Indigo Inc., was organized on January 1, 2017, at which date it issued 200,000 shares of P 10 par Ordinary share capital at P 15 per share. For the period 2017 to 2019, the corporation reported profit of P900,000 and paid cash dividends of P 460,000. On Jan. 1, 2019, the corporation purchased 12,000 of its own share capital at P 12 per share. On Sept. 20, 2019, the company sold 8,000 Treasury shares at P 18 per share. On Oct. 2, 2019, the corporation received 2,000 shares as donation from a major shareholder and were subsequently sold at P 15 per share on Nov. 15, 2019. Compute Total Shareholders’ Equity on December 31, 2019

Q: The Maria Incorporated was established in 2018. The Corporation issued 100,000, ₱20 par value shares…

A: Solution:  Statement of Changes in Equity of Maria Incorporated for the year 2019 is as under:

Q: Lacoste Inc., was organized on January 2, 2019 with a total authorized capital of P 2,000,000, P 20…

A: Securities and Exchange Commission (SEC) is an independent federal agency of the United States. It…

Q: TJH Corporation was organized on January 1, 2020, with authorized capital of 200,000 shares of P10…

A: Formula: Share capital = Number of shares issued x Issue price.

Q: Andoy Corp. was organized on January 1, 2017 with authorized capital of 100,000 ordinary shares, P20…

A: Total no. of shares issued = 25000 + 1000 + 5000                                          = 31,000…

Q: Knicks Corporation was organized on January 1, 2018 with authorized capital of P 2,000,000, P 20 par…

A: Formula: Amount = 25 % shares subscribed x Each share issue price.

Q: On February 28, 2021, Dow sold 60,000 common shares. In keeping with its long-term share repurchase…

A: The company is required to have maximum shares in the market for the growth of the business and long…

Q: Riftwalker Company was incorporated on January 1, 2015 with proceeds from issuance of P7,500,000 in…

A: Answer) Calculation of value of Total Assets on December 31, 2015 Total Assets = Stockholders’…

Q: On December 31, 2020, Dow Steel Corporation had 770,000 shares of common stock and 317,000 shares of…

A: Calculation of W. Avg Number of shares (For Basic EPS)                 Calculation No of shares…

Q: On December 31, 2020, Dow Steel Corporation had 700,000 shares of common stock and 310,000 shares of…

A: Introduction: Earnings per share denotes the fraction of a company's profits that is available to…

Q: Riftwalker Company was incorporated on January 1, 2015 with proceeds from issuance of P7,500,000 in…

A: SOLUTION-   NET PROFIT = SALES - EXPENSES.                      = 8200000-6400000…

Q: Specific Motor Inc., makes and sells commercial vehicles. By December 31, 2018, the company reported…

A: Financial StatementFinancial Statement is the combination of the three major reports on a business.…

Q: Doffy Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2020, the…

A: Retained earnings are the plowed back profits which are used to make disbursements, to pay…

Q: On December 31, 2020, Dow Steel Corporation had 780,000 shares of common stock and 318,000 shares of…

A: The weighted average number of shares is the average sum of shares purchased during the period.

Q: On December 31, 2020, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of…

A:

Q: On December 31, 2017, Dow Steel Corporation had 610,000 shares of common stock and 31,000 shares of…

A: Earnings per share refers to the earnings available for the each share of a shareholder. It is…

Q: During 2021, its first year of operations, McCollum Tool Works entered into the following…

A: Weighted average no. of outstanding common shares = 35,000,000 + 4,000,000*9/12…

Q: COVAX Corporation was organized on January 1, 2020, at which date it issued 100,000 shares of P10…

A: In case of a company the shareholders are the owners of the company.

Q: During its first year of operations, Cupola Fan Corporation issued 40,000 of $1 par Class B shares…

A: Journal entries            No.  Date  account titles and explanation   Debit…

Q: Rayan Corporation was organized on January 1, 2020, with an authorization of 1,200,000 ordinary…

A: The total number of share premium as of December 31, 2020 = Cost of Treasury shares - Cost of…

Q: Oakwood Inc. Is a public enterprise who shares are traded in the over-the-counter market. At…

A: Income tax adjustment=Prior period adjustemnent-After tax value=$300,000-$210,000=$90,000

Q: At December 31, 2020, the balance sheet of J.R. International included the following shareholders'…

A: Date Account Titles and Explanation Debit Credit Jan'15 Treasury Stock   (12,000 shares X $ 17 per…

Q: During 2022, Sunflower Corporation had the following capital transactions: January 5 - Issued…

A: Calculation of share premium before purchase of own (treasury) shares: Date   No of shares…

Q: Madona  Ltd. begins operations on March 1, 2020, by issuing 1,500,000 shares of $5 par value…

A: Ordinary shares: These are the shares issued by a company to an outsider. These shares entitle a…

Q: Harbottle Corporation was organized on January 3, 2021, with an authorized capital of 100,000 shares…

A: Loss on reissue of treasury shares  = no. of treasury shares  reissued x (Purchase price - reissue…

Q: On January 1, 2019, the total shareholders’ equity of Marie Co. was P8,000,000. The entity also had…

A: Book value is calculated by the historical costs of stocks.

Q: Specific Motor Inc., makes and sells commercial vehicles. By December 31, 2018, the company reported…

A: Required journal entries:

Q: Specific Motor Inc., makes and sells commercial vehicles. By December 31, 2018, the company reported…

A: The income statement is a financial statement that represents the financial performance of the…

Q: Andoy Corp. was organized on January 1, 2017 with authorized capital of 100,000 ordinary shares, P20…

A: Total ordinary share premium = No. of shares issued x (Issue price - par value per share)

Q: Andoy Corp. was organized on January 1, 2017 with authorized capital of 100,000 ordinary shares, P20…

A: Share premium represents the value higher than par value of the shares issued.

Q: On December 31, 2020, Dow Steel Corporation had 610,000 shares of common stock and 31,000 shares of…

A: Date Particulars   No. of shares 01/01-31/12 610000 * 12/12 610000 * 1.04 634400 28/02-31/12…

Q: The cash dividends declaration on December 15 includes a debit to retained earnings of

A: As per our protocol we provide solution to the one question only and you have asked four multiple…

Q: On March 1, 2018, Plain, Inc. sold 40,000 shares of its P 30 par value Ordinary Share Capital on a…

A: Journal is the primary book of entry in accounting. It is the first book where a business…

Q: On December 31, 2020, Dow Steel Corporation had 610,000 shares of common stock and 301,000 shares of…

A: EPS termed as Earnings per share which states that how much amount of money that business makes from…

Q: On December 31, 2020, Dow Steel Corporation had 670,000 shares of common stock and 307,000 shares of…

A: Basic EPS   Numerator   Net income $ 2,450,000 Less : Preferred div $ 76,000 Income…

Q: Poodle Corporation was organized on January 3, 2021. The firm was authorized to issue 100,000 shares…

A: calculation of paid in capital are as follows:

Q: Pluto Company began operations on January 1, of 500,000 preference shares of P5 par value of which…

A: Contributed Capital is the amount a company receives on the account of issue of common and preferred…

Q: Doffy Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2020, the…

A: Retained earnings is part of net profit of the year that is retained by the organization for future…

Q: On December 31, 2020, Dow Steel Corporation had 740,000 shares of common stock and 314,000 shares of…

A: Dow's basic earnings per share Dow's diluted earnings per share

Q: On December 31, 2017, Dow Corporation had 600,000 shares of common stock and 300,000 shares of 8%,…

A: SOLUTION- Given information is:   Net Income = $21,00,000   Dividend to preference shareholders =…

Q: Doffy Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2020, the…

A: Retained earnings refer to the accumulated portion of the profits of business that is not…

Q: Helu Corporation was organized on January 1, 2021, with an authorization of 1,000,000 ordinary…

A: Share premium is the accounting term used to represent the amount collected over the par value of…

Q: On December 31, 2017, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of…

A: Given information is: Net Income = $21,00,000 Dividend to preference shareholders = $75,000

Q: On February 2019, Sean Company began operations by issuing at P15 per share 50% of the 950,000…

A: Stockholder's equity on 31 Dec 2020   Ordinary Share Capital   Authorized 950,000 shares of…

Q: On December 31, 2020, Dow Steel Corporation had 710,000 shares of common stock and 41,000 shares of…

A: Earnings per share = Net income available to Equity shareholders/weighted average number of shares

Q: TJH Corp organized on January 1, 2019, at which date it issued 200,000 shares of P10 par ordinary…

A: Tje shareholders' equity section represents the total equity belongings to shareholders.

Q: On December 31, 2020, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of…

A: Net Income $2,100,000 Less: preferred dividend $75,000 Profit available $2,025,000…

Q: On January 1, 2019, Metco Inc. reported 296,000 shares of $6 par value common stock as being issued…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: ABC Corp organized on January 1, 2019, at which date it issued 200,000 shares of P10 par ordinary…

A: Shareholder equity means the amount that belong to the owner of the company i.e. share holder.…