Corporation

Joros Corp. was organized on January 1, 2012, at which date is issued 100,000 shares of P10 par ordinary share capital at P15 per share. For the period 2012 to 2014, the company reported profit of P450,000 and paid cash dividends of P230,000. On January 10, 2014, the company purchased 6,000 of its own shares at P12 per share. On November 20, 2014, Joros sold 4,000 treasury shares at P8 per share. What is the total shareholders' equity on December 31, 2014?

• P1,680,000

• P 1,688,000

• P 1,704,000

• P 1,720,000

Joros Corp. was organized on January 1, 2012, at which date is issued 100,000 shares of P10 par ordinary share capital at P15 per share. For the period 2012 to 2014, the company reported profit of P450,000 and paid cash dividends of P230,000. On January 10, 2014, the company purchased 6,000 of its own shares at P12 per share. On November 20, 2014, Joros sold 4,000 treasury shares at P8 per share.

The reissuance of the treasury shares resulted in a

• credit to Retained Earnings of P 16,000

• debit to Retained Earnings of P 16,000

• credit to PIC from Sale of Treasury Shares of P 16,000

• debit to PIC from Sale of Treasury Shares of P 16,000

Jabar Corp. holds 10,000 ordinary shares, par value at P 10, as treasury shares, which was purchased in year 2013 at a cost of P 120,000. On December 8, 2014, Jabar sold all the 10,000 shares for P 210,000. The sale would result in a credit to Paid-in Capital from Sale of Treasury Share in the amount of

• P 90,000

• P 110,000

• P 120,000

• P 210,000

ABC Corp. reported the following in its statement of shareholders' equity on January 1, 2014:

Ordinary share, P5 par value, 200,000 shares authorized, 100,000 shares issued - P500,000

Additional paid-in capital - P1,500,000
Retained Earnings - P516,000
Total contributed capital and retained earnings - P2,516,000
Less Treasury shares, 5,000 shares at cost - P40,000
Total Shareholders' equity P2,476,000


The following events occured in 2014:
May 1  - 1,000 treasury shares were sold for 10,000
July 9 - 10, 000 shares previously unissued shares were sold for P12 per share
Oct 15 - There was a 2 for 1 share split

How many shares are issued and outstanding at December 31, 2014? 

• 220,000 and 216,000

• 220,000 and 212,000

• 110,000 and 106,000

• 100,000 and 95,000

On December 29, 2013, Blue Company was registered at the Securities and Exchange Commission with 100,000 authorized ordinary shares of P100 par value. The following were Blue's transactions:

Dec 29, 2013 - Issued 40,000 shares at P105 per share

May 14, 2014 - Purchased 600 of its ordinary shares at P110 per share

Aug 9, 2014 400 treasury shares were sold at P95 per share

Dec 31, 2014 Profit P830,000, cash dividends paid P200,000

What is the total shareholder' equity of Blue company on December 31, 2014?

• P 4,532,000

• P 4,802,000

• P 4,820,000

• P10,602,000