San Miguel Corporation provided the following balances on December 31, 2021: Accounts payable 500,000 Accrued taxes 100,000 Ordinary share capital 5,000,000 Dividends - ordinary share 1,000,000 Dividends - preference share 500,000 Mortgage payable (P500,000 due in 6 months) 4,000,000 Note payable, due January 31, 2023 2,000,000 Share premium 500,000

San Miguel Corporation provided the following balances on December 31, 2021: Accounts payable 500,000 Accrued taxes 100,000 Ordinary share capital 5,000,000 Dividends - ordinary share 1,000,000 Dividends - preference share 500,000 Mortgage payable (P500,000 due in 6 months) 4,000,000 Note payable, due January 31, 2023 2,000,000 Share premium 500,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 12P

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Frost Company has accumulated the following information relevant to its 2019 earningsper share. 1. Net income for 2019: 150,500. 2. Bonds payable: On January 1, 2019, the company had issued 10%, 200,000 bonds at 110. The premium is being amortized in the amount of 1,000 per year. Each 1,000 bond is currently convertible into 22 shares of common stock. To date, no bonds have been converted. 3. Bonds payable: On December 31, 2017, the company had issued 540,000 of 5.8% bonds at par. Each 1,000 bond is currently convertible into 11.6 shares of common stock. To date, no bonds have been converted. 4. Preferred stock: On July 3, 2018, the company had issued 3,800 shares of 7.5%, 100 par, preferred stock at 108 per share. Each share of preferred stock is currently convertible into 2.45 shares of common stock. To date, no preferred stock has been converted and no additional shares of preferred stock have been issued. The current dividends have been paid. 5. Common stock: At the beginning of 2019, 25,000 shares were outstanding. On August 3, 7,000 additional shares were issued. During September, a 20% stock dividend was declared and issued. On November 30, 2,000 shares were reacquired as treasury stock. 6. Compensatory share options: Options to acquire common stock at a price of 33 per share were outstanding during all of 2019. Currently, 4,000 shares may be acquired. To date, no options have been exercised. The unrecognized compens Frost Company has accumulated the following information relevant to its 2019 earnings ns is 5 per share. 7. Miscellaneous: Stock market prices on common stock averaged 41 per share during 2019, and the 2019 ending stock market price was 40 per share. The corporate income tax rate is 30%. Required: 1. Compute the basic earnings per share. Show supporting calculations. 2. Compute the diluted earnings per share. Show supporting calculations. 3. Indicate which earnings per share figure(s) Frost would report on its 2019 income statement.
On December 31, 2021, Yohan Company provided the following information: Accounts Payable, Including deposits and advances from customer of P250,000 1,250, 000 Notes payable, including note payable to bank due on December 31, 2022 of 500,000 1.500,000 Share dividend payable 400,000 Credit balances in customer's account 200,000 Serial bonds payable in semi annual installment of 500,000 5,000,000 Accrued interest on bonds payable 150,000 Contested BIR tax assessment - possible obligation 300,000 Unearned rent income 100,000 Required: Compute the total current liabilities on December 31,2021
An entity provided the following information on December 31, 2019: Accounts payable 2,000,000 Accrued expenses 800,000 Bonds payable due December 31, 2020 2,500,000 Premium on bonds payable 300,000 Deferred tax liability 500,000 Income tax payable 1 ,100,000 Cash dividend payable 600,000 Share dividend payable 400,000 Note…
Lunar Corp. provided the following information on December 31, 2021: .P 550,000 Accounts payable... Notes payable, 8% unsecured, due on July 1, 2023. Accrued expenses.. 4,000,000 350,000 450,000 Contingent liabilities.. Deferred tax liabilities... Bonds payable, 7% due on December 31, 2022. Premium on bonds payable.... 250,000 5,000,000 500,000 The contingent liability is an accrual for possible loss on a P 1,000,000 lawsuit filed against Solar Corp. The legal counsel expects the suit to be settled in 2022 and has estimated that the entity will be liable for damages in the range of P 450,000 to P 750,000. The deferred tax liability is not related to an asset for financial reporting and is expected to reverse in 2022. What is the total amount of current liability that should be shown in Solar Corp.'s December 31, 2021 statement of financial position? -
10. Powell Corporation includes the following selected accounts in its general ledger at December 31, 2025: View the selected accounts. Prepare the liabilities section of Powell Corporation's balance sheet at December 31, 2025. Plus: Total Liabilities Powell Corporation Balance Sheet (Partial) December 31, 2025 Selected Accounts - ☑ Notes Payable (long-term) 55,000 Bonds Payable (long-term) 215,000 Interest Payable (due next year) Sales Tax Payable $ 780 640 Accounts Payable 20,000 Premium on Bonds Payable 5,950 Salaries Payable 1,840 Estimated Warranty Payable 1,000 Print Done
Twice KPOP Company disclosed the following information on December 31, 2021: SSS payable P20,000 Notes Payable P40,000 Deferred tax liability P10,000 Notes payable due to bank, 12% interest bearing note payable yearly,issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years P1,500,000 Accounts receivable, after deducting credit balances of customers’accounts amounting to ₱42, 500 P150,000 Required: Compute for the Current liabilities as of December 31, 2021
On December 31, 2021, the bookkeeper of Grand Company provided the following information: Accounts payable, including deposits and advances from customers Of P500,000 Notes payable, including note payable to bank due on December 31, 2023 for P1,000,000 Share dividends payable P2,500,000 3,000,000 800,000 Credit balance in customers' accounts 400,000 Serial bonds, payable in semi annual installments of P1,000,000 Accrued interest on bonds payable 10,000,000 300,000 Contested BIR tax assessment 600,000 Unearned rent income 100,000 In the December 31, 2021 statement of financial position, how much current liabilities should be reported?
Cute Company disclosed the following information on December 31, 2021: SSS payable P20,000 Notes Payable P40,000 Deferred tax liability P10,000 Notes payable due to bank, 12% interest bearing note payable yearly,issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Required: Compute for the current liabilities as of December 31, 2021
Mara Company reported the following accounts on December 31, 2021: 50,000 180,000 Premium on bonds payable Accrued interest on bonds payable Bonds payable, due January 1, 2026, interest at 12% payable semiannually on January 1 and July 1 3,000,000 On December 31, 2021, cash of P3,900,000 was made available from the issue of 10-year 10% bonds payable with face amount of P4,000,000. The cash received from the new issue was used for retirement of the 12% bonds payable at a call price of 102 plus accrued interest. Required: Prepare journal entries to record the bond refunding.
Catriona Company disclosed the following information on December 31, 2021: SSS payable P20,000 Notes Payable P40,000 Deferred tax liability P10,000 Notes payable due to bank, 12% interest bearing note payable yearly,issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Note: In the case of the notes payable due to bank, supposing the entity has the discretion to refinance the obligation for at least 12 months after the given maturity date (not reporting period), as seen in its loan agreement, Compute for the current liabilities as of December 31, 2021
Cute Company disclosed the following information on December 31, 2021: SSS payable P20,000 Notes Payable P40,000 Deferred tax liability P10,000 Notes payable due to bank, 12% interest bearing note payable yearly,issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Note: In the case of the notes payable due to bank, supposing the entity has the discretion to refinance the obligation for at least 12 months after the given maturity date, as seen in its loan agreement, Required: Compute for the current liabilities as of December 31, 2021
Included in A Corporation's liability account balances at December 31, 2020, were the following: 14% - note payable issued October 1, 2018, maturing September 30, 2021 P250,000 16% - note payable issued April 1, 2018, payable in six annual installments of P100,000 beginning April 1, 2019 400,000 A's December 31, 2020, financial statements were issued on March 31, 2021. On January 15, 2021, the entire P400,000 balance of the 16 percent note was refinanced by issuance of a long-term obligation payable in a lump sum. In addition, on March 10, 2021, A consummated a noncancelable agreement with the lender to refinance the 14 percent, P250,000 note on a long-term basis, on readily determinable terms that have not yet been implemented. Both parties are financially capable of honoring the agreement, and there have been no violations of the agreement's provisions. On the December 31, 2020, statement of financial position, the amount of the notes payable that A should…