Prepare the entries on the books of the millenium company

Assignment Help Accounting Basics
Reference no: EM132772267

The Millennium Company has 100,000 shares of Ordinary Share Capital on December 31,2015. In statement of financial position on that date showed the following shareholder's equity balances:

Ordinary Share Capital P10 par P1,000,000
Share Premium 300,000
Retained Earnings 900,000

The followibg treasury shares transactions took place in 2016:

1. Purchased 10,000 ordinary shares at P14 per share
2. Sold 4,000 of the treasury shares above at P15 per share
3. Sold 5,000 of the treasury shares above at P13 per share

Required:

Problem A. Prepare the entries on the books of The Millenium Company to record the foregoing transactions

Problem B. Determine the total shareholder's equity at December 31, 2016, assuming that the profit for the year was P280,000 and cash dividends declared was 200,000

Reference no: EM132772267

Questions Cloud

What interest expense using the effective-interest method : Using the effective-interest method of amortization, interest expense for 2020 is? On January 1, 2020, Vaughn Manufacturing sold 11% bonds with a face value
Internet and iot marketing strategy : Explain in your own words why businesses must have an Internet and IoT marketing strategy
How do find the total shareholder equity at december : Find the total Shareholder's Equity at December 31, 2016, assuming that profit for the yeat was P280,000 and cash dividends declared was 200,000
Information governance and legal functions : Information Governance and Legal Functions: According to the authors, Smallwood, Kahn, and Murphy, IG is perhaps one of the functional areas
Prepare the entries on the books of the millenium company : Determine the total shareholder's equity at December 31, 2016, assuming that the profit for the year was P280,000 and cash dividends declared was 200,000
About radical changes across industries : Describe how technology has helped bring about radical changes across industries and throughout societies.
Requirements and restrictions of project must be identified : Kirk (2016) tells us that all requirements and restrictions of a project must be identified.
What is the weighted average cost of new capital : What is the weighted average cost of new capital from the preferred stock offering with a blend of 25% preferred and 75% debt
Record transactions on general journal sing double-entry : Oct. 3 - Manongsong bought a computer, a copy machine, Record the transactions on the general journal using double-entry bookkeeping.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd