What is the balance of RETAINED EARNINGS on December 31, 2021 AFTER appropriation for treasury shares? 5. What is the correct balance of ordinary share capital on December 31,2021?You have been assigned to audit RUDOLPH Company. You are asked to summarize thetransactions for the year ended December 31, 2021 affecting shareholders' equity and otherrelated accounts. The Shareholders' Equity section of RUDOLPH's December 31, 2020 Statementof Financial Position had the following balances:Ordinary share capital, P2 par value, 1,000,000 shares authorized,180,000 shares issued, 177,580 shares outstandingShare premium - issuance360,000Share premium – treasury sharesRetained earningsCost of 2,420 treasury sharesTotal shareholders' equity3,640,00045,000649,378(145,200)4,549,178You have extracted the following information from the accounting records and audit workingpapers:2021Jan. 11– RUDOLPH issued 1,300 treasury shares for P40 per share.Apr. 1- Sold 180, P1,000 9% bonds due April 2031 at 103 with one detachable warrantattached to each bond. Interest is payable annually on February 1. The fair market valueof the bonds without the share warrants is 95. The detachable warrants have a fair valueof P50 each and will expire on April 1, 2022. Each warrant entitles the holder to purchase10 ordinary shares at P40 per share.• Jun. 6 – 2,800 ordinary shares were subscribed for at P44 per share. 40% of thesubscription was collected.• Aug. 20 - The balance due on 2,400 shares were received and then issued.Oct. 1- There were 110 share warrants detached from the bonds and exercised.• RUDOLPH's net income for 2021 is P950,000

Common shares or common stock, usually referred to as ordinary shares, are ownership stakes in a…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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On December 31, 2019, an entity reported the following equity items: 8% cumulative preference shares (150,000 issued, P20 par) Ordinary share capital (2,000,000 issued, P5 par) Share Premium- Preference + Share Premium -Ordinary Retained Earnings The following transactions affected equity during 2020: Jan 1. Apr 1 Jun 1 Jul 1 Oct 1 Dec 31 was paid during 2018 P3,000,000 10,000,000 200,000 27,000,000 4,500,000 30,000 preference shares issued at P22 per share 50,000 ordinary shares issued at P20 per share 2-for-1 share split on the ordinary share 30,000 ordinary treasury shares were reacquired at P10 per share 10,000 treasury shares were re-issued at P11 per share Net-income for the year is P9,000,000. The latest preference dividend

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