The stockholders’ equity account balances of Image Corporation as of December 31, 2020 are as follows:     Ordinary shares, P100 par; 50,000 shares authorized; 25,000 shares issued, P2,500,000  Share premium, P1,500,000  Accumulated profits, P1,000,000  Treasury shares, 2,000 shares at cost, P360,000     On January 10, 2021 Image reacquired additional 2,000 shares from stockholders at P225     On February 5, 2021, Image sold 2,500 treasury shares on the open market at P200 per share.     On March 15, 2021, Image retired 1,000 treasury shares of the remaining treasury shares, the entry to record the retirement shall include:  Group of answer choices  Debit to accumulated profits of P27,500  Debit to accumulated profits of P37,500  Debit to accumulated profits of P60,000  Debit to accumulated profits of P10,000

Q: The accounts and balances that follow are from Comel Bhd's records on 31 December 2020. Items RM…

A: Step2 in solution.

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: 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: An analysis of stockholders' equity of Hang Corporation as of January 1, 2020, is as follows: Common…

A: Total Share Authorized = 100,000 shares Total Shares Issued are 90,000 shares Total share…

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: the shareholders’ equity section of Pampanga Corporation’s statement of financial position as of…

A: The amount of retained earnings is that portion of the company's equity that can be utilized for the…

Q: The shareholder's equity account of Macquin Company as of December 31, 2021 was as follows: Ordinary…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: An analysis of stockholders' equity of Hang Corporation as of January 1, 2020 is as follows: Common…

A: Solution: Additional paid in capital from treasury stock = (2000*P35 - 2000*P30) - (500*P20 -…

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: On January 1, 2020, vic Corporation had the following shareholders’ equity accounts: vic…

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

Q: An analysis of stockholders' equity of Hang Corporation as of January 1, 2020, is as follows: Common…

A: Treasury stock=Acquisition-Sale=P 75,000-2,000×P35-500×P20=P 5,000

Q: Joy Ashliy Company reported the following amounts in the shareholders' equity section Of its…

A: Treasury stock are the stock held by the company for the purpose of either redemption or for gain in…

Q: The shareholders’ equity section of Pottery Corporation’s statement of financial position as of…

A: Stockholder's equity is the amount belongs to the stockholder's of the business. It is the sum of…

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

A:

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: The shareholders equity section of Good ufe Company shows the following on December 31, 2018:…

A: Stockholders’ equity is the measure of assets staying in a business after the sum total of the…

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: Ôn December 31, 2019, the shareholders' equlty section of the balance sheet of R & L Corporation…

A: The stock dividend is the dividend declared in the form of shares to the shares issued and…

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

A: Journal entry - Recording the business transactions in accounting books for the first time. The…

Q: Bickle's Pickles Inc.'s charter authorizes the company to issue up to 100,000 common shares.  As of…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: At December 31, 2020 Paid-in Capital Common Stock, $9 par value, 3,000,000 shares authorized,…

A: The shareholders equity consists of the shares issued by the company.

Q: Joy Ashliy Company reported the following amounts in the shareholders' equity section Of its…

A: Retained earnings is an account which represents the accumulated earnings of a firm till the balance…

Q: The equity section of Gunkel Corporation as of December 31, 2021, was as follows: Share…

A: Retained earnings is increases with net income and decreases with net loss . Also the dividends…

Q: The shareholders' equity of Laguz Inc. as of January 1, 2021, is as follows: Share Capital Ordinary…

A: The shareholder's equity is the sum total of all the types of shares (including equity shares, share…

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

A:

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: 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: Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020. -…

A: The stock split is not recorded as journal entry in the books, as it does not effect the amount of…

Q: On January 1, 2020, ABC Company reported the following shareholders’ equity Share capital, 250,000…

A: The dividend is paid to the shareholders from the retained earnings of the business. The retained…

Q: The following shareholders’ equity accounts are included in the statement of financial position of…

A: The shareholders' equity section of the balance sheet records the capital that belongs to the…

Q: An analysis of stockholders' equity of Hang Corporation as of January 1, 2020 is as follows: Common…

A: Total additional paid in capital refers to a component of stock holders equity which represents the…

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

A: Treasury shares means the share which has been buy back by the company . It will be shown as…

Q: Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020. -…

A: Note : treasury shares do not entitle to stock dividend. On 30 September 30℅ stock dividend declared…

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: The shareholders' equity of the ABA Company on January 1, 2020 is presented below: Share capital,…

A: It shows the sum of the amount invested by shareholders and retained earnings. It is divided into…

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: Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020. -…

A: Journal is the primary book where transactions are originally recorded.  Journal entry: A journal…

Q: The shareholders’ equity section of Pottery Corporation’s statement of financial position as of…

A:

Q: Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020 -…

A: Introduction: A journal entry is a monetary transaction record kept in a company's accounting…

Q: The following shareholders’ equity accounts are included in the statement of financial position of…

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

Q: An analysis of stockholders' equity of Hang Corporation as of January 1, 2020, is as follows: Common…

A: Solution: Cost per treasury share acquired = P75,000 / 2500 = P30 per share Additional paid in…

Q: The stockholders equity section of K Pop Corp balance sheet at December 31, 2019 was as follows:…

A:

Q: Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020 -…

A: The journal entries are prepared to record day to day transactions on regular basis. The dividend is…

Q: On January 1, 2020, Arnold Inc. has the following account balances: ·         Share capital, P10…

A: Treasury shares are those shares which are repurchased or reacquired by the business from its…

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

A:

Q: Monitor Company has 120,000 ordinary shares issued and outstanding at January 1, 2020. On January 2…

A: Earnings per share represent the earnings held in hands of each shareholder of the company. It is…

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.