Solution-How many shares are authorized on july

How many shares are authorized on july

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Reference no: EM132786661

Question 1: On Jan. 2, 2020, XYZ Corp. received certificate of incorporation and has 50,000 authorized ordinary shares of P5 par value with initial issuance of 20,000 shares at P11 per share. On July 28, it repurchased 5,000 ordinary shares at P16 per share. On Dec 5, it reissued the 5,000 treasury shares for P19 per share. How many shares are authorized, issued, and outstanding on July 28?

a. 50,000; 20,000; 15,000
b. 20,000; 20,000; 15,000
c. 50,000; 20,000; 20,000
d. 50,000; 15,000; 15,000

Question 2: On Jan. 2, 2020, XYZ Corp. received certificate of incorporation and has 50,000 authorized ordinary shares of P5 par value with initial issuance of 20,000 shares at P11 per share. On July 28, it repurchased 5,000 ordinary shares at P16 per share. On Dec 5, it reissued the 5,000 treasury shares for P19 per share. The reissuance of the 5,000 treasury ordinary shares on Dec. 5 WILL NOT include

a. debit to cash for P95,000
b. credit to Ordinary Share for P80,000
c. credit to Treasury Share for P80,000
d. credit to Share Premium for P15,000

Reference no: EM132786661

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How many shares are authorized on july

Reference no: EM132786661

Reference no: EM132786661

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