Question 9 of 19The records of Alamko Corporation showed the following data:Ordinary share capital, par P10,authorised 1,000,000 shares,issued 600,0006,000,000Share Premium300,000Retained Earnings3,000,000The Board of Directors declared a 20% cash dividend. The entry to record the payment isSelect the correct response:Retained Earnings600,000Dividends Payable600,000Dividends Payable1,200,000Cash1,200,000Dividends Payable600,000Cash600,000Retained Earnings1,200,000Dividends Payable1,200,000

A dividend is a share of profits and retained earnings that a company pays out to its shareholders.…

Answered: Question 9 of 19 The records of Alamko…

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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Problem 6: Treasury Shares year 20x1: Valientes Corporation reported the shareholders. Equity at the beginning of the Ordinary share, P10 par, outstanding 225,000 shares Share Premium Retained Earnings 2,250,000 1,500,000 2,000,000 During the year, the entity had the following treasury shares transactions: Acquired 10,000 treasury shares for P500,000. Sold 5,000 treasury shares at P60 per share - Sold 2,000 treasury shares at P45 per share. Required: a. Prepare the journal entries b. Prepare the shareholders' equity at the end of the year
Problem 5. Presented below is the Shareholders' Equity of Iligan Water Spring Resort Corporation: Authorized to issue 5,000 shares at par value of P100. Issued 4,000 shares of which 100 shares are in the treasury 400,000 10,000 180,000 10,000 Share Premium Retained Earnings (of which of P100,000 represents profit) Less: Treasury Shares at Cost Required: 1. Compute Book Value Per Share 2. Compute Basic Earnings Per Share
Problem 2. On January 1 Weiss Corporation had 75,000 shares of $0.5 par value common stock issued and outstanding. During the year, the following transactions occurred. Apr. 1 Issued 8,000 additional shares of common stock for $11 per share. June 15 Declared a cash dividend of $1.50 per share to stockholders of record on June 30. Paid the $1.50 cash dividend. July 10 Dec. 1 Issued 4,000 additional shares of common stock for $12 per share. 15 Declared a cash dividend on outstanding shares of $1.70 per share to stockholders of record on December 31. Instructions (a) Prepare the entries for the above transactions. (b) How are dividends and dividends payable reported in the financial statements prepared at December 31?
Question 10 of 19 Fill in the blanks: The following is the abstract of the shareholders' equity of Shami Corporation before the declaration of cash dividends. 15% Preference share capital, par P50, 40,000 shares ail issued 2,000,000 and outstanding Ordinary Share Capital, P25 par, 100,000 shares all issued and outstanding 1,000,000 Retained Earnings 6,000,000 The Board declared dividends of P3,000,000. No dividends were distributed in the past 2 years. Direction: Determine how much dividends per share the preference and ordinary shareholders will receive if the preference shares is cumulative and participating. Note: Round-off your answer up to 2 decimal places. If your answer is 12.3, write 12.30; if your answer is 12, write 12.00 1. Dividend per share - PS: 2. Dividend per share - OS: < Previous
If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, O Common Stock will be credited for $75,000 O Paid-In Capital in Excess of Par will be credited for $9,000 Paid-In Capital in Excess of Par will be credited for $66,000 O Cash will be debited for S66,000
Question 3 (Statement of shareholders’ equity): Below is the statement of shareholder’s equity of HKU Ltd.: The following transactions happen during 20X2: (a) Issuance of ordinary shares - 800 shares @ $23 per share (b) Repurchase 600 shares of preference share at $45 per share, out of share capital (c) Issue 4 bonus ordinary shares for each 10 ordinary shares. The company has decided to capitalize 1/5 of its beginning balance of the retained profits for this bonus share issuance. (d) Net income is $70,000 for the year. Prepare the statement of shareholders’ equity for year 20X2.
Please help me with show all calculation thanku
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11. Use the following information for the next two (2) questions: Over Company showed the following balances: Share capital authorized P100 par, 50,000 shares 5,000,000 Share capital unissued, 20,000 shares 2,000,000 Subscribed share capital, 10,000 shares 1,000,000 Treasury shares (5,000 at cost) 600,000 Share premium 500,000 Retained earnings 1,500,000 Market value of shares: On declaration 140 On issuance date 150 What amount is deducted/debited to retained earnings account assuming the Board of Directors declared a share dividend from unissued share capital of one share for each ten shares outstanding? Group of answer choices 350,000 525,000 560,000 490,000

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