equity on December 31, 2012? Preference Share Capital, P20 par, 20,000 shares P400,000 4,000,000 Ordinary Share Capital, P80, 50,000 shares Share Premium - Preference 160,000 Share Premium-Ordinary 600,000 Retained Earnings 360,000 During the year ending December 31, 2012, the following summarizes the transactions affecting the shareholders' equity: April 30 1,000 preference shares were retired at P25 per share. June 15 2,000 treasury shares were purchased at P85 per share. June 30 A 2-for-1 share split of the company's ordinary share was declared. July 31 800 treasury shares were reissued at P50 per share. Dec. 31 Profit for 2012 was P900,000. O a. P6,294,000 b. P6,270,000 O

equity on December 31, 2012? Preference Share Capital, P20 par, 20,000 shares P400,000 4,000,000 Ordinary Share Capital, P80, 50,000 shares Share Premium - Preference 160,000 Share Premium-Ordinary 600,000 Retained Earnings 360,000 During the year ending December 31, 2012, the following summarizes the transactions affecting the shareholders' equity: April 30 1,000 preference shares were retired at P25 per share. June 15 2,000 treasury shares were purchased at P85 per share. June 30 A 2-for-1 share split of the company's ordinary share was declared. July 31 800 treasury shares were reissued at P50 per share. Dec. 31 Profit for 2012 was P900,000. O a. P6,294,000 b. P6,270,000 O

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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5. nt 1 ences Mc Graw Hill ! 1 Given: 27,000 shares cumulative preferred stock ($5.25 dividend per share): 54,000 shares common stock. Dividends paid: 2016, $10,800; 2017, 0; and 2018, $440,000. How much will preferred and common stockholders receive each year? (Leave no cells blank - be certain to enter "0" wherever required.) 2016 2017 2018 Preferred stockholders Common stockholders Next $11 F1 Q A 2 option 2 N W S # 3 80 PS X भ command E D $ 4 828 F4 R C % er de 5 F < Prev 224 T 4 of 14 www www *** MacBook Air ^ 6 V 10 G Y & B 7 494 H U ★ 8 N DI FR J ( 1 9 bb K M ) O O MOSISO $10 L 1 P ܩܘ Check my work ob ^. + { command 1 ✓
The shareholder equity section of Ronda Corporation's statement of financial position as of December 31, 2013 is as follows: Shareholders' Equity Share Capital, P5 par value, 2,000,000 shares authorized, 400,000 shares issued Share Premium Retained Earnings 3,000,000 The following events occurred during 2014: Jan 5 Jan 16 Feb 10 Mar 1 Apr 1 Jul 1 Aug 1 P P 2,000,000 850,000 Dec 31 Profit for 2014 was P1,880,000. 5,850,000 10,000 shares were sold for P9 per share. Declared a cash dividend of P0.40 per share, payable Feb. 15 to shareholder of record on Feb 5. 40,000 shares were sold for P11 per share. A 40% share dividend was declared and issued. Market value per share is currently P15. A two-for-one split was carried out. Market value on March 31 was p18 per share. A 10% share dividend was declared and issued. Market value is currently P10 per share. A cash dividend of P0.40 per share was declared, payable Sep 1 to shareholder of record on Aug 21. Determine the following: 1. Number of…
a. P25.00 b. P26.40 c. P27.20 d. P29.00 e. answer not given
Case 1.b In 2022, the following are the equity transactions and the corresponding journal entries made. 1. On April 12, 2022, it was noted that Shipyard, Inc. purchased 4,000 its own common stock at $25 per share Apr 15 Treasury Shares Retained Earnings 2. On Jun 15, the company sold 2,500 shares for $30 per share. Apr 12 Cash Treasury Shares The table shows the equity balances as of December 31, 2022 2022 beginning Balance Common Stock acquisition Sold Treasury Stock Ending Balance Common Stock 1,130,000 1,130,000 Paid-in Common stock dividend distributable 120,000 capital in excess of par 300,000 300,000 Treasury Shares 0 -75,000 50,000 120,000 -25,000 100,000 75,000 Retained Earnings 850,000 75,000 925,000 100,000 75,000 Total 2,400,000 0 50,000 2,450,000 Requirement. (b) Evaluate whether the journal entries dated April 15, 2022 and June 12, 2022 are recorded in accordance with the recognition and measurement principles of treasury shares. (bl) If the journal entries are wrong, what…
The market value of G's common stock was P20 per share at December 31, 2010, and P27 per share at December 31, 2011. The cost method is used to record treasury shares transactions. What account(s) should G credit in 2011 to record the sale of 3,000 shares? Group of answer choices A. Treasury Shares for P81,000 B. Treasury Shares for P60,000 and Retained Earnings for P21,000 C. Treasury Shares for P72,000 and Retained Earnings for P9,000 D. Treasury Shares for P60,000 and APIC from Treasury Share for P21,000
18. The capital account of Gene, Inc. on December 31, 2014 were as follows: Preference share capital, 20,000 share, P20 par 400,000 Share premium – preference 160,000 Ordinary share capital, 50,000 shares, P80 par 4,000,000 Share premium – ordinary 600,000 Retained earnings 360,000 During the year ending December 31, 2015, the following summarizes the transactions affecting the shareholders’ equity. April 30 1,000 preference shares were retired at P25 per share. June 15 2,000 treasury shares, ordinary, were purchased at P85 per share. June 30 A two-for-one ordinary share split was declared. July 31 800 treasury shares were reissued P50 per share. December 31 Profit for 2015 was P300,000. What was the total share premium on December 31, 2015? Group of answer choices A. 766,000 B. 761,000 C. 760,000 D. 755,000
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A corporation purchases 41500 shares of its own $30 par common stock for $45 per share, recording it at cost. What will be the effect on total stockholders’ equity? Increase by $1245000 Decrease by $1867500 Increase by $1867500 Decrease by $1245000
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ILLUSTRATION 9:-Following are the figures extracted from the books of Midways Ltd. As on 30th June, 2015 : 5,000, 11% Preference shares of $ 100 each, 70 paid-up $ 3,50,000; 1,00,000 Equity shares of $ 10 each fully paid-up $ 10,00,000; Securities premium reserve $ 50,000 ; Capital redemption reserve $ 2,00,000 ; General reserve $ 3,00,000; Investments in government securities (market value $ 2,25,000) $2,50,000. Under the terms of the issue, the preference shares are redeemable on 30th September, 2015 on the following conditions: To sell the investments @ 90% of their market value. To create a statutory reserve by way of capitalisation as per the provisions of the Companies Act, 2013 leaving a balance of $ 25,000 in general reserve and $ 25,000 in securities premium reserve. To issue further equity shares, to back up the redemption at $ 11 per share payable as follows: $ 2 on application; $ 3.50 (including premium) on allotment and the balance as call money on 1** January, (i) (ii)…
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