On January 1, 2020, Volume Company had the following account balance carried over from the previous year. It had 42,000 outstanding shares with a par value of P10. During the year, it repurchased 2,000 shares as treasury for P20 each. The beginning balance of treasury shares were reissued at P16 each. Half of the newly purchased treasury shares were retired. Share Capital 450,000 Share Premium- Ordinary 90,000 Share Premium- Treasury 3,000 Retained Earnings 128,000 Total Shareholders' Equity 626,000 Questions: 1. What is the ending balance of the Share Capital? 2. What is the ending balance of the Share Premium - Ordinary? 3. What is the ending balance of the Share Premium - Treasury?
On January 1, 2020, Volume Company had the following account balance carried over from the previous year. It had 42,000 outstanding shares with a par value of P10. During the year, it repurchased 2,000 shares as treasury for P20 each. The beginning balance of treasury shares were reissued at P16 each. Half of the newly purchased treasury shares were retired. Share Capital 450,000 Share Premium- Ordinary 90,000 Share Premium- Treasury 3,000 Retained Earnings 128,000 Total Shareholders' Equity 626,000 Questions: 1. What is the ending balance of the Share Capital? 2. What is the ending balance of the Share Premium - Ordinary? 3. What is the ending balance of the Share Premium - Treasury?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
On January 1, 2020, Volume Company had the following account balance carried over from the previous year. It had 42,000 outstanding shares with a par value of P10. During the year, it repurchased 2,000 shares as treasury for P20 each. The beginning balance of treasury shares were reissued at P16 each. Half of the newly purchased treasury shares were retired.
Share Capital |
450,000 |
Share Premium- Ordinary | 90,000 |
Share Premium- Treasury | 3,000 |
128,000 | |
Total Shareholders' Equity | 626,000 |
Questions:
1. What is the ending balance of the Share Capital?
2. What is the ending balance of the Share Premium - Ordinary?
3. What is the ending balance of the Share Premium - Treasury?
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