What amount should highness report as retained earnings

Assignment Help Financial Accounting
Reference no: EM132946132

Questions -

Q1) The equity section of Highness Corporation as of December 31, 2010, was as follows:

Share capital-ordinary, par value P2; authorized 20,000 shares; issued and outstanding 10,000 shares P 20,000

Share premium-ordinary 30,000

Retained earnings 75,000

P125,000

On March 1, 2011, the board of directors declared a 15% share dividend, and accordingly 1,500 additional shares were issued. On March 1, 2011, the fair value of the share was P6 per share. For the two months ended February 28, 2011, Highness sustained a net loss of P10,000.

What amount should Highness report as retained earnings as of March 1, 2011?

a. P72,000

b. P66,000

c. P62,000

d. P56,000

Q2) Armani Co. issued 100,000 shares of ordinary shares. Of these 5,000 shares were held as treasury stock at December 31, 2020. During 2021, transactions involving Armani's ordinary share were as follows:

Jan 2 1,000 shares of treasury shares were sold

Aug 6 10,000 shares of previously unissued shares were sold

Dec. 1 a 2 for 1 stock split took effect.

At Dec. 31, 2021, how many shares were issued and outstanding, respectively?

a. 222,000 and 214,000

b. 220,000 and 216,000

c. 222,000 and 218,000

d. 220,000 and 212,000

Reference no: EM132946132

Questions Cloud

Why are so many new businesses choosing a limited liability : Why are so many new businesses choosing a limited liability company (LLC) form of ownership? Please provide an example of an LLC to demonstrate
Prepare the final statement of partnership liquidation : The partners, who share profits and losses on a 60:40 basis, respectively, Prepare the final statement of partnership liquidation
How do get the fv : How do get the FV? Purchase costing $650,000 but a 20% down payment is needed. To get the lump sum down payment they must to invest $60,215.15
What has been the percentage change in total revenue : What has been the percentage change in Total Revenue, Gross Profit, Operating Income (EBIT) and Net Income for each of the most recent four years?
What amount should highness report as retained earnings : Share capital-ordinary, par value P2; authorized 20,000 shares; issued and outstanding 10,000 shares P 20,000. What amount Highness report as retained earnings
Differentiate between a lan and the cloud : In your own words, differentiate between a LAN and the "Cloud". Use of the cloud is expanding; what potential drawbacks can you anticipate to this, as opposed t
What is the gross profit for the month : Ayayai Corp. Uses a periodic inventory system. If the company uses FIFO and sells the units for $9 each, what is the gross profit for the month?
NIT1104 Computer Networks Assignment : NIT1104 Computer Networks Assignment Help and Solution, Victoria University - Assessment Writing Service - Design an Ethernet LAN for level 5, building
Identify three file extensions : Identify three file extensions that you see on any set of files stored on your computer and which software applications may have created them

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the npv of project for pristine urban-tech zither

What is the NPV of the project? Assume the company has other profitable projects. You have been hired as a consultant for Pristine Urban-Tech Zither, Inc.

  The net operating income for september

Salvadore Inc., a local retailer, has provided the following data for the month of September: Merchandise inventory, beginning balance $ 49,500 Merchandise inventory, ending balance $ 42,900 Sales $268,500 Purchases of merchandise inventory $138,700 ..

  What is the estimated useful life of furniture and fixtures

For depreciation purposes, what is the estimated useful life of furniture and fixtures? What was the original cost of leasehold improvements owned by the company at the end of the most recent reporting year?

  Which potential loss for a writer of a naked call option

put option on Dr. Pepper Snapple Group, Inc., has an exercise price of $45. The current stock price is $41. Which the put option is

  What is the company cash conversion cycle

Customers on finished goods from the day it receives raw materials, and it takes 68 days to pay its suppliers. What is the company's cash conversion cycle?

  What is the decision between different projects

What the decision between different projects. If additional valuation methods would be beneficial in making a decision between the projects, explain why

  What is the required rate of return on hk common shares

What is the required rate of return on HK's common shares if internally generated funds will be sufficient to finance the equity portion of any new financing

  Using the straight-line method of amortization

On the first day of the current fiscal year, Smith Co. purchased at a discount $5,000,000 of 10-year, 11% Jones bonds, with interest payable of 5.5% semi-annually. The bonds were purchased for $4,800,000 which is $200,000 below par value since the bo..

  Discuss stated value per share of apples common stock

What is the par or stated value per share of Apple's common stock

  How do calculate the contribution margin per unit

How do calculate the contribution margin per unit, total fixed costs, the breakeven point in units, and total expected profit for all of the possible choices

  What considerations should the firm management keep in mind

Can Jones & Jones perform this nonattest service? What considerations should the firm's management keep in mind when accepting and performing this service?

  Recording journal entriesat the beginning of the current

recording journal entriesat the beginning of the current season on april 1 the ledger of four oaks pro shop showed cash

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