In 2020, Angela Company held the following investments in ordinary shares: • 25,000 shares of Ang Company’s 100,000 outstanding shares. Angela's level of ownership gives it the ability to exercise significant influence over the financial and operating policies of Ang. • 60,000 shares of Fil Company’s 350,000 outstanding shares, designated as at fair value through profit or loss. During 2020, Angela received the following distributions from its ordinary share Investments. • November 6 - P30,000 cash dividend from Ang Company. • November 11 -P15,000 cash dividend from Fil Company. • December 26 - 3% ordinary share bonus issue from Ang Company. Market values per share at December 31, 2020 are: Ang - P15; Fil - P8 What amount of dividend revenue should Angela report for 2020? a. P56,250 b. P45,000 c. P30,000 d. P15,000
In 2020, Angela Company held the following investments in ordinary shares: • 25,000 shares of Ang Company’s 100,000 outstanding shares. Angela's level of ownership gives it the ability to exercise significant influence over the financial and operating policies of Ang. • 60,000 shares of Fil Company’s 350,000 outstanding shares, designated as at fair value through profit or loss. During 2020, Angela received the following distributions from its ordinary share Investments. • November 6 - P30,000 cash dividend from Ang Company. • November 11 -P15,000 cash dividend from Fil Company. • December 26 - 3% ordinary share bonus issue from Ang Company. Market values per share at December 31, 2020 are: Ang - P15; Fil - P8 What amount of dividend revenue should Angela report for 2020? a. P56,250 b. P45,000 c. P30,000 d. P15,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
In 2020, Angela Company held the following investments in ordinary shares:
• 25,000 shares of Ang Company’s 100,000 outstanding shares. Angela's level of ownership gives it the ability to exercise significant influence over the financial and operating policies of Ang.
• 60,000 shares of Fil Company’s 350,000 outstanding shares, designated as at fair value through profit or loss.
During 2020, Angela received the following distributions from its ordinary share Investments.
• November 6 - P30,000 cash dividend from Ang Company.
• November 11 -P15,000 cash dividend from Fil Company.
• December 26 - 3% ordinary share bonus issue from Ang Company.
Market values per share at December 31, 2020 are: Ang - P15; Fil - P8
What amount of dividend revenue should Angela report for 2020?
• 25,000 shares of Ang Company’s 100,000 outstanding shares. Angela's level of ownership gives it the ability to exercise significant influence over the financial and operating policies of Ang.
• 60,000 shares of Fil Company’s 350,000 outstanding shares, designated as at fair value through profit or loss.
During 2020, Angela received the following distributions from its ordinary share Investments.
• November 6 - P30,000 cash dividend from Ang Company.
• November 11 -P15,000 cash dividend from Fil Company.
• December 26 - 3% ordinary share bonus issue from Ang Company.
Market values per share at December 31, 2020 are: Ang - P15; Fil - P8
What amount of dividend revenue should Angela report for 2020?
a. P56,250
b. P45,000
c. P30,000
d. P15,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education