Question
On January 1, 2021, the statement of financial position of Cardiac Company shows the following information: Share capital (authorized 10,000 shares with par value of
On January 1, 2021, the statement of financial position of Cardiac Company shows the following information:
Share capital (authorized 10,000 shares with par value of P400) P 3,200,000
Share premium in excess of par 640,000
Share premium treasury shares 20,000
Retained earnings 2, 140,000
Total shareholders equity 6,000,000
1) If on July 1, 2021, Cardiac reacquires 1,000 shares at P320. On September 1, 2021, Cardiac retires the 1,000 treasury shares. The entry on September 1, 2021 includes a
A. CR to share premium retirement for P80,000
B. CR to share premium retirement for P160,000
C. DR to share premium original issuance for P80,000
D. B and C
2) If on July 1, 2021, Cardiac reacquires 1,000 shares at P560 and immediately retires them. The entry includes
A. DR to retained earnings for P60,000
B. C and D
C. CR to share premium original issuance for P80,000
D. CR to share premium retirement for P560,000
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Data Communications Network Auditing How To Save Hundreds Of Thousands Of Dollars And Still Improve Network Response Time Network Performance And Network Availability
Authors: Bruce Griffis
1st Edition
0936648937, 978-0936648934
