D. Compute or provide the answers for the following: 14. How much is the total legal capital? 15. How much the total contributed capital?
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Problem 2:
GRAPES Company provided the following data for the year:
• Sold 25,000
• Sold 80,000 ordinary shares of ₱10, par at ₱45.
• Purchased and retired 10,000 preference shares at ₱60
• Purchased 5,000 shares at ₱40 to be held as treasury
• Sold 3,000 treasury ordinary shares at ₱50
• Share split up for ordinary shares, 2 for 1
• Shareholders donated 10,000 ordinary shares. One half of these were sold for ₱20
• Retired 500 treasury ordinary shares
• Net income for the year was ₱2,500,000
• Appropriated retained earnings equal to the balance of treasury shares.
Requirements:
D. Compute or provide the answers for the following:
14. How much is the total legal capital?
15. How much the total contributed capital?
Step by step
Solved in 4 steps
- Problem 2:GRAPES Company provided the following data for the year:• Sold 25,000 preference shares, 12%, ₱50 par, at ₱75• Sold 80,000 ordinary shares of ₱10, par at ₱45.• Purchased and retired 10,000 preference shares at ₱60• Purchased 5,000 shares at ₱40 to be held as treasury• Sold 3,000 treasury ordinary shares at ₱50• Share split up for ordinary shares, 2 for 1• Shareholders donated 10,000 ordinary shares. One half of these were sold for ₱20• Retired 500 treasury ordinary shares• Net income for the year was ₱2,500,000• Appropriated retained earnings equal to the balance of treasury shares.Requirements: D. Compute or provide the answers for the following:8. What is the balance of preference share capital at year-end?9. What is the balance of ordinary share capital at year-end?10. What is the total balance of treasury shares at year-end?Problem 2:GRAPES Company provided the following data for the year:• Sold 25,000 preference shares, 12%, ₱50 par, at ₱75• Sold 80,000 ordinary shares of ₱10, par at ₱45.• Purchased and retired 10,000 preference shares at ₱60• Purchased 5,000 shares at ₱40 to be held as treasury• Sold 3,000 treasury ordinary shares at ₱50• Share split up for ordinary shares, 2 for 1• Shareholders donated 10,000 ordinary shares. One half of these were sold for ₱20• Retired 500 treasury ordinary shares• Net income for the year was ₱2,500,000• Appropriated retained earnings equal to the balance of treasury shares.Requirements: C. Prepare all necessary entries for the year.GRAPES Company provided the following data for the year:• Sold 25,000 preference shares, 12%, ₱50 par, at ₱75• Sold 80,000 ordinary shares of ₱10, par at ₱45.• Purchased and retired 10,000 preference shares at ₱60• Purchased 5,000 ordinary shares at ₱40 to be held as treasury• Sold 3,000 treasury ordinary shares at ₱50• Share split up for ordinary shares, 2 for 1• Shareholders donated 10,000 ordinary shares. One half of these were sold for ₱20• Retired 500 treasury ordinary shares• Net income for the year was ₱2,500,000• Appropriated retained earnings equal to the balance of treasury shares.Requirements:A. Compute or provide the answers for the following:1. How much is the total legal capital?2. How much the total contributed capital?
- GRAPES Company provided the following data for the year:• Sold 25,000 preference shares, 12%, ₱50 par, at ₱75• Sold 80,000 ordinary shares of ₱10, par at ₱45.• Purchased and retired 10,000 preference shares at ₱60• Purchased 5,000 ordinary shares at ₱40 to be held as treasury• Sold 3,000 treasury ordinary shares at ₱50• Share split up for ordinary shares, 2 for 1• Shareholders donated 10,000 ordinary shares. One half of these were sold for ₱20• Retired 500 treasury ordinary shares• Net income for the year was ₱2,500,000• Appropriated retained earnings equal to the balance of treasury shares.Requirements:A. Compute or provide the answers for the following:1. What is the total outstanding ordinary shares at year-end?2. What is the total issued shares at year-end (add preference and ordinary)3. How much is the balance of the shareholders’ equity at year-end?GRAPES Company provided the following data for the year:• Sold 25,000 preference shares, 12%, ₱50 par, at ₱75• Sold 80,000 ordinary shares of ₱10, par at ₱45.• Purchased and retired 10,000 preference shares at ₱60• Purchased 5,000 ordinary shares at ₱40 to be held as treasury• Sold 3,000 treasury ordinary shares at ₱50• Share split up for ordinary shares, 2 for 1• Shareholders donated 10,000 ordinary shares. One half of these were sold for ₱20• Retired 500 treasury ordinary shares• Net income for the year was ₱2,500,000• Appropriated retained earnings equal to the balance of treasury shares.Requirements:A. Compute or provide the answers for the following:1. What is the balance of preference share capital at year-end?2. What is the balance of ordinary share capital at year-end?3. What is the total balance of treasury shares at year-end?GRAPES Company provided the following data for the year:• Sold 25,000 preference shares, 12%, ₱50 par, at ₱75• Sold 80,000 ordinary shares of ₱10, par at ₱45.• Purchased and retired 10,000 preference shares at ₱60• Purchased 5,000 ordinary shares at ₱40 to be held as treasury• Sold 3,000 treasury ordinary shares at ₱50• Share split up for ordinary shares, 2 for 1• Shareholders donated 10,000 ordinary shares. One half of these were sold for ₱20• Retired 500 treasury ordinary shares• Net income for the year was ₱2,500,000• Appropriated retained earnings equal to the balance of treasury shares. 14. How much is the total legal capital?15. How much the total contributed capital?
- GRAPES Company provided the following data for the year:• Sold 25,000 preference shares, 12%, ₱50 par, at ₱75• Sold 80,000 ordinary shares of ₱10, par at ₱45.• Purchased and retired 10,000 preference shares at ₱60• Purchased 5,000 ordinary shares at ₱40 to be held as treasury• Sold 3,000 treasury ordinary shares at ₱50• Share split up for ordinary shares, 2 for 1• Shareholders donated 10,000 ordinary shares. One half of these were sold for ₱20• Retired 500 treasury ordinary shares• Net income for the year was ₱2,500,000• Appropriated retained earnings equal to the balance of treasury shares.Requirements:D. Compute or provide the answers for the following:8. What is the balance of preference share capital at year-end?9. What is the balance of ordinary share capital at year-end?10. What is the total balance of treasury shares at year-end?11. What is the total outstanding ordinary shares at year-end?12. What is the total issued shares at year-end (add preference and ordinary)13. How much…GRAPES Company provided the following data for the year:• Sold 25,000 preference shares, 12%, ₱50 par, at ₱75• Sold 80,000 ordinary shares of ₱10, par at ₱45.• Purchased and retired 10,000 preference shares at ₱60• Purchased 5,000 shares at ₱40 to be held as treasury• Sold 3,000 treasury ordinary shares at ₱50• Share split up for ordinary shares, 2 for 1• Shareholders donated 10,000 ordinary shares. One half of these were sold for ₱20• Retired 500 treasury ordinary shares• Net income for the year was ₱2,500,000• Appropriated retained earnings equal to the balance of treasury shares. Kindly answer please. My question is rejected 4x 1.How much is the total legal capital?2. How much the total contributed capital?GRAPES Company provided the following data for the year:• Sold 25,000 preference shares, 12%, ₱50 par, at ₱75• Sold 80,000 ordinary shares of ₱10, par at ₱45.• Purchased and retired 10,000 preference shares at ₱60• Purchased 5,000 shares at ₱40 to be held as treasury• Sold 3,000 treasury ordinary shares at ₱50• Share split up for ordinary shares, 2 for 1• Shareholders donated 10,000 ordinary shares. One half of these were sold for ₱20• Retired 500 treasury ordinary shares• Net income for the year was ₱2,500,000• Appropriated retained earnings equal to the balance of treasury shares. 1. How much is the total legal capital?2. How much the total contributed capital?
- GRAPES Company provided the following data for the year:• Sold 25,000 preference shares, 12%, ₱50 par, at ₱75• Sold 80,000 ordinary shares of ₱10, par at ₱45.• Purchased and retired 10,000 preference shares at ₱60• Purchased 5,000 shares at ₱40 to be held as treasury• Sold 3,000 treasury ordinary shares at ₱50• Share split up for ordinary shares, 2 for 1• Shareholders donated 10,000 ordinary shares. One half of these were sold for ₱20• Retired 500 treasury ordinary shares• Net income for the year was ₱2,500,000• Appropriated retained earnings equal to the balance of treasury shares. 13. How much is the balance of the shareholders’ equity at year-end?14. How much is the total legal capital?15. How much the total contributed capital?Kindly show your solution in excel. Thank you! Problem 1: Book value per share with two classes of preference shares TINT Corporation presents the following condensed statement of financial position as of the close of the year: Cash ₱ 520,000 Accounts Payable ₱ 550,000 Other Assets 1,333,000 Ordinary Share Capital 550,000 5% Preference Share Capital 330,000 7% Preference Share Capital 220,000 Accumulated Profits 203,000 Total Assets ₱ 1,853,000 Total Equities ₱ 1,853,000 The 5% preference share capital is cumulative, the 7% preference share capital is non-cumulative, but both are fully participating. The par value of all shares is ₱100. Requirements: Compute for the book value per share for: Ordinary shares Preference sharesGRAPES Company provided the following data for the year:• Sold 25,000 preference shares, 12%, ₱50 par, at ₱75• Sold 80,000 ordinary shares of ₱10, par at ₱45.• Purchased and retired 10,000 preference shares at ₱60• Purchased 5,000 shares at ₱40 to be held as treasury• Sold 3,000 treasury ordinary shares at ₱50• Share split up for ordinary shares, 2 for 1• Shareholders donated 10,000 ordinary shares. One half of these were sold for ₱20• Retired 500 treasury ordinary shares• Net income for the year was ₱2,500,000• Appropriated retained earnings equal to the balance of treasury shares. kindly aswer the following. my question is rejected twice. Thankyou 14. How much is the total legal capital?15. How much the total contributed capital?
