Reference no: EM133169100
Questions -
Q1. Circulation Co. has 10,000 (P100 par) outstanding shares at the beginning of the year. Circulation Co. declared two stock dividends during the year - a "2-for-10" on July 1 and a "1 for-20" on Dec. 31. The stock dividends were distributed thirty days after their declaration. The fair values per share were P150 on July 1 and P120 on Dec. 31. What total amount was debited to retained earnings for the share dividends?
Q2. Wet Co. has total shareholders' equity of P3,670,000 as of Jan. 1, 20x1. Wet Co. has never declared dividends since it started operations two years ago. Information for 20x1 is as follows:
Jan. 7 Acquired 3,000 ordinary shares, originally issued at the par value of P5 per share, for P10 per share and immediately retired them.
June 30 Reported semi-annual profit of P2,080,000.
July 20 Declared a 1-for-2 reverse stock split on the 180,000 outstanding ordinary shares (P5 par).
Sept. 21 Acquired 500 ordinary shares (P10 par) for P25 per share to be held in treasury.
Oct. 20 Reissued 300 treasury shares for P30 per share
Dec. 31 Reported an annual profit of P4,260,000.
Dec, 31 Declared and paid all accruing dividends to its 50,000 outstanding, 10%, noncumulative preference shares (PS par) and P40 cash dividends per share to its ordinary shares. How much is Wet Co.'s total shareholders' equity on Dec. 31, 20x1?
Q3. Headache Co. has outstanding 100,000 shares of P100 par value 6% cumulative preferred stock and 200,000 shares of P10 par value common stock. Dividends are in arrears for two years, including the current year. If Headache Co. declares a total of P1,000,000 cash dividends, how much would each common stock receive?
Q4. Water Co. has 100,000 (P10 par), 5% cumulative preference shares and 300,000 (P5 par) ordinary shares outstanding on Dec. 31, 20x2. There were no unpaid dividends as of January 1, 20x0. Water Co. declared dividends of P40,000 in 20x0 and P50,000 in 20x1. If Water Co. declares total cash dividends of P75,000 on Dec. 31, 20x2, how much would each ordinary share receive?
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