The shareholders' equity section of Good Life Company shows the following on December 31, 2018: Ordinary shares, P10 par value; authorized 1,500,000 shares; issued and outstanding 900,000 shares Share Premium P9,000,000 750,000 2,700,000 P12,450,000 Retained earnings Total shareholders' equity Transactions during 2019 and other information relating to the shareholders' equity accounts were as follows: • On January 2, Good life reacquired 75,000 shares of its ordinary shares for P11 per share. • On May 14, Good life sold 45,000 shares of its treasury shares for P14 per share. • On June 15, Good life declared a cash dividend of P1 per share, payable on July 15, 2019 to shareholders of record on June 30, 2019. On December 20, 30,000 shares were issued in exchange for second hand equipment. It originally cost P600,000, was carried by the previous owner at a book value of P300,000, and was recently appraised at P390,000. Net income for 2019 was P850,000.

The shareholders' equity section of Good Life Company shows the following on December 31, 2018: Ordinary shares, P10 par value; authorized 1,500,000 shares; issued and outstanding 900,000 shares Share Premium P9,000,000 750,000 2,700,000 P12,450,000 Retained earnings Total shareholders' equity Transactions during 2019 and other information relating to the shareholders' equity accounts were as follows: • On January 2, Good life reacquired 75,000 shares of its ordinary shares for P11 per share. • On May 14, Good life sold 45,000 shares of its treasury shares for P14 per share. • On June 15, Good life declared a cash dividend of P1 per share, payable on July 15, 2019 to shareholders of record on June 30, 2019. On December 20, 30,000 shares were issued in exchange for second hand equipment. It originally cost P600,000, was carried by the previous owner at a book value of P300,000, and was recently appraised at P390,000. Net income for 2019 was P850,000.

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 following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits 2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee contributions……………………………………………….…
The Pension Expense in a pension plan for the year were recorded at $856,800. In addition, an amount of $161,400 had been debited to the Other Comprehensive Income account to record all actuarial losses for the year. In addition, the company had contributed a cash amount of $350,000 to the Plan Assets. What would have been the amount recorded as Pension expenses for 2019 if the company were reporting under ASPE? Select one: a. $856,800. b. $757,200. c. $161,400. d. $350,000. e. None of the above.
please help me to solve this question
79. b)Assume Novak Corporation restricted retained earnings in the amount of $ on December 31, 2020. After this action, what would Novak report as total retained earnings in its December 31, 2020, balance sheet? Total retained earnings $
Total capital as of December 31, 2019
At December 31, 2019, Bashful Corporation had a projected benefit obligation of P5,600,000, plan assets of P3,220,000, and prior service cost of P1,270,000 in accumulated other comprehensive income. Determine the pension asset/liability at December 31, 2019.
Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2024. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2024 and 2025. A consulting firm, engaged as actuary, recommends 6% as the appropriate discount rate. The service cost is $150,000 for 2024 and $200,000 for 2025. Year-end funding is $160,000 for 2024 and $170,000 for 2025, No assumptions or estimates were revised during 2024. "We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the estimate didn't change, that also was the actual rate in 2025. Required: Calculate each of the following amounts as of both December 31, 2024, and December 31, 2025; Note: Enter your answers in thousands (i.e., 200,000 should be entered as 200). Enter a liability as a negative amount.
Sandhill Corporation reports the following January 1, 2023 balances for its defined benefit pension plan, which it accounts for under IFRS: plan assets, $460,000; defined benefit obligation, $460,000. Other data relating to three years of operation of the plan are as follows: 2023 2024 2025 Annual service cost $34,800 $43,700 $58,600 Discount rate 10% 10% 10% Actual return on plan assets 37,100 50,040 54,000 Funding of current service cost 34,800 43,700 58,600 Funding of past service cost 74,000 78,500 Benefits paid 31,500 37,490 49,000 Past service cost (plan amended, 1/1/24) 348,000 Change in actuarial assumptions establishes a December 31, 2025 defined benefit obligation of 1,196,000
Why did you put 2019 and 2020, when all expenses incurred in 2021 or 2022?
Flounder Company sponsors a defined benefit plan for its 100 employees. On January 1, 2020, the company's actuary provided the following information. Accumulated other comprehensive loss (PSC) $149,300 Pension plan assets (fair value and market-related asset value) 197,200 Accumulated benefit obligation 255,900 Projected benefit obligation 387,500 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2020, the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $51,000; the projected benefit obligation was $487,000; fair value of pension assets was $279,200; the accumulated benefit obligation amounted to $360,700. The expected return on plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $11,400. The company's current year's…
Assuming on December 31,2019, a surplus of P 1,250,000 was presented in the statement of financial position of ABC Company, and on December 31,2020, there is an asset ceiling of P 1,000,000, how much is taken to other comprehensive income related to the effect of asset ceiling? actuarial loss --> positive amount actuarial gain --> negative amount
Annie Rasmussen, capital, as of December 31, 2019, assuming that assets increased by $103,030 and liabilities decreased by $39,030 during 2019.