Answered: P5,000,000 Unissued ordinary share…

P5,000,000 Unissued ordinary share capital 2,000,000 Subscribed ordinary share capital 1,000,000 Subscription Receivable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Hamilton Travel Corporation's (HTC) shareholders' equity section at December 31, 2021 appears below:…

A: A journal is a detailed account that records all the financial transactions of a business, to be…

Q: What amount should be credited to Share Premium when the rights in connection with the warrants were…

A: Share premium is the premium which has been paid by the shareholder in order to acquire or purchase…

Q: ation is available for YZ Corporation: January 1,2019 Shares outstanding 1,250,000 April 1,2019…

A: January 1 2019 Share outstanding 1,250,000 April 1,2019 Share issued 200,000*9/12 150,000 July…

Q: Del Valle Company provided the following shareholders’ equity on December 31, 2021:

A: Answer: Book value per ordinary share= Book value/ No of shares Calculation of No of shares: =…

Q: lala provided the following shareholders’ equity on December 31, 2021: Preference share capital,…

A: Given that the 8% preference shares are non cumulative and hence the dividend in arrears are not…

Q: The shareholder's equity of ABC Company at December 31,2018 is presented below: 12% Preference share…

A: The shareholder's equity is the claim of the shareholders on the business' assets. But the claim can…

Q: independent appraiser at P3,000,000. Boom shares are currently traded at the stock exchange at P170.…

A: Shareholders Equity Section It is important for the business to maintain the balance of equity…

Q: Using the information of Good Life Company, what is the amount of Total Shareholders' Equity on…

A: Shareholders’ equity: Shareholders’ equity can be defined as the amount of capital that is invested…

Q: The shareholders' equity section of M Co. on December 31, 2018 showed the following: Ordinary…

A: A stock dividend appears to be a dividend payment made to investors in the form of shares rather…

Q: See the attached image for information: a. How many treasury shares are held by the corporation as…

A: Following worksheet is prepared for calculation of required information: Date Ordinary…

Q: STW Company reflects the following balances in the shareholders' equity section as of July 1, 2019.…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Dina Fritz Corporation provided the following information on Shareholders Equity on December 31,…

A: Journal entry records the accounting transactions of a business in a journal book. All the business…

Q: Ôn December 31, 2019, the shareholders' equlty section of the balance sheet of R & L Corporation…

A: The stock dividend is the dividend declared in the form of shares to the shares issued and…

Q: Condensed statement of financial position for What and Ever Corporation at December 31,2020 follows…

A: Consolidation refers to the combination or acquisition of another entity by acquiring equity of that…

Q: How much is the ordinary share capital as of December 31,2019? How much is the total shareholder's…

A: Ordinary share capital is the capital for which there is voting…

Q: The accounts below appear in the December 31, 2019 balance of J Company: Authorized ordinary share…

A: Shareholders’ equity is the total amount of money that is invested by the owners of a company.

Q: PPP Company provided the following shareholders’ equity on December 31, 2020: Preference share…

A: Noncumulative describes a type of preferred stock that does not entitle investors to reap any missed…

Q: 1. Determine the amount of the ordinary share capital at the end of 2021. 2. Total share premium…

A: Treasury shares are own shares that are purchased for the purpose of re-issuing them at a higher…

Q: The accounts below appear in the December 31, 2022 trial balance of BFAR Corporation: Ordinary Share…

A: The time period shareholder fairness (SE) refers to an enterprise's internet really well worth or…

Q: K. The shareholder's equity section of Angel Inc. showed the following data on December 31, 2018:…

A: Answer:- Legal capital meaning:- Legal capital is that portion of a firm's stock that can not be…

Q: he following shareholders’ equity accounts are included in the statement of financial position of…

A: Retained earnings are the cumulative amount of net income that the corporation has earned since it…

Q: Ihe shareholders' equity of the ABA Company on January 1, 2020 is presented below: Share capital,…

A: Shareholder’s equity is the difference between total assets and total liabilities. It refers to the…

Q: Arcus Development Inc.'s equity section on the December 31, 2019, balance sheet showed the following…

A: The objective of the question is to prepare the journal entries for the declaration and distribution…

Q: The shareholder's equity of Bims Company at December 31, 2018 is presented as follows: 12%…

A: Shareholders Equity Shareholders equity which includes share capital like ordinary shares and…

Q: On December 31, 2021, WHITE Company reports the following amounts in its shareholders' equity…

A: Book value per share refers to the net worth of the business divided by the Number of shares…

Q: nsider the following information for X Corporation: • Retained earnings balance January 1, 2022,…

A: Equity statements are very important for the company and its shows how much is the capital belong to…

Q: Arcus Development Inc.'s equity section on the December 31, 2019, balance sheet showed the following…

A: The objective of the question is to prepare the journal entries for the declaration and distribution…

Q: How much is the shareholder's equity at 12/31/2019?

A: Shareholders Equity The preparation of shareholders equity which know the details of total equity…

Q: P7,000,000 3,000,000 4,335,000 650,000 Preference share capital, P300 par Share premium - preference…

A: Contributed Capital is the total amount contributed by the owners and also includes shares premium.…

Q: On January 1, 2019, the total shareholders’ equity of Marie Co. was P8,000,000. The entity also had…

A: Book value is calculated by the historical costs of stocks.

Q: 1. The shareholders equity of Saffron Co. showed the following data on December 31, 2021: 12% Share…

Q: The following accounts are found in the trial balance of Dawn Corporation as December 31, 2019.…

A: Authorized share capital means the amount which the company can legally issued. Issued share capital…

Q: rdinary share cap

A: Stockholders are the Persons of entities whom the company issues its ownership rights in the form of…

Q: Part of the Financial Position of Candy Inc. as of Dec. 31, 2019 shows the following:

A: Liquidation of Company Liquidation of the company is the winding process of the company whether by…

Question

100%

The accounts below appear in the December 31, 2019 balance of J Company:

Authorized ordinary share capital P5,000,000

Unissued ordinary share capital 2,000,000

Subscribed ordinary share capital 1,000,000

Subscription Receivable 400,000

Share Premium 500,000

Retained Earnings 1,100,000

Treasury ShareCost 100,000

In its December 31, 2019 balance sheet, J Company should record a total shareholder’s equity of

a.P5,500,000

b.P4,900,000

c.P5,100,000

d.P4,800,000

Definition Definition Remaining net income of the company after the required dividends are paid to shareholders. This surplus money is usually invested back into the business to expand its business operations or launch a new product.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Introduction

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

The equity section of JUJI Corporation as of December 31, 2018, was as follows: Share capital—ordinary, par value P20; authorized 20,000 shares; issued and outstanding 10,000 shares P200,000 Share premium—ordinary 300,000 Retained Earnings 750,000 1,250,000 On March 1, 2019, the board of directors declared a 15% share dividend, and accordingly 1,500 additional shares were issued. On March 1, 2019, the fair value of the share was P60 per share. For the two months ended February 28, 2019, JUJI sustained a net loss of P100,000. What amount should JUJI report as retained earnings as of March 1, 2019?
On October 1, 2021, ATN Corporation, a newly formed company had the following shares issued and outstanding: Preference shares, P50 par, 6,000 shares originally issued at P100; Ordinary share P20 par,20,000 shares originally issued at P60. ATN shareholders' equity should report preference share capital, ordinary share capital and paid-in capital in excess of par, respectively at: a.) P600,000, P1,200,000 0 b.) P300,000, P1,200,000 P300,000 c.) P300,000, P400,000 P1,100,000 d.) P600,000, P400,000 P800,000 SHOW COMPLETE SOLUTION
1. The balance sheet of Quetico Inc. reported the following at December 31, 2020: A Shareholders' Equity B C Preferred shares, $0.40, 10,000 shares authorized 2 and issued $ 100,000 3 Common shares, 100,000 shares authorized* 400,000 45 Accumulated other comprehensive income Retained earnings 224,000 476,500 6 Total shareholders' equity 7 $ 1,200,500 *The common shares were issued at a stated value of $8.00 per share. Requirements a. Are the preferred shares cumulative or non-cumulative? How can you tell? b. What is the total amount of the annual preferred dividend? c. How many common shares are outstanding? d. Compute the book value per share of the common shares. No preferred dividends are in arrears, and Quetico Inc. has not yet declared the 2020 dividend..
The following is the Stockholders' Equity section of the balance for Spencer Corporation as of December 31, 2019. Stockholders' Equity Common stock, $1 par value; authorized, 10,000,000 shares. Issued and outstanding, 500,000 shares Additional paid-in capital, common stock Retained earnings Total Stockholders' Equity $500,000 3,500,000 6,750,000 $10.750.000 Spencer Corporation declared a 10% stock dividend on January 1, 2020, at which date the fair value of Spencer Corporation common stock was trading at $35 per share. Prepare the January 1, 2020, journal entry to record the declaration of the stock dividend. Date Account Debit Credit
The shareholders’ equity of Jungkook Corporation as of October 1, 2020 is presented below: Ordinary Share Capital, 100,000 shares, P 10 par- P1,000,000 Ordinary Share Premium- P500,000 Retained Earnings- P800,000 During October, 2020, the corporation had the following transactions: > Oct. 5- Reacquired 40,000 shares of its own Ordinary Shares for P 520,000. > Oct. 15- Sold 20,000 Treasury Shares at P 15 per share > Oct. 25- Sold another 10,000 Treasury shares for P 70,000. What is the balance of the Retained Earnings after the above transactions?
Shown below is information relating to shareholder's equity of R2K Corporation as of December 31,2018 (SEE PICTURE BELOW):What is the amount of total shareholder’s equity that R2K Corporation should report on December 31, 2018?
1. How much is the total shareholder's equity at December 31,2019? 2. How many ordinary shares are outstanding at December 31,2019? 3. How much is the accumulated profits balance reported at December 31,2019?
The following shareholders’ equity accounts are included in the statement of financial position of Chicken Wings Co. on December 31, 2020.· Preference share capital, 8%, P100 par (200,000 shares authorized, 60,000 shares issued and outstanding)- P6,000,000· Ordinary share capital, P5 par (2,000,000 shares authorized, 600,000 shares issued and outstanding)- P3,000,000· Share premium- P3,750,000· Retained earnings- P3,500,000During 2021, Chicken Wings took part in the following transactions concerning equity.· Paid the annual 2020 P8 per share dividend on preference shares and a P2 per share dividend on ordinary shares. These dividends had been declared on December 31, 2020.· Purchased 81,000 shares of its own outstanding ordinary shares for P40 per share.· Reissued 21,000 treasury shares for land valued at P900,000.· Issued 15,000 preference shares at P105 per share.· Declared a 10% stock dividend on the outstanding ordinary shares when the shares are selling for P45 per share.· Issued…
G. The stock holders' equity section of the statement of financial position of Calubcub Company at December 31, 2019, is given below: Stock holders' equity: Commons stock, P10 par value. 200,000 shares authorized, 80,000 shares issued and outstanding Premium on Ordinary share capital 800,000 400,000 P 1,200,000 2,500,000 P 3,700,000 P Total paid in capital Retained earnings Total stockholders' equity
1. How much is the total contributed capital as of December 31,2019? 2. How much is the balance of the treasury shares as of December 31,2019? 3. What is the total amount of dividends charged to the retained earnings for the year 2019?
1. The balance sheet of Quetico Inc. reported the following at December 31, 2020: A Shareholders' Equity B C Preferred shares, $0.40, 10,000 shares authorized 2 and issued $ 100,000 3 Common shares, 100,000 shares authorized* 400,000 45 Accumulated other comprehensive income Retained earnings 224,000 476,500 6 Total shareholders' equity 7 $ 1,200,500 *The common shares were issued at a stated value of $8.00 per share. Requirements a. Are the preferred shares cumulative or non-cumulative? How can you tell? b. What is the total amount of the annual preferred dividend? c. How many common shares are outstanding? d. Compute the book value per share of the common shares. No preferred dividends are in arrears, and Quetico Inc. has not yet declared the 2020 dividend..