The GRAPES Corporation was authorized to issue 80,000 ordinary shares with P100 Par value. During the period, 50,000 ordinary shares has been issued and 10,000 ordinary shares were subscribed. At this point, the corporation holds 4,000 ordinary shares in the treasury. The number of shares outstanding areGroup of answer choices50,00056,00060,00046,000

ORANGE Corporation is authorized to issue 250,000 ordinary shares at P 12.00 par value. During 2022, in its first year of operation, the following transactions occurred: • Issued 15,000 ordinary shares at P 18.00 on May 1. • Issued 25,000 ordinary shares at P 25.00 on August 1.• Reacquired 2,000 ordinary shares at P 12 per share on October 1.• Reissued 1,000 ordinary treasury shares at P 20 per share on December 1. How much is the balance of the Ordinary Shares as of Dec 31, 2022Group of answer choicesP423,000P891,000P415,000P480,000 PreviousNext

Tennis Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2024, its first year of operations: January 2 Issue 120,000 shares of common stock for $56 per share.February 14 Issue 46,000 shares of preferred stock for $13 per share.May 8 Purchase 12,000 shares of its own common stock for $46 per share.May 31 Resell 6,000 shares of treasury stock for $51 per share.December 1 Declare a cash dividend on its common stock of $0.70 per share and a $18,400 (4% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.)December 30 Pay the cash dividends declared on December 1.Problem 10-6A (Algo) Part 22. Prepare the stockholders’ equity section of the balance sheet as of December 31, 2024. Net income for the year was $476,000. (Amounts to be deducted should be indicated by a minus sign.)

BANANA Corporation is authorized to issue 150,000 ordinary shares at P10 par value and 25,000 preference shares at P25 par value. During its first year of operation, the following share capital transactions have been summarized:Preference Share Capital – P 437,500;Ordinary Share Capital - P 250,000;Share Premium – Preference – P 201,250;Share Premium – Ordinary – P 175,000.00 The average selling price for the preference shares is closest to Group of answer choicesP14.60P36.50P25.00P17.00

At the beginning of 2023, BBB Corporation was organized with authorized capital of 100,000, P200 par value shares. January 15 – Issued 10,000 shares at P280 per share.May 1 – Issued 5,000 shares in exchange for land with a fair value of P1,200,000. On this date, fair value of the shares was P250 per share.November 23 – Issued 2,000 shares for legal services when the fair value was P260 per share.What amount should be reported as share premium?

Almond Corporation acquires 10,000 shares of its own $1 par value common stock at $10 per share. The journal entry for this transaction includes a:Multiple Choicedebit to Common Stock for $10,000debit to Treasury Stock for $10,000debit to Common Stock for $100,000debit to Treasury Stock for $100,000