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position Company following shareholders' equity accounts: Ordinary shares, par P50, authorized 100,000 shares, issued 85,000 shares, in treasury 7,500 shares - P 4,250,000 12% Preference shares, par P75, authorized 50,000 shares, issued 20,000 shares, in treasury 4,000 shares - P 1,500,000 Share premium in excess of par - P 862,500

position Company following shareholders' equity accounts: Ordinary shares, par P50, authorized 100,000 shares, issued 85,000 shares, in treasury 7,500 shares - P 4,250,000 12% Preference shares, par P75, authorized 50,000 shares, issued 20,000 shares, in treasury 4,000 shares - P 1,500,000 Share premium in excess of par - P 862,500

FINANCIAL ACCOUNTING
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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1. What is the number of ORDINARY shares outstanding?

2. What is the number of PREFERENCE shares outstanding?

3. How much is the Retained earnings, BEGINNING, unrestricted?

On December 31, 2021, the statement of financial position of FRUITS Company showed the following shareholders' equity accounts: • Ordinary shares, par P50, authorized 100,000 shares, issued 85,000 shares, in treasury 7,500 shares - P 4,250,000 12% Preference shares, par P75, authorized 50,000 shares, issued 20,000 shares, in treasury 4,000 shares - P 1,500,000 Share premium in excess of par - P 862,500 Reserve for Treasury shares - P 725,000 Treasury ordinary shares - P 435,000; Treasury preference shares - P 290,000 Retained earnings, unrestricted -P 2,168,000 Net income for the year - P 762,000 Cash dividends declared - P 194,000; 2 years in arrears, current year is not yet included
Transcribed Image Text:On December 31, 2021, the statement of financial position of FRUITS Company showed the following shareholders' equity accounts: • Ordinary shares, par P50, authorized 100,000 shares, issued 85,000 shares, in treasury 7,500 shares - P 4,250,000 12% Preference shares, par P75, authorized 50,000 shares, issued 20,000 shares, in treasury 4,000 shares - P 1,500,000 Share premium in excess of par - P 862,500 Reserve for Treasury shares - P 725,000 Treasury ordinary shares - P 435,000; Treasury preference shares - P 290,000 Retained earnings, unrestricted -P 2,168,000 Net income for the year - P 762,000 Cash dividends declared - P 194,000; 2 years in arrears, current year is not yet included
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