Ordinary Share Capital (5,000 shares, P100 par value) Share Premium (purely issuance) Accumulated Profits 90,000 80,000 500,000 In 2021, BFAR reacquired 2,000 of its shares at P150 per share from the estate of of its deceased officers. These were subsequently reissued at P140. BFAR uses the method in accounting for its treasury share transactions. Compute the balance of Accumulated Profits. 70,000 50,000 100,000

Ordinary Share Capital (5,000 shares, P100 par value) Share Premium (purely issuance) Accumulated Profits 90,000 80,000 500,000 In 2021, BFAR reacquired 2,000 of its shares at P150 per share from the estate of of its deceased officers. These were subsequently reissued at P140. BFAR uses the method in accounting for its treasury share transactions. Compute the balance of Accumulated Profits. 70,000 50,000 100,000

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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On January 01, 2021, Pagaduan Corporation provided you the following information: Ordinary share capital, 500,000 shares issued, P20 par 10,000,000 Share premium - ordinary shares 4,000,000 Retained earnings 5,700,000 Share capital transactions for the year 2021: March 10 - Reacquired 80,000 ordinary shares at P30 per share April 20 - Reissued 28,000 ordinary treasury shares at P38 per share April 25 - Reissued 27,000 ordinary treasury shares at P22 per share May 13 - Retired 25,000 ordinary treasury shares. Journal entry on April 25 should include: a. Credit to Share premium - ordinary shares – P54,000 b. Debit to Share premium – Treasury shares – P216,000 c. Debit to Retained Earnings - P216,000 d. Credit to Treasury shares – P540,000
a. 1,280,800b. 1,340,800c. 1,385,800d. 1,445,800e. answer not given
The Shareholders' Equity section of BFAR Corp. statement of financial position shows the following: Preference Share Capital, P100 par Ordinary Share Capital, P10 par Treasury Shares - ordinary, P12 cost/share Share Premium - Ordinary Share Premium - Preference Subscribed Ordinary Share Capital Subscription Receivable (2 years collectability) Share Premium on Subscribed Ordinary shares Share Premium on Treasury shares Accumulated Profits - Unappropriated (unadjusted) - beg 2,800,000 6,000,000 960,000 1,640,000 1,020,000 750,000 600,000 625,000 610,000 7,040,000 Dividends declared during the year is P500,000. Profit for the year is P800,000. Compute the Total Shareholders' Equity.
A-8
The following data pertain to Kool Corporation Ordinary Share Capital, with par value of P25 20,000 shares were issued of which 6,000 shares were in treasury Share Premium - OS P500,000.00 100,000.00 Retained Earnings Treasury shares at cost The following transactions took place on August 2021 200,000.00 (180,000.00) 8 2,000 treasury shares were sold at P35 per share 25 1,400 treasury shares were sold at P20 Compute 1. Outstanding number of ordinary shares Total Contributed Capital Retained earnings - unappropriated Total Shareholders' equity
The equity section of Windsor SA appears below as of December 31, 2022. Share capital-preference (6% preference shares, R$50 par value, authorized 94,600 shares, outstanding 84,600 shares) Share capital-ordinary (R$1 par, authorized and issued 10,000,000 shares) Share premium-ordinary Retained earnings Net income Earnings Per Share: Income from continuing operations Discontinued operations, net of tax R$125,960,000 Net income 31,020,000 R$ R$4,230,000 Net income for 2022 reflects a total effective tax rate of 20%. Included in the net income figure is a loss of R$11,280,000 (before tax) as a result of discontinued operations. Preference dividends of R$253,800 were declared and paid in 2022. Dividends of R$ 940,000 were declared and paid to ordinary shareholders in 2022. 10,000,000 Compute earnings per share data as it should appear on the income statement of Windsor SA. (Round answers to 2 decimal places, e.g. 1.48.) 19,270,000 156,980,000 R$190,480,000
How much is the Ordinary Share Capital at year end? please kindly answer
1. ABC Company has the following balances in its’ equity account as of January 1, 2021: Ordinary shares, P 5 par P 500,000 Share premium – ordinary 2,000,000 Retained earnings 7,000,000 On March 28, the corporation purchased 10,000 shares as treasury stock at P15 per share. On April 10, it sold 4,000 of the treasury shares at P14 per share. On July 5, it sold 2,000 shares at P16 per share. Required: a. Determine the number of shares issued and outstanding on: Jan 1 Mar 31 June 30 Sep 30 b. Prepare the journal entries for the above transactions
1. The following information was taken from the accounts of JT Corp at year end:Total income since incorporation P900,000Total cash dividends paid P260,000Proceeds from sale of donated shares P 90,000Total value of share dividends distributed P60,000Excess of proceeds over cost of treasury stocks sold P140,000What should be the current balance of retained earnings? a. P780,000b. P520,000c. P720,000d. P580,0002. see imagechoices: a. 176,000b. 263,000c. 204,000d. 321,000
Durham Company had two classes of shares outstanding, 10% P100 par preference share capital and P10 par ordinary share capital. During the fiscal year ending June 30, 2022, the entity had the following transactions affecting shareholders’ equity: Number of Shares Price per Share Issue of preference shares 5,000 140 Issue of ordinary shares 20,000 70 Retirement of preference shares 1,000 150 Purchase of treasury ordinary shares 5,000 80 Share split , par value reduced to P5 2 for 1 Reissue of treasury ordinary shares 5,000 52 The balances of the accounts in the shareholders’ equity on June 30, 2021 were: Preference share capital, 30,000 shares, P3,000,000; Ordinary share capital, 100,000 shares, P1,000,000; Preference share premium, P1,200,000; Ordinary share premium, P8,000,000; and Retained earnings, P2,550,000. Dividends were paid at the end of the current fiscal year on the ordinary shares at P6 per share and on the…
ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions during the year: Jan. 1 Feb. 2 June 1 Dec 1 150,000 O 110,000 What is the number of ABC Corp.'s ordinary share outstanding at December 31, 2020? 120,000 number of shares authorized number of shares issued number of shares reacquired but not retired 2 for 1 share split O 115,000 80,000 60,000 5,000
3. Akea Corp., reports this journal entry on May 15, 2020: Cash 75,000 Ordinary Share Capital 63,000 Paid in Capital in Excess of Par 12,000 The explanation reads. “Issued ordinary share capital for P50 per share”. Compute the no. of shares issued for this transaction?