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- Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.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. P50,000AB Co issues 5.000 50c shares for $6.000. Required: What are the amounts for share capital and share premium in the statement of financial position?
- The shareholders' equity section of PRAY Corp. on December 31, 20x1 appeared as follows: Preference share, P50 par. 250.000 shares authorized, share issued Ordinary share. P20 par, 500,000 shares authorized share issued and shares outstanding 2,000,000 Share premium - preference share 250.000 Share premium - ordinary 200,000 Retained earnings 2.500,000 Treasury shares 50,000 Total Shareholders Equity HOW MUCH IS THE UNAPPROPRIATED RETAINED EARNINGS?1. An abstract of the shareholders’ equity of the Camia Co. on December 31,200A appears as follows:Preference Share, Php35 par value, 150,000 shares issued and outstanding Php5,250,000Ordinary Shares, Php25 par value, 300,000 shares issued and Outstanding 7,500,000Premium on Preference Share 450,000Premium on Ordinary Share 600,000Retained Earnings 1,200,000Treasury Share – Ordinary 60,000 The Board of Directors decided to establish a reserve of Php230,000 for contingencies and Php380,000 for plant expansion. Required:1. Record…9. The following data pertain to BUENO Corporation: Redeemable Preference Share Capital, P100 par; 5,000 shares issued and outstanding Preference Share Premium Retained Earnings P500,000 50,000 100,000 June 5 Redeemed and retired 500 preference shares at P150 per share. 30 Redeemed and retired 500 preference shares at P90. Direction: a) Journal entries b) Prepare the shareholders' Equity Section as of June 30.
- Tipp Corporation's adjusted trial balance on December 31, 2XX1 includes the following account balances: Ordinary share capital, P10 par, 60,000 shares issued, 55,000 shares outstanding Share premium - ordinary shares Treasury shares at cost Retained earnings, appropriated for treasury shares Retained earnings, appropriated for contingencies Retained earnings, appropriated for bond redemption Retained earnings, unappropriated What is the total shareholders' equity? Give your answer in this format X,XXX,XXX (disregard the pesos sign). ? 280,000 75,000 75,000 80,000 180,000 150,000The Shareholders’ Equity section of ACCA Company on December 31 shows the following: Ordinary Share Capital, P50 par, 105,000 shares issued P 5,250,000 Share Premium – ordinary shares 1,010,000 Treasury Shares, 5,000 shares 300,000 Retained Earnings 10,000,000 Required: Provide the journal entries to be made under the following independent assumptions: 4. Assume instead that the 5,000 treasury shares were declared as share dividends.9A. How much is the excess of par to be used for book value per share computation? 9B. How much is the BOOK VALUE PER SHARE for PREFERENCE shares considering that the preference shares are cumulative and participating? (Present answer in 2 decimal places, example: XX.XX) On December 31, 2021, the statement of financial position of FRUITS Company showed the following shareholders equity accounts: • Ordinary shares, par P50, authorized 100,000 shares, issued 85,000 shares, in treasury 7,500 shares - P4,250,000 12% Preference shares, par P75, authorized 50,000 shares, issued 20,000 shares, in treasury 4,000 shares-P1,500,000 Share premium in excess of par-P 862,500 . Reserve for Treasury shares - 725,000 • Treasury ordinary shares-435,000, Treasury preference shares-P 290,000 • Retained earnings, unrestricted-P 2,168,000 Net income for the year - 762,000 Cash dividends declared - P 194,000; 2 years in arrears, current year is not yet included.
- The Shareholders’ Equity section of ACCA Company on December 31 shows the following: Ordinary Share Capital, P50 par, 105,000 shares issued P 5,250,000 Share Premium – ordinary shares 1,010,000 Treasury Shares, 5,000 shares 300,000 Retained Earnings 10,000,000 Required: Provide the journal entries to be made under the following independent assumptions: 1. The company declared 10% share dividends on the ordinary share when the market value per share is PP130. 2. The company declared 20% share dividends on the ordinary share when the market value per share is PP130. 3. The company declared and paid P2 per share liquidating ddividends. 4. Assume instead that the 5,000 treasury shares were declared as share dividends.Consider the following assumed transactions of Ambient Productions: Mar. 18 Issued 1,800 shares of $1.25 par ordinary share at $10 per share. May 21 Purchased 440 shares of treasury share at S12 per share. Aug. 10 Sold 300 shares of treasury share at $20 per share. Requirement 1. Journalize the transactions for Ambient Productions. 2. What was the overall effect of these transactions on Ambient's shareholders' equity? Requirement 1. Journalize the transactions for Ambient Productions. (Record debits first, then credits. Explanations are not required. Leave unused cells blank.) Mar. 18: Issued 1,800 shares of $1.25 par ordinary share at $10 per share. Journal Entry Date Accounts Debit Credit Mar. 18 Choose from any list or enter any number in the input fields and then continue to the next question.Garp Company reported the following shareholders’ equity: Ordinary share, 50K shares, P100 par 5,000,000 Share premium 200,000 Retained earnings 2,000,000 Subsequently, the following transactions, among others occurred: a. Treasury shares of P 5,000 were acquired at P 160 per share b. Assuming the treasury shares were reissued for P 1,000,000. c. Assuming the treasury shares were reissued for P 700,000 Required: Prepare journal entries to record the transactions.
