On January 01, 2021, Acoba Corporation provided you the following information: Ordinary share capital, 500,000 shares issued, P20 par 10,000,000 Share premium - ordinary shares 4,000,000 Retained earnings 5,700,000 Share capital transactions for the year 2021: March 10 - Reacquired 80,000 ordinary shares at P30 per share April 20 - Reissued 28,000 ordinary treasury shares at P38 per share April 25 - Reissued 27,000 ordinary treasury shares at P22 per share May 13 – Retired 25,000 ordinary treasury shares.   Journal entry on May 13 should include:

Q: The entry to record the sale on the books of Image should include:

A: A. Total par value of share = P 360000 B. Total number of treasury share = 2000 C. Par value of each…

Q: ined earnings 5,700,000 Share capital transactions for the year 2021: March 10 - Reacquired 80,000…

A: When treasury shares are retired, then treasury shares are credited at their purchase cost and…

Q: The stockholders’ equity account balances of Image Corporation as of December 31, 2020 are as…

A: Total cost of Treasury stock = P360,000+(2000*225)                                              =…

Q: McDo Co. reported the following amounts in the shareholders’ equity section of its  December 31,…

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Q: At January 1, 2021, Canaday Corporation had outstanding the following securities: 610 million…

A: Basic earning per share = Total earning available to common share / Outstanding number of common…

Q: The stockholders' equity account balances of Image Corporation as of December 31, 2020 are as…

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Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…

A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…

Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…

A: SOLUTION-     NOTE=  DIVIDEND ARREARS OF 2 YEARS DOES NOT EFFECT RETAINED EARNING OF THIS YEAR…

Q: Haru Corporation reported the following shareholders’ equity on January 1, 2020. > Ordinary Share…

A: RE refers to Retained Earnings which is the amount of NI (Net Income) that is left or retained by…

Q: Using the following, how many shares were outstanding? * On January 1, 2021, the statement of…

A: The maximum number of shares which can be issued by a company is referred to as the Authorized…

Q: The stockholders’ equity account balances of Image Corporation as of December 31, 2020 are as…

A: Share premium on shares sold = (No. of shares sold x  sale price per share) - Cost of shares sold =…

Q: The shareholders’ equity section of Haemul Pajeon Co. as of Dec. 31, 2019, contained the ff.…

A: No. of shares issued under bonus issue = No. of shares outstanding x bonus rate Amount charged to…

Q: enden Company was organized on January 1, 2020 at which date it issued 300,000 ordinary shares of P6…

A: Treasury Stock refers to the purchasing back of shares of the company that are already issued.

Q: ABC Co. has authorized share capital of 10,000 8% participating preference shares with P100 par…

A: The calculation of the amount to be received by Mr. Chris Pin is as follows:

Q: Determine the balance of share premium to be reported in statement of financial position for the…

A: Share premium :          As the name suggests, it is the premium amount paid by the subscribers or…

Q: On December 31, 2021, WHITE Company reports the following amounts in its shareholders' equity…

A: The book value per share is calculated as shareholders' equity divided by number of issued and…

Q: On January 1, 2020, XYZ Corporation had 250,000 ordinary shares of P2 par value outstanding. On…

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Q: McDo Co. reported the following amounts in the shareholders’ equity section of its  December 31,…

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Q: On January 1, 2020, XYZ Corporation had 250,000 ordinary shares of P2 par value outstanding. On…

A: Earnings per share = (Net income - Preferred dividend) /  weighted-average number of shares…

Q: The Topeka Corporation has 40,000 shares of P30 par value ordinary shares outstanding. On July 1,…

A: The stock dividend is a method of capitalizing the retained earnings. it is issued in a proportion…

Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…

A: SOLUTION-   CUMULATIVE PREFERENCE SHARES  ARE REGULAR PREFERENCE SHARES WITH ONE ADDITIONAL BENEFIT.

Q: The stockholders’ equity account balances of Image Corporation as of December 31, 2020 are as…

A: the par value of shares     25000000/25000              100 share premium…

Q: On December 31, 2020, Rebel Corporation's balance sheet reported the following.             Common…

A: Equity shares are the shares issued by the company in the public and such shareholders are treated…

Q: At January 1, 2021, Canaday Corporation had outstanding the following securities: 720 million common…

A: In order to determine the Earning per share, the total earning available to the equity shareholder's…

Q: What should be reported as total shareholders’ equity on December 31, 2020?

A: Total Shareholders' equity computation includes: a) Outstanding shares  b) additional paid up…

Q: McAllister Co.'s shareholders' equity on December 31, 2020 shows the following accounts and balances…

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Q: General Mills is authorized to issue 13 million, $1 par common shares. During 2021, its first year…

A: Introduction: Common shares normally provide shareholders the right to vote at shareholder meetings.…

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: At January 1, 2021, Canaday Corporation had outstanding the following securities: 760 million…

A: Working Calculation of Income for common stock holders   Amount (Million) Working Net…

Q: The adjusted trial balance of ZZZ Corp. on December 31, 2021 includes the following account…

A: Total value of share capital held by a company includes both ordinary and preference share capital.

Q: The Millenium Company had I00,000 shares of Ordinary Share Capital on December 31,2019. Its…

A: Treasury shares are the shares of the own company that are repurchased from the market for resale or…

Q: The stockholders’ equity account balances of Image Corporation as of December 31, 2020 are as…

A: Total cost of Treasury stock = P360,000+(2000*225)                                              =…

Q: n January 01, 2021, Pagaduan Corporation provided you the following information: Ordinary share…

A: Solution: Treasury shares are those shares which are purchased by a corporation of its own shares.…

Q: What is the weighted-average number of shares outstanding for 2020?

A: Stock Dividends and Stock splits:- When Stock Dividend or stock split occurs, the company needs to…

Q: mium…

A: Transactions involving stock and retained earnings have an impact on a company's shareholders'…

Q: he stockholders’ equity account balances of Image Corporation as of December 31, 2020 are as…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: premium…

A: Stock and retained earnings transactions have an effect on a company's shareholders' equity. A…

Q: On December 31,2020, the shareholders' equity section of DEF, Inc. was [Ordinary Share Capital, par…

A: The retained earnings of the business includes the net income or loss earned, dividend declared,…

Q: Using the information provided below, what is the share premium balance on December 31, 2021? The…

A: Share premium is the difference between the total amount of money received for the shares issued and…

Q: The shareholders’ equity section of the statement of financial position of LW Corporation showed the…

A: Bonus issue is free offer of additional shares to existing shareholders.  During 2021, the…

Q: Julien Company had $800,000 net income in 2021. On 1 January 2021, there were 400,000 ordinary…

A: Earnings per share is acknowledged as the profit which can be earned by the common stockholders of a…

Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…

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Q: basic earnings per share for preference shareholders

A: In respect of cumulative preference shares, dividend is accumulated until paid. Hence, the…

Q: At January 1, 2021, Canaday Corporation had outstanding the following securities: 660 million…

A: As evidence of their participation in a company, common shares are issued to business owners and…

Q: On January 1, 2020, XYZ Corporation had 250,000 ordinary shares of P2 par value outstanding. On…

A: A share is the division in the capital of the company. A shareholder is entitled to receive division…

Q: What is the weighted-average number of shares outstanding for 2020? *

A: Stock Dividends and Stock splits:- When Stock Dividend or stock split occurs, the company needs to…

Q: IFA Corporations had Net Income of $780,000 and the following information for January 2021  to…

A: Ordinary Share- Ordinary shares, also called general shares, are stocks sold on a community swap.…

Q: The stockholders’ equity account balances of Image Corporation as of December 31, 2020 are as…

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Q: On January 01, 2021, ABC Corporation provided you the following information: Ordinary share…

A: The journal entries are prepared to keep the record of day to day transactions of the business. The…

Q: On January 1, 2020, XYZ Corporation had 250,000 ordinary shares of P2 par value outstanding. On…

A: Stock dividend is declared when the company wants to enhance its shareholders' wealth or to praise…