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    Audit CH 9

    Uploaded by

    Phoebe Dayrit Cunanan
    1. The document provides financial information for several companies, including transactions involving share capital, treasury shares, retained earnings, dividends, and taxes. 2. It presents account balances and transactions for Imation Company involving share capital, treasury shares, retained earnings, dividends payable, and income taxes. 3. Information is also provided for Cebu Trading Company involving profits, cash dividends paid, share dividends distributed, retained earnings, and appropriated retained earnings.

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    Audit CH 9

    Uploaded by

    Phoebe Dayrit Cunanan
    169 views6 pages
    1. The document provides financial information for several companies, including transactions involving share capital, treasury shares, retained earnings, dividends, and taxes. 2. It presents account balances and transactions for Imation Company involving share capital, treasury shares, retained earnings, dividends payable, and income taxes. 3. Information is also provided for Cebu Trading Company involving profits, cash dividends paid, share dividends distributed, retained earnings, and appropriated retained earnings.

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    AUDIT_CH_9

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    1. The document provides financial information for several companies, including transactions involving share capital, treasury shares, retained earnings, dividends, and taxes. 2. It presents account balances and transactions for Imation Company involving share capital, treasury shares, retained earnings, dividends payable, and income taxes. 3. Information is also provided for Cebu Trading Company involving profits, cash dividends paid, share dividends distributed, retained earnings, and appropriated retained earnings.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    169 views6 pages

    Audit CH 9

    Uploaded by

    Phoebe Dayrit Cunanan
    1. The document provides financial information for several companies, including transactions involving share capital, treasury shares, retained earnings, dividends, and taxes. 2. It presents account balances and transactions for Imation Company involving share capital, treasury shares, retained earnings, dividends payable, and income taxes. 3. Information is also provided for Cebu Trading Company involving profits, cash dividends paid, share dividends distributed, retained earnings, and appropriated retained earnings.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    2.

    IMATION COMPANY

    1/04/18 Cash (50Kx120) 6,000,000


    Ordinary share capital (50Kx100) 5,000,000
    Share premium 1,000,000

    06/30/18 Treasury share (135x4000) 540,000


    Cash 540,000

    8/28/18 Cash (140x2400) 336,000


    Treasury shares (135x2400) 324,000
    Share premium - TS 12,000

    Cash 336,000
    Treasury shares 336,000

    12/30/18 Retained earnings (48,400x10%x142) 687,280


    Share dividends payable (48,400x10%x100) 484,000
    Share premium 203,280

    Retained earnings 479,600


    Ordinary share capital 479,600

    Income tax expense 300,000


    Income tax payable 300,000

    a. Treasury shares 12,000


    Share premium - TS 12,000

    b. Retained earnings 207,680


    Ordinary share capital 479,600
    Share dividends payable 484,000
    Share premium 203,280

    c. Retained earnings 300,000


    Income tax payable 300,000

    SHAREHOLDERS' EQUITY:

    Ordinary share capital, P100 par, 50,000 shares


    issued, 48,400 outstanding 5,000,000
    Share premium - Ordinary 1,203,280
    Share premium - TS 12,000
    Share dividends payable 484,000
    Retained earnings 12,720
    Treasury shares - 216,000
    Total shareholders' equity 6,496,000
    3. CEBU TRADING COMPANY

    Total profits since incorporation 630,000


    Total cash dividend paid - 195,000
    Total fair value of 10% share dividends distributed - 45,000
    Realized revaluation surplus transferred to
    retained earnings 80,000
    Total retained earnings 470,000
    Appropriated retained earnings - 200,000
    Unappropriated retained earnings 270,000

    4. Retained earnings - beginning 1,590,000


    Profit 860,000
    Total 2,450,000
    Dividends - 750,000
    Retained earnings - unappropriated 1,700,000
    Retained earnings appropriated for plant expasion 150,000
    Retained earnings - ending 1,850,000

    Reserved for plant expansion 150,000


    Retained earnings 200,000
    Retained earnings - Approp for plant expansion 150,000
    Share premium - TS 120,000
    Unrealized gain- FVOCI 80,000

    6.
    1/13/18 Cash (800x55) 44,000
    Preference share capital (50x800) 40,000
    Share capital - PS 4,000

    2/1/18 Cash (1,500x42) 63,000


    Ordinary share capital (1,500x20) 30,000
    Share capital - OS 33,000

    3/15/18 Retained earnings (12,500x1.50) 18,750


    Cash dividend payable 18,750

    4'/15/18 Treasury shares (200x43) 8,600


    Cash 8,600

    4/30/18 Cash dividend payable 18,750


    Cash 18,750

    4/30/18 Cash (10,000x40) 400,000


    Ordinary share capital 200,000
    Share premium - OS 200,000

    5/1/18 Retained earnings (22300x10%x55) 122,650


    Share dividends distibutable 44,600
    Share premium - OS 78,050

    5/31/18 Cash (2,150x57) 122,550


    Treasury shares (150x43)+(2,000x37.50) 81,450
    Share premium _-TS 41,100

    5/1/18 Share dividends distibutable 44,600


    Ordinary share capital 44,600

    9/15/18 Retained earnings 39,875


    Cash dividends payable 39,875

    10/15/18 Cash dividends payable 39,875


    Cash 39,875

    12/31/18 Income summary 500,000


    Retained earnings 500,000
    50,000
    - 4,000
    2,400
    48,400
    11,000
    1,500
    - 200
    10,000
    22,300 2,230
    2,150
    24,450

    36,675
    3,200
    39,875

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