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How much are the retained earnings at year-end

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Reference no: EM133125052

QUESTION 1 - The related data of Peru Company:

The par value is P20. The authorized shares are 100,000.

Issued shares of 8,000 for cash at P32 per share.

Issued shares of 5,000 for a property.

The fair value per share is P35 while the fair value of the property is P155,200.

How much is the share premium?

QUESTION 2 - The related data of Panama Company:

The par value is P100. The authorized shares are 100,000.

Issued shares of 30,000 for cash at P120 per share.

Net income for the period is P3,000,000

Declared share dividends of 10% when the market value of each share is P150.

How much is the share premium at year-end?

QUESTION 3 - Lupita Corporation's Shareholder's equity for January 1, 2020:

Issued shares 50,000

Par value 20

Share capital 1,000,000

Share premium 1,200,580

Retained earnings 3,000,000

Total P5,200,580

During the year, the following transactions occur:

Acquired 3,000 of its shares 50 per share.

Reissued shares of 1,500 for an amount of 60 per share.

Reissued shares of 1,500 for an amount of 38 per share.

Net income is P1,050,900.

How much are the retained earnings at year-end?

QUESTION 4 - The beginning balance of Marianas Corporation's Shareholder's equity:

Issued shares 100,000

Par value 10

Share capital 1,000,000

Share premium 800,000

Retained earnings 2,000,520

Total 3,800,520

During the year, the following transactions occur:

1. Sales revenue is P9,200,000, of which is 42% is the gross profit.

2. Total expenses amounting to P900,000.

3. The auditor determines that an error occurs on the recording of expenses last year.

4. The operating expenses from last year are understated by P240,000.

5. The tax rate is 30%.

How much are the retained earnings at year-end?

Reference no: EM133125052

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