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- Subject: Financial Accounting and Reporting Required: Determine the followinga. Issue price of preference sharesb. Ordinary shares issuedc. Ordinary shares outstandingd. Issue price of ordinary sharese. Legal capital of the corporationf. Contributed capital of the corporationg. Total shareholders’ equityh. Cost per treasury shareMAKE T-ACCOUNT for the following: Ordinary shares Preference shares Share premium- Ordinary shares Share premium- Preference shares Share premium- Treasury shares Total additional paid-in capital Total contributed capital Total stockholders’ equity1. The PowerPoint Corporation has two classes of share capital outstanding: 9% (dividend rate), P20 par, Preference and P70 par, Ordinary. During the fiscal year ending December 31, 2012, the company had the equity transactions in chronological order as reflected in the table below. Dividends were paid at the end of the fiscal year on the ordinary share at P1.20 per share and on the preference at the preference rate. Profit for the year was P850,000. No. of shares Price per share Issue of preference share 10,000 P28 Issue of ordinary share 35,000 70 Reacquisition and retirement of preference 2,000 30 Purchase of treasury ordinary share 5,000 80 Share split 2-for-1 Reissue of treasury ordinary share. 5,000 52 Balances of the accounts in the shareholders' equity section of the December 31, 2011 statement of financial position were: Preference Share Capital, 50,000 shares P1,000,000 Ordinary Share Capital, 100,000 shares 7,000,000 Share Premium - Preference 400,000 Share Premium-Ordinary…
- Ma4. A company prepares its financial statements according to IFRS its financial statements include ordinary share capital and share premium the company used US gaap what would be likely account titles for these accounts, respectively •Common stock, par value, additional paid-in capital, Share purchase •Common stock additional paid-in capital •Preferred stock additional paid-in capital preferred stock •Common stock, par value, additional paid-in capital stock options 2) what is the term for actuaria gains and losses and how are they accounted for in the IFRS •Actuarial gains and losses accounted for as an OCI item •Remeasurement gains and losses accounted for as an OCI item •Remeasurement gains and losses accounted for as a profit or loss •Actuarial gains and losses accounted for as a profit or lossItem Nos. 14 and 15 are based on the following information: revealed the following information: Preference Share Capital, par P 100 Preference Share Premium- Ordinary Share Capital- Ordinary Share Premium-- Subscribed Ordinary Shares Retained Earnings Ordinary Subscriptions Receivable 000.00S The shareholders' equity section of Charlie Company's balance sheet P 2,300,000 805,000 5,250,000 2,750,000 50,000 -- 1,900,000 400,000 - _____S1: The number of shares issued is the same as the number of shares outstanding S2: Share capital is equal to the total par value or stated value of the shares issued. * both statements are true statement 1 is true both statements are false statement 2 is true
- A. Find the net proceeds of the stocks on the table below. Expenses Name of Stock Shares Held Selling Price per Share (Commission, taxes and Fees) Net Proceeds 1. Food Corporation 2. Property Holdings 3. Power Corporation 4.Transportation Corporation 100 P1,040.00 P2,640.00 250 P500.00 P1,720.00 80 P1,480.00 P1,880.00 300 P320.00 P2,240.00S1: The conversion of preference share capital into ordinary share capital increases the total shareholders' equity. S2: The Donated Capital account is shown as part of share premium of the reserves section of the shareholders' equity. a. Only S1 is correct b. Only S2 is correct c. Both statements are correct d. Both statements are incorrect.1. These dividends are payable in promissory notes and will be paid at some future date. Choices; property dividends scrip dividends cash dividends liquidating dividends 2. To record the foregoing transaction Choices; Ordinary Treasury Shares would be credited for P 30,000 Ordinary Treasury Share Premium would be credited for P 30,000 Ordinary Treasury Share Premium would be credited for P 10,000 Ordinary Share Capital would be credited for P 20,000.
- 1. The issuer of an ordinary share dividend to ordinary shareholders should transfer from retained earnings to contributed capital an amount equal to the a. fair value of the shares issued. b. par or stated value of the shares issued. c. book value of the shares issued. d. minimum legal requirements. 2. Statement 1: Treasury shares are a company’s own shares that have been reacquired and retired. Statement 2: The cost method records all transactions in treasury shares at their cost and reports the treasury shares as a deduction from ordinary shares. a. Only statement 1 is correct b. Only statement 2 is correct c. Both statements are correct d. Both statements are incorrect. 3. The declaration and issuance of a share dividend a. increases ordinary shares outstanding and increases total equity. b. increases retained earnings and increases total equity. c. decreases retained earnings but does not change total equity. d. may increase share premium but does not change total…Diva, Inc. recorded the following capital stock transactions: Balance Sheet Assets = Liabilities + Stockholders' Equity Common PIC in Excess of Treasury PIC from Stock + Common Stock + Stock + Treasury Stock |(1) 1,092,500 115,000 977,500 |(2) (61,600) (61,600) (3) 49,920 42,240 7,680 Use the following additional information about the above transactions when answering questions a through e. (1) issued common stock for $19 cash per share (2) purchased treasury shares at $22 per share. (3) sold some of the treasury shares: a. How many shares were originally issued? b. What was the par value of the shares issued? $ c. How many shares of treasury stock were acquired? d. How many shares of treasury stock were sold? e. At what price per share was the treasury stock sold? $profits in 20x3. No dividends have been declared since 20x1. PROBLEM 4: CLASSROOM ACTIVITY SUCCOR HELP AID RELIEF Co. declared P3,600,000 cash dividends to its preference and ordinary shareholders out of its profits in 20x3. No dividends have been declared since 20x1.