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

See similar textbooks

Similar questions

DDD Company had the following ordinary share transactions for the current year: January 1 Beginning balance, 120,000 shares, P50 par June 1 Issued 12,000 shares at P60 per share September 30 Purchased 24,000 shares at P55 per share to be held as treasury The entity reported net income of P3,630,000, after an expropriation loss of P605,000 for the current year. Questions: 1. Compute for the average shares outstanding. 2. Compute for the basic earnings per share.
Exercise 6-4 (Cash, Share Capital, and Property Dividends) The PQR Corporation reports the following balances of January 1, 2021: P50,000 Ordinary share capital, P25 par, 2,000 shares outstanding Ordinary share premium Retained earnings 20,000 150,000 The following dividend declarations were made during the year: Mar 15 Declared a cash dividend of P6 per share payable on April 15 to shareholders of record of March 31. July 15 Declared as dividends the stocks of Pentagon Corp. owned by PQR Corp. One share of Pentagon Corp. stock will be distributed for every share of PQR Corp. stock owned. The stocks of Pentagon have a carrying value of P25 per share. Oct 15 Declared a 30% stock dividend distributable on December 1 to shareholders of record of November 15. Stocks are selling on this date at P45 per share. Instructions: Record the declaration and distribution of the above dividends. ♡ Share Favourite Delete Edit More a O O
4. According to records of Hershey Company showed the following items as of December 31: Php 950,000 600,000 3,500,000 2,000,000 400,000 500,000 Current Assets Non-current Assets Current Liabilities Non-current Liabilities Outstanding ordinary shares January 1 Outstanding ordinary shares December 31 On July 1, Hershey company issued additional 100,000 ordinary shares to funds its investment plan. How much is the book value of Arabica Company as of December 31?
Common shares, 600,000 authorized, 60,000 shares issued $500,000 Contributed surplus (from a 2010 retirement of common shares 11,000 Retained earnings $1,500,000 Equity as of December 31, 2020 The following transactions related to the company's shares took place during 2021 September 14th, 2021 Purchased and retired shares 5000 at $12 per share December 5th, 2021 Purchased and retired shares 2000 at $14 per share Prepare the journal entries for the above transactions. and Re-create the equity but with updated figures to reflect the amounts to be reported on December 31, 2021, assuming that they reported net income in 2021 of $65,000
Accounting for Stock Rights On January 2, 2021, KAPIT Company purchased 5,000 shares of P100 par value ordinary shares at P110 per share of SAKANYA Company. On March 2, 2021, SAKANYA Company issued stock rights to its shareholders. The holder needs four rights to purchase one share of common stock at par. The market value of the stock on that date was P140 per share. There was no quoted price for the rights. Compute for the theoretical value of the rights assuming: The stock is selling right-on The stock is selling ex-right
Please don't give image format
Subject : Accounting
I need help with this
Current Attempt in Progress On January 1, 2021, Elkhardt Corporation, a publicly traded company, had the following shareholders' equity accounts: Common shares (unlimited number of shares authorized, 48,400 shares issued) $1,936.000 Retained earnings 1,249,600 Accumulated other comprehensive income 59,840 During the year, the following transactions occurred: Jan. 15 Declared a $1.25 per share cash dividend to shareholders of record on January 31, payable February 15. Declared a 10% stock dividend to shareholders of record on April 30, distributable May 15. On April 16, April 30, and May 15, the share prices were $12, $11.80, and $11.90, respectively. Apг. 16 Oct. Effected a 2-for-1 stock split. On October 1, the share price was $15. Dec. 31 Determined that net income for the year was $552,640. (a) Record the above transactions, including any required entries to close dividends and net income. (List all debit entries before credit entries. Credit account titles are automatically…
Please help me
Zinc Inc, has 36000 shares of $2 par value common stock authorized, with 8993, 250 shares outstanding in 2022. make the necessary journal entries to record the following transactions 6/21/22 collected 5036,000 in rent 6/23/22 paid 755000 in legal fees 6/24/22 received 3777000 from lawsuit against contractor, an unusual result 6/24/22 purchased a new building for 4155000 6/30.22 collected 2518000 in rent revenue. Create a trial balance using the balances from the ledger or t accounts. Only accounts with balances should be included. The accounts should be in order. Then make the following adjusting entries No depreciation has been recorded on the company's Land or new PPE. Zions, Inc.'s accounting staff believes that the Land has a useful life of 30 years with a $6,043,464 salvage value. They also believe that the new PPE has a remaining useful life of 19 years with a $5,650,639 salvage value. When calculating depreciation, keep in mind that Zions, Inc. does not use partial year…
Investments in Stocks--Equity Method or FVTOCI Financial Assets--Equity According to the statements, prepare the appropriate journał entries, and calculate the differences.. Tony Ltd. acquired 30% of the outstanding ordinary shares of Chang Company on January 1, 2018, by paying $900,000 for the 90,000 shares. Chang declared and paid $0.15 per share cash dividends on March 15, June 15, September 15, and December 15, 2018. Chang reported net income of $160,000 for the year. At December 31, 2018, the market price of Chang ordinary shares was $12 per share. Required: 1. Prepare the journal entries for Tony Ltd. for 2018, assuming Tony Ltd. cannot exercise significant influence over Chang, and Tony Ltd. made an irrevocable election to treat the equity investment as fair value through other comprehensive income. 2.: Prepare the journal entries for Tony Ltd. for 2018, assuming Tony Ltd. can exercise significant influence over Chang. Tadicate the statement of financial position and income…