Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following balances are shown in the shareholders' equity of CFAS Company on December 31, 2022: Share capital - Preference, P10 par, 100,000 shares P1,000,000
The following balances are shown in the shareholders' equity of CFAS Company on December 31, 2022: Share capital - Preference, P10 par, 100,000 shares P1,000,000 Share capital - Ordinary, P10 par, 500,000 shares, 5,000,000 Share premium - preference 50,000 Share premium - ordinary 200,000 Retained earnings 100,000 Total P6,350,000 During 2022, the following transactions pertaining to the shareholders' equity were completed: Retirement of 5,000 preference shares at P13 per share. Purchase of 5,000 ordinary shares at P12 per share to be held as treasury shares. Share split, ordinary, 2 for 1. Reissue of 2,000 treasury shares at P8.50 per share. Profit for 2022, P315,000. . Compute for the following at December 31, 2022. (Input your answers as figures, do NOT put any comma, peso sign or extra spaces. E.g. if your answer is one thousand, please input 1000): 1. Total share premium 2. Total retained earnings 3. Total shareholders' equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started