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The shareholders' equity section of Gibberish Inc. Statement of Financial Position shows the following: Preference share capital, P100 par 2,300,000.00 Ordinary share capital, P10 par 5,500,000.00 Treasury shares - ordinary, P12 cost/share 132,000.00

The shareholders' equity section of Gibberish Inc. Statement of Financial Position shows the following: Preference share capital, P100 par 2,300,000.00 Ordinary share capital, P10 par 5,500,000.00 Treasury shares - ordinary, P12 cost/share 132,000.00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The shareholders' equity section of Gibberish Inc. Statement of Financial Position shows the following: Preference share capital, P100 par 2,300,000.00 Ordinary share capital, P10 par 5,500,000.00 Treasury shares - ordinary, P12 cost/share 132,000.00 Share premium - ordinary 1,140,000.00 Share premium - preference 620,000.00 Subscribed ordinary shares 250,000.00 Subscription receivable (2 years collectibility) 100,000.00 Share premium on subscribed ordinary shares 125,000.00 Share premium on treasury shares 110,000.00 Retained earnings 6,540,000.00 How many are the outstanding ordinary shares? O 525,000 O 587,000 O 539,000 O 550,000
Transcribed Image Text:The shareholders' equity section of Gibberish Inc. Statement of Financial Position shows the following: Preference share capital, P100 par 2,300,000.00 Ordinary share capital, P10 par 5,500,000.00 Treasury shares - ordinary, P12 cost/share 132,000.00 Share premium - ordinary 1,140,000.00 Share premium - preference 620,000.00 Subscribed ordinary shares 250,000.00 Subscription receivable (2 years collectibility) 100,000.00 Share premium on subscribed ordinary shares 125,000.00 Share premium on treasury shares 110,000.00 Retained earnings 6,540,000.00 How many are the outstanding ordinary shares? O 525,000 O 587,000 O 539,000 O 550,000
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