GONZALES, JOANNE MAI S.

PROBLEM 5

No-par common stock, issued at P100

No-par common stock, issued at P80
Treasury stock, no-par common, acquired at P100
Capital stock, P2,000 preferred A, 500 shares
Capital stock, P2,000 preferred B, 50,000 shares
Class A preferred; authorized,1,000 shares P2,000
Class A preferred; unissued,500 shares
Share Premium from

Class B preferred; authorized, 500 shares

Class B preferred; unisssued
Appropriated retained earnings
Reserved for income taxes(set up current year)
Reserved for loss on accounts(P60,000 set up current year)
Reserved for reduction of December 31 inventory to market(a revenue charge)
Reserved for possible future inventory declines(set up in current year)
Reserved for preferred dividends declared(a revenue charge)
Reserved for common stock dividends to be declared (a revenue charge)
Common stock dividend of 7,300 shares declared on common
of record as January 2 next year(a revenue charge for cuurrent year)
Loss on sale of fixed assets
Organizational expense unamotized
Bond discount unamortized
Loss on inventory decline in current year
Retained Earnings, beg
Profit of current year

The remaining accounts comprimise the following:

Cash, receivebles, inventories, and fixed assets
Accounts, notes and bonds payable

No-par common stock; authorized 1,000 shares P2,000 par value

 100,000
3,040,000
(300,000)
1,100,000
940,000
2,000,000
(1,000,000) 1,000,000
1,000,000

-
-

928,000
144,000
182,000
200,000
55,000
146,000 1,655,000

146,000
(80,000)
(50,000)
(68,000)
(182,000)
(441,400)
3,250,000

11,109,600