Rabiya Corporation's Shareholder's equity for January 1, 2020: Issued shares 50,000 P15 Par value Share capital...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Rabiya Corporation's Shareholder's equity for January 1, 2020: Issued shares 50,000 P15 Par value Share capital Share premium Retained earnings Total P750,000 500,000 1,250,000 P2,500,000 During the year, the following transactions occur: 1. The entity acquired 10% of its own issued shares at P30 cost per share. 2. Reissued shares of 3,000 for an amount of P33 per share. 3. Retire 2,000 treasury shares. 4. Net income is P950,000. 5. Declared P12.50 cash dividends per share. How much is the contributed capital at year-end? On January 1, 2021, Milka Company leased property from Minorka Company: The related data: Annual payment in advance at the beginning of each lease year P1,500,000 Lease term in years Estimated useful life of equipment in years Guaranteed residual value by the lessee Incremental borrowing rate Implicit interest rate Initial direct cost paid by the lessee Lease incentive received P150,000 The lease bonus paid to the lessor before commencing the lease is P100,000. The property will revert back to the lessor at the end of the lease term. The entity used 2 decimal places for the PV factor. 8% 6 P250,000 10% 12 P120,000 How much is the Right-of-used asset on December 31, 2021 (round-off answer to the nearest peso value)? The related data of New Mexico Company: Accounting income Interest income on savings deposit Rent collected this year but earned next year Expenses paid this year but incurred next year Officer's life Insurance premium is paid when the family is the beneficiary P75,000. The tax penalty incurred by the entity is P50,000. Tax rate How much is the income tax expense - current? P950,000 8,700 60,000 180,000 20% Angeline Corporation's Shareholder's equity for January 1, 2020: Issued shares Par value 50,000 P20 Share capital Share premium Retained earnings Total During the year: 1. The entity reacquired its own shares of 4,500 at a cost per share of P31. 2. Reissue own shares of 2,500 for a P39.25 per share. 3. Net income is P980,000. 4. The BOD declared cash dividends of P15.75 per share. P1,000,000 1,750,000 2,850,500 P5,600.500 How much are the retained earnings - unappropriated at year-end? The related data of Gazini Company: • Authorized 200,000 shares with a P25 par value. • Issued 50,000 shares for cash at P32.5 per share. • Issued 25,000 shares for a property. The fair value per share is P35 while the fair value of the property is P867,000. How much is the contributed capital at year-end? Question 35 The related data of Catriona Company: • Authorized 100,000 shares with a P20 par value. • Received 1st subscription with 50% down payment of 35,000 shares at P25 per share. • Issued 15,000 shares for cash at P28.75 per share. • Issued 10,000 shares for a property. The fair value per share is P29.5 at that time while the fair value of the property is P304,500. How much is the share premium? Rabiya Corporation's Shareholder's equity for January 1, 2020: Issued shares 50,000 P15 Par value Share capital Share premium Retained earnings Total P750,000 500,000 1,250,000 P2,500,000 During the year, the following transactions occur: 1. The entity acquired 10% of its own issued shares at P30 cost per share. 2. Reissued shares of 3,000 for an amount of P33 per share. 3. Retire 2,000 treasury shares. 4. Net income is P950,000. 5. Declared P12.50 cash dividends per share. How much is the contributed capital at year-end? On January 1, 2021, Milka Company leased property from Minorka Company: The related data: Annual payment in advance at the beginning of each lease year P1,500,000 Lease term in years Estimated useful life of equipment in years Guaranteed residual value by the lessee Incremental borrowing rate Implicit interest rate Initial direct cost paid by the lessee Lease incentive received P150,000 The lease bonus paid to the lessor before commencing the lease is P100,000. The property will revert back to the lessor at the end of the lease term. The entity used 2 decimal places for the PV factor. 8% 6 P250,000 10% 12 P120,000 How much is the Right-of-used asset on December 31, 2021 (round-off answer to the nearest peso value)? The related data of New Mexico Company: Accounting income Interest income on savings deposit Rent collected this year but earned next year Expenses paid this year but incurred next year Officer's life Insurance premium is paid when the family is the beneficiary P75,000. The tax penalty incurred by the entity is P50,000. Tax rate How much is the income tax expense - current? P950,000 8,700 60,000 180,000 20% Angeline Corporation's Shareholder's equity for January 1, 2020: Issued shares Par value 50,000 P20 Share capital Share premium Retained earnings Total During the year: 1. The entity reacquired its own shares of 4,500 at a cost per share of P31. 2. Reissue own shares of 2,500 for a P39.25 per share. 3. Net income is P980,000. 4. The BOD declared cash dividends of P15.75 per share. P1,000,000 1,750,000 2,850,500 P5,600.500 How much are the retained earnings - unappropriated at year-end? The related data of Gazini Company: • Authorized 200,000 shares with a P25 par value. • Issued 50,000 shares for cash at P32.5 per share. • Issued 25,000 shares for a property. The fair value per share is P35 while the fair value of the property is P867,000. How much is the contributed capital at year-end? Question 35 The related data of Catriona Company: • Authorized 100,000 shares with a P20 par value. • Received 1st subscription with 50% down payment of 35,000 shares at P25 per share. • Issued 15,000 shares for cash at P28.75 per share. • Issued 10,000 shares for a property. The fair value per share is P29.5 at that time while the fair value of the property is P304,500. How much is the share premium?
Expert Answer:
Answer rating: 100% (QA)
Lets calculate the requested values step by step 1 Rabiya Corporations Contributed Capital at YearEnd Contributed Capital Share Capital Share Premium ... View the full answer
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
Students also viewed these accounting questions
-
The Bigfork Company is a retail company that began operations on January 1,2018. The Bigfork Company is authorized to issue 1,000,000 shares of P10 par value ordinary share and 500,000 shares of 3%,...
-
The following is the stockholders equity of Piesco Corporation on October 1, 201X: 1. Journalize the transactions in general journal form. 2. Prepare the stockholders equity section of the balance...
-
The following is the stockholders' equity of Pierotti Corporation on October 1, 201X: 1. Journalize the transactions in general journal form. 2. Prepare the stockholders' equity section of the...
-
What are the upper and lower 2.5th percentiles for a chi-square distribution with 2 df? What notation is used to denote these percentiles? Pulmonary Disease The data in Table 6.10 concern the mean...
-
Sara Anderson says that she is a busy woman with no time to look at favorable variances. Instead, she concentrates solely on the unfavorable ones. She says that favorable variances imply that...
-
Graph the solution of each system given in Problems 21-34. \(\left\{\begin{array}{l}2 x+3 y \leq 30 \\ 3 x+2 y \geq 20 \\ x \geq 0 \\ y \geq 0\end{array}ight.\)
-
What happens if you specify an invalid format string?
-
On May 1, 2008, Friendly Company issued 2,000 $1,000 bonds at 102. Each bond was issued with one detachable stock warrant. Shortly after issuance, the bonds were selling at 98, but the market value...
-
1. Consider the recursive method whose definition appears below. public static String mysteryString (String s) { if (s.length()==1) else return s; } return s.substring (s.length()-1) + mysteryString...
-
How do you calculate the percentage of change in sales from 20X8 to 20X9? This will go in cell D7? Show the formula. Kretsmart Common-Size Income Statements For the Years Ended December 31, 20'X'9,...
-
What is the yield for a 47-day Treasury Note with a face value of $800,000 and a price of $786,334? Express your answer as a percentage - not as a decimal. eg Use 6.45, not 0.0645 and to 2 decimal...
-
Shiny Kitchen Inc. and Juicello Corp. are two competitors in the electric juicer market. The cost incurred by each company to manufacture juicers is $75 per unit. Although both the companies sell...
-
Create a welcoming message to an individual that completed Pre-Med and worked in an operating room, but now seeking work opportunity in an emergency room.
-
Check whether the following sets form subspace or not. (i) S={(x,x,x)=R | x-4x+5x=2} in the vector space R. (ii) S={(x,x)=R | y=x] in the vector space IR. (iii) S={AEM22 | det(A) = 0) in the vector...
-
Esquire Incorporated uses the LIFO method to report its inventory. Inventory at the beginning of the year was $780,000 (39,000 units at $20 each). During the year, 118,000 units were purchased, all...
-
Question: Identify the big-O time complexity of each of the following functions: void fl (int n) { for (int i=0; i < (3*n+n); ++i) { } cout < < i < < endl; for (int i=0; i < (10*n); ++i) { cout < < i...
-
8) Consider the function f(z) given by f(2)=2-2 cos 20z +1. (a) Show that f(z) has zeros at ei, e-i, -eie and -e-it. (b) Evaluate the integral, [ord 1 x42 cos 20x +1 dr.
-
A 20-cm-square vertical plate is heated to a temperature of 30oC and submerged in glycerin at 10oC. Calculate the heat lost from both sides of the plate.
-
Rox Corporations multiple-step income statement and retained earnings statement for the year ended December 31, 2016, as developed by its bookkeeper, are shown here: Retained Earnings Statement...
-
Identify the five major steps in the accounting cycle.
-
Multiple Choice Questions 1. The present value of the minimum lease payments should be used by the lessee in the determination of a(n): 2. East Company leased a new machine from North Company on May...
-
WHSmith plc is one of the UKs leading retailers and is made up of two core businesses Travel and High Street. Extracts from Annual report and accounts About us WHSmith has a presence in a wide range...
-
Associated British Foods is a diversified international food, ingredients and retail group with sales of 12.9bn, and 118,000 employees in 47 countries across Europe, southern Africa, the Americas,...
-
Rio Tinto is a leading global mining group that focuses on finding, mining and processing the Earths mineral resources. Our vision is to be a company that is admired and respected for delivering...
Study smarter with the SolutionInn App