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The stockholders' equity section of Kay Corporation at the end of 2015 showed: Preference shares (6%, P50 par, 10,000 shares authorized, 6,000 shares issued) P ? Ordinary shares (P10 par, 80,000 shares authorized, 50,000 issued) Paid-in capital in excess of par, preference shares a0-in capital in excess of par, ordinary shares Retained earnings, January 1 Less Treasury Shares (350 ordinary shares at cost) Total shareholders' equity 500,000 ? 120,000 86,000 8,400

The stockholders' equity section of Kay Corporation at the end of 2015 showed: Preference shares (6%, P50 par, 10,000 shares authorized, 6,000 shares issued) P ? Ordinary shares (P10 par, 80,000 shares authorized, 50,000 issued) Paid-in capital in excess of par, preference shares a0-in capital in excess of par, ordinary shares Retained earnings, January 1 Less Treasury Shares (350 ordinary shares at cost) Total shareholders' equity 500,000 ? 120,000 86,000 8,400

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
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9. The stockholders’ equity section of Kay Corporation at the end of 2015 showed:

(see attached images for the given, please answer it. thank you so much)


a.What is the peso amount to be reported for preference shares?

b. What is the average price for which ordinary shares were issued?

c. If preference shares were issued at an average price of P53 per share, what amount should appear in its paid-in capital in excess of par?

d. What is the average cost per share of treasury stock? (Round to the nearest cent.)

e. What is the revised retained earnings if the net income for the year is P167,000 and total dividends declared is P50,000?

f. Present the shareholders’ equity.

Preference shares (6%, P50 par, 10,000 shares authorized, 6,000 shares issued) P ? 9. The stockholders' equity section of Kay Corporation at the end of 2015 showed: Paid-in capital in excess of par, ordinary shares Less Treasury Shares (350 ordinary shares at cost) Ordinary shares (P10 par, 80,000 shares authorized, 50,000 issued) Paid-in capital in excess of par, preference shares 500,000 ? l in 120,000 Retained earnings, January 1 86,000 8,400 Total shareholders' equity 227
Transcribed Image Text:Preference shares (6%, P50 par, 10,000 shares authorized, 6,000 shares issued) P ? 9. The stockholders' equity section of Kay Corporation at the end of 2015 showed: Paid-in capital in excess of par, ordinary shares Less Treasury Shares (350 ordinary shares at cost) Ordinary shares (P10 par, 80,000 shares authorized, 50,000 issued) Paid-in capital in excess of par, preference shares 500,000 ? l in 120,000 Retained earnings, January 1 86,000 8,400 Total shareholders' equity 227
d. What is the average cost per share of treasury stock? (Round to the nearest cent.) c. If preference shares were issued at an average price of P53 per share, what amounl What is the revised retained earnings if the net income for the year is P167,000 and should appear in its paid-in capital in excess of par? e. total dividends declared is P50,000? f. Present the shareholders' equitv.
Transcribed Image Text:d. What is the average cost per share of treasury stock? (Round to the nearest cent.) c. If preference shares were issued at an average price of P53 per share, what amounl What is the revised retained earnings if the net income for the year is P167,000 and should appear in its paid-in capital in excess of par? e. total dividends declared is P50,000? f. Present the shareholders' equitv.
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