At the beginning of current year, Cash Company reported the following shareholders' equity: Share capital, P5 par 600,000 shares authorized, 200,000 shares issued and outstanding 1,000,000 Share premium Retained earnings Total shareholders' equity 6,000,000 2,800,000 9,800,000 During the current year, the following chronological transactions affected shareholders' equity: Reacquired 10,000 shares at P30 per share to be held as treasury. Declared and issued a 30% share dividend. Declared and paid cash dividend of P10 per share. Net income for the current year amounted to P3,000,000.
At the beginning of current year, Cash Company reported the following shareholders' equity: Share capital, P5 par 600,000 shares authorized, 200,000 shares issued and outstanding 1,000,000 Share premium Retained earnings Total shareholders' equity 6,000,000 2,800,000 9,800,000 During the current year, the following chronological transactions affected shareholders' equity: Reacquired 10,000 shares at P30 per share to be held as treasury. Declared and issued a 30% share dividend. Declared and paid cash dividend of P10 per share. Net income for the current year amounted to P3,000,000.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...
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Can I ask for a solution to this problem? In good accounting form. Thank you.
What amount should be reported as unappropriated
Transcribed Image Text:At the beginning of current year, Cash Company reported the following shareholders' equity:
Share capital, P5 par 600,000 shares authorized,
200,000 shares issued and outstanding
1,000,000
Share premium
Retained earnings
Total shareholders' equity
6,000,000
2,800,000
9,800,000
During the current year, the following chronological transactions affected shareholders' equity:
- Reacquired 10,000 shares at P30 per share to be held as treasury.
- Declared and issued a 30% share dividend.
- Declared and paid cash dividend of P10 per share.
Net income for the current year amounted to P3,000,000.
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