The following is the account balances at 1 Jan 2019 Share Capital -Preference (6%, $100 par, non cumulative, 5,000 shares authorized) 300,000 Share Capital -Ordinary (5 stated value, 500,000 shares authorized) 1,000,000 Share Premium - Preference 30,000 Share Premium - Ordinary 450,000 Share Premium - Treasury 2,100 Retained Earnings 638.000 Treasury Shares-Ordinary (8,000 shares) 64,000 ** your answers should include numerals only, no dollar sign ("S "), no comma ".". eg five thousand dollars should be input as 5000, otherwise, no marks will be awarded if 6000 treasury shares was sold for $48.000 on 31 March 2019. the Share Premium-Treasury account balance at the end of 31 March 2019 was $ If 1000 treasury shares was sold for $9,000 on 30 April 2019, Share Premium -Treasury account balance at the end of 30 April was $ The retained earnings at the end of 30 April 2019 was $ If 900 treasury shares was sold for $ 4.050 on 31 May 2019, Share Premium -Treasury account balance at the end of 31 May 2019 was S The retained earnings at the end of 31 May 2019 was S

The following is the account balances at 1 Jan 2019 Share Capital -Preference (6%, $100 par, non cumulative, 5,000 shares authorized) 300,000 Share Capital -Ordinary (5 stated value, 500,000 shares authorized) 1,000,000 Share Premium - Preference 30,000 Share Premium - Ordinary 450,000 Share Premium - Treasury 2,100 Retained Earnings 638.000 Treasury Shares-Ordinary (8,000 shares) 64,000 ** your answers should include numerals only, no dollar sign ("S "), no comma ".". eg five thousand dollars should be input as 5000, otherwise, no marks will be awarded if 6000 treasury shares was sold for $48.000 on 31 March 2019. the Share Premium-Treasury account balance at the end of 31 March 2019 was $ If 1000 treasury shares was sold for $9,000 on 30 April 2019, Share Premium -Treasury account balance at the end of 30 April was $ The retained earnings at the end of 30 April 2019 was $ If 900 treasury shares was sold for $ 4.050 on 31 May 2019, Share Premium -Treasury account balance at the end of 31 May 2019 was S The retained earnings at the end of 31 May 2019 was S

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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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

The following is the account balances at 1 Jan 2019
Share Capital -Preference (6%, Ș100 par , non cumulative, 5,000 shares authorized)
Share Capital -Ordinary ($5 stated value, 500,000 shares authorized)
Share Premium - Preference
Share Premium - Ordinary
300,000
1,000,000
30,000
450,000
Share Premium - Treasury
2,100
Retained Earnings
638,000
Treasury Shares-Ordinary (8,000 shares)
64,000
** your answers should include numerals only, no dollar sign ("$ "), no comma ",", eg five thousand dollars should be input as 5000, otherwise, no marks will be awarded
If 6000 treasury shares was sold for $48,000 on 31 March 2019, the Share Premium-Treasury account balance at the end of 31 March 2019 was $
If 1000 treasury shares was sold for $9,000 on 30 April 2019, Share Premium -Treasury account balance at the end of 30 April was $
The retained earnings at the end of 30 April 2019 was $
If 900 treasury shares was sold for $ 4,050 on 31 May 2019, Share Premium -Treasury account balance at the end of 31 May 2019 was $
The retained earnings at the end of 31 May 2019 was $
If dividend of $0.5 was declared and paid to each ordinary share on 15 Jun 2019. The amount of dividend paid was $
The total dividend for all the perference shares for the year was $
If the account balances of Share Capital-Ordinary at 31 December 2019 was $1,900,000 and Share Premium-Ordinary was $630,000.
All new ordinary shares are issued in November 2019.
The number of ordinary shares issued in November 2019 was
, the issued price per share was $
and the total cash proceeds from issue of shares was $
if all the shares are issued for cash.
The net income for the year ended 31 December 2019 was $300,000. The retained earnings in the Statement of Financial Position as at 31 Dec 2019 was $
(Assumption: no other transactions relating to Equity took place)

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