please answer multpile choice 12-16 with explanation
14. Elvis Company was organized on January 1, 2006. After 2 years of profitable operations, the equity section of the statement of financial position was as follows: (V9-29) Contributed capital: Share capital, P5 par, 600,000 shares authorized, 200,000 shares issued and outstanding P1,000,000 12. On September 30, 2008, Grey Company issued Share premium 6,000,000 4,000 shares of its P100 par share capital in Retained earnings 2,800,000 connection with a stock dividend. The market value Total shareholders' equity P9,800,000 per share on the date of declaration was P150. Grey's shareholders' equity accounts immediately before During 2008, the following chronological transactions issuance of the stock dividend shares were as affected shareholders' equity: follows: (V9-26) Reacquired 10,000 shares at P30 per share to Share capital, P100 par, 50,000 shares authorized, be held as treasury. 20,000 shares Declared and issued a 30% stock dividend. outstanding 2,000,000 Declared and paid cash dividend of P10 per Share premium 3,000,000 share. Retained earnings 1,500,000 Net income for 2008 amounted to P3,000,000. What should be the retained earnings balance What is the unappropriated balance of retained immediately after the stock dividend? earnings on December 31, 2008? a. P1, 100,000 b. P1,500,000 c. P2, 100,000 a. P 2,745,000 b. P3,045,000 c. P2,700,000 P900,000 d. P 2,600,000 13. Beaux Company has the following information in its 15. Nerve Company was organized on January 1, equity accounts: (V9-28) 2007. On that date it issued 200,000 shares at P15 per share (400,000 shares were authorized). Number of shares During the period January 1, 2007, through Amount December 31, 2008, Nerve reported net income Preference share capital, P500 par value 2,200 P 1,100,000 of P750,000 and paid cash dividends of Treasury preference shares, at cost P380,000. On January 5, 2008, Nerve purchased 100 110,000 12,000 treasury shares at P12 per share. On Ordinary share capital without par value December 31, 2008, 8,000 treasury shares were (at issue price) 3,000 600,000 sold at P8 per share and retired the remaining Retained earnings 4,000 shares.(V7-27) 2,500,000 What is the total shareholders' equity on Due to the substantial amount of retained earnings, the entity's Board of Directors resolved to pay a 100% December 31, 2008? stock dividend on all shares outstanding, capitalizing a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000 PAGE 3/4 amounts of retained earnings equal to the par value and the issue price of the preference and ordinary shares outstanding, respectively, and thereafter to pay a cash dividend of 10% on preference share and a cash dividend of P10 per ordinary share. What is the total shareholders' equity of Beaux Company after effecting the above transactions?a. P4,090,000 b. P3,810,000 C. P3,820,000 d. P3,955,000 16. Of the 125,000 shares of capital issued by the Vey Company, 25,000 shares were held as treasury at January 1, 2008. During 2008, transactions involving Vey's share capital were as follows: January 1 through October 31 - 13,000 treasury shares were distributed to officers as part of a share compensation plan. November 1 - A 3-for-1 stock split took effect. December 1- Vey purchased 5,000 of its own shares to discourage an unfriendly takeover. These shares were not retired. (V7-33) At December 31, 2008, how many shares were issued and outstanding? Issued Outstanding a. 375,000 334,000 b. 375,000 324,000 C. 334,000 334,000 d. 325,000 324,000
