During your audit of Choco Corporation for the year 2020, its initial year of operations, you...
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During your audit of Choco Corporation for the year 2020, its initial year of operations, you find the following entries in its "shareholders' equity" account: Date Jan 1 Jan 15 Mar 1 May 15 Jun 10 Dec 31 Dec 31 Particulars Issuance of 15,000 ordinary shares of P10 par, authorized 50,000 shares in exchange for real property with market value of P200,000 Sale of 20,000 ordinary shares at P12 per shares Purchase of 2,000 Choco Corporation's shares at P15 per share Loss on sale of motor equipment Proceeds from sale of 1,000 treasury shares Declared cash dividends payable quarterly beginning Apr 1, 2021. Net profit for the year Required: Determine the adjusted balance of the following: 1. Ordinary shares 2. Additional paid-in capital 3. Net profit for the year 4. Retained earnings 5. Total stockholders' equity 6. Book value per share Dr P30,000 10,000 20,000 Cr P150,000 240,000 17,000 79,000 During your audit of Choco Corporation for the year 2020, its initial year of operations, you find the following entries in its "shareholders' equity" account: Date Jan 1 Jan 15 Mar 1 May 15 Jun 10 Dec 31 Dec 31 Particulars Issuance of 15,000 ordinary shares of P10 par, authorized 50,000 shares in exchange for real property with market value of P200,000 Sale of 20,000 ordinary shares at P12 per shares Purchase of 2,000 Choco Corporation's shares at P15 per share Loss on sale of motor equipment Proceeds from sale of 1,000 treasury shares Declared cash dividends payable quarterly beginning Apr 1, 2021. Net profit for the year Required: Determine the adjusted balance of the following: 1. Ordinary shares 2. Additional paid-in capital 3. Net profit for the year 4. Retained earnings 5. Total stockholders' equity 6. Book value per share Dr P30,000 10,000 20,000 Cr P150,000 240,000 17,000 79,000
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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