please answer the below. thanks. PROBLEM 8-4Casablanca, Inc. Shareholders' Equity section was presented below:Share Capital:Ordinary Share, P100 par,2,500 share authorized,1,500 shares issued and outstandingShare PremiumTotal Share CapitalAccumulated Profits (Losses)Total Shareholders' EquityP 150,000.0022,500.00PP172,500.0060,000.00232,500.00On Aug 1, 20A, the board of directors declared a cash dividend of P12.00 per share which were paid on September 1,20A,On December 1,20A, the board declared a 10% (small dividend) and the shares was P130 on Dec. 1, 20A and P140 onDecember 15,20A.Required:Prepare the journal entries for these dividend transactions.

Dividend - Dividend is the portion of the profit distributed to the shareholders. Equity…

Answered: PROBLEM 8-4 Casablanca, Inc.…

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

Problem 18-5 (Algo) Shareholders' equity transactions; statement of shareholders' equity; financial statement effects [LO18-6, 18-7, 18-8] Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2024-2026. At December 31, 2023, the corporation's accounts included: Common stock, 112 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in thousands) $ 112,000 672,000 910,000 a. November 1, 2024, the board of directors declared a cash dividend of $0.70 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. b. On March 1, 2025, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The bonds had a fair value of $2.8 million, but were purchased two years previously for $2.4 million. Because they were intended to be held to maturity, the bonds had not been…
Silver Company provided the following information at 8-8 gido Problem 5-8 (IAA) year-end: Share premium Accounts payable Preference share capital, at par Ordinary share capital, at par Sales 1,000,000 1,100,000 2,000,000 3,000,000 10,000,000 7,800,000 500,000 700,000 1,000,000 Total expenses Treasury shares – ordinary Dividends Retained earnings - beginning What is the shareholders' equity at year-end? a. 8,000,000 b. 8,500,000 c. 5,800,000 d. 8,700,000 000000
Problem 4 (Adapted)The shareholders equity of Joyce corporation on Dec. 31, 2018 shows the following account balances:10% preference share, 10,000 shares, 100 par 1,000,00012% preference share, 12,000 shares, 100 par 1,200,000Ordinary share, 20,000 shares, 40 par 800,000 Share premium 640,000Accumulated profits 960,000The 10% preference share is cumulative and fully participating, while the 12% preference share is non-cumulative and fully participating. The last payment of dividends was on Dec. 31, 2016. What is the book value per share of ordinary shares?
Exercise 6-3 (Small and Large Share Capital Dividends) The LMN Corporation has 500,000 shares of P10 par value ordinary share capital outstanding as of October 1, 2021. On this date, the Board of Directors declared a share capital dividend distributable on November 20, 2021 to shareholders of record of October 30. The market price of each ordinary share is P27 on October 1, P25 on October 30 and P35 on November 20. Instructions: Prepare the entries to record the declaration and distribution of stock dividends under each of the following independent assumptions: 1. A 18% share capital dividend was declared and issued. 2. A 50% share capital dividend was declared and issued.
11:40 1 Question Three: Acorporation had stockholders' equity on January 1 as follows: Common Stock, $10 par value, 1,500,000 shares authorized, 600,000 shares issued; ACC113AI-Shaikh33901325 Paid-in Capital in Excess of Par Value, Common Stock, $1,000,000; Retained Earnings, $2,500,000. Prepare journal to record the following transactions: Feb.15 The board of directors declares 10% dividend to stockholders of record on March1, to be issued on April 15. The stock was trading at 8$ per share prior to the dividend Mar.1 sold 100,000 shares of common stock for 11$ per share Mar.20 issued the stock dividend Date Account Debit Credit Feb.15 Retained earnings 480,000 Paid in capital in excess of 120,000 par Common stock div 600,000 distributable Mar.1 Cash 1,100,000 Common stock 1,000,000 Paid in capital in excess of 100,000 par Mar.20 Common stock div 600,000 distributable Common stock 600,000 Past exam d Reply
Problem 6. The following data were taken from the records of Valencia Frutti Corporation: Share Capital, P50 par, 3,000 shares, Authorized 1,000 shares issued Premium on Share Capital P50,000 3,000 Accumulated Profits (Losses) The Corporation reacquires 100 shares at P55.00 per share, and later sold these share for: a) P55.00 per share (at cost) b) P60.00 per share (above cost) c) P50.00 per share (below cost) Required: 1. Journal Entry to record the acquisition of the treasury shares. 2. Journal entry to record the sale of the treasury shares under the three given cases. 10,000
Problem 1. The following data refers to the Shareholders' Equity section of Beleleng Corporation at 31 December 20A. 1. Preference share, authorized to issue 5,000 shares at P50 par value per share. Issued shares - 3,000 P150,000 2. Share Premium - Ordinary shares 3. Ordinary Share - Authorized to issue 10,000 shares at 5,000 P100 par value per share. Issued shares - 7,000 700,000 2,000 400,000 4. Share Premium - Preference shares 5. Accumulated Profits and Losses Accumulated Profits and Losses, Jan. 1, 20A Net Profit for the year P150,000 250,000 6. Other components of Equity: Revaluation Increment on Property 10,000 Required: 1. Shareholders' Equity as of December 31, 20A 2. Statement of Changes in Equity for the year ended December 31, 20A
1. At December 31, the Shareholders’ Equity section shows: Ordinary Share, P 5 par, value 1,320,000 shares issued P 6,600,000 Share Premium-Ordinary P1,400,000 Retained Earnings P 500,000 Treasury Shares, at cost, 120,000 shares P 700,000The book value per share of Ordinary Share is: a. P5.91 b. P6.44 c. P6.50 d. P7.082. Tiktok Company issued 10,000 shares of its P5 Par value common stock having market value of P25 per share and 15,000 shares of its P15 par value preferred stock having a market value of P20 per share for a lump sum of P480,000. How much of the proceeds would be allocated to the common stock? a. P250,000 b. P255,000 c. P218,182 d. P50,000
Problem 18-12 (IAA) Roma Company provided the following shareholders' equity Ordinary share capital, P50 par, 500,000 shares authorized and 80,000 shares issued authorized and 200,000 shares issued Preference share capital, P100 par, 100,000 shares e capital o at year-end: 5,000,000 8,000,000 authorized and 200,000 shares issued 10,000,000 2,000,000 5,000,000 2,000,000 Share premium Retained earnings 31, 2019. The preference dividends are in arrears for two years and che preference rate is 12%. The preference share is eumulative and fully participating. 0,000 in 2020 The board of directors intended to pay cash dividend of P10 per share to ordinary shareholders. hareholders Required: Compute the maximum amount of dividend to be declared in order to meet the dividend objective of the board of directors. hareholders 569
Problem #9 Entries for Share Dividends E Tan Med-Care Inc. is a health insurance corporation. The following account balances appear on the statement of financial position of E. Tan Med-Care Inc.: Ordinary Shares (50,000 shares authorized), P10 par, P400,000; Share Premium-Ordinary, P42,500, and Retained Earnings, P299,500. The board of directors declared a 4% share dividend when the market price of the stock was P15 a share. Required: 1. Journalize the entries to record a. the declaration of the dividend. b. the issuance of the shares. 2. Determine the following amounts before the share dividend was declared: a. total share capital b. total retained earnings c. total shareholders' equity 3. Determine the following amounts after the share dividend was declared: a. total share capital b. total retained earnings c. total shareholders' equity
SECTION: PROFESSOR: problem #26 Position following selected accounts appeared in the ledger of M. Penaflor Corporation on 4% Preference Shares, P50 par, 10,000 shares authorized, 7,000 shares issued Share Premium-Preference Ordinary Shares, P20 par, 50,000 shares authorized, 25,000 shares issued Share Premium-Ordinary Retained Earnings During the year, the corporation completed a number of transactions affecting the shareholders' equity. They are summarized as follows: a. Purchased 2,000 shares of treasury-ordinary for P55,000. b. Sold 500 shares of treasury-ordinary for P16,000. Issued 5,000 ordinary shares at P30, receiving cash. d. Sold 1,000 shares of preference 4% share at P52.50. e. Sold 600 shares of treasury-ordinary for P15,600. f. Declared cash dividends of P2 per share on preference shares and P1 per share on ordinary shares. g. Paid the cash dividends. h. The board of directors authorized the appropriation necessitated by the holding of treasury stock. Required: 1.…
Problem #9 Entries for Share Dividends E. Tan Med-Care Inc. is a health insurance corporation. The following account balances appear on the statement of financial position of E. Tan Med-Care Inc.: Ordinary Shares (50,000 shares authorized), P10 par, P400,000; Share Premium-Ordinary, P42,500; and Retained Earnings, P299,500. The board of directors declared a 4% share dividend when the market price of the stock was P15 a share. Required: 1. Journalize the entries to record a. the declaration of the dividend. b. the issuance of the shares. 2. Determine the following amounts before the share dividend was declared: a. total share capital b. total retained earnings C. total shareholders' equity 3. Determine the following amounts after the share dividend was declared: a. total share capital b. total retained earnings total shareholders' equity C.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS