The shareholders’ equity account of Unknown Corporation, after its initial year of operation in 2021 shows the following: Date Particulars Debit Credit Issued 6,000 shares at par of Php 100 in exchange for real property with a market value of Php 800,000; authorized 20,000 shares. Jan 1 Php 600,000 960,000 Jan 15 Sold 8,000 shares at Php 120 Mar 10 Purchased 800 Unknown Corporation Shares at Php 150 May 15 Loss on sale of machinery June 10 Sold 400 treasury shares Dec 31 Cash dividends declared payable January 15, 2022 Dec 31 Profit for the year Php 120,000 40,000 68,000 80,000 316,000 Based on the information presented above, compute for the following: 1. Total contributed capital 2. Total equity

The shareholders’ equity account of Unknown Corporation, after its initial year of operation in 2021 shows the following: Date Particulars Debit Credit Issued 6,000 shares at par of Php 100 in exchange for real property with a market value of Php 800,000; authorized 20,000 shares. Jan 1 Php 600,000 960,000 Jan 15 Sold 8,000 shares at Php 120 Mar 10 Purchased 800 Unknown Corporation Shares at Php 150 May 15 Loss on sale of machinery June 10 Sold 400 treasury shares Dec 31 Cash dividends declared payable January 15, 2022 Dec 31 Profit for the year Php 120,000 40,000 68,000 80,000 316,000 Based on the information presented above, compute for the following: 1. Total contributed capital 2. Total equity

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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0 Required information [The following information applies to the questions displayed below.] a. On March 22, purchased 700 shares of RPI Company stock at $22 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $2 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 350 shares of RPI stock for $32 per share. Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including+ or -) for each transaction. k Assets Liabilities + a. 8 CO M I K ( 9 ; I option { [ ? I Equity + 11 "1 C } ] Save & Ext Check delete
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