The shareholders' equity section of Nazario Freight Express, Inc. as at Dec. 31, 2018 appeared as follows: 6% Preference Shares, P75 par, 200,000 shares authorized, 70,000 shares issued Ordinary Shares, P5 stated value, 500,000 shares authorized, P ? share issued and Share Premium-Ordinary Retained Earnings shares outstanding 500,000 600,000 1,000,000 Total Share Capital and Retained Earnings Less: Treasury Stock - Ordinary, 10,000 shares, at Cost Total Shareholders' Equity 40,000 Required: Provide the answers to each of the following questions: 1. What is the total issue price of the preference shares? 2. How many ordinary shares were issued? 3. How many ordinary shares are outstanding?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Problem #19
The shareholders' equity section of Nazario Freight Express, Inc. as at Dec. 31, 2018
appeared as follows:
6% Preference Shares, P75 par, 200,000 shares authorized,
70,000 shares issued
Ordinary Shares, P5 stated value, 500,000 shares authorized,
share issued and
shares outstanding
500,000
Share Premium-Ordinary
Retained Earnings
Total Share Capital and Retained Earnings
Less: Treasury Stock - Ordinary, 10,000 shares, at Cost
Total Shareholders' Equity
600,000
1,000,000
40,000
P
Required:
Provide the answers to each of the following questions:
1. What is the total issue price of the preference shares?
2. How many ordinary shares were issued?
3. How many ordinary shares are outstanding?
4. What was the total issue price of the ordinary shares?
5. What is the total legal capital of the corporation?
6. What is the totál contributed capital of the corporation?
7. What is the total shareholders' equity?
8. For how much per share was the treasury stock purchased?
9. What is the amount of the required preference dividends?
Transcribed Image Text:Problem #19 The shareholders' equity section of Nazario Freight Express, Inc. as at Dec. 31, 2018 appeared as follows: 6% Preference Shares, P75 par, 200,000 shares authorized, 70,000 shares issued Ordinary Shares, P5 stated value, 500,000 shares authorized, share issued and shares outstanding 500,000 Share Premium-Ordinary Retained Earnings Total Share Capital and Retained Earnings Less: Treasury Stock - Ordinary, 10,000 shares, at Cost Total Shareholders' Equity 600,000 1,000,000 40,000 P Required: Provide the answers to each of the following questions: 1. What is the total issue price of the preference shares? 2. How many ordinary shares were issued? 3. How many ordinary shares are outstanding? 4. What was the total issue price of the ordinary shares? 5. What is the total legal capital of the corporation? 6. What is the totál contributed capital of the corporation? 7. What is the total shareholders' equity? 8. For how much per share was the treasury stock purchased? 9. What is the amount of the required preference dividends?
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