3. Of the 125,000 shares of common stock issued by Vinta Company.
, 25,000 shares were held as
treasury stock at December 31, 20X4. During 20X5, transactions involving Vinta’s common stock were as
follows:
January 1 through October 31 - 13,000 treasury shares were distributed to officers as part of a stock
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.
At December 31, 20X5, how many shares of Vey's common stock were issued and outstanding?
4. rodeo company had 700,000 ordinary shares authorized 300,000 shares outstanding on January
1,2021.
January 31 declared 10% stock dividend
June 30 purchased 100,000 shares
August 1 reissued 50,000 shares
November 30 declared 2-for-1 share split
On december 31,2021, how many ordinary shares are outstanding?
The following are the capital account balances and profit and loss ratios of the partners in AB
Partnership as of January 1,20x2:
Capital Accounts Profit or Loss Ratios
A. Capital 600,000 40%
B. Capital 1,000,000 60%
On January 1,20x2, was admitted to the partnership when he acquired 20% interest in the net assets
and profits of the firm for a 400,000 investment. The net asset of the firm as of this date approximate
their fair values. For the year 20x2, the partnership earned profit of 4,000,000. However, it was
discovered that the following items were overstated:
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A,B and C, who divide profits and losses 50%, 30%, and 20%, respectively, have the following December
31, 2021 account balances:
A, drawing (DR)…………………………………………………12,000
C, drawing (CR)………………………………………………….4,800
Accounts Receivable-A………………………………………7,200
Loans Payable-B………………………………………………..14,400
A, Capital……………………………………………………..59,400
B, Capital…………………………………………………….44,400
C, Capital…………………………………………………….39,000
On this data, the partnership’s assets are 211,200 (including cash of 64,200). This partnership is
liquidated and C receives 33,000 in final settlement. How much is the total loss on realization?
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On April 1, 20x1, Coliba Inc. declared dividends from its treasury shares on a “1 share for every 10 shares
held” to shareholders of record as of April 15, 20x1 for distribution on May 20x1. The market price of
the shares on date of declaration is 150. Culiba’s shareholder’s equity immediately before the dividend
declaration is as follows:
Share Capital, authorized capital 10,000 shares, 400par 3,200,000
Subscribed share capital 880,000
Share Premium 400,000
Other components of equity 280,000
Requirement: Provide all the pertinent entries
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