The Shareholders' Equity of Jackie Company as of December 31, 2021 is as follows: [Refer to the figure]. The following transactions occurred during 2022.January 15 - It issued 1,300 treasury shares for P40 each.February 1 - Sold 180, P1,000, 9% bonds due February 1, 2032 at 103 with one detachable share warrant to each bond. Interest is payable annually February 1. The fair market value of the bonds without the share warrants is 95. The warrants have a fair value of P50 each and will expire on February 1, 2023. Each warrant entitles the holder to purchase 10 ordinary shares at P40 per share.March 6 - 2,800 ordinary shares were subscribed at P44 each. 40% of the subscription was collected.March 20 - The balance due on 2,400 shares was received and those shares were issued.November 1 - There were 110 share warrants detached from the bonds and exercised.The company's net income for 2022 is P950,000Compute the ending balance of the Ordinary Share Capital account.Compute the ending balance of the Share Premium - Issuance account.Compute the ending balance of the Share Premium - Treasury account.Compute the ending balance of the Treasury Shares account.Compute the ending balance of the Total Shareholders' Equity. 360,000Ordinary Share Capital, P2 par value, 1,000,000 shares authorized, 177,580 sharesoutstandingShare Premium – Issuance3,640,000Share Premium – Treasury45,000Retained Earnings649,378Treasury SharesTotal Shareholders' Equity145,2004,459,178

Computation of ending balance of the Ordinary Share Capital account: Opening Balance as of 1st…

Answered: January 15 - It issued 1,300 treasury…

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 Shareholders' Equity of Jackie Company as of December 31, 2021 is as follows: [Refer to the figure]. The following transactions occurred during 2022.

January 15 - It issued 1,300 treasury shares for P40 each.
February 1 - Sold 180, P1,000, 9% bonds due February 1, 2032 at 103 with one detachable share warrant to each bond. Interest is payable annually February 1. The fair market value of the bonds without the share warrants is 95. The warrants have a fair value of P50 each and will expire on February 1, 2023. Each warrant entitles the holder to purchase 10 ordinary shares at P40 per share.
March 6 - 2,800 ordinary shares were subscribed at P44 each. 40% of the subscription was collected.
March 20 - The balance due on 2,400 shares was received and those shares were issued.
November 1 - There were 110 share warrants detached from the bonds and exercised.

The company's net income for 2022 is P950,000

Compute the ending balance of the Ordinary Share Capital account.

Compute the ending balance of the Share Premium - Issuance account.

Compute the ending balance of the Share Premium - Treasury account.

Compute the ending balance of the Treasury Shares account.

Compute the ending balance of the Total Shareholders' Equity.