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Question 1

By December 6, 2021No Comments

Question 1Bradford Co.Ltd.Shareholders’EquityPreference shares,12%.S1 par,50,000 shares authorized$50.000Ordinary shares,$2 par,30,000 shares authorized46,000Share premium:Ordinary shares50.000Retained earnings30.000$176.000Less:Treasury shares (500 ordinary shares at cost)5.000Total Shareholders’EquityS171.000Answer the following questions for Bradford CompanyNo.of sharesa.How many ordinary shares are issued?b.How many preference shares are issued?C.How many ordinary shares are issued and outstanding?d.How many preference shares are issued and outstanding?e.How many of the ordinary shares are eligible for dividendswhen dividend is declared and paid?f.of te reference shares are eligible for dividendsif dividends is declared and paid?g.What is the issued price of the preference shares?h.What is the cost of the treasury shares acquired?Question 2Use the following account codes,determine which accounts to be Dr./Cr.if you have tojournalize transactions a.to e.:01 Cash02 Dividend03 Share capital -ordinary shares04 Share capital preference shares05 Share premium ordinary shares06 Dividend payable07 Treasury sharesTransactionDr.Cr.a.Issued ordinary shares for an amountabove par valueb.Declared cash dividends on ordinaryshares to be paid out next month.C.Paid cash dividends of b.above onordinary shares.d.Purchased treasury shares

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