2021 statement of financial position of
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4-15. ABC Company retired 50,000 ordinary shares, P5 par value, which it held in the treasury at an average cost of P26 per share on December 31, 2021. The balance in ABC's shareholders' equity accounts before recording the retirement of the treasury shares are:
Ordinary share capital 1,080,000
Share premium 1,500,000
Treasury shares (at cost) 1,300,000
ABC should reported ordinary shares outstanding in its December 31, 2021
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- On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). Open the file EPS from the website for this book at cengagebrain.com. Enter all input items (AF) in the appropriate cells in the Data Section. Enter all formulas in the appropriate cells in the Answer Section. Enter your name in cell A1. Save the completed file as EPS2. Print the worksheet when done. Also print your formulas. Check figure: Basic earnings per share from continuing operations (cell D29), 5.94.On January 1, 2020, Star Corp. sold 10,000 shares of common stock, par $2, at $18 per share. On September 30, 2020, Star Corp. acquired 500 shares of its common stock at $15 per share. What amount is debited to Common Stock (a) under the treasury stock method and (b) under a direct stock retirement? Select one: a. Treasury Stock Method Direct Retirement $1,000 $1,000 b. Treasury Stock Method Direct Retirement $0 $1,000 c. Treasury Stock Method Direct Retirement $0 $9,000 d. Treasury Stock Method Direct Retirement $1,000 $0
- On December 31, 2020, Rebel Corporation's balance sheet reported the following. Common Stock, 100,000 issued $2 Par $200,000 Paid in capital in excess of par 800,000 Paid in capital share repurchase 5,500 Retained earnings 528,000 Treasury stock (2,000 shares at cost) (24,000) During 2021, Rebel Corporation had the following transactions dealing with its common shares: Jan. 15 Purchased 2,000 shares for immediate retirements at $12 per share. Feb. 10 Purchased 5,000 shares as treasury shares at $13 per share. April 1 Reissued 3,000 treasury shares at $11 per share. June 25 Retired 1,000 treasury shares when market value of each share was $12.50. July 1 Declared a cash dividend of 50 cents per share, payable…Santol Company retired 50,000 ordinary shares, P5 par value, which it held in the treasury at an average cost of P26 per share on December 31, 2021. The balance in Santol's shareholders' equity accounts before recording the retirement of the treasury shares are: Ordinary share capital 1,080,000 Share premium 1,500,000 Treasury shares (at cost) 1,300,000 Retained earnings 1,800,000 Santol company should reported ordinary shares outstanding in its December 31, 2021 statement of financial position of?On December 31, 2023, Rulz Corporation's balance sheet reported the following. $ 1,000,000 4,300,000 5,310,000 (690,000) Common stock, $1 par Paid-in capital-excess of par Retained earnings Treasury stock (23,000 shares at cost) During 2024, Ruiz decided to discontinue accounting for share buybacks as treasury shares. Instead, the shares will be treated as having been retired. Required: Prepare the appropriate journal entry to effect this change. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account fleld. View transaction list Journal entry worksheet < 1 Record the entry to reclassify treasury shares as retired shares.
- At the beginning of current year, CFAS Company issued 50,000 shares of P10 par value for P113 per share. During the year, the entity reacquired 2,000 shares at P150 per share and immediately canceled these 2,000 shares. In connection with the retirement of shares, what amount should be debited to retained earnings?vAmelia Corp's shareholders' equity accounts at Dec. 31,2020 were as follows: Ordinary Share Capital, P20 par. Share Premium. P8,000,000 2,400,000 1,275,000 Retained Earnings. All ordinary shares outstanding at Dec. 31,2020 were issued in 2020 for P26 a share. On Jan. 4,2021, Amelia reacquired 20,000 of its ordinary shares at P24 a share and retired them. Immediately after the shares were retired, total Share Premium was Select the correct response: O P2,400,000 O P2,000,000 O P2,320,000 O 2,280,000 ( Previous Continue >The equity accounts of UBAS Co. on December 31, 2019 were as follows: Accumulated profits P75,000,000; Share premium P138,000,000; Share capital (P300 par value) P540,000,000. The company issued all of its outstanding shares for P390 per share in 2019. On January 31, 2020, the company reacquired 200,000 shares at P360 per share and retired them. What is the balance of the share premium account immediately after the retirement of the shares? P120,000,000 P126,000,000 P132,000,000 P150,000,000
- The Shareholders’ Equity of Purple Corporation showed the following: Ordinary Share capital, P 10 par, 900,000 shares issued P9,000,000; Ordinary Share Premium P2,700,000; Retained Earnings P1,300,000. On January 2, 2019, the corporation purchased and retired 100,000 shares of its share capital for P 1,800,000. a. In preparing the journal entry for this transaction, is there an indicated gain or indicated loss? b. how much is the indicated gain (loss)? If your answer is an indicated loss, put a parenthesis. c. how much will be credited to Cash? d. how much will be debited to Ordinary Share Premium??The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 240 million shares at $1 par Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings ($ in millions) $ 240 1,680 1 1,100 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are (a) retired and (b) viewed as treasury stock. On Feb ary 5, 2021, TNL Systems purchased 6 million shares at $10 per share. On July 9, 2021, the corporation sold 2 million shares at $12 per share. On November 14, 2023, the corporation sold 2 million shares at $7 per share. 2. Prepare the shareholders' equity section of TNL Systems' balance sheet at December 31, 2023, comparing the two approaches. Assume all net income earned in 2021-2023 was distributed to…The Shareholders’ Equity of Purple Corporation showed the following: Ordinary Share capital, P 10 par, 900,000 shares issued P9,000,000; Ordinary Share Premium P2,700,000; Retained Earnings P1,300,000. On January 2, 2019, the corporation purchased and retired 100,000 shares of its share capital for P 1,800,000. In preparing the journal entry for this transaction, is there an indicated gain or indicated loss?Using the data, how much is the indicated gain (loss)? If your answer is an indicated loss, put a parenthesis. Using the data, how much will be credited to Cash? Using the data, how much will be debited to Ordinary Share Premium??
