PROBLEM 30-5 ( AICPA ADAPTED ) At the beginning of current year , Trojan Company was organized with the following capital structure : 10 % cumulative preference share capital , par value P10 , liquidation value P12 authorized , issue and outstanding 100,000 shares , P1, 000,000 Ordinary share capital , par value P100 , authorized 40,000 shares , issued and outstanding 30,000 shares , P3 , 000,000 The net income for the current year was P6 , 000,000 and no dividends were declared. What is the book value per ordinary share ? 290 293 300

PROBLEM 30-5 ( AICPA ADAPTED ) At the beginning of current year , Trojan Company was organized with the following capital structure : 10 % cumulative preference share capital , par value P10 , liquidation value P12 authorized , issue and outstanding 100,000 shares , P1, 000,000 Ordinary share capital , par value P100 , authorized 40,000 shares , issued and outstanding 30,000 shares , P3 , 000,000 The net income for the current year was P6 , 000,000 and no dividends were declared. What is the book value per ordinary share ? 290 293 300

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

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 16E: Contributed Capital Adams Companys records provide the following information on December 31, 2019:...

See similar textbooks

Similar questions

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
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.
Items 53 and 54 are based on the following data:Perry Company was organized on January 2, 2012, with the following capital structure:a. 10% cumulative preference share, parvalue P100b. and liquidation value,P105;authorized, issuedc. and outstanding 1,000 sharesd. P 100,000e. Ordinary share, par value P25, authorized100,000f. shares; issued and outstanding10,000 sharesg. P 250, 000income for the year ended December 31, 2012, was P 450,000, but no dividendswere declared.as. 53. How much was Perry’s book value per preference share at December 31,2012?a. P100 c. P110 b. P105 d. P115. 54. How much was Perry’s book value per common share at December 31,2012? a. P45.00 ba. c. P69.50b. P68.50 bc. d. P70.00
ABC Company was organized on January 1, 2020 with the following capital structure: 10% cumulative preference share capital, par value P10, liquidation value P12, authorized, issued and outstanding 100,000 shares, P1,000,000 Ordinary share capital, par value P100, authorized 40,000 shares, issued and outstanding 30,000 shares, P3,000,000 The net income for the year ended December 31, 2020 was P6,000,000 and no dividends were declared. What is the December 31, 2020 book value per ordinary shares? (Round answer to a whole number)
The accounts below appear in the December 31, 2020 trial balance of Moon Company: Authorized share capital P5,000.000 Unissued share capital 2,000,000 Subscribed share capital 1,000,000 Subscription receivable 400,000 Share premium 500,000 Retained Earnings unappropriated 600,000 Retained Earnings appropriated 300,000 Revaluation surplus 200,000 Treasury shares at cost 100.000 In its December 31, 2020 statement of financial position, Moon should report total shareholders' equity at?
The following additional information was provided: 1) The Authorized Capital of the business is 300,000 Ordinary Shares of Sh.0.50 each and 75,000 8% preference shares of Sh. 1.00 each. 2) A final dividend of Sh.0.625 per ordinary share is proposed. 3) The Reserve for Increased Replacement costs of Fixed Assets is to be increased to Sh.20,000. (i) A profit and Loss Appropriation Account for the year to 31st December 2019. (ii) Statement of Financial position as at the same date.
The accounts below appear in the December 31,2020 trial balance of Luna Company: Authorized share capital                                               30,000,000 Unissued share capital                                                   5,000,000 Subscribed share capital                                                3,000,000 Subscription receivable                                                 1,000,000 Share premium                                                                 10,000,000 Retained earnings unappropriated                           6,000,000 Retained earnings appropriated                                 2,000,000 Revaluation surplus                                                         4,500,000 Treasury shares, at cost,                                                1,500,000 In its December 31, 2020 statement of financial position, Luna should report total equity at:
An entity provided the following shareholders' equity at year-end:10% cumulative preference share capital, P100 par, 30,000 shares    3,000,000Ordinary share capital, P100 par value, 50,000 shares                        5,000,000Retained earnings 4,000,000Dividends in arrears on the preference shares are for 5 years. If the entity were to be liquidated, the preference share would receive par plus a premium of P300,000. What is the book value per ordinary share?
Cabuslay Company showed the following shareholders’ equity on December 31, 2021: Ordinary share capital, P100 par 2,000,000 Preference share capital, 8% P50 par, cumulative and participating 2,500,000 Preference share capital, 10% P50 par, noncumulative      and participating 1,500,000 Retained earnings 270,000 Dividends are in arrears for two years, and preference share has preference as to assets.Compute the Book value per ordinary share
39.The accounts below appear in the December 31, 2020 trial balance of Spartans Corporation: Authorized Share Capital P 5,000,000Unissued Share Capital 2,000,000Subscribed Share Capital 1,000,000Subscription Receivable-due 2018 400,000Property Dividends Payable 800,000Share Premium 500,000Retained Earnings-unappropriated 600,000Retained Earnings-appropriated 300,000Treasury Shares-at cost 100,000 In its December 31, 2020 Statement of Financial Position, what is the amount of Spartans Contributed Capital?
The following accounts are found in the trial balance of HUSKY Inc. at December 31, 2020. Preference Share Capital, P100 par, 40,000 shares authorized; 10,000 shares issued Ordinary Share Capital, P10 stated value, 200,000 shares authorized; 55,000 shares issued Subscribed Preference Share P400,000 Subscribed Ordinary Share 160,000 Additional Paid-in Capital – Preference 120,000 Additional Paid-in Capital – Ordinary 84,000 What is the total legal capital of HUSKY Inc. as of December 31, 2020? Group of answer choices P2,314,000 P2,230,000 P2,110,000 P2,194,000
Shaina company reported the following shareholders’ equity on December 31, 2019:Preference share capital, 10% cumulative and non participating, P100 par, 10,000 shares P1,000,000Ordinary share capital, P100 par, 20,000 shares 2,000,000Subscribed ordinary share capital, 10,000 shares 1,000,000Subscriptions receivable 250,000Share Premium 500,000Retained Earnings 1,200,000Treasury ordinary shares, 5,000 at cost 400,000 The preference dividends are in arrears for 2017, 2018 and 2019. a. What is the book value per ordinary share? b. What is the book value per preference share?