TJH Corp organized on January 1, 2019, at which date it issued 200,000 shares of P10 par ordinary share at P15 per share. During the period January 1, 2019, through December 31, 2019, ABC reported net income of P900,000 and paid cash dividends of P460,000. On January 10, 2020,ABC purchased 12,000 shares of its ordinary share at P12 per share. On December 31, 2020, ABC sold 8,000 treasury shares at P8 per share. ABC uses the cost method of accounting for treasury shares. What is ABC's total stockholders’ equity
TJH Corp organized on January 1, 2019, at which date it issued 200,000 shares of P10 par ordinary share at P15 per share. During the period January 1, 2019, through December 31, 2019, ABC reported net income of P900,000 and paid cash dividends of P460,000. On January 10, 2020,ABC purchased 12,000 shares of its ordinary share at P12 per share. On December 31, 2020, ABC sold 8,000 treasury shares at P8 per share. ABC uses the cost method of accounting for treasury shares. What is ABC's total stockholders’ equity
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...
Related questions
Question
TJH Corp organized on January 1, 2019, at which date it issued 200,000 shares of P10 par ordinary share at P15 per share. During the period January 1, 2019, through December 31, 2019, ABC reported net income of P900,000 and paid cash dividends of P460,000.
On January 10, 2020,ABC purchased 12,000 shares of its ordinary share at P12 per share. On December 31, 2020, ABC sold 8,000 treasury shares at P8 per share. ABC uses the cost method of accounting for treasury shares.
What is ABC's total
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning