User Account

All Pages

What is the balance of retained earnings at year-end

Assignment Help Accounting Basics
Reference no: EM133103833

Question - On January 1, 2018, Baroa Company is authorized to issue 100,000 P100 par value ordinary shares. The following transactions occurred during 2018:

January 1 Issued 40,000 ordinary shares at P130 per share. February 1 Issued 30,000 ordinary shares for the following assets:

Machine 500,000 fair value Land None

Building 1,100,000 fair value

The ordinary shares are selling at P120 on this date.

July 1 Purchased 10,000 ordinary shares at P150 per share to be held as treasury.

August 1 Declared a 2 for 1 split.

September 15 Reissued 5,000 treasury shares at P100 per share.

December 31 Declared a P10 per share cash dividend on the ordinary shares

December 31 Net income for the year is P3,000,000.

Required -

1. What is the share capital at year-end?

a. 7,000,000 b. 6,000,000

c. 6,250,000 d. 5,000,000

2. What is the share premium at year-end?

a. 1,800,000 b. 1,925,000

c. 1,200,000 d. 1,325,000

3. What is the balance of retained earnings at year-end?

a. 3,000,000 b. 1,600,000

c. 1,750,000 d. 1,800,000

4. What is the total shareholder's equity at December 31, 2018?

a. 9,425,000 b. 8,950,000

c. 9,550,000 d. 8,925,000

Reference no: EM133103833

Questions Cloud

Fundamental characteristics of the adult learner : What are the fundamental characteristics of the adult learner? How do they differ from the child learner?
Correlation between privacy and confidentiality : -Provide an example of each of the three primary information security areas: (1) authentication and authorization, (2) prevention and resistance, and (3) detect
Discuss the significance of tourism planning : Discuss the significance of tourism planning in environment conservation?
Name some advantages of a letter of credit : 1) What are the main reasons why a letter of credit may be chosen as a form of International payment?
What is the balance of retained earnings at year-end : Baroa Company is authorized to issue 100,000 P100 par value ordinary shares. What is the balance of retained earnings at year-end
Calculate the direct materials price variance : In actually making 4,000 units, the company used 18,800 pounds that cost $2.54 per pound. Calculate the direct materials price variance
What is the present value : What is the present value, or worth, of this bond if investors are willing to accept a 10 percent annual rate of return on bonds of similar quality bond
Discuss landlord port model : Discuss Landlord Port Model - apply relevant port management concepts, theories, or materials correctly with citation of sources
How do you see globalization today given covid : How do you see globalization today given COVID and the changes in US relations with China?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the break-even sales

Determine the total fixed costs and the total variable costs, Compute the break-even sales

  Write notes on money centre versus superregional banks

Write notes on Money Centre Versus Superregional Banks and Corporate Versus Consumer Banks. Financial Instruments of market risks are evaluated net. Explain

  Ruby is the owner of all shares of an s corporation ruby is

ruby is the owner of all shares of an s corporation. ruby is considering receiving a salary of 80000 from the business.

  Wigs plus has a past history of uncollectible accounts by

wigs plus has a past history of uncollectible accounts by age category as follows determine the number of days past due

  Discuss the advantages of using standardized contracts

Insurance policies are generally standardized contracts as they are unilateral in nature. Discuss the advantages and disadvantages of using standardized.

  Calculate Valerie minimum net income

For the 2021 taxation year, calculate Valerie's minimum net income before any RRSP deduc-tion. Ignore CPP contributions in your calculations

  Prepare the adjusting entries as per the requirements

On July 1, Jean borrowed $20,000 from a local bank on a 10-year note. The annual interest rate is 9%. 3. Service revenue unrecorded in July totaled $1,600.

  Prepare a more logical performance report

Prepare a more logical performance report where standard allowed is based on actual output. Also, split each variance into its price/rate/spending.

  What is the income tax due to john wick

Mr. John Wick operates books stores and renders services as a professional broker. What is the income tax due to John Wick in his quarterly income tax return

  Compute the deferred tax benefit

There were no temporary differences in prior years. The deferred tax benefit to be applied against current income tax expense is

  What total amount of costs should be expensed when incurred

Maribeth Company made the following expenditures relating to Product Zee: What total amount of costs should be expensed when incurred

  What happens when stockholders equity is wrong

Stockholders' equity is a picture of the financial health of the company's owners. What happens when stockholders' equity is wrong

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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