Answered: Pink Corporation's records included the…

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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Pink Corporation's records included the following shareholders' equity accounts:

Preference share capital, par value P15, authorized

200,000 shares P2,550,000

Share premium - preference 150,000

Ordinary share, no par, P50 stated value,

100,000 shares authorized 3,000,000

In Pink's shareholders' equity section how many preference shares were issued?

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Prepare the shar (b) financial position at Decen to shareholders' equity 1. The following information relates Preference Share Capital, 12%, P50 par cumulative, 10,000 shares authorized Ordinary Share Capital, P1 stated value, 2,000,000 shares authorized Share Premium - Preference Paid in Capital in Excess of Stated Value Retained Earnings P 400,000 1,000,000 80,000 1,400,000 1,816,000 40,000 Treasury Shares - Ordinary (10,000 shares) During 2018, the corporation had the following transactions and events pertaining to its shareholders' equity: Issued 20,000 ordinary shares for P100,000 Sold 6,000 treasury shares for P28,000. Issued 5,000 shares of ordinary share capital for a piece of equipment with cash price of P25,000. Purchased 1,000 shares of ordinary for the treasury at a cost of P6,000. Declared the annual dividend on preference share and PO.20 cash dividend on ordinary share. Determined that profit for the year was P377,000 Feb. 1 Apr. 30 Sept. 1 Nov. 2 Dec. 31 31 31 The fair…
The corporation records included the following shareholders equity accounts: 2,550,000 Preference share par150,authorized 20,000 shares Share premium preference 150,000 Ordinary share, no par 50 stated value, 100,000 shares authorized 3,000,000 In the statement of shareholders equity, the number of issued and outstanding shares for each class of stock would be ORDINARY ; PREFERENCE sample answer: 10,000;5,000

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Pink Corporation's records included the following