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following information appears in the books of Great Corporation: Share Capital, par P100 Subscribed Share Capitał Share Premium Retained Earnings Treasury Shares (1,000 shares) P6,000,000 2,000,000 1,000,000 2,000,000 550,000 The Board declared a cash dividend of P15 per share on November 15, shareholders of record as of December 15, 2014, payable on January 10, 2013. Direction: a) How many shares are entitled to dividends? b) Entries for the above transactions. c) How much is free retained earnings?

following information appears in the books of Great Corporation: Share Capital, par P100 Subscribed Share Capitał Share Premium Retained Earnings Treasury Shares (1,000 shares) P6,000,000 2,000,000 1,000,000 2,000,000 550,000 The Board declared a cash dividend of P15 per share on November 15, shareholders of record as of December 15, 2014, payable on January 10, 2013. Direction: a) How many shares are entitled to dividends? b) Entries for the above transactions. c) How much is free retained earnings?

FINANCIAL ACCOUNTING
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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The Board declared a cash dividend of P15 per share on November 15, 2014 to 5. The following information appears in the books of Great Corporation: quity section after the distribution of dividends. Share Capital, par P100 Subscribed Share Capitał Share Premium Retained Earnings Treasury Shares (1,000 shares) P6,000,000 2,000,000 1,000,000 2,000,000 550,000 shareholders of record as of December 15, 2014, payable on January 10, 2015 Direction: a) How many shares are entitled to dividends? b) Entries for the above transactions. c) How much is free retained earnings? 226
Transcribed Image Text:The Board declared a cash dividend of P15 per share on November 15, 2014 to 5. The following information appears in the books of Great Corporation: quity section after the distribution of dividends. Share Capital, par P100 Subscribed Share Capitał Share Premium Retained Earnings Treasury Shares (1,000 shares) P6,000,000 2,000,000 1,000,000 2,000,000 550,000 shareholders of record as of December 15, 2014, payable on January 10, 2015 Direction: a) How many shares are entitled to dividends? b) Entries for the above transactions. c) How much is free retained earnings? 226
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