Bulgasal Company provided the following data: 2020 2021 Share capital (P100 par value) Share premium Retained earnings During the current year, the entity declared and paid cash dividends of P1,000,000 and also declared and issued a share dividend. There were no other changes in shares issued and outstanding during the year. What is the net income for the current year? 5,000,000 1,000,000 3,400,000 5,850,000 1,600,000 4,500,000
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- Alpha company reported the following equity accounts on January 1, 2020. Tpoint hare capital, P20 par, P8,000,000; Share premium, P2,750,000; Retained earnings. P1,275,000. All shares outstanding on January 1 were issued for P26 a share. On December 31. the entity reacquired 20,000 shares at P24 a share and retired them. What is the balance of the share premium?Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2018. At January 1, 2018, the corporation had outstanding 102.5 million common shares, $1.0 par per share. Retained Earnings ($ in millions) 72 Beginning balance Retirement of 2.5 million commonshares for $19.5 million 2.20 66 Net income for the year Declaration and payment of a $0.21per share cash dividend 21.00 Declaration and distribution of a 3%stock dividend 14.00 100.80 Ending balance Required:1. Prepare the journal entries to record the transactions that affected Brenner-Jude's retained earnings during 2018 based on the information provided.2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2018.Bulgasal Company provided the following data: 2020 2021 Share capital (P100 par value) 5,000,000 5,850,000 1,000,000 3,400,000 During the current year, the entity declared and paid cash dividends of P1,000,000 and also declared and issued a Share premium 1,600,000 Retained earnings 4,500,000 share dividend. There were no other changes in shares issued and outstanding during the year. What is the net income for the current year?
- 1. Compute Tidepool's EPS for the year. 2. Assume Tidepool's market price of a share of common stock is $ 7 per share Compute Tidepool's price / earnings ratio Tidepool Corp. earned net income of $133,340 and paid the minimum dividend to preferred stockholders for 2018. Assume that there are no changes in common shares outstanding during 2018. Tidepool's books include the following figuresThe Statement of Changes in Equity of Corinthian Corp. shows the following balances as of January 1, 2021: Ordinary share capital (P5 par, 250,000 shares authorirized, 137,500 issued and outstanding) 687,500Share Premium 275,000Unappropriate retained earnings 667,500Appropriate retained earnings 250,000Total Equity P1,880,000 The corporation had the following equity transactions for during 2021: Jan 15 Completed the building renovation for which 250,000 of retained earnings had been restricted. Paid the contractor P242,500, all of which is capitalized. Mar 3 Issued 50,000 additional ordinary shares for P8.00 per share. May 18 Declared a dividend of P1.50 per share to be paid on July 31, 2021, to shareholders of…On December 31, 2020, Loving Company showed shareholder’s equity ofP5,000,000. The share capital of P3,000,000 remained unchanged duringthe year. The transactions which affected the equity were: An adjustmentof retained earnings, beg. for under depreciation: P200,000; gain on saleof treasury shares: P300,000; cash dividends declared: P400,000; netincome for the current year: P800,000. What is the retained earningsbalance on January 1, 2020? A. 1,400,000B. 1,500,000C. 1,700,000D. answer not given
- The following data were extracted from the stockholders’ equity of ABC Company: 12/31/2017 12/31/2018 Ordinary share (100 par) 5,000,000 5,100,000 Share premium 2,500,000 2,900,000 Accumulated profits 5,000,000 ? During 2018, the company declared and paid cash dividends of P750,000 and also declared and issued a stock dividend. There were no other changes in stock issued and outstanding during 2018. The net income for 2018 was P1,500,000. The retained earnings on December 31, 2018 should beThe following information was extracted from the accounts of Carla Vista Co. at December 31, 2020: Total reported income since incorporation Total cash dividends paid Unrealized holding loss on available-for-sale securities Total stock dividends distributed Prior period adjustment, recorded January 1, 2020 CR(DR) $4710000 (2410000) (353000) (605000) $1569000. $1805000. $2951500. $1922000. 227000 What should be the balance of retained earnings at December 31, 2020?The equity section of Whispering Inc. at January 1, 2022, was as follows. Share capital-ordinary $390,000 Accumulated other comprehensive income Unrealized holding gain on equity securities designated at fair value through other comprehensive income 65,000 Retained earnings 26,000 During the year, the company had the following transactions. 1. Issued 13,000 shares at $3 per share. 2. Dividends of $12.200 were declared and paid. 3. Net income for the year was $130,000. Unrealized holding loss of $6,500 occurred on its equity securities designated at fair value through other comprehensive 4. income. Prepare a statement of changes in equity for Whispering Inc. WHISPERING INC.
- Alpha company reported the following equity accounts on January 1, 2020. Share capital, P20 par, P8,000,000; Share premium, P2,750,000; Retained earnings, P1,275,000. All shares outstanding on January 1 were issued for P26 a share. On December 31, the entity reacquired 20,000 shares at P24 a share and retired them. What is the balance of the share premium?Kelbrooklimited provided the following information.1.The issue share capital consists of 180000 ordinary shares of $0.50 each2. On 1 jan 2019: general reserve is $ 4,000. Retained earnings is $ 5,5003. The profit for the year ended 31 December 2019 was $ 9,000. $ 2000 of this was transferred to the general reserve .4. An interim dividend of $4,500 was paid during the year. No dividends were proposed at the end of the Required Prepare Statement of changes and Equity AccountSW Company provides the Equity & Liability information below for analysis. SW Company had net income of $365, 700 in 2023 and $335,800 in 2022. Equity and Liabilities 2023 2022 Share capital-common (137,700 shares issued) $ 1,417,500 $ 1,417,500 Retained earnings (Note 1) 417,700 311, 300 Accrued liabilities 10,300 6,500 Notes payable (current) 82,700 65,500 Accounts payable 59,500 179,000 Total equity and liabilities $1,987,700 $ 1,979,800 Note 1: Cash dividends were paid at the rate of $1 per share in 2022 and $2 per share in 2023. Required: 1. Calculate the return on common share equity for 2022 and 2023. (Assume total equity was $1,454,000 at December 31, 2021.) (Round your answers to 1 decimal place.) 2. Calculate the book value per shares for 2022 and 2023. (Round your answers to 2 decimal places.)