Penny Corporation provided the following account balances on December 31, 2021: Preference share, authorized, 250 par - P10,000,000; Unissued preference share - P3,600,000; Ordinary share, authorized, P20 par - P4,000,000; Unissued ordinary share - P2,000,000; Subscription receivable, preference share-380,000; Subscription receivable, ordinary share - P360,000; Subscribed preference share-P600,000; Subscribed ordinary share - P440,000; Treasury share, preference at cost-P1,360,000; Share premium - 1,700,000; Accumulated profits and losses - P2,000,000. All subscriptions receivables

Penny Corporation provided the following account balances on December 31, 2021: Preference share, authorized, 250 par - P10,000,000; Unissued preference share - P3,600,000; Ordinary share, authorized, P20 par - P4,000,000; Unissued ordinary share - P2,000,000; Subscription receivable, preference share-380,000; Subscription receivable, ordinary share - P360,000; Subscribed preference share-P600,000; Subscribed ordinary share - P440,000; Treasury share, preference at cost-P1,360,000; Share premium - 1,700,000; Accumulated profits and losses - P2,000,000. All subscriptions receivables

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 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000
Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000
Subscriptions On August 3, 2019, the date of incorporation, Quinn Company accepts separate subscriptions for 1,000 shares of 100 par preferred stock at 104 per share and 9,000 shares of 110-par, no-stated-value common stock for 22 per sl1are. The subscription contracts require a 10% down payment, with the balance due by November 1, 2019. Shares are issued to each subscriber upon full payment. On November 1, Quinn received the remaining balances for the shares of preferred stock and common stock. Required: Prepare journal entries to record all the transactions related to: 1. the preferred stock 2. the common stock
RED Corporation provided the following account balances on December 31, 2021: Preference share, authorized, P50 par - P10,000,000; Unissued preference share - P3,600,000; Ordinary share, authorized, P20 par - P4,000,000; Unissued ordinary share - P2,000,000; Subscription receivable, preference share - P380,000; Subscription receivable, ordinary share - P360,000; Subscribed preference share -P600,000; Subscribed ordinary share -P440,000; Treasury share, preference at cost -P1,360,000; Share premium -P1,700,000; Accumulated profits and losses - P2,000,000. All subscriptions receivables are due in year 2022. How much is the total shareholders' equity of RED Corporation?
"The following are found in the trial balance of M Corporation at December 31, 2021: Authorized ordinary share, P50 par value P3,000,000; Subscription receivable P200,000; Unissued ordinary share P1,000,000; Subscribed ordinary share P500,000; Share premium ordinary P100,000. What is the total number of shares available for subscription?"
Way Company's adjusted trial balance at December 31, 2021 includes the following: Ordinary Share Capital, P5 par P360,000 Share Premium - Ordinary 480,000 Treasury Shares, at cost 30,000 Share Premium - Preference 12,000 Retained Earnings 90,000 Preference Share Capital, P10 par 120,000 What amount should Way report as total shareholders' equity in its December 31, 2021 statement of financial position?
Santol Inc. issued 200,000 shares of P5 par value at P10 per share. On January 1, 2021, the retained earnings amounted to P3,000,000. In March 2021, the entity reacquired 50,000 treasure shares at P20 per share. How much should Retained Earnings be appropriated?
The accounts below appear in the December 31, 2020 trial balance of A Company: Authorized share capital, P30,000,000 Unissued share capital, P5,000,000 Subscribed share capital, P3,000,000 Subscription receivable, P1,000,000 Share premium, P10,000,000 Retained earnings unappropriated, P6,000,000 Retained earnings appropriated, P2,000,000 Revaluation surplus, P4,500,000 Treasury shares, at cost, P1,500,000 In its December 31, 2020 statement of financial position, A should report total equity at
#17The following data are presented for Caroline company for the year ended December 31, 2020.Preference share capital authorized, 100 par, P15,000,000, Ordinary share capital authorized,10 par, P6,000,000, Unissued preference share capital, P5,400,000, Unissued ordinary sharecapital, P3,000,000, Subscriptions receivable, ordinary, P540,000, Subscriptions receivable,preference, P570,000, Preference share capital subscribed, P900,000, Ordinary share capitalsubscribed, P660,000, Treasury preference shares (700 shares at cost), P2,040,000, Sharepremium, P2,550,000, Retained earnings, P6,000,000. What is the amount of shareholder’sequity on December 31, 2018? 19,560,000 pls provide solution for this answer
On January 1, 2022, Dumbledore Company issued 10,000 shares of its P10 par value shares with a market value of P50 per share for the net assets of Julien Corporation. Cost to register and issue the shares amounted to P50,000. The condensed statement of financial position of Julien Corporation as of December 31, 2021 is shown below: Book Values Fair ValuesCurrent assets 200,000 225,000Plant assets 300,000 400,000 Total assets 500,000 Liabilities 150,000 Ordinary share capital, P10 par 50,000 Share premium 100,000 Accumulated profits (losses) 200,000 Total Equity 500,000 How much is the net increase in the shareholders’ equity of Dumbledore Company as a result of the business combination?
White Corporation provided you with the following summary of total assets and liabilities at January 1, 2021 and at December 31, 2021.Assets, January 1, 2021 - P9,000,000Assets, December 31, 2021 - P12,000,000Liabilities, January 1, 2021 - P3,200,000Liabilities, December 31, 2021 - P4,500,000During 2021, the company issued 10,000 shares of its P100 par ordinary share at P150 per share and declared dividends of P280,000. There were no other changes affecting the equity accounts. How much is White Corporation’s profit for the year 2021?