Reference no: EM132738908
Questions -
A. On January 1, 2019, AA Corporation had the following balances in its shareholders' equity accounts:
Ordinary Shares, P5 par P 500,000
Share premium-ordinary 500,000
Retained earnings 1,000,000
On March 30, the corporation purchased 10,000 shares as treasury stock at P15 per share. On April 15, it sold 4,000 of the treasury shares at P14 per share. On July 10, it sold 2,000 shares at P16 per share.
Required - 1. Calculate the number of shares issued and the number of shares outstanding on Jan.1, March 31, June 30, and Sept.30, 2019 assuming no other equity transactions occurred. Use the table below to fill in:
Date Issued shares Outstanding shares
Jan 1
March 31
June 30
Sept. 30
2. Prepare journal entries for the treasury shares transactions.
B. The accounts below appeared in the December 31, 2019 trial balance of BB Corporation
Ordinary shares, P15 par, 20,000 shares authorized, 18,000 shares issued P 270,000
Subscriptions receivable 17,000
Subscribed ordinary shares 27,000
Share premium 95,000
Retained earnings 200,000
Treasury stock, 1,000 shares at cost 25,000
Required: From these accounts determine the following:
1. Total authorized ordinary shares.
2. Total unissued ordinary shares.
3. Total issued ordinary shares.
4. Ordinary shares subscribed.
5. Total shareholders' equity
6. Number of shares issued.
7. Number of shares subscribed.
8. Number of shares in treasury.
9. Number of outstanding shares.