Reference no: EM132736286
APEX Mining Company, Inc. has the following capital structure at the beginning of 2026.
6% Cumulative, fully participating, preferred stock, P50 par value,
50,000 shares authorized P 600,000
Common stock, P10 par value, 200,000 authorized 1,475,000
Additional paid-in capital in excess of par - preferred 180,000
Additional paid-in capital in excess of par - ordinary 1,180,000
Retained earnings (P2,500,000 appropriated for plant expansion) 4,500,000
TOTAL P 7,935,000
During 2026, the following transactions occurred:
- February 11 APEX Mining Company acquired 6,000 preferred shares at P70 each 40,000 common shares at P22 each.
- March 31 Issued 2,000 preferred treasury shares at P73 per share.
- April 7 Issued 15,000 ordinary shares at P25 per share.
- July 1 Issued 1,500 preference treasury shares at P68 each and 20,000 or treasury shares at P19 each.
- August 15 Retired the remaining preference and ordinary treasury shares.
- September 1 Plant expansion was completed.
- November 22 Board of directors appropriated P2,000,000 for plan expansion. Likewise, the Board issued 3-year, 10% P1,500,000 face value bond to partially fund the construction. A sinking fund was setup for the extin of the bonds at their maturity.
- December 31 Net income for the period P1,400,000. Total cash dividend declared P500,000. No dividends have been declared in 2025. A property dividend likewise declared, the distribution of which is on January 6, 2027. The amount of the property declared as dividend was P800,000; the fair which was P1,000,000.
Problem 1: What the amount of cash dividends to be distributed to the ordinary shareholders and the total stockholders' equity at December 31, 2026 is
|
What is the function of a budget
: What is the function of a budget? What are the three main types of budgets? Detail the steps in the budget process. What are budgets used for?
|
|
Operating characteristics of the service system
: The computer lab at state university has a help desk to assist students working on computer spreadsheets assignments.
|
|
Financial investment in the corporation
: The responsibility of the directors of a corporation is to provide a return to shareholders on their financial investment in the corporation;
|
|
Approaches to improving operations
: Briefly explain the nature of the following approaches to improving operations and use examples on how two specific tools of each approach can be used
|
|
What the amount of cash dividends to be distributed
: What the amount of cash dividends to be distributed to the ordinary shareholders and the total stockholders' equity at December 31, 2026 is
|
|
Determine the amounts of other comprehensive income
: Interest on January 1, 2020, projected benefit obligation 254,200. Determine the amounts of other comprehensive income and comprehensive income for 2020
|
|
How much will be treated as reduction in the share premium
: JAYJAY paid finder's fees of 40,000, legal fees of 13,000, audit fees related to stock issuance of 10,000, stock registration fees of 5,000 and stock listing.
|
|
Describe some advantages and disadvantages to budgeting
: Describe some advantages and disadvantages to budgeting. Budgeting is a powerful tool for all businesses. Budgets play a vital role
|
|
Make the necessary journal entry to close Income Summary
: Partnership net income for the year is $84,000. Make the necessary journal entry to close Income Summary to the capital accounts
|