On October 1, 2021, ATN Corporation, a newly formed company had the following shares issued and outstanding: Preference shares, P50 par, 6,000 shares originally issued at P100; Ordinary share P20 par,20,000 shares originally issued at P60. ATN shareholders' equity should report preference share capital, ordinary share capital and paid-in capital in excess of par, respectively at:
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- Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher financial statements.Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.Integrity Company, a newly formed company, had the following shares issued and outstanding as of April 1, 2022: Ordinary share, P20 par (20,000 shares originally issued for P60 per share) Preference share, P50 par (6,000 shares originally issued for P100 per share) How much is the Ordinary Share Capital, Preference Share Capital, and Share Premium, respectively? a. P400,000; P300,000; and P1,100,000 b. P1,200,000; P300,000; and P300,000 c. P400,000; P600,000; and P800,000 d. P1,200,000; P600,000; and P0
- The following accounts are found in the trial balance of Dawn Corporation as December 31, 2019. Authorized Ordinary share capital, P 100 par P1,000,000; Unissued Ordinary share capital P300,000; Subscribed Ordinary share P200,000; Ordinary share subscription receivable P100,000; Ordinary share premium P70,000. The total number of shares issued is _____. Using data above, the total number of shares still available for subscription is ______."The following are found in the trial balance of M Corporation at December 31, 2021: Authorized ordinary share, P50 par value P3,000,000; Subscription receivable P200,000; Unissued ordinary share P1,000,000; Subscribed ordinary share P500,000; Share premium ordinary P100,000. What is the total number of shares available for subscription?"On May 1, 2020, ABC Corporation, a newly formed company had the following share capital issued and outstanding:· Ordinary share capital, P10 par, 20,000 shares originally issued for P30 per share. · Preference share capital, P100 par, 600 shares originally issued for P 500 per share. 21. What is the amount of Ordinary share capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 60,000 b. 200,000 c. 400,000 d. 640,000 22. Based on Item 21, what is the amount of Preference share capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 60,000 b. 200,000 c. 400,000 d. 640,000 23. Based on Item 21, what is the amount of additional paid in capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 200,000 b. 240,000 c. 400,000 d. 640,000 24. Based on Item 21, what is the amount of contributed…
- On April 1,2020, ABC Corporation, a newly formed company, had the following shares issued and outstanding:Ordinary share, P 20 par ( 20,000 shares originally issued for P 60 per share)Preference share, P 50 par ( 6,000 shares originally issued for P 100 per share) As of April 1, 2020, ABC Inc.’s total legal capital and total shareholder’s equity, respectively are a.P 1,100,000 and P 1,800,000 b. P 700,000 and P 1,800,000 c. P 1,800,000 and P 1,800,000 d. P 1,800,000 and P 1,100,000The following shareholders’ equity accounts are included in the statement of financial position of Kiwi Co. on December 31, 2020. • Preference share capital, 8%, P100 par (200,000 shares authorized, 60,000 shares issued and outstanding)- P6,000,000 • Ordinary share capital, P5 par (2,000,000 shares authorized, 600,000 shares issued and outstanding) -P3,000,000 • Share premium- P3,750,000 • Retained earnings- P3,500,000 In 2021, Kiwi took part in the following transactions concerning equity. 1. Paid the annual 2020 P8 per share dividend on preference shares and a P2 per share dividend on ordinary shares. These dividends had been declared on December 31, 2020. 2. Purchased 81,000 shares of its own outstanding ordinary shares for P40 per share. 3. Reissued 21,000 treasury shares for land valued at P900,000. 4. Issued 15,000 preference shares at P105 per share. 5. Declared a 10% stock dividend on the outstanding ordinary shares when the shares are selling for P45 per share. 6. Issued the…On April 1,2020, TJH Corporation, a newly formed company, had the following shares issued and outstanding: Ordinary share, P 20 par ( 20,000 shares originally issued for P 60 per share)Preference share, P 50 par ( 6,000 shares originally issued for P 100 per share) As of April 1, 2020, TJH Inc.’s total legal capital and total shareholder’s equity, respectively are
- The following accounts are found in the trial balance of Dawn Corporation as December 31, 2019. Authorized Ordinary share capital, P 100 par P1,000,000; Unissued Ordinary share capital P300,000; Subscribed Ordinary share P200,000; Ordinary share subscription receivable P100,000; Ordinary share premium P70,000. The total number of shares issued is Using data in number 1, the total number of shares still available for subscription is1. Phoenix Suns Company reported the following shareholders’ equity on January 1, 2019. Ordinary Share Capital - P1,500,000 Ordinary Share Premium - P3,000,000 Retained earnings - P2,000,000 The entity had 400,000authorized shares of P 5 par value, of which 300,000 shares were issued and outstanding. On March 1, 2019, the entity acquired 50,000 shares for P 10 per share to be held as treasury. These shares were originally issued at P 8per share. On December 31, 2019, the entity declared and distributed property dividend with a carrying amount of P 750,000, which is also its fair value. The net income for 2019 was P2,500,000. What amount should be reported as Unappropriated retained earnings on December 31, 2013?Required to answer. Single choice. a. P3,500,000 b. P3,000,000 c. P3,250,000 d. P3,350,000Phoenix Suns Company reported the following shareholders’ equity on January 1, 2019. Ordinary Share Capital - P1,500,000 Ordinary Share Premium - P3,000,000 Retained earnings - P2,000,000 The entity had 400,000authorized shares of P 5 par value, of which 300,000 shares were issued and outstanding. On March 1, 2019, the entity acquired 50,000 shares for P 10 per share to be held as treasury. These shares were originally issued at P 8per share. On December 31, 2019, the entity declared and distributed property dividend with a carrying amount of P 750,000, which is also its fair value. The net income for 2019 was P2,500,000. What amount should be reported as Unappropriated retained earnings on December 31, 2013?Required to answer. Single choice.