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- An investor purchased 689 shares of common stock, $21 par, for $28,249. Subsequently, 114 shares were sold for $27 per share. What is the amount of gain or loss on the sale? a. $2,280 loss b. $2,280 gain c. $1,596 loss Od. $1,596 gain1. Profit for the fiscal year 20XX is transferred to report it as from previous fiscal years. Accumulated losses are amortized. 3. The legal reserve is increased. 4. The partners decide to make a cash contribution for future capital increases in the amount of $ 100,000. 5. 1,500 shares are placed among new investors, premium $ 30 per share. Payroll value per share $ 100 6. Cash dividends of $ 50,000 are distributed. 7. Dividends are distributed in shares for $ 75,000. 8. The 20XY profit is recorded for $ 81,500. Based on the above, answer the following: a. What is the amount to increase the legal reserve? b. How much is the premium for the sale of shares? c. What is the amount available for the payment of dividends? d. How much will be left as a remainder pending distribution?s
- 6. GAMORA Corporation’s shareholders’ equity is composed of 10,000, ₱10 par ordinary shares, ₱40,000 share premium, and accumulated profits of ₱600,000. If a 40% bonus issue is declared when the shares are selling for ₱50 per share, what amount should be transferred from the accumulated profits account to the share premium account? * ₱ 40,000 ₱ 200,000 ₱ -0- ₱ 160,000XYZ Company sold 500 shares of treasury stock (from (c)) at $45 per share. DATE Debit Credit X/XAccounting Equation The total assets and total liabilities (in millions) of ABC Corporation and XYZ Corporation follow: ABC XYZ Assets $28,042 $27,201 Liabilities 12,338 13,056 Determine the stockholders' equity of each company. ABC Corporation stockholders' equity million XYZ Corporation stockholders' equity million
- Helen Company provided the following accounts for its business at the beginning of the year: Preference shares, 12% noncumulative and non- participating 25,000 at P120 per share P3 000 000 Preference share premium 375 000 Ordinary shares, 44,000 at P50 per share 2,200,000 Ordinary share premium 440,000 Retained Earnings 3,000,000 Other comprehensive income: Revaluation surplus 500,000 Unrealized gain on defined benefit plan 700,000 1,200,0000 Helen had these share transactions for the current year: No. of shares February 1 Issued ordinary shares for cash 56,000 May 1 Acquired ordinary treasury shares 25,000 August 1 Declared P250,000 cash dividend for preference shares and 25% stock dividend for ordinary shares. September 1 Resold ordinary treasury shares 10,000 November 1 Issued 3 for 1 share split for ordinary shares The company reported P4,850,000 net income for the year.…The Statement of Financial Position of Syscoin Bhd as at 31 December are as follows: 2021 RM 3,520,000 900,000 1,960,000 900,000 1,140,000 860,000 720,000 10,000,000 3,000,000 800,000 600,000 2,000,000 640,000 400,000 340,000 600,000 720,000 900,000 10,000,000 Non-current assets at NBV Goodwill Investment in associate Inventories Receivables Short term investments Cash Ordinary shares Share premium Revaluation reserves Retained profits Non-controlling interest Loan stocks Deferred taxation Proposed dividends Taxation Payables Groups profit before taxation after charging / (crediting): Depreciation Goodwill impaired Interest expense Interest income 2020 Gain on sale of non-current assets Share of profit in associate Net profit before taxation RM 2,120,000 1,000,000 1,560,000 1,000,000 860,000 560,000 500,000 7,600,000 2,000,000 400,000 200,000 1,300,000 The statement of comprehensive income of Syscoin Bhd for the year ended 31 December 2021 is as follows: 300,000 800,000 400,000 400,000…of stion Paid-in capital consists of: O b. O c. O d. earnings generated by the corporation. capital raised by issuing bonds. amounts paid by customers. amounts received from stockholders. Bradley Corporation issued 10,000 shares of common stock on 101. par and was
- A shareholder owns 20,000 shares costing P 1,000,000. Subsequently, the shareholders receive P 4,000 shares in lieu of cash dividend of P 120 per share. The Market value is P 150.What is the amount of dividend income? a. Zerob. 3,000,000c. 2,400,000d. 600,000Problem 6. The following data were taken from the records of Valencia Frutti Corporation: Share Capital, P50 par, 3,000 shares, Authorized 1,000 shares issued Premium on Share Capital P50,000 3,000 Accumulated Profits (Losses) The Corporation reacquires 100 shares at P55.00 per share, and later sold these share for: a) P55.00 per share (at cost) b) P60.00 per share (above cost) c) P50.00 per share (below cost) Required: 1. Journal Entry to record the acquisition of the treasury shares. 2. Journal entry to record the sale of the treasury shares under the three given cases. 10,000Mcq help