Can someone please help me with this? I really need it right now. With explanation please. Make an explanation in every numbers
On December 15, 20x1, Arp declared dividends of P100,000. What was the amount of dividends payable to Arp's common stockholders? a. 10,000 (AICPA) b. 34,000 c. 40,000 d. 47,500 8. In 20x1, Elm Corp. bought 10,000 shares of Oil Corp. at a cost of P20,000. On January 15, 20x2, Elm declared a property dividend of the Oil stock to shareholders of record on February 1, 20x2, payable on February 15, 20x2. During 20x2, the Oil stock had the following market values: January 15.. February 1. P25,000 February 15 . .26,000 ....................24,000 The net effect of the foregoing transactions on retained earnings during 20x2 should be a reduction of a. 20,000 b. 24,000 c. 25,000 d. 26,000 (AICPA) 9. On June 27, 20x1, Brite Co. distributed to its ordinary shareholders 100,000 outstanding ordinary shares of its investment in Quik, Inc., an unrelated party. The carrying amount on Brite's books of Quik's Pl par ordinary share was P2 per share. Immediately after the distribution, the market price of Quik's stock was P2.50 per share. In its income statement for the year ended June 30, 20x1, what amount should Brite report as gain relating to the disposal of the stock? a. 250,000 b. 200,000 c. 50,000 d. 0 (AICPA) 10. The following stock dividends were declared and distributed by Sol Corp.: Percentage of ordinary shares Fair value Par value outstanding at declaration date P15,000 P10,000 10 40,000 30,800 28 What aggregate amount should be debited to retained earnings for these stock dividends? d. 55,000 a. 40,800 b. 45,800 c. 50,0002. selected information from the accounts of Row Co. at December 31, 20x1, follows: Total profit since incorporation ....... Total cash dividends paid ...... .P420,000 . ...... Total value of property dividends distributed ......... .130,000 Excess of proceeds over cost of treasury stock sold, ...30,000 accounted for using the cost method . ....... . . . ........1 10,000 its December 31, 20x1, financial statements, what amount should Row report as retained earnings? a. 260,000 b. 290,000 c. 370,000 d. 400,000 (AICPA) 3. Nest Co. issued 100,000 shares of common stock. Of these, 5,000 were held as treasury stock at December 31, 20x1. During 20x2, transactions involving Nest's common stock were as follows: . May 3 - 1,000 shares of treasury stock were sold. . August 6 - 10,000 shares of previously unissued stock were sold. . November 18 - a 2-for-1 stock split took effect. Laws in Nest's state of incorporation protect treasury stock from dilution. At December 31, 20x2, how many shares of Nest's common stock were issued and outstanding? Shares Issued Outstanding Shares Issued Outstanding a. 220,000 212,000 C. 222,000 214,000 b. 220,000 216,000 d. 222,000 218,000 (AICPA) 4. Rudd Corp. had 700,000 shares of common stock authorized and 300,000 shares outstanding at December 31, 20x1. The following events occurred during 20x2: . Declared 10% stock dividend January 31 .Purchased 100,000 shares June 30 .Reissued 50,000 shares August 1. Declared 2-for-1 stock split November 30.PROBLEM 6: MULTIPLE CHOICE - COMPUTATIONAL 1. Cyan Corp. issued 20,000 shares of P5 par ordinary share at P10 per share. On December 31, 20x1, Cyan's retained earnings were P300,000. In March 20x2, Cyan reacquired 5,000 shares of its common stock at P20 per share. In June 20x2, Cyan sold 1,000 of these shares to its corporate officers for P25 per share. Cyan uses the cost method to record treasury stock. Profit for the year ended December 31, 20x2, was P60,000. At December 31, 20x2, what amount should Cyan report as retained earnings? a. 360,000 b. 365,000 c. 375,000 d. 380,000 (AICPA)At December 31, 20x2, how many shares of common stock did Rudd have outstanding? d. 660,000 a. 560,000 b. 600,000 c. 630,900 (AICPA) 5. Long Co. had 100,000 ordinary shares issued and outstanding at January 1, 20x1. During 20x1, Long took the following actions: . March 15 - Declared a 2-for-1 stock split, when the fair value of the stock was P80 per share. December 15 - Declared a P.50 per share cash dividend. What amount should Long report as dividends in its 20x] financial statements? a. 50,000 b. 100,000 c. 850,000 d. 950,000 (AICPA) 6. At December 31, 20x0 and 20x1, Carr Corp. had outstanding 4,000 shares of P100 par value 6% cumulative preferred stock and 20,000 shares of P10 par value common stock. At December 31, 20x0, dividends in arrears on the preferred stock were P12,000. Cash dividends declared in 20x1 totaled P44,000. Of the P44,000, what amounts were payable on each class of stock? Preference shares Ordinary shares a. P44,000 P 0 b. P36,000 P 8,000 c. P32,000 P12,000 d. P24,000 P20,000 (AICPA) 7. Arp Corp.'s outstanding capital stock at December 15, 20x1, consisted of the following: . 30,000, 5% cumulative preference shares, par value P10 per share, fully participating as to dividends. No dividends were in arrears . 200,000 ordinary shares, par value Pl per share
