The following balances are shown in the shareholders' equity of CFAS Company on December 31, 2022: Share
Question:
The following balances are shown in the shareholders' equity of CFAS Company on December 31, 2022:
Share capital - Preference, P10 par, 100,000 shares. P1,000,000
Share capital - Ordinary, P10 par, 500,000 shares, 5,000,000
Share premium - preference 50,000
Share premium - ordinary. 200,000
Retained earnings. 100,000
Total. P6,350,000
During 2022, the following transactions pertaining to the shareholders' equity were completed:
• Retirement of 5,000 preference shares at P13 per share.
• Purchase of 5,000 ordinary shares at P12 per share to be held as treasury shares.
• Share split, ordinary, 2 for 1.
• Reissue of 2,000 treasury shares at P8.50 per share.
• Profit for 2022, P315,000.
Compute for the following at December 31, 2022. (Input your answers as figures, do NOT put any comma, peso sign or extra spaces. E.g. if your answer is one thousand, please input 1000):
1. Total share premium
2. Total retained earnings
3. Total shareholders' equity
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso