GRAPES Company provided the following data for the year: a. Sold 25,000 preference shares, 12%, P50 par, at P75 b. Sold 80,000 ordinary shares of P10, par at P45. c. Purchased and retired 10,000 preference shares at P60 d. Purchased 5,000 shares at P40 to be held as treasury e. Sold 3,000 treasury ordinary shares at P50 f. Share split up for ordinary shares, 2 for 1 g. Shareholder donated 10,000 ordinary shares. One-half of these were sold for P20 h. Retired 500 treasury ordinary shares i. Net income for the year was P2,500,000 j. Appropriated retained earnings equal to the balance of treasury shares. Prepare all necessary entries for the year
GRAPES Company provided the following data for the year: a. Sold 25,000 preference shares, 12%, P50 par, at P75 b. Sold 80,000 ordinary shares of P10, par at P45. c. Purchased and retired 10,000 preference shares at P60 d. Purchased 5,000 shares at P40 to be held as treasury e. Sold 3,000 treasury ordinary shares at P50 f. Share split up for ordinary shares, 2 for 1 g. Shareholder donated 10,000 ordinary shares. One-half of these were sold for P20 h. Retired 500 treasury ordinary shares i. Net income for the year was P2,500,000 j. Appropriated retained earnings equal to the balance of treasury shares. Prepare all necessary entries for the year
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 12RE: Given the following year-end information, compute Greenwood Corporations basic and diluted earnings...
Related questions
Question
100%
GRAPES Company provided the following data for the year:
a. Sold 25,000
b. Sold 80,000 ordinary shares of P10, par at P45.
c. Purchased and retired 10,000 preference shares at P60
d. Purchased 5,000 shares at P40 to be held as treasury
e. Sold 3,000 treasury ordinary shares at P50
f. Share split up for ordinary shares, 2 for 1
g. Shareholder donated 10,000 ordinary shares. One-half of these were sold for P20
h. Retired 500 treasury ordinary shares
i. Net income for the year was P2,500,000
j. Appropriated
- Prepare all necessary entries for the year
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Accounting (Text Only)
Accounting
ISBN:
9781285743615
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning