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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 10MC

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Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
Calculating the Number of Shares Issued Castanet Inc. issued shares of its $1. 50 par value common stock on November 9,2019, for $13 per share. In recording the issuance of the stock, Castanet credited the Additional Paid-In Capital- Common Stock account for $416,300. Required: How many shares were issued on November 9, 2019?
Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?
The shareholders' equity section of De Guzman Company revealed the followinginformation on Dc. 31, 2019: Preference Shares, P100 par P2,300,000Share Premium-Preference 805,000Ordinary Shares, P15 par 5,250,000Share Premium-Ordinary 2,750,000Subscribed Ordinary Shares 50,000Retained Earnings 1,900,000Notes Payable 4,000,000Subscription Receivable-Ordinary 400,000 Required: How much is the legal capital?
The stockholders/ equity section of Glavine Company revealed the following information on December 31, 2019: Preference share, P100 par 1,150,000 Premium on share capital - Preference share 402,500 Ordinary share, P15 par 2,620,000 Premium on share capital - Ordinary share 1,375,000 Subscribed ordinary share 250,000 Retained earnings 950,000 Note payable 2,000,000 Subscriptions receivable - Ordinary share…
Part of the Financial Position of Candy Inc. as of Dec. 31, 2019 shows the following: Accounts Payable Bonds payable Ordinary Share Capital par) 8% Preference Share Capital (P200 par) 10% Preference Share Capital(P200 par) Р 56,000 500,000 550,000 (P100 300,000 200,000 25,000 50,000 70,000 230,000 (21,000) P 1,960,000 Share Premium – ordinary Share Premium – Preference Appropriations reserve Accumulated Profits Treasury shares - ordinary (P105/sh) Total Equities Dividends are in arrears for two years. The 10% preference share capital is cumulative while the 8% preference share capital is participating up to 12%. If Candy Inc. is liquidated, how much would be received by Mr. Gwapo who holds 500 ordinary shares and 100 shares of 10% preference shares?
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The equity accounts of Lawrence Company have the following balances on January 1, 2019: Ordinary share capital, P10 par, 200,000 shares issued and outstanding P 2,000,000 Share premium – ordinary 1,200,000 Retained earnings 5,600,000 The following events had occurred during the year 2019. A share dividend of 5% is declared and issued. Shares are selling at P37 during this period. A share dividend of 100% is declared and issued. Shares are selling at P29 during this period. A 2 for 1 share split is declared and issued. Retired 17,500 shares. Compute for the ordinary shares outstanding for the year ended December 31, 2019.
A company reported the following information on December 31, 2021: Preference share, P100 par P230,000 Share premium - Preference 80,000 Ordinary share, P15 par 525,000 Share premium - Ordinary 275,000 Subscribed ordinary share 5,000 Retained earnings 190,000 Share dividends distributable 40,000 Subscription receivable - Ordinary 40,000 Determine the total shareholders' equity.
K. The shareholder's equity section of Angel Inc. showed the following data on December 31, 2018: Preference Share (P100 par) P 2,300,000; Preference Share Premium P 805,000; Ordinary Share (P15 par) P 5,250,000; Ordinary Share Premium P 2,750,000 Subscribed Ordinary Share P 50,000; Retained Earnings P 1,900,000 Subscription Receivable (due on January 31, 2019) P 400,000 How much is the legal capital?