The preference dividends are in arrears for 2019, 2020 and 2021.Treasury ordinary shares, 10,000 at costSubecribed ordinary share capital, 20,000 sharesWhat amount should be reported as book valuejD00 8%20,000Problem 18-20 (ACP)Simplex Company reported the following shareholders'équity on December 31, 2021:uity onPreference share capital, 10% cumulative andnonparticipating, P100 par, 20,000 sharesUrdinary share capital, P10000,0000,0000,00050,00050,000)2,000,0004,000,0002,000,000500,0001,000,0002,400,000800,000par, 40,000 sharesSubscription receivableShare premiumRetained earnings0,0002021.dinaryordinaryshare?per& 1720.200C. 160d. 150573

Where preference shares are cumulative, they have right to receive arrear dividend if any.…

The preference dividends are in arrears for 2019, 2020 and 2021. Treasury ordinary shares, 10,000 at cost Subscribed ordinary share capital, 20,000 shares Problem 18-20 (ACP) Simplex Company reported the following shareholders' tequity on December 31, 2021: Preference share capital, 10% cumulative and nonparticipating, P100 par, 20,000 shares inary share capital, P100 par, 40,000 shares Subscription receivable Share premium Betained earnings 2,000,000 4,000,000 2,000,000 500,000 1,000,000 2,400,000 800,000 What a

The preference dividends are in arrears for 2019, 2020 and 2021. Treasury ordinary shares, 10,000 at cost Subscribed ordinary share capital, 20,000 shares Problem 18-20 (ACP) Simplex Company reported the following shareholders' tequity on December 31, 2021: Preference share capital, 10% cumulative and nonparticipating, P100 par, 20,000 shares inary share capital, P100 par, 40,000 shares Subscription receivable Share premium Betained earnings 2,000,000 4,000,000 2,000,000 500,000 1,000,000 2,400,000 800,000 What a

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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. The entry to record the sale on the books of Image should include: Group of answer choices Debit to Share premium at P6,250 Credit to Share premium at P50,000. Debit to accumulate profits at P6,250. Credit to Share premium at P27,500. The property was transferred to shareholders on January 31 when the prevailing fair value was at P800,000. What is the gain or loss to be recognized in the profit or losses as a result of the distribution of the property dividends on January 31? Group of answer choices…
XYZ Corporation reported the following shareholders equity on December 31, 2021 8% cumulative preference share capital, P50 par, liquidating value P55 per share, 20,000 shares authorized, issued and outstanding Ordinary share capital, P25 par, 200,000 shares authorized, 100,000 shares issued and outstanding Retained Earnings- P400,000 Dividends on preference shares have been paid through 2019 but have not been declared for 2020 and 2021 On December 31, 2021, what is the book value per ordinary share?
blengblong Company’s adjusted balance at December 31, 2019, includes the following account balances: Ordinary shares, P10 par 1,200,000 10% Preference shares, P100 par 1,600,000 Subscribed ordinary shares 600,000 Subscription receivable 120,000 Share premium – ordinary 240,000 Share premium – preference shares 500,000 Retained earnings – unrestricted 400,000 Retained earnings – restricted for treasury shares 100,000 Retained earnings – restricted for plant acquisition 200,000 Treasury shares at cost 100,000 Net unrealized gain on equity securities – FVPL 100,000 Net unrealized loss on equity securities – FVOCI 40,000 Net unrealized loss on foreign currency transaction 35,000 Net unrealized gain on translation adjustment of foreign operations 30,000 Revaluation surplus 160,000 What amount should be reported as total stockholders’ equity in its December 31, 2019 balance sheet?
Shaina company reported the following shareholders’ equity on December 31, 2019:Preference share capital, 10% cumulative and non participating, P100 par, 10,000 shares P1,000,000Ordinary share capital, P100 par, 20,000 shares 2,000,000Subscribed ordinary share capital, 10,000 shares 1,000,000Subscriptions receivable 250,000Share Premium 500,000Retained Earnings 1,200,000Treasury ordinary shares, 5,000 at cost 400,000 The preference dividends are in arrears for 2017, 2018 and 2019. a. What is the book value per ordinary share? b. What is the book value per preference share?
Endless Company provided the following shareholders Problem 18-2 (ACP) equity on December 31, 2021: Preference share capital, l12% P100 par Ordinary share capital, P100 Share premium Retained earnings 1,000,000 4,000,000 2,000,000 1,000,000 Dividends have been paid on the preference share un in December 31, 2019. Required: Compute the book value per ordinary share and pen preference share under each of the following conditions with respect to preference share: a. Cumulative and fully participating b. Cumulative and fully participating after ordinary share receives 15%: c. Cumulative and participating up to l16% d. Cumulative and nonparticipating e. Noncumulative and nonparticipating
How much is the BOOK VALUE PER SHARE for PREFERENCE shares considering that the preference shares are cumulative and participating?
What is the total balance of RETAINED EARNINGS account as of December 31, 2020
National Supply's shareholders' equity included the following accounts at December 31, 2020: $ Shareholders' Equity Common stock 6,000,000 shares $1 par $6,000,000 Paid-in Capital in excess of par $30,000,000 Retained earnings $6,500,000 REQUIRED: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions 15-Feb-21 Reacquired 300,000 shares at $8 per share 17-Feb- 22 Reacquired 300,000 shares at $5.50 per share 9-Nov-23 Sold 200,000 shares at $7 per share 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2023, assuming the shares are a) retired and b) accounted for as treasury stock. Net income was $14,000,000 in 2021 $15,000,000 in 2022 $16,000,000 in 2023
Blabla Grocery Inc., reported the following financial information on December 31, 2019: Common shares issued and outstanding throughout 2019 700,000 shares 6% nonconvertible cumulative preferred shares capital $450,000 Retained Earnings on January 1. 2019 $3,500,000 Basic EPS for 2019 $0.99 per share In addition, the company did not declare any dividends for either 2018 or 2019. The amount which the company would report as Retained Earnings on December 31, 2019 would be: Select one: a. $673,000. b. $693,000. c. $4,220,000. d. $4,173,000. e. $4,166,000.
summer provided the following shareholders’ equity on December 31, 2021: Preference share capital, 10% P50 par (noncumulative and participating) 1,000,000 Preference share capital, 8% P50 par (cumulative and participating) 1,500,000 Ordinary share capital, P100 2,500,000 Share premium 500,000 Retained earnings 600,000 Dividends have been paid on the preference share up to December 31, 2018. Book value per 8% preference share
IFA Corporations had Net Income of $780,000 and the following information for January 2021 to December 2021.Ordinary shares issued and outstanding:Jan 1 500,000 sharesMarch 1 300,000 shares.June 1 A 10% share dividendAugust 1 120,000 shares.October 1 700,000 shares.December 1 A 2 for 1 share splitOn January 1, 10% convertible debentures, $60,000,000 face value, were issued at par. Each $1,000 debenture is convertible into 40 ordinary shares. The interest expense for the current year related to the liability component of the convertible debentures is $6,500,000.250,000 preference shares outstanding, $60 par, 10% cumulative, not convertible.Options were granted to purchase 400,000 ordinary shares at $18 each. The company’s average market price of ordinary shares was $24.10-year $3,000,000 face value, 8% bonds issued at par on May 1. Each $500 bond is convertible into 30 ordinary shares. The interest expense on the liability component of convertible bonds for the year was $360,000The tax…
On January 01, 2021, ABC Corporation provided you the following information: Ordinary share capital, 300,000 shares issued, P10 par 3,000,000 Preference share capital, 400,000 shares issued, P20 par 8,000,000 Share premium – ordinary shares 1,200,000 Share premium – preference 2,000,000 Retained earnings 6,000,000 Share transactions for the year 2021: March 10 – Reacquired 80,000 preference shares at P35 per share April 20 – Reissued 30,000 preference treasury shares at P43 per share April 25 - Reissued 10,000 preference treasury shares at P30 per share May 13 – Retired 20,000 preference treasury shares. Journal entry on May 13 should include a.Debit share premium – treasury shares – 200,000 b.Debit retained earnings – 200,000…