Problem 4On December 29, 2018, Blue Company was registered at the Securities and ExchangeCommission with 100,00 authorized shares of P100 par value. The following were Blue'stransactions:December 29, 2018May 14, 2019August 9, 2019December 31, 2019Issued 40,000 shares at P105 per share.Purchased 600 of its ordinary shares at P110 per share.400 treasury shares were resold at P95 per share.Profit for 2019 is P830,000. Dividends paid P200,000.34. What is the total outstanding shares?35. What is the balance of treasury shares?36. How many shares are entitled to receive dividends?37. What is the total shareholders' equity?Problem 5Partners A & B have capital balances of P600,000 and P400,000 and share profits and lossesin the ratio of 3:2, respectively, before the admission of C. With the consent of B, A sells one-halfof his equity to C, with C paying A the amount of P350,000.38. What is A's capital balance after the admission of C?39. What is the total partnership capital after the admission of C?Problem 6Antonio_and Tony are partners with capital balances of P300,000 and P250,000 sharing profitsand losses 3:1 respectively. They agreed to admit Anton as partner. Anton invests P150,000 fora 40% interest in the firm. Anton and Tony transfer part of their capital to Anton as a bonus.40. What is Antonio's capital after Anton's admission?41. What is the total partnership capital after Anton's admission?

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38. What is A's capital balance after the admission of C? 39. What is the total partnership capital after the admission of C?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 85PSB: Common Dividends Thompson Payroll Service began in 2019 with 1,500,000 authorized and 820,000 issued...

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Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000
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