
5,000
P100 par value per share. Issued shares - 7,000
700,000
2,000
400,000
4. Share Premium - Preference shares
5. Accumulated Profits and Losses
Accumulated Profits and Losses, Jan. 1, 20A
Net Profit for the year
P150,000
250,000
6. Other components of Equity:
Revaluation Increment on Property
10,000
Required:
1. Shareholders' Equity as of December 31, 20A
2. Statement of Changes in Equity for the year ended December 31, 20A](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2b410be0-0e21-46b8-9d27-15bb4fe9f2b9%2F3e9441b0-5b10-4803-b6d6-7db16732aeeb%2Frvjh67c_processed.png&w=3840&q=75)
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- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. Issued 15,000 shares of 20 par common stock at 30, receiving cash. B. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. E. Paid the cash dividends declared in (D). F. Purchased 8,000 shares of treasury common stock at 33 per share. G. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. H. Paid the cash dividends to the preferred stockholders. I. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). J. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. The amortization is determined using the straight-line method. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 20Y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follow were taken from the records of Equinox Products Inc. Income statement data: Advertising expense 150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 Depreciation expenseoffice buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Income tax expense 140,500 Interest expense 21,000 Interest revenue 30,000 Miscellaneous administrative expense 7,500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,313,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Bonds payable, 5%, due in 10 years 500,000 Cash 282,850 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 700,000 Income tax payable 44,000 Interest receivable 1,200 Inventory (December 31, 20Y8),at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4,320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock, 80 par (30,000 shares authorized; 20,000 shares issued) 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 20Y8 8,197,220 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 A. Prepare a multiple-step income statement for the year ended December 31, 20Y8. B. Prepare a retained earnings statement for the year ended December 31, 20Y8. C. Prepare a balance sheet in report form as of December 31, 20Y8.Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.Questions: 1. How much is the issued common stock? 2. How much is the balance of Shareholders Equity as of December 31?
- PROVIDE COMPUTATIONAB Co issues 5.000 50c shares for $6.000. Required: What are the amounts for share capital and share premium in the statement of financial position?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 Php5,250,000Ordinary Shares, Php25 par value, 300,000 shares issued and Outstanding 7,500,000Premium on Preference Share 450,000Premium on Ordinary Share 600,000Retained Earnings 1,200,000Treasury 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 shareholders' equity section of PRAY Corp. on December 31, 20x1 appeared as follows: Preference share, P50 par. 250.000 shares authorized, share issued Ordinary share. P20 par, 500,000 shares authorized share issued and shares outstanding 2,000,000 Share premium - preference share 250.000 Share premium - ordinary 200,000 Retained earnings 2.500,000 Treasury shares 50,000 Total Shareholders Equity HOW MUCH IS THE UNAPPROPRIATED RETAINED EARNINGS?How much is the BOOK VALUE PER SHARE for PREFERENCE shares considering that the preference shares are cumulative and participating? (Present answer in 2 decimal places, example: xx.xx9. The following data pertain to BUENO Corporation: Redeemable Preference Share Capital, P100 par; 5,000 shares issued and outstanding Preference Share Premium Retained Earnings P500,000 50,000 100,000 June 5 Redeemed and retired 500 preference shares at P150 per share. 30 Redeemed and retired 500 preference shares at P90. Direction: a) Journal entries b) Prepare the shareholders' Equity Section as of June 30.
- 9A. How much is the excess of par to be used for book value per share computation? 9B. How much is the BOOK VALUE PER SHARE for PREFERENCE shares considering that the preference shares are cumulative and participating? (Present answer in 2 decimal places, example: XX.XX) On December 31, 2021, the statement of financial position of FRUITS Company showed the following shareholders equity accounts: • Ordinary shares, par P50, authorized 100,000 shares, issued 85,000 shares, in treasury 7,500 shares - P4,250,000 12% Preference shares, par P75, authorized 50,000 shares, issued 20,000 shares, in treasury 4,000 shares-P1,500,000 Share premium in excess of par-P 862,500 . Reserve for Treasury shares - 725,000 • Treasury ordinary shares-435,000, Treasury preference shares-P 290,000 • Retained earnings, unrestricted-P 2,168,000 Net income for the year - 762,000 Cash dividends declared - P 194,000; 2 years in arrears, current year is not yet included.9A. How much is the excess of par to be used for book value per share computation? 9B. How much is the BOOK VALUE PER SHARE for PREFERENCE shares considering that the preference shares are cumulative and participating? (Present answer in 2 decimal places, example: xx.xx)Question: 1. How many ordinary shares are available for subscription? 2. How many preference shares are available for subscription?
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