P40 to be held as treasury e. Sold 3,000 treasury ordinary shares at P50 f. Share split up for ordinary shares, 2 for 1 g. Shareholder donated 10,000 or
Q: At the beginning of current year, BLACKPINK Company had 480,000 P60 par value ordinary shares and…
A: Formula: Basic earnings per share = (Net income - Preferred dividend)/ Weighted average number of…
Q: Red Inc., has the following information: 9% Preference share, 2,000 shares outstanding P220,000;…
A: The company will need of capital to increase the wealth of the company, and to increase the revenues…
Q: Swifty Corporation sold 310 shares of treasury stock for $35 per share. The cost for the shares was…
A: Treasury stock: Shares which are bought back by the company from the open market but not retired…
Q: July 3, 20x2, Yami issued 150,000 of its ordinary shares for P1,950,000. A 5% share dividend was…
A: Solution: Working: Date Particulars Ordinary Share (P) paid in capital of excess of par retained…
Q: Ericka Co. has the following share capital outstanding during 20x1 and 20x2 : Preference shares -…
A: Earning per share can be calculated by dividing total income after dividend by the number of shares…
Q: At December 31, 20x4 and 20x5 Maki Corporation had outstanding 30,000 shares of P100 par value 6%…
A: The preference shareholders have the priority to receive the dividend before any other type of…
Q: BFAR Corp. has ordinary share capital with par value of P50, and preference share capital with par…
A: The balance of the Share Premium account at the end of the year is P490,000.
Q: On December 31, Noah Co. had 40,000 weighted average outstanding ordinary shares. During the year,…
A: Calculation of basic learning for shares is done then consideration of only ordinary shares is taken…
Q: At the beginning of the current year, WELL Co. had 200,000 ordinary shares and 100,000, 4% par value…
A: Dividend to preference shares = 100,000 shares x P100 per share x 4% = P400,000 Calculation of…
Q: If the cost method is used to record treasury stock transactions, to record the sale of the 5,000…
A: Given information is: Long Co. issued 100,000 shares of P10 par ordinary shares for P1,200,000.…
Q: Diaz Corporation, a distributor of exercise equipment, has the following outstanding shares: 18,000…
A: Dividend per share is computed by dividing the total dividends by the number of shares outstanding.
Q: Red Inc., has the following information: 9% Preference share, 2,000 shares outstanding P220,000;…
A: Participating preference share are those share which in addition to their preferential return are…
Q: . What amount should be recognized as share premium at year-end? 5. What is the total shareholders’…
A: It is the statement that provides the movement of the owner's balance from the beginning to the end…
Q: GHI Co. has the following shareholders’ equity accounts: 8% Preference Share, P10 par P200,000…
A: Dividend per share is computed as the total dividend paid divided by the number of shares…
Q: Andam Corporation has outstanding 60,000 shares of 5% preference shares with a P50 par value and…
A: Dividend is the disbursement of profit in consideration to the shares purchased by the shareholders.…
Q: At the beginning of current year, CFAS Company was organized and authorized to issue 100,000 shares…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: y shares at ₱50 • Share split up for ordinary shares, 2 for 1 • Shareholders donated 10,000 ordinary…
A: Split Shares The number of shares outstanding is increased and the individual value of each share…
Q: GRAPES Company provided the following data for the year: a. Sold 25,000 preference shares, 12%, P50…
A: Stock Split: Face value of the shares of companies is split in stock split and there is no…
Q: The EASY Corporation has the following information relating to its share capital: • 10% Preference…
A: Preference dividend = P2,000,000 x 10% = P200,000
Q: DEF Co. earned income of $750,000 for the fiscal year ended Dec 31. At the beginning of that year…
A: Earning Per Share (EPS) represents the net income that each common shareholder is earning from the…
Q: Red Inc., has the following information: 9% Preference share, 2,000 shares outstanding P220,000;…
A: The question is related to calculation of dividend per ordinary shares. The total dividend declared…
Q: Love Corporation provided the following data during the first year of operations: Sold 30,000…
A: 1. Preference share capital =30,000 × $100=$3,000,000. Share Premium Preference =30,000 ×…
Q: Metro Company provided the following data at year-end 12% Preference share capital, 20,000 shares,…
A: solution given Ordinary share capital 5,000,000 Number of ordinary share 50,000…
Q: BFAR Corp. has ordinary share capital with par value of $50, and preference share capital with par…
A: BFAR Corp has ordinary share capital at par value of P 50 and preference capital at par value of P…
Q: 00 preference shares at ₱60 • Purchased 5,000 ordinary shares at ₱40 to be held as treasury • Sold…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Porsche Company provided the following data during the first year of operations: Sold 30,000…
A:
Q: Trans Union Corporation issued 5,000 shares for $50 per share in the current year, and it…
A:
Q: Sampson Corp. had 500,000 shares of common stock outstanding at the beginning of the year. The…
A: Solution Concept Basic earning per share =earning available for common shareholders / weighted…
Q: CACA Co. has the following shareholders’ equity accounts: 8% Preference Share, P10 par P200,000…
A: Dividends: Dividends are given to share holders as a return on their investment in the company.
Q: AAA Corporation has outstanding 60,000 shares of 5% preference shares with a P50 par value and…
A: Hey there, since multiple sub-parts are posted only the first three sub-parts will be answered.…
Q: ABC company has the following data at year end: 10% noncumulative preference shares capital, P1,000…
A: The book value per share for preference dividend is calculated as sum of total par value and…
Q: At the beginning of current year, Lauretta Company reported the following shareholders' equity:…
A: Particulars Amount Retained earnings at the beginning 2,000,000 Less: Property dividend at Fair…
Q: GRAPES Company provided the following data for the year: • Sold 25,000 preference shares, 12%, ₱50…
A: Solution:- Introduction:- The above all transactions related to share capital. The main purpose of…
Q: the shares issued for cash the year would be _____shares.
A: Legal capital refers to the amount of the corporation's equity that cannot be legally allowed to…
Q: GRAPES Company provided the following data for the year: • Sold 25,000 preference shares, 12%, ₱50…
A: All amounts are in (P).
Q: Emily Rose Company showed the following data: Preference share capital, par value P20, 100,000…
A: Shares: Shares are the units owned by company which are classified into two types, common shares or…
Q: Honda Company provided the following data during the first year of operations: Sold 30,000…
A: When an event occurs in the business and it can be measured and expressed in terms of money, it…
Q: A. Diaz Corporation, a distributor of exercise equipment, has the following outstanding shares:…
A: The Preference will be given to Preference shareholders at the time of distribution of dividends.…
Q: Goosen Company has outstanding 40,000 shares of €5 par ordinary shares which had been issued at €30…
A: Treasury Stock: It refers to the shares that are reacquired by the corporation that are already…
Q: On March 1, 20x1 Lizza Corporation issued 100,000 ordinary shares of P1 par for P5 per share when it…
A: Treasury stock is the amount of shares reacquired by the entity.
Q: Trans Union Corporation issued 5,200 shares for $50 per share in the current year, and it issued…
A: When shares are sold or issued , cash account will be debited which increases the total assets and…
Q: During the current year, the entity had the following organized and authorized to issue 100,000…
A: Treasury shares means the share which has been buy back by the company . It will be shown as…
Q: Co. has 260,000 outstanding (P10 par) ordinary shares and retained earnings balance of P1,780,000 or…
A:
Q: At the beginning of current year, Juan Company was organized with 100,000 authorized shares of P100…
A: Share capital These are the shares issued by a company to an outsider. These shares entitle a share…
Q: Camiguin Company reported the following information at year-end: Ordinary share capital Convertible…
A: Basic earnings per share = Net income available to ordinary shareholders / Weighted average number…
Q: GRAPES Company provided the following data for the year: • Sold 25,000 preference shares, 12%, ₱50…
A: Share Capital The purpose of issue of share capital to raise the additional fund which are needed…
Q: GRAPES Company provided the following data for the year: • Sold 25,000 preference shares, 12%, ₱50…
A: Split Shares The number of shares outstanding is increased and the individual value of each share…
Q: Diaz Corporation, a distributor of exercise equipment, has the following outstanding shares: 18,000…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
GRAPES Company provided the following data for the year:
a. Sold 25,000
b. Sold 80,000 ordinary shares of P10, par at P45.
c. Purchased and retired 10,000 preference shares at P60
d. Purchased 5,000 shares at P40 to be held as treasury
e. Sold 3,000 treasury ordinary shares at P50
f. Share split up for ordinary shares, 2 for 1
g. Shareholder donated 10,000 ordinary shares. One-half of these were sold for P20
h. Retired 500 treasury ordinary shares
i. Net income for the year was P2,500,000
j. Appropriated retained earnings equal to the balance of treasury shares.
- What are the total outstanding ordinary shares at year-end?
- What is the total issued shares at year-end (add preference and ordinary)
- How much is the balance of the shareholders' equity at year-end?
Step by step
Solved in 3 steps with 1 images
- Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the market price per share for Rebert is 51.50. Required: 1. Compute the dollar amount of preferred dividends. 2. Compute the number of common shares. 3. Compute earnings per share. (Note: Round to two decimals.) 4. Compute the price-earnings ratio. (Note: Round to the nearest whole number.)Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.
- GRAPES Company provided the following data for the year: a. Sold 25,000 preference shares, 12%, P50 par, at P75 b. Sold 80,000 ordinary shares of P10, par at P45. c. Purchased and retired 10,000 preference shares at P60 d. Purchased 5,000 shares at P40 to be held as treasury e. Sold 3,000 treasury ordinary shares at P50 f. Share split up for ordinary shares, 2 for 1 g. Shareholder donated 10,000 ordinary shares. One-half of these were sold for P20 h. Retired 500 treasury ordinary shares i. Net income for the year was P2,500,000 j. Appropriated retained earnings equal to the balance of treasury shares. What is the balance of preference share capital at year-end? What is the balance of ordinary share capital at year-end? What is the total balance of treasury shares at year-end?GRAPES Company provided the following data for the year: a. Sold 25,000 preference shares, 12%, P50 par, at P75 b. Sold 80,000 ordinary shares of P10, par at P45. c. Purchased and retired 10,000 preference shares at P60 d. Purchased 5,000 shares at P40 to be held as treasury e. Sold 3,000 treasury ordinary shares at P50 f. Share split up for ordinary shares, 2 for 1 g. Shareholder donated 10,000 ordinary shares. One-half of these were sold for P20 h. Retired 500 treasury ordinary shares i. Net income for the year was P2,500,000 j. Appropriated retained earnings equal to the balance of treasury shares. Prepare all necessary entries for the yearHonda Company provided the following data during the first year of operations: Sold 30,000 preference shares, 12%, P100 par, at P140. Sold 100,000 ordinary shares of P50 par at P55. Purchased and retired 10,000 preference shares at P120. Purchased 15,000 ordinary shares at P52 to be held as treasury. Sold 10,000 treausry ordinary shares at P60. Shareholders donated to the entity 20,000 ordinary shares when shares had a market price of P60. One half of these shares were sold for P65. Net income for the year was P3,000,000 Appropriated retained earnings equal to the remaining cost of treasury shares. Required: Prepare journal entries to record the transactions. Present the shareholder's equity.
- ZZZ Company had the following share capital at the end of the current year: Preference share capital, P100 par, 30,000 shares 3,000,000 Ordinary share capital, P50 par, 100,000 shares 5,000,000 Net income for the year 2,600,000 The preference dividend rate is 8% and the preference share is nonconvertible but cumulative and fully participating. After the ordinary share has been paid a dividend of P10 per share, the preference share shall participate in any additional dividend on a prorate basis with the ordinary share. Questions: 1. Compute for the basic earnings per ordinary share. 2. Compute for the basic earnings per preference share.Diann Ltd. had the following transactions pertaining to share investments. Feb. 1 Purchased 600 ordinary shares of Ronn (2%) for $6,200. July 1 Received cash dividends of $1 per share on Ronn ordinary shares. Sept. 1 Sold 300 ordinary shares of Ronn for $4,300. Dec. 1 Received cash dividends of $1 per share on Ronn ordinary shares. Instructions: a. Journalize the transactions. b. Explain how dividend revenue and the gain (loss) on sale should be reported in the income statement.Red Inc., has the following information: 9% Preference share, 2,000 shares outstanding P220,000; Ordinary share, 6,000 shares outstanding P330,000. Dividends declared for the year was P 85,000. Compute for the dividends per share for Ordinary Share Capital if Preference share is non cumulative and participating up to an addition of 5% how much will be the total dividends for the Preference share Capital?
- Michelle Company had the following share capital issued and outstanding for the entire current year: 200,000 ordinary shares, P10 par 2,000,000 2,000 12% noncumulative preference shares, P100 par, convertible share into ordinary share 200,000 The net income for the year was P1,800,000, and the income tax rate for the year was 30%. In the computation of basic earnings per share, what is the amount to be used as earnings?Item No. 4 is based on the following information: nysg bns n Luningning Corporation sold for cash 400 preference shares with a par value of P 50 per share at P56 per share. Also, 600 ordinary shares with no par value but with stated value of P 100 per share were sold for P 102 per share. 4. What would be the effect of the transaction on the total Share Premium account? a. PO. C. P 2,400. b. P 1,200. d. P 3,600.At the beginning ofcurrent year, Juan Company was organized with 100,000 authorized shares of P100 par value. The following transactions occurred during the year: January 15 Sold 30,000 shares at PI50 per share February 14 Issued 2,000 shares for legal services with a fair value of P250,000. The shares on this date are quoted at P140 per share 27 Purchased 5,000 treasury shares at a cost of P120 per March share October 31 Issued P5,000,000 convertible bonds at 120. The bonds are quoted at 98 without the conversion feature. November 5 Declared a 2-for-1 share split when the market value of the share was Pl160. December 15 Sold 20,000 shares at P75 per share. December 31 Net income for the year was P2,000,000. What is the total shareholders' equity at year-end?