Listed below are information taken from the records of GBC Corporation: 8% Preference share capital, cumulative, authorized 100,000 shares with a P100 par valueP 2,000,000Ordinary share capital, authorized 200,000 shares with a P20 par value1,000,000Share capital subscribed – preference500,000Share capital subscribed – ordinary400,000Subscriptions receivable – preference250,000Subscriptions receivable – ordinary200,000Treasury shares – preference (cost of P 120 per share)120,000Treasury shares – ordinary (cost of P30 per share)60,000 Required: Compute the number of preference shares and ordinary shares entitled to receive dividends.

Dividend represents the distribution of profit among the shareholders of the company. The…

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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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29. The shareholders’ equity of Seven Corporation is presented below: 10% Preference Share, 2,000 shares outstanding P800,000 Ordinary Shares, 5,000 shares outstanding 700,000 Preference share premium 200,000 Ordinary share premium 50,000 Retained Earnings 250,000 What is the amount of Contributed Capital?
From the following data, prepare in good form the shareholder's equity section of Zest Corporation: 10% Preferred share, cumulative, non-participating P1,000 par value, 5,000 shares authorized, 2,000 shares issued P 2,000,000 Ordinary share, no par value, 10,000 shares authorized, 9,000 shares issued, stated value P200 per share 1,800,000 Contributed capital from Donation of Plant Site 2,500,000 Premium on preferred share issuances 200,000 Capital in excess of stated value from ordinary share issuances 250,000 Retained Earnings (debit balance) 100,000 Subscribed Preferred share 200 shares 200,000 Subscriptions Receivable…
H. Below is a partial list of account titles and balances for the TNT Corporation as of December 31, 2018. Cash P 320,000 Notes Receivable 24,000 400,000 Preference Share Capital, P 100 par, 10,000 shares authorized Ordinary Share Capital, P 20 par, 100,000 shares authorized Preference share premium 1,000,000 150,000 Ordinary share premium 200,000 Retained Earnings 250,000 150,000 Accounts Payable Sales 950,000 Compute for the following: 1) How many shares were issued for the Preference Share Capital? How many shares were issued for the Ordinary Share Capital? 2) 3) How much is the premium per share for the Preference Share Capital? 4) How much is the premium per share for the Ordinary Share Capital? 5) How much is the issuance price for the Preference Share Capital? 6) How much is the issuance price for the Ordinary Share Capital? 7) How much is the total Share Capital? 8) How much is the total Additional Paid In Capital? 9) How much is the total Contributed Capital? 10) How much is…
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The total assets value of Boafo Plc is GHC600,000 and the shareholders’ fund is GHC360,000. The shareholders’ fund consists of :100,000 ordinary shares issued at GHC2 per share 200,000Retained earnings 160,000Calculate the book valuation of a share of QRS Plc
The following information is available for the common shares of DEF Co.: 50 million shares authorized, 25 million shares issued and outstanding, and 1 million shares in the public float. Calculate DEF's market capitalization if the current market price of the common shares is $25 $25,000,000 O $625,000,000 O $650,000,000 $1,250,000,000
Use the following information for the next five (5) questions: The following data were compiled prior to preparing the statement of financial position of Arms Corporation. Authorized share capital, P100 par value 4,000,000 Unissued share capital 800,000 Subscribed share capital 480,000 Subscription receivable 120,000 Premium on share capital 320,000 Premium on bonds payable 240,000 Gain on sale of treasury shares 80,000 Donated capital 800,000 Share warrants outstanding 200,000 Reserve for bond sinking fund 400,000 Reserve for treasury shares 144,000 Reserve for depreciation 600,000 Treasury shares, at cost 144,000 Retained earnings, unappropriated 576,000 Cash dividends payable 160,000 Revaluation increment on property 800,000 Net unrealized loss on available for sale securities What is the total share premium of Arms Company? Group of answer choices 1,640,000 1,560,000…
Ute Company reported the following capital structure during the current year: 5% cumulative preference share capital, par value P100, 25,000 shares issued and outstanding Ordinary Share capital, par value P35, 100,000 shares issued and outstanding The entity reported net income of P5,000,000 for the current year. The entity paid P125,000 in preference dividends in the current year. 7. What amount should be reported as the basic earnings per share? a. 48.75 b. 50.00 c. 51.25 2,500,000 3,500,000

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8% Preference share capital, cumulative, authorized 100,000 shares with a P100 par value	P 2,000,000
Ordinary share capital, authorized 200,000 shares with a P20 par value	1,000,000
Share capital subscribed – preference	500,000
Share capital subscribed – ordinary	400,000
Subscriptions receivable – preference	250,000
Subscriptions receivable – ordinary	200,000
Treasury shares – preference (cost of P 120 per share)	120,000
Treasury shares – ordinary (cost of P30 per share)	60,000