EARNINGS PER SHARE - What is the Basic Earnings per Share and Diluted earnings per share for each quarter of 2021? Problem 8During 2021, Yong Corp. had 1,000,000 ordinary shares issued and outstanding. An agreement related to a recentbusiness combination provides for the issue of additional ordinary shares based on the following conditions:a. 5,000 additional ordinary shares for each new retail site opened during 2021b. 1,000 additional ordinary shares for each P1,000 of consolidated profit in excess of P2,000,000 for the yearended December 31, 2021One retail site was opened on May 1, and another one on September 1.The consolidated year-to-date profit attributable to ordinary equity holders of the parent company is as follows:As of March 31As of June 30As of September 30As of December 31P1,100,000P2,300,000P1,900,000P2,900,000Year-to-date profit as of September 30 includes P450,000 loss from a discontinued operation.Determine Yong's BEPS and DEPS for each quarter of 2021.

1.Determination of Earning per share Particulars First quarter second quarter third quarter…

Answered: Problem 8 During 2021, Yong Corp. had…

Cornerstones of Financial Accounting

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Chapter10: Stockholder's Equity

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Problem 8MCQ

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JJJ Company provided the following information: Net income for 2020 11,000,000 Net income for 2021 15,000,000 Net income for 2022 18,000,000 Ordinary shares outstanding during 2020 600,000 On January 1, 2021, the entity granted a rights issue in the ratio of one new share for each 5 outstanding shares or a total of 120,000 shares. The rights are exercisable on March 1, 2021 and the exercise price is P5 per share. The market price of one ordinary share immediately before exercise of rights on March 1, 2021 is P11. Compute for the theoretical value of share ex-right.
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Problem 6: Swan Corporation acquired 10,000 Maid Company shares on February 5, 2021 at P50 which includes a P10 per share broker's fees and commissions. A P50,000 cash dividends were received from Maid Company on March 20, 2021. These dividends were declared on January 5 payable to shareholders as of February 10. Maid shares were split 2 for 1 on November 1. The shares were selling at P32 per share on December 31, 2021. The investments were designated as FVPL. 6.1 How much is initial carrying value of investment at date of acquisition? 6.2 How much should be recognized as dividend income? 6.3 Prepare the all the journal entries for the period ended 12/31/2021
PART B On 1 July 2020, ABT Ltd had the following two equity accounts on its Balance sheet: Share Capital (6,000,000 shares) $30,000,000 Retained Earnings $17,000,000 The following events and transactions relate to ABT Ltd for the financial year ending 30 June 2021. 31/12/2020 ABT Ltd has been operating successfully and the current market price is $12 per share. On 31 December 2020, the company declared a 5% share dividend and $12 was the value assigned to the shares.The share dividend was distributed in January 2021. 20/01/2021 Issued the shares for the share dividend. 30/06/2021 For the financial year ending 30 June 2021, ABT Ltd recorded a profit after income tax of $15,000,000. On 30 June 2021, $2,000,000 was transferred from Retained Earnings to General Reserve to provide for future business expansion. 30/06/2021 Declared a final cash dividend of 30 cents per share. REQUIRED: Prepare the general journal entries relating…
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Watusi Inc. began operations in January 2021 and reported the following results for each of its 3 years of operations. P260,000 net loss P40,000 net loss P700,000 net income 2021 2022 2023 At December 31, 2023, Watusi Inc. share capital accounts were as follows. Share Capital-Preference, 6% cumulative, par value P100; authorized, issued, and outstanding 5,000 shares Share Capital-Ordinary, par value P1.00; authorized 1,000,000 shares; issued and outstanding 750,000 shares P260,000 750,000 Watusi Inc. has never paid a cash or share dividend. There has been no change in the share capital accounts since Watusi began operations. The country law permits dividends only from retained earnings. Instructions a. Compute the book value of the ordinary shares at December 31, 2023. b. Compute the book value of the ordinary shares at December 31, 2023, assuming that the preference shares have a liquidating value of P106 per share.
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The Gangnam Company began operations in January 2019 and reported the following results for each of its three years of operations. 2019 – P520,000 loss; 2020 – P80,000 loss; 2021 – P1,600,000 profit At December 31, 2020, Gangnam Company’s capital accounts were as follows: 8% Cumulative Preference Share Capital, P100 par, 50,000 shares authorized, issued and outstanding- P5,000,000; Ordinary Share Capital, P10 par, 1,000,000 shares authorized, 750,000 shares issued and outstanding- P7,500,000 Gangnam Company has never paid a cash or bonus issue and there has been no change in its capital accounts since it began operations in 2019. The corporation law permits dividends only from retained earnings.What is the book value of the ordinary share at December 31, 2020 assuming that the preference share has a liquidating value of P106 per share?
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