On September 30, 2021, Remus, Semus and Tuss agreed on a joint venture to sell their common stock shares of the Sagittarius Mines. Gains and losses are to be shared in proportion to the contributed shares. Gains and losses are to be shared in proportion to the contributed shares. Remus contributes 6,000 shares, which had cost him P42 a share. Semus gave 10,000 shares which had a cost of P58 each and Tuss 4,000 shares which had a cost of P62 per share. The par value of the shares was P50 and when the venture began market value was P40 per share. On October 20 he sold 4,500 shares for P44 a share and P3,000 expenses incurred. On November 1, Sagittarius Mines distributed a stock dividend of 20%. Tuss sold 5,000 shares, ex-right dividend, on November 5, for P25 a share. On November15, Sagittarius mines paid a cash dividend of P1 pershare. On November 22 he sold 6,000 shares for P28. On December 220, the remainder of the shares were sold for P35 per share. Tuss' expenses were P4,700. Tuss' loss on the disposition on his investment in Sagittarius is b. P95,140 a. P95,420 c. P105,420 d. P120,140
On September 30, 2021, Remus, Semus and Tuss agreed on a joint venture to sell their common stock shares of the Sagittarius Mines. Gains and losses are to be shared in proportion to the contributed shares. Gains and losses are to be shared in proportion to the contributed shares. Remus contributes 6,000 shares, which had cost him P42 a share. Semus gave 10,000 shares which had a cost of P58 each and Tuss 4,000 shares which had a cost of P62 per share. The par value of the shares was P50 and when the venture began market value was P40 per share. On October 20 he sold 4,500 shares for P44 a share and P3,000 expenses incurred. On November 1, Sagittarius Mines distributed a stock dividend of 20%. Tuss sold 5,000 shares, ex-right dividend, on November 5, for P25 a share. On November15, Sagittarius mines paid a cash dividend of P1 pershare. On November 22 he sold 6,000 shares for P28. On December 220, the remainder of the shares were sold for P35 per share. Tuss' expenses were P4,700. Tuss' loss on the disposition on his investment in Sagittarius is b. P95,140 a. P95,420 c. P105,420 d. P120,140
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:On September 30, 2021, Remus, Semus and Tuss agreed on a joint venture to sell their common stock shares of
the Sagittarius Mines. Gains and losses are to be shared in proportion to the contributed shares. Gains and
losses are to be shared in proportion to the contributed shares.
Remus contributes 6,000 shares, which had cost him P42 a share. Semus gave 10,000 shares which had a cost of
P58 each and Tuss 4,000 shares which had a cost of P62 per share.
The par value of the shares was P50 and when the venture began market value was P40 per share.
On October 20 he sold 4,500 shares for P44 a share and P3,000 expenses incurred. On November 1, Sagittarius
Mines distributed a stock dividend of 20%. Tuss sold 5,000 shares, ex-right dividend, on November 5, for P25 a
share. On November15, Sagittarius mines paid a cash dividend of P1 pershare. On November 22 he sold 6,000
shares for P28. On December 220, the remainder of the shares were sold for P35 per share. Tuss' expenses
were P4,700.
7. Tuss' loss on the disposition on his investment in Sagittarius is
b. P95,140
a. P95,420
c. P105,420
d. P120,140
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