Q9. The equity section of JUJI Corporation as of December 31, 2018, wasas follows:Share capital-ordinary, par value P20; authorized 20,000 shares;issued and outstanding 10,000 shares200,000Share premium-ordinary300,000Retained earnings750,000PP1,250,000On March 1, 2019, the board of directors declared a 15% share dividend,and accordingly 1,500 additional shares were issued. On March 1, 2019,the fair value of the share was P60 per share. For the two months endedFebruary 28, 2019, JUJI sustained a net loss of P100,000. What amountshould JUJI report as retained earnings as of March 1, 2019?

Retained earnings are the earnings or profits accumulated over the period the entity is in…

Answered: Q9. The equity section of JUJI…

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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The shareholders’ equity of Jungkook Corporation as of October 1, 2020 is presented below: Ordinary Share Capital, 100,000 shares, P 10 par- P1,000,000 Ordinary Share Premium- P500,000 Retained Earnings- P800,000 During October, 2020, the corporation had the following transactions: > Oct. 5- Reacquired 40,000 shares of its own Ordinary Shares for P 520,000. > Oct. 15- Sold 20,000 Treasury Shares at P 15 per share > Oct. 25- Sold another 10,000 Treasury shares for P 70,000. What is the balance of the Retained Earnings after the above transactions?
The Shareholders’ Equity section of Green Corporation at December 31, 2019 showed the following: 8% cumulative Preference share capital, P 100 par, liquidating value P110 - P2,000,000; Ordinary Share Capital, P50 par - P2,500,000; Additional Paid In Capital - P 500,000; Retained Earnings - P 1,000,000. During the year, the company earned profit of P 500,000. Compute the book value per share for the Preference share assuming dividends are in arrears for 3 years including the current yearUsing data, Compute the book value per share for the Ordinary Share Capital
On June 30, 2020, when ABC shares were selling for $ 65 each, the equity accounts had the following balances: Common shares (par value $ 50: 50,000 issued) $ 2,500,000 Capital contributed in excess of par value 600,000 Retained earnings 4,200,000 A 100% share dividend is declared and distributed, the balance of the Common Shares account after recording the dividend will be: a. $2,500,000 b. $7,300,000 c. $3,100,000 d. $5,000,000
21. Israel Company’s stockholders’ equity account balances at December 31, 2019, were as follows: • Common stock, P8,000,000 • Additional paid-in capital, P1,500,000 • Retained earnings, P3,500,000 The following 2020 transactions and other information relating to the stockholders’ equity. accounts: • Israel had 500,000 authorized shares of P50 par common stock, of which 160,000 shares were issued and outstanding. • On March 5, 2020, Israel acquired 5,000 shares of its common stock for P100 per share to be held as treasury stock. The shares were originally issued at P80 per share. Israel uses the cost method to account for treasury stock. • On July 15, 2020, Israel declared and distributed a property dividend of inventory. The inventory had a P1,500,000 carrying value and a P1,000,000 fair market value. • Israel's net income for 2020 was P4,000,000. Israel Company should report total stockholder’s equity on December 31, 2020 at?
At 31 December 2019, B Plc had post-tax profits was $2,500,000 and had an issued share capital of $2,000,000 comprising 2,000,000 ordinary shares of 50p each and 1,000,000 $1 10% preference shares that are classified as equity. Assume that the post-tax profits for 2018 and 2019 were same at $ 2,500,000. The time-weighted number of shares was as follows: No. of Shares Shares (nominal value 50p) in issue at 01 January 2019 2,000,000 Shares issued for cash at market price on 30 September 2019 1,000,000 On 30 September 2019, B plc made a right issue of one share for every two shares (i.e one new share for every two shares held) at $3.25 per share. The following information is also given for B Plc as at 31 December 2019: Share option in existence 1,000,000 shares issuable in 2020 at $3.25 per share. An average market price per share of $4%; 1. Convertible 8% preference shares of $1 each totaling $2,000,000 convertible at one ordinary share for every five convertible preference shares. 2.…
3. How much is the TOTAL subscribed share capital (assuming subscriptions receivable is collectible on January 5, 2022)? 4. How much is the TOTAL share premium?
1. How much is the total contributed capital as of December 31,2019? 2. How much is the balance of the treasury shares as of December 31,2019? 3. What is the total amount of dividends charged to the retained earnings for the year 2019?
See image. Choices: a. P780,000 b. P720,000 c. P1,440,000 d. P560,000
18. The stockholders’ equity account balances of Image Corporation as of December 31, 2020 are as follows: Ordinary shares, P100 par; 50,000 shares authorized; 25,000 shares issued, P2,500,000 Share premium, P1,500,000 Accumulated profits, P1,000,000 Treasury shares, 2,000 shares at cost, P360,000 On January 10, 2021 Image reacquired additional 2,000 shares from stockholders at P225 On February 5, 2021, Image sold 2,500 treasury shares on the open market at P200 per share. On March 15, 2021, Image retired 1,000 treasury shares of the remaining treasury shares, the entry to record the retirement shall include: Group of answer choices Debit to accumulated profits of P60,000 Debit to accumulated profits of P37,500 Debit to accumulated profits of P27,500 Debit to accumulated profits of P10,000
The shareholders’ equity section of THANOS Company revealed the following information on December 31, 2021: Preference share, ₱100 par,₱2,300,000; share premium-preference, ₱805,000; ordinary share,₱15 par, ₱5,250,000; share premium-ordinary, ₱2,750,000; subscribed ordinary share,₱50,000; Accumulated profits and losses,₱1,900,000; and stock dividends payable-ordinary, ₱450,000. How much is legal capital? a. ₱ 5,750,000 b. ₱ 8,050,000 c. ₱ 8,000,000 d. ₱ 7,600,000

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