he following accounts are shown on the statement of financial position of Phoenix Corporation Share Capital, P 100 par, 1,000 shares P 100,000 Share Premium 2,000 Paid in Capital from Treasury Shares 2,000 Retained Earnings 75,000 Treasury shares, 200 shares at cost 25,000 All the 200 treasury shares were sold for P 22,000. How would the resale of the treasury shares be recorded?

he following accounts are shown on the statement of financial position of Phoenix Corporation Share Capital, P 100 par, 1,000 shares P 100,000 Share Premium 2,000 Paid in Capital from Treasury Shares 2,000 Retained Earnings 75,000 Treasury shares, 200 shares at cost 25,000 All the 200 treasury shares were sold for P 22,000. How would the resale of the treasury shares be recorded?

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 following are data pertaining to ABC Corporation: Ordinary share Capital, with par value of P50, 18,500 issued shares 925.000 Additional Paid in Capital 125,000 Retained Earnings 4,500,000 Shareholder's Equity 5,550,000 The following transactions took place: Aug 10-Reacquired 6,000 ordinary shares for treasury at P60 per share Aug 12- 2,500 treasury shares were sold at P62 per share Aug 20- Another 1,000 treasury shares were sold at P55 per share Aug 31- 1,000 treasury shares were retired Required: Journalize each transaction and compute for the new balance of Shareholder's Equity.
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Share Issuances for Cash Finlay, Inc., issued 4,000 shares of $50 par value preferred stock at $119 per share and 6,000 sharesof no-par value common stock at $18 per share. The common stock has no stated value. All issuances were for cash. a. Determine the financial statement effect of the share issuances (preferred and common). Balance Sheet Income Statement Assets = Liabilities + Equity Revenues - Expenses = Net Income Answer Answer Answer Answer Answer Answer b. Determine the financial statement effect of the issuance of the common stock assuming that it had a stated value of $5 per share. Balance Sheet Income Statement Assets = Liabilities + Equity Revenues - Expenses = Net Income Answer Answer Answer Answer Answer Answer c. Determine the financial statement effect of the issuance of the common stock assuming that it had a par value of…
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