Reference no: EM132947325
Problem 1 - Jovelyn Company provided the following on December 31, 2019:
Ordinary share capital, P20 par value, 200,000 shares = 1,000,000
Preference share capital, 6% P100 par value, cumulative and fully participating, 10,000 shares outstanding = 4,000,000
No dividends were in arrears on December 31, 2018.On December 31, 2019, cash dividend of P1,000,000 was declared.
What amount should be reported as dividend payable to ordinary shareholders?
a. 624,000
b. 720,000
c. 800,000
d. 1,000,000
Problem 2 - At the beginning of current year, Raymark Company had 100,000 ordinary shares outstanding. During the current year, the following events occurred:
March 1 =2-for-1 share split
June 1 =Issued 30,000 additional shares
September 1 =20% share dividend
The net income for the current year was 1,000,000.
What amount should be reported as basic earnings per share?
a. 7.69
b. 3.85
c. 3.55
d. 3.83
Problem 3 - At the beginning of current year, Jonelyn Company had the following information:
A. Purchased a building for P1,200,000. Paid P400,000 and signed a mortgage with the seller for the remainder.
B. Executed a debt-equity swap and replaced a P600,000 loan by giving the lender ordinary shares worth P600,000 on the date the swap was executed.
C. Purchased land for P1,000,000. Paid P350,000 and issued ordinary shares worth P650,000.
D. Borrowed P550,000 under a long-term loan agreement.
Used the cash from the loan proceeds for purchase of additional inventory P150,000, payment of cash dividend P300,000 and increase in the cash balance P100,000.
What amount should be reported as net cash provided in financing activities?
a. 750,000
b. 550,000
c. 450,000
d. 250,000
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