At the beginning of current year, Cash Company reported the following shareholders' equity: Share capital, P5 par 600,000 shares authorized, 200,000 shares issued and outstanding 1,000,000 Share premium Retained earnings Total shareholders' equity 6,000,000 2,800,000 9,800,000 During the current year, the following chronological transactions affected shareholders' equity: Reacquired 10,000 shares at P30 per share to be held as treasury. Declared and issued a 30% share dividend. Declared and paid cash dividend of P10 per share. Net income for the current vear amounted to P3.000.000.

At the beginning of current year, Cash Company reported the following shareholders' equity: Share capital, P5 par 600,000 shares authorized, 200,000 shares issued and outstanding 1,000,000 Share premium Retained earnings Total shareholders' equity 6,000,000 2,800,000 9,800,000 During the current year, the following chronological transactions affected shareholders' equity: Reacquired 10,000 shares at P30 per share to be held as treasury. Declared and issued a 30% share dividend. Declared and paid cash dividend of P10 per share. Net income for the current vear amounted to P3.000.000.

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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