3. Which of the following statements is correct about retained…

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Question Answered step-by-step 3. Which of the following statements is correct about retained… 3.Which of the following statements is correct about retained earnings? a. Rich Corporation reported Retained Earnings P1,000,000 credit balance.  The board declared 10% of 200,000 P10 par value Ordinary shares outstanding as share dividend.  The fair value of its shares at date of declaration is P100 per share.   b. Wise Corporation reported Retained Earnings P500,000 credit balance.  The board declared 20% of P10-par value 100,000 Ordinary Shares outstanding as share dividend.  The fair value of the shares at date of declaration is P100 per share.c. XYZ Corporation reported Retained Earnings P1,200,000 credit balance means the entity has P1,200,000 cash balance.d. Triple K Corporation reported Retained Earnings  P300,000 credit balance.  It may recapitalize its 100,000 P10 stated value Ordinary Share to P15 par value Ordinary Shares.4.All of the following statements is correct, except a. The corporation cannot declare cash dividends greater than its retained earnings balance.b. When declared, it is an obligation of the corporation to shareholders.c. All types of dividends declared, including share dividends, creates liability account.d. The corporation may not have sufficient cash even it has sizable amount of retained earnings.5.All of the following will cause the Retained Earnings account to decrease, except a. A 2-for-1 share split.b. P1 cash dividend per Ordinary share outstanding.  c. 10% share dividend on 50,000 P10-par value Ordinary Shares outstanding.d. 8% cash dividend on 2,000 P100-par value Preference Shares.6.On the date of cash dividend declaration, which of the following statements is correct? a. Total liabilities will decrease.b. Total assets and total shareholders’ equity will decrease.c. Total shareholders equity will decrease only.d. Total assets, total liabilities and total shareholders’ equity will decrease.7.Which of the following will cause total shareholders’ equity amount to change? a. A 2-for-1 share split.b. 10% share dividend.c. A 1-for-2 reverse share split.d. One Heart Corporation Ordinary Share to be given for every one Love Corporation Ordinary Share outstanding.8.Which of the following accounts is not like the others? a. Subscribed Ordinary Sharesb. Share Premiumc. Ordinary Sharesd. Retained Earnings9.Which of the following accounts classification is not like the others? a. Salaries Payableb. Retained Earningsc. Share Dividends Payabled. Subscription Receivable10.Which of the following situations in declaring small share dividends the shares will be measured using the fair market values? a. P15 fair market value will be used for P20 par value Ordinary Shares.b. Do not use fair values; always use par value of the Ordinary Shares.c. P12 fair value per Ordinary share for P5 par-value Ordinary Share.d. P10 par value will be used even when P25 fair value per Ordinary Share is known.11.Which of the following statements is correct? a. Declaring 100% share dividend will cause Share Premium to increase.b. Declaring 2-for-1 share split will cause Share Premium to decrease.c. Declaring 10% share dividend will cause Share Premium not change when the fair values of the new shares are lower than its par value.d. Declaring 2-for-1 share split will cause Share Premium to increase.12.ABC Corporation has 100,000 ordinary shares authorized, 50,000 shares issued and 45,000 shares outstanding.  When the board of directors declare a 10% share dividends, this is based on a. 5,000 Treasury shares.b. 50,000 shares issued.c. 5,000 shares outstanding.d. 100,000 shares authorized.13.ACE Corporation is authorized to issue P10 par value 100,000 ordinary shares.  On December 31, 2020, there are 50,000 ordinary shares issued and 5,000 ordinary treasury stock, and the board of directors declared P100,000 cash dividends from its P250,000 retained earnings.   How much is dividend per ordinary share?   a. P20.00b. P  1.00c. P  2.22d. P  2.0014.On December 31, 2021, Love Corporation has P1,000 par value 6% preference 1,000 shares and P10 par value 100,000 ordinary shares outstanding, and P250,000 Retained Earnings.  No dividends were declared in 2019 and 2020.  If P100,000 is declared as cash dividends on Dec. 31, 2021, how much is the dividend per ordinary share? a. P0.40b. P1.00c. No dividend will be received on ordinary shares.d. P0.6015.On December 31, 2021, Wise Corporation has P1,000 par value 1,000 Cumulative and non-participating 6% preference shares and P10 par value 100,000 ordinary shares outstanding, and P250,000 Retained Earnings.  No dividends were declared in 2019 and 2020.  If P200,000 is declared as cash dividends, how much is the dividend per ordinary share? a. P1.80b. No dividend will be received on Ordinary Shares.c. P2.00d. P0.2016.On December 31, 2021, CARE Corporation has P1,000 par value 1,000 Cumulative and Participating 6% preference shares and P10 par value 100,000 ordinary shares outstanding, and P500,000 Retained Earnings.  No dividends were declared in 2019 and 2020.  If P250,000 is declared as cash dividends, how much is the dividend per ordinary share? a. P1.80b. P0.60c. P1.85d. P0.6517.On December 31, 2021, HOPE Corporation has P1,000 par value 1,000 Cumulative and Participating 6% preference shares and P10 par value 100,000 ordinary shares outstanding, and P500,000 Retained Earnings.  No dividends were declared in 2019 and 2020.  If ordinary shareholders received P1.00 per share, how much is the total dividends declared? a. P200,000b. P280,000c. P100,000d. P320,00018.On December 31, 2021, JOY Corporation has P1,000 par value 1,000 Cumulative and Participating 6% preference shares and P10 par value 100,000 ordinary shares outstanding, and P500,000 Retained Earnings.  No dividends were declared in 2019 and 2020.  If ordinary shareholders received P1.00 per share, how much is the dividend per preference share? a. P  60.00b. P    1.00c. P220.00d. P180.0019.On December 31, 2021, HAPPY Corporation has P1,000 par value 1,000 Cumulative and Participating 6% preference shares and P10 par value 100,000 ordinary shares outstanding, and P500,000 Retained Earnings after reporting P2,000,000 profit in the current year.  No dividends were declared in 2019 and 2020.  If ordinary shareholders received P1.00 per share, what is the balance of retained earnings after the declaration of dividends in 2021? a. P180,000b. P340,000c. Zerod. P400,00020.On December 31, 2021, BSBA Corporation has P1,000 par value 1,000 Cumulative and Participating 6% preference shares and P10 par value 100,000 ordinary shares outstanding, and P500,000 Retained Earnings after reporting P2,000,000 profit in the current year.  No dividends were declared in 2019 and 2020.  If ordinary shareholders received P1.00 per share, what is the balance of total shareholders’ equity after the declaration of dividends in 2021? a. P2,400,000b. P2,340,000c. P4,400,000d. P2,180,00021.On December 31, 2021, BEST Corporation has P10 par value ordinary shares, 200,000 shares authorized and 100,000 shares issued and outstanding, and P500,000 Retained Earnings after reporting P2,000,000 profit in the current year.  The fair market value is P15.00 per ordinary share.  If 10% share dividend is declared, the amount of total shareholders’ equity after declaration is a. P1,500,000b. P1,600,000c. P1,350,000d. P1,650,00022.On December 31, 2021, BSBA Corporation has P10 par value ordinary shares, 200,000 shares authorized and 100,000 shares issued and outstanding, and P500,000 Retained Earnings after reporting P2,000,000 profit in the current year.  The fair market value is P15.00 per ordinary share.  If 20% share dividend is declared, the amount of total shareholders’ equity after declaration is a. P1,500,000b. P1,800,000c. P1,300,000d. P1,700,000 Business Accounting 70 122 Share QuestionEmailCopy link Comments (0)

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