Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The shareholders' equity section of San Miguel Corporation's statement of financial position as of December 31, 2020, is as follows: Ordinary share capital, Php 5
The shareholders' equity section of San Miguel Corporation's statement of financial position as of December 31, 2020, is as follows: Ordinary share capital, Php 5 par value; authorized, 1,000,000 shares; issued 400,000 shares Share premium Php 2,000,000 850,000 3,000,000 Retained earnings The following events occurred during 2021: Jan. 05 10,000 shares of authorized and unissued ordinary shares were sold for Php 8 per share. Jan. 16 Declared a cash dividend of 20 centavos per share, payable February 15 to shareholders of record on February 5. 20,000 shares of authorized and unissued ordinary shares were sold for Php 12. Feb. 10 Mar. 01 A 30% stock dividend was declared and issued. Market value per share is currently Php 15. Apr. 01 A two-for-one split was carried out. The par value of the shares was to be reduced to Php 2.50 per share. Market value is currently Php 10 per share. A 15% stock dividend was declared and issued. Market value is currently Php 10 per share. Jul. 01 Aug. 01 A cash dividend of Php 20 centavos per share was declared, payable September 1 to shareholders of record on August 21. Based on the preceding information, determine the balances of the following at December 31, 2021. 1. Number of ordinary shares issued and outstanding 2. Ordinary share capital 3. Share premium 4. Retained earnings
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