At the beginning of the current year, Di Na Muli, Inc. was authorized to issue100,000 shares with a P50 par value. The entity had the following share capitaltransactions during the year:January 1April 1Sold 80,000 shares at P60 per shareMay 1Reacquired 4,000 treasury shares at P75 per shareApproved a 5-for 1 share splitSeptember 30 Issued a 10% share dividend when the market value of a shareNovember 30was P30Reissued 4,000 treasury shares at P40 per shareDecember 31 Net income for the year was P4,000,0001. What amount should Di Na Muli, Inc. report as additional paid-in capital atthe end of the year?How many shares were outstanding on December 31?

It is the amount received in excess of par value per share. It is one of the key component of the…

Answered: At the beginning of the current year,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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41 On January 1 of the current year, ABC Company had 240,000 issued ordinary shares and 220,000 of ordinary shares outstanding. The entity had the following transactions during the year: March 1 – issued 12,000 ordinary shares March 30 – Completed a 4-for-1 share split for the ordinary shares April 1 – re-issued 18,000 of the treasury shares October 1 – re-issued 6,000 of the treasury shares What is the weighted average ordinary shares in computing for EPS?
1. At the current year end, Spurs Corporation declared 4,000 ordinary shares of P 100 par value in connection with a share capital dividend. The market value per share on the date of declaration was P 150. The shareholder’s equity accounts immediately before issuance of the share capital dividend shares were as follows: Ordinary share capital, P 100 par,50,000 shares authorized, 20,000 shares outstanding - P 2,000,000 Ordinary Share premium -P3,000,000 Retained earnings -P 1,500,000What amount should be reported as retained earnings immediately after the share capital dividend?a. P2,100,000b. P900,000c. P1,100,000d. P1,500,000
Use the following information for the next three (3) questions: At the beginning of current year, Axed Company was authorized to issue share capital of 100,000 shares with P30 par value. Axed had the following share capital transactions during the year: January 1 Issued 80,000 shares at P70 per share May 1 Reacquired 4,000 treasury shares at P65 per share July 1 Approved a share split of 5 for 1 October 31 Issued a 10% share dividend when the market value of a share is P25 December 31 Reissued all of the treasury shares at P35 December 31 Net income for the year was P4,500,000. What total amount should be reported as share premium at year-end?
Sierra Corporation engaged in the following share transactions in the first quarter of their fiscal year: 19 Issued 5,500 common shares for cash of $11.50 per share. 3 Sold 2,500 $1.50 Class A preferred shares for $14,000 cash to new investors. Received inventory valued at $30,000 and vehicles with market value of $22,000 for 5,200 common shares. Jul. Aug. 11 Sep. 15 Issued 3,500 $2.00 Class B preferred shares for $14.00 per share. Required 1. Journalize the transactions. Explanations are not required. 2. How much contributed capital did these transactions generate for Sierra Corporation? Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) July 19. Issued 5,500 common shares for cash of $11.50 per share. Journal Entry Date Jul. 19 Accounts Debit Credit
Recording the Sale of Common and Preferred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 94,000 common stock and 15,000 preferred stock. The State of Michigan authorized Mulligan to issue 16,000 shares of 6% preferred stock with a par value of $35 per share and 95,000 shares of common stock with a par value of $5 per share. Any common stock sold during the year had a selling price of $16 per share. Mulligan's preferred stock was issued at $52.50. Required: Prepare the journal entry to record the issuance of stock during the year. If an amount box does not require an entry, leave it blank. Cash Preferred Stock Additional Paid-in Capital-Preferred Stock Common Stock Additional Paid-In Capital-Common Stock 475,000 WALSHAASTE 475,000
What is the journal entry for each date
Sizzy Company was authorized to issue share capital of 100,000 shares with USD50 par value on January 1, 2010. Eighty thousand shares were sold during the first year at USD50 per share and 4,000 shares were later reacquired as treasury at USD65 per share. A share split proper of 5 for 1 was approved on December 31, 2010. On January 31, 2011, a 10% stock dividend was declared and issued and on April 1, 2011, the treasury shares were reissued at USD68 per share. What is the number of shares issued and outstanding on April 1, 2011?
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