Problem 2The shareholders' equity of Tony Corporation revealed the following on June 30, 2018:Preference share, P100 par valePreference share premiumOrdinary share, P15 par valueOrdinary share premiumOrdinary share subscribedRetained earningsNotes payableSubscriptions receivable - ordinaryP230,00080,500525,000275,0005,000190,000400,00040,00028. How much is the legal capital?29. Using the data in problem #2, how much is the additional paid in capital?30. Using the data in problem #2, how much is the total shareholders' equity?Problem 3A corporation declared a 40% share dividend on its 60,000 shares of P20 par ordinary shares ona day when the market price is P50.31. How much was debited to retained earnings on the date of declaration?32. Using information in problem #3, what is the peso dividend per ordinary share?33. Using information if problem #3 and assuming the share capital dividend declaredis 4/40, what is the share premium from stock dividends?

As per rule, allowed to answer first question and post the remaining in the next submission.

Answered: P230,000 80,50C 525,000 275,000 5,000…

Business

Accounting

P230,000 80,50C 525,000 275,000 5,000 190,000 rale

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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Question

Problem 2
The shareholders' equity of Tony Corporation revealed the following on June 30, 2018:
Preference share, P100 par vale
Preference share premium
Ordinary share, P15 par value
Ordinary share premium
Ordinary share subscribed
Retained earnings
Notes payable
Subscriptions receivable - ordinary
P230,000
80,500
525,000
275,000
5,000
190,000
400,000
40,000
28. How much is the legal capital?
29. Using the data in problem #2, how much is the additional paid in capital?
30. Using the data in problem #2, how much is the total shareholders' equity?
Problem 3
A corporation declared a 40% share dividend on its 60,000 shares of P20 par ordinary shares on
a day when the market price is P50.
31. How much was debited to retained earnings on the date of declaration?
32. Using information in problem #3, what is the peso dividend per ordinary share?
33. Using information if problem #3 and assuming the share capital dividend declared
is 4/40, what is the share premium from stock dividends?

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