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Shareholder’s Equity
Review
SHAREHOLDER’S EQUITY
EQUITY PART 1 A
What amount should Zinc report as total stockholders' equity in its December 31, 20x1, balance sheet?
a. 1,680,000 b. 1,720,000 c. 1,780,000 d. 1,820,000
(AICPA)
3. On March 1, 20x1, Rya Corp. issued 1,000 shares of its ₱20 par value ordinary shares and 2,000 shares
₱20 par value convertible preference shares for a total of ₱80,000. At this date, Rya’s ordinary share was
for ₱36 per share, and the convertible preference share was selling for ₱27 per share. What amount
proceeds should be allocated to Rya’s convertible preference share?
a. 60,000 b. 54,000 c. 48,000 d. 44,000
(AICPA)
4. The stockholders'
stockholders' equity section of Peter Corporation's
Corporation's balance sheet at December 31, 20X2, was as follow
follow
Ordinary shares (₱10 par value, a uthorized 1,000,000
shares, issued and outstanding 900,000 shares) ₱ 9,000,000
Share premium 2,700,000
Retained earnings 1,300,000
On January 2, 20X3, Peter purchased and retired 100,000 shares of its stock for ₱1,800,000. Immediately
retirement of these 100,000 shares, the balances in the share premium and retained earnings accounts should
S hare premi um R etained
etained earnings
earnings
a. ₱ 900,000 ₱1,300,000
b. ₱1,400,000
₱1,400,000 ₱ 800,000
c. ₱1,900,000 ₱1,300,000
d. ₱2,400,000 ₱ 800,000
(AICPA)
5. Asp Co. was organized on January 2, 20x1, with 30,000 authorized shares of ₱10 par ordinary shares.
20x1 the corporation had the following capital transactions:
Jan. 5 Issued 20,000 shares at ₱15 per share.
July 14 Purchased 5,000 shares at ₱17 per share.
Dec. 27 Reissued the 5,000 shares held in treasury at ₱20 per share.
Asp used the cost method to r ecord the purchase and reissuance of the treasury shares. In its December 31,
balance sheet, what amount should Asp report as additional paid-in capital in excess of par?
a. 100,000 b. 125,000 c. 140,000 d. 115,000
(AICPA)
6. In 20x0, Newt Corp. acquired 6,000 shares of its own ₱1 par value ordinary share at ₱18 per share. In
Newt issued 3,000 of these shares at ₱25 per share. Newt uses the cost method to account for its treasury
transactions. What accounts and amounts should Newt credit in 20x1 to record the issuance of the
shares?
Treas
Treas ury s h. S h. premium
premium R etain
etained
ed earning
earning s Ordinary
Ordinary s h.
a. ₱54,000 ₱21,000
b. ₱54,000 ₱21,000
c. ₱72,000 ₱3,000
d. ₱51,000 ₱21,000 ₱3,000
(AICPA)
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8. On July 1, 20x1, Vail Corp. issued rights to stockholders to subscribe to additional share of its common
One right was issued for each share owned. A stockholder could purchase one additional share for 10 righ
₱15 cash. The rights expired on September 30, 20x1. On July 1, 20x1, the market price of a share with the
attached was ₱40, while the market price of one right alone was ₱2. Vail’s stockholders’ equity on
20x1, comprised the following:
Ordinary shares, ₱25 par value, 4,000 shares issued and outstanding……₱100,000
Share premium…………………….…………………………………………60,000
Retained earnings……………..……………………………………………..80,000
By what amount should Vail’s retained earn ings decrease as a result of issuance of the stock rights on July 1,
a. 0 b. 5,000 c. 8,000 d. 10,000
9. On September 20x1, West Corp. made a dividend distribution of one right for each of its 120,000 sha
outstanding common stock. Each right was exercisable for the purchase of 1/100 of a share of West'
variable rate preference share at an exercise price of ₱80 per share. On March 20, 20x3, none of the righ
been exercised, and West redeemed them by paying each stockholder ₱0.10 per r ight. As a result
redemption, West's stockholders' equity was reduced by
a. 120 b. 2,400 c. 12,000 d. 36,000
Other financial data for the year ended December 31, 20x1:
Included in accounts receivable is ₱1,000,000 due from a customer and payable in quarterly installme
₱125,000. The last payment is due December 30, 20x3.
The balance in the deferred income tax liability account pertains to a temporary difference not relate
balance sheet account that arose in a prior year, of which ₱15,000 is expected to be paid in 20x2.
During the year, estimated tax payments of ₱475,000 were charged to income tax expense. The curren
future tax rate on all types of income is 30%. In Shaw's December 31, 20x1, balance sheet,
10. The working capital and the total shareholders’ equity as o f December 31, 20x1 are
Worki ng capital Total Shareholders’ Equity
a. 2,600,000 10,856,000
b. 2,881,000 10,856,000
c. 3,075,000 9,330,000
d. 3,075,000 10,856,000
Answer:
1. A 6. B
2. A 7. D
3. C 8. A
4. D 9. C
5. D 10. D
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4. Under the journal entry method, the entry on February 1, 20x1 includes a
a. credit to unissued share capital for ₱600,000
b. credit to share capital for ₱800,000
c. credit to unissued share capital for ₱800,000
d. credit to authorized share capital for ₱600,000
Legal capital
Use the following information for the next two questions:
The equity section of ROUSE AWAKEN Co.’s statement of financial position showed the following i nformation:
6% Preference share capital, ₱400 par value 80
Share premium – preference share capital
Ordinary share capital 3,2
Share premium – ordinary share capital 1,2
Subscribed share capital – ordinary
Subscription receivable – ordinary share capital
Retained earnings
7. How much is the legal capital assuming the ordinary shares have par value of ₱200 per share?
a. 5,600,000 b. 4,200,000 c. 4,400,000 d. 5,400,000
8. How much is the legal capital assuming the ordinary shares are no-par value shares with stated value of ₱2
share?
a. 5,600,000 b. 4,200,000 c. 4,400,000 d. 5,400,000
Watered stocks
11. An entity issues 1,000 shares with par value of ₱400 for land with fair value of ₱320,000, the entry to reco
transaction includes a
a. a debit to land for ₱400,000
b. credit to share capital for ₱320,000
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Share capital (authorized 10,000 shares with par value of ₱400) 3,20
Share premium
Retained earnings 2,1
Total shareholders’ equity 6,00
12. On July 1, 20x1, GENESIS reacquires 1,000 shares at ₱360. The entry to record the transaction includes a
a. debit to treasury shares for ₱360,000
b. credit to treasury shares for ₱360,000
c. debit to treasury shares for ₱400,000
d. memo entry
Retirement of shares
On January 1, 20x1, the statement of financial position of PROFUSE EXTRAVAGANT Co. shows the foll
information:
Share capital (authorized 10,000 shares with par value of ₱400) 3,20
Share premium
Share premium – treasury shares
Retained earnings 2,1
Total shareholders’ equity 6,00
1. D 11. D
2. A 12. A
3. B 13. B
4. C 14. C
5. D 15. C
6. 16.
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2. Selected information from the accounts of Row Co. at December 31, 20x1, follows:
Total profit since incorporation ……….…………………….₱420,000
Total cash dividends paid ………………………………….....130,000
Total value of property dividends distributed ………………..30,000
Excess of proceeds over cost of treasury stock sold,
accounted for using the cost method ………………….110,000
In its December 31, 20x1, financial statements, what amount should Row report as retained earnings?
a. 260,000 b. 290,000 c. 370,000 d. 400,000
3. Nest Co. issued 100,000 shares of common stock. Of these, 5,000 were held as treasury stock at Decemb
20x1. During 20x2, transactions involving Nest's common stock were as follows:
May 3 - 1,000 shares of treasury stock were sold.
August 6 - 10,000 shares of previously unissued stock were sold.
November 18 - a 2-for-1 stock split took effect.
Laws in Nest's state of incorporation protect treasury stock from dilution. At December 31, 20x2, how many sha
Nest's common stock were issued and outstanding?
Shares Issued Outstanding Shares Issued Outstanding
a. 220,000 212,000 c. 222,000 214,000
b. 220,000 216,000 d. 222,000 218,000
4. Rudd Corp. had 700,000 shares of common stock authorized and 300,000 shares outstanding at Decemb
20x1. The following events occurred during 20x2:
January 31……………………Declared 10% stock dividend
June 30 ……………………….Purchased 100,000 shares
August 1…………………….....Reissued 50,000 shares
November 30…………………Declared 2-for-1 stock split
At December 31, 20x2, how many shares of common stock did Rudd have outstanding?
a. 560,000 b. 600,000 c. 630,000 d. 660,000
5. Long Co. had 100,000 ordinary shares issued and outstanding at January 1, 20x1. During 20x1, Long to
following actions:
March 15 – Declared a 2-for-1 stock split, when the fair value of the stock was ₱80 per share.
December 15 – Declared a ₱.50 per share cash dividend.
What amount should Long report as dividends in its 20x1 financial statements?
a. 50,000 b. 100,000 c. 850,000 d. 950,000
6. At December 31, 20x0 and 20x1, Carr Corp. had outstanding 4,000 shares of ₱100 par value 6% cumu
preferred stock and 20,000 shares of ₱10 par value common stock. At December 31, 20x0, dividends in a
on the preferred stock were ₱12,000. Cash dividends declared in 20x1 totaled ₱44,000. Of the ₱44,000
amounts were payable on each class of stock?
Preference s hares Ordinary s hares
a. ₱44,000 ₱ 0
b. ₱36,000 ₱ 8,000
c. ₱32,000 ₱12,000
d. ₱24,000 ₱20,000
7. Arp Corp.’s outstanding capital stock at December 15, 20x1, consisted of the following:
30,000, 5% cumulative preference shares, par value ₱10 per share, fully participating as to dividend
dividends were in arrears.
200,000 ordinary shares, par value ₱1 per share.
On December 15, 20x1, Arp declared dividends of ₱100,000. What was the amount of dividends payable to
common stockholders?
a. 10,000 b. 34,000 c. 40,000 d. 47,500
8. In 20x1, Elm Corp. bought 10,000 shares of Oil Corp. at a cost of ₱20,000. On January 15, 20x2, Elm decl
property dividend of the Oil stock to shareholders of record on February 1, 20x2, payable on February 15,
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9. On June 27, 20x1, Brite Co. distributed to its ordinary shareholders 100,000 outstanding ordinary share
investment in Quik, Inc., an unrelated party. The carrying amount on Brite’s books of Quik’s ₱1 par ord
share was ₱2 per share. Immediately after the distribution, the market price of Quik’s stock was ₱2.50 per
In its income statement for the year ended June 30, 20x1, what amount should Brite report as gain relating
disposal of the stock?
a. 250,000 b. 200,000 c. 50,000 d. 0
10. The following stock dividends were declared and distributed by Sol Corp.:
Percentage of ordinary shares
outstanding at declaration date Fair value Par value
10 ₱15,000 ₱10,000
28 40,000 30,800
What aggregate amount should be debited to retained earnings for these stock dividends?
a. 40,800 b. 45,800 c. 50,000 d. 55,000
11. Ray Corp. declared a 5% stock dividend on its 10,000 issued and outstanding shares of ₱2 par value com
stock, which had a fair value of ₱5 per share before the stock dividend was declared. This stock dividen
distributed 60 days after the declaration date. By what amount did Ray’s current liabilities increase as a re
the stock dividend declaration?
a. 0 b. 500 c. 1,000 d. 2,500
12. Effective April 27, 20x1, the stockholders of Bennett Corporation approved a two-for-one split of the com
common stock, and an increase in authorized common shares from 100,000 shares (par value ₱20 per sh
200,000 shares (par value ₱10 per share). Bennett's stockholders' equity accounts immediately before iss
of the stock split shares were as follows:
What should be the balances in Bennett's additional paid-in capital and retained earnings accounts immediate
the stock split is effected?
S hare premium R etained earning s
a. ₱ 0 ₱ 500,000
b. ₱ 150,000 ₱ 350,000
c. ₱ 150,000 ₱1,350,000
d. ₱ 1,150,000 ₱ 350,000
13. On July 1, 1999, Bart Corporation has 200,000 shares of ₱10 par ordinary share outstanding and the m
price of the stock is ₱12 per share. On the same date, Bart declared a 1 -for-2 reverse stock split. The par
stock was increased from ₱10 to ₱20 and one new ₱20 par share was issued for each two ₱10 par s
outstanding. Immediately before the 1-for-2 reverse stock split, Bart's share premium was ₱450,000.
should be the balance in Bart's share premium account immediately after the reverse stock split is effected?
a. 0 b. 450,000 c. 650,000 d. 850,000
14. The stockholders' equity section of Brown Co.'s December 31, 20x1, balance sheet consisted of the followin
Ordinary shares, ₱30 par, 10,000 shares authorized and outstanding ₱300,000
Share premium 150,000
Retained earnings (deficit) (210,000)
On January 2, 20x2, Brown put into effect a stockholder-approved quasi-reorganization by reducing the par va
the stock to ₱5 and eliminating the deficit against share premium. Immediately after the quasi -reorganization
amount should Brown report as share premium?
a. (60,000) b. 150,000 c. 190,000 d. 400,000
1. A 6. B 11. A
2. A 7. C 12. C
3. A 8. A 13. B
4. A 9. C 14. C
5. B 10. B
DIVIDENDS
1. On April 1, 20x1, the board of directors of SQUELCH SILENCE Co. declared ₱200 dividends per sh
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Liability dividends
2. On April 1, 20x1, the board of directors of LEEWAY TOLERANCE Co. declared 50% scrip divide
shareholders of record as of April 15, 20x1 for distribution on September 30, 20x1. The scrip dividends bea
interest per annum. The shareholders’ equity of LEEWAY as of April 1, 20x1 is as follows:
Share capital, authorized capital 10,000 shares, ₱400 par 3,20
Subscribed share capital
Share premium
Retained earnings
Treasury shares (at cost of ₱480 per share) (57
Other components of equity
Total shareholders’ equity 6,0
4. On December 31, 20x1, the property dividends are yet to be distributed to owners. The entries on Decemb
20x1 include all of the following except
a. a debit to retained earnings for ₱1,200,000
b. a credit to gain on impairment recovery for ₱1,200,000
c. a credit to property dividends payable for ₱1,200,000
d. none of these
5. On Feb. 1, 20x2, the property dividends payable is settled. The entries on February 1, 20x1 include al
following except
a. a debit to loss for ₱200,000
b. a debit to property dividends payable for ₱600,000
c. a debit to retained earnings for ₱200,000
d. a credit to non-current asset held for distribution to owners for ₱4,000,000
6. The net effect of property dividends declaration and settlement to the retained earnings is
a. ₱4,000,000 decrease c. ₱3,200,000 decrease
b. ₱4,000,000 increase d. ₱3,200,000 increase
8. On July 31, 20x1, the property dividends payable is settled. How much is the gain (loss) on sett
recognized in profit or loss?
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10. On July 31, 20x1, the property dividends payable is settled. How much is the gain (loss) on settle
recognized in profit or loss?
a. 0 b. (800,000) c. 800,000 d. 400,000
BRACKISH estimates on April 1, 20x1 that the probability that the shareholders will opt to receive cash dividen
60% while the probability that they will opt to received property dividends is 40%.
12. On April 30, 20x1, the dividends are settled as follows: 30% opted to receive cash while 70% opted to r
property dividends. How much is the gain (loss) on settlement of the dividends on April 30, 20x1?
a. 0 b. (840,000) c. 840,000 d. 480,000
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18. On April 1, 20x1, CALLOW IMMATURE Co. declared 1,000 share dividends in the form of preference sha
its ordinary shareholders of record as of April 15, 20x1 for distribution on May 1, 20x1. The market price
preference shares on date of declaration is ₱600. CALLOW Co. has 10,000 ordinary shares outstanding
par value of preference shares is ₱400. How much is the debit to retained earni ngs on April 1, 20x1?
a. 600,000 b. 400,000 c. 200,000 d. 0
Total dividend
25. SCUM REFUSE Co. is contemplating on declaring cash dividends to its preference and ordinary shareh
out of its profits in 20x3. Dividends are in arrears for three years. SCUM’s shareholders’ equity imme
before dividend declaration is as follows:
10% Preference share capital, ₱800 par, cumulative
and fully participating 8,0
Ordinary share capital, 80,000 shares issued and
outstanding, ₱400 par 32,0
Retained earnings 20,0
Total shareholders’ equity 60,0
If SCUM would like to pay dividends of ₱56 per share to ordinary shareholders, how much total dividend shou
declared?
a. 7,200,000 b. 16,000,000 c. 6,800,000 d. 12,800,000
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27. On December 31, 20x1, BRUTISH BEASTLIKE Co. declares ₱4,000,000 cash dividends to sharehold
record as of January 15, 20x2 for distribution on January 31, 20x2. Since BRUTISH is undergoing liquid
80% of the dividends declared are liquidating dividends. The entry to record the dividend declaration includ
a. debit to retained earnings for ₱4,000,000
b. debit to retained earnings for ₱3,200,000
c. debit to share capital for ₱3,200,000
d. debit to capital liquidated for ₱3,200,000
1. A 11. B 21. D
2. A 12. C 22. A
3. C 13. B 23. D
4. B 14. B 24. D
5. C 15. A 25. A
6. A 16. A 26. C
7. B 17. B 27. D
8. B 18. A
9. D 19. C
10. C 20. B
Dividends on preferred stock are in arrears for the year 20x1. The book value per ordinary share at Decemb
20x1, should be
a. 11.78 b. 11.91 c. 12.22 d. 12.36
(AICPA)
2. Hoyt Corp.’s current balance sheet reports the following stockholders’ equity:
5% cumulative preference shares, ₱100 par value 25
Ordinary share, par value ₱3.50 per share 35
Share premium on ordinary shares
Retained earnings
Dividends in arrears on the preference share amount to ₱25,000. If Hoyt were to be liquidated, the prefe
stockholders would receive par value plus a premium of ₱50,000. The book value per ordinary share is
a. 7.75 b. 7.50 c. 7.25 d. 7.00
(AICPA)
3. Maga Corp.'s shareholders' equity at December 31, 20x1, comprised the following:
6% cumulative preference share, ₱100 par; liquidating value ₱110
per share; authorized, issued, and outstanding 50,000 shares 5,000,000
Ordinary share, ₱5 par; 1,000,000 shares authorized; issued
and outstanding 400,000 shares 2,000,000
Retained earnings 1,000,000
Dividends on preferred stock have been paid through 20x0 but have not been declared for 20x1. At Decemb
20x1, Maga's book value per ordinary share was
a. 5.50 b. 6.25 c. 6.75 d. 7.50
1. B
2. D
3. A
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On October 1, 20x7, Fay issued a 10% share dividend on its ordinary shares, and paid ₱100,000 cash dividen
the preference shares. Profit for the year ended December 31, 20x7 was ₱960,000. Fay's 20x7 basic earnin
ordinary share should be
a. 3.91 b. 4.10 c. 4.36 d. 4.68
3. The following information pertains to Jet Corp.’s outstanding stock for 20x1:
Ordinary shares, ₱5 par value, shares outstanding, 1/1/x1 20,000
2-for-1 stock split, 4/1/x1 20,000
Shares issued, 7/1/x1 10,000
Preference shares, ₱10 par value, 5% cumulative
shares outstanding, 1/1/x1 4,000
What is the number of shares Jet should use to calculate 20x1 basic earnings per share?
a. 40,000 b. 45,000 c. 50,000 d. 54,000
4. Timp, Inc., had the following ordinary share balances and transactions during 20x8:
1/1/x8 Ordinary shares outstanding
2/1/x8 Issued a 10% ordinary share dividend
3/1/x8 Issued ordinary shares in a business combination
7/1/x8 Issued ordinary shares for cash
12/31/x8 Ordinary shares outstanding
5. Rand, Inc., had 20,000 ordinary shares outstanding at January 1, 20x3. On May 1, 20x3, it issued 1
ordinary shares. Outstanding all year were 10,000 shares of nonconvertible preference shares on w
dividend of ₱4 per share was paid in December 20x3. Profit for 20x3 was ₱96,700. Rand's basic earning
share for 20x3 are
a. 1.86 b. 2.10 c. 2.84 d. 3.58
6. During 20x4, Moore Corp. had the following two classes of stock issued and outstanding for the entire year
100,000 shares of common stock, ₱1 par.
1,000 shares of 4% preferred stock, ₱100 par, convertible share for share into common stock.
Moore's 20x4 net income was ₱900,000, and its income tax rate for the year was 30%. In the computation of d
earnings per share for 1994, the amount to be used in the numerator is
a. 896,000 b. 898,800 c. 900,000 d. 901,200
7. At December 31, 20x2, Lex, Inc. had 600,000 ordinary shares outstanding. On April 1, 20x3, an add
180,000 ordinary shares were issued for cash. Lex also had ₱5,000,000 of 8% convertible bonds outsta
throughout the year, which are convertible into 150,000 ordinary shares. No bonds were issued or con
during 20x3. What is the number of shares that should be used in computing diluted earnings per sha
20x3?
a. 735,000 b. 780,000 c. 885,000 d. 930,000
8. Dunn, Inc., had 200,000 shares of ₱20 par common stock and 20,000 shares of ₱100 par, 6%, cumu
convertible preferred stock outstanding for the entire year ended December 31, 20x1. Each share is conv
into five shares of common stock. Dunn's net income for 20x1 was ₱840,000. For the year ended Decemb
20x1, the diluted earnings per share is
a. 2.40 b. 2.80 c. 3.60 d. 4.20
9. On January 2, 20x1, Lang Co. issued at par ₱10,000 of 4% bonds convertible in total into 1,000 ordinary s
No bonds were converted during 20x1. Throughout 20x1, Lang had 1,000 ordinary shares outstanding.
20x1 profit was ₱1,000. Lang's income tax rate is 50%. No potentially dilutive securities other tha
convertible bonds were outstanding during 20x1. Lang's diluted earnings per share for 20x1 would be
a. 1.00 b. 0.50 c. 0.70 d. 0.60
10. On June 30, 20x7, Lomond, Inc., issued twenty, ₱10,000, 7% bonds at par. Each bond was convertible in
ordinary shares. On January 1, 20x8, 10,000 ordinary shares were outstanding. The bondholders conver
the bonds on July 1, 20x8. On the bonds’ issuance date, the average Aa corporate bond yield was 12%. D
20x8, the average Aa corporate bond yield was 9%. The following amounts were reported in Lomond’s in
statement for the year ended December 31, 20x8:
Revenues 977,00
Operating expenses 920,00
Interest on bonds 7,00
Income before income tax 50,00
Income tax at 30% 15,00
Profit 35,00
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3. B 8. B
4. C 9. D
5. B 10. B