Dubai International Paints and Chemicals Limited is a multinational company that provides services in and around...
Dubai International Paints and Chemicals Limited is a multinational company that provides services in and around South Asian Countries. The following information is available about Dubai International Paints and Chemicals Limited at the beginning of the year:
|
Common Stock (Authorized 20,000,000 common shares, par AED 5, issued 4,000,000) |
AED 20,000,000 |
|
Paid in Capital in Excess of par - Common Stock |
AED 56,000,000 |
|
Preferred Stock (authorized 300,000 shares, par AED 20, issued 200,000) |
AED 4,000,000 |
|
Paid in Capital in Excess of par - Preferred |
AED 200,000 |
Activities during the year:
- Issued 50,000 preferred shares and received AED 1,100,000 cash.
- Issued 80,000 common shares and received AED 1,600,000.
- Purchased 6,000 shares of common stock for AED 120,000 for treasury.
- Retained Earnings at the end of the year was AED 4,000,000.
You are required to prepare the equity section of balance sheet at the end of the year.
Homework Answers
| Stockholder's Equity | ||||||
| Paid in Capital: | ||||||
| Preferred Stock | $ 50,00,000.00 | |||||
| Common Stock | $ 2,04,00,000.00 | |||||
| Total capital stock | $ 2,54,00,000.00 | |||||
| Additional paid-in capital: | ||||||
| In excess of par- preferred stock | $ 3,00,000.00 | |||||
| In excess of par- common stock | $ 5,72,00,000.00 | |||||
| Total additional paid in capital | $ 5,75,00,000.00 | |||||
| Total paid in capital | $ 8,29,00,000.00 | |||||
| Retained earnings | $ 40,00,000.00 | |||||
| Total additional paid in capital and Retained earnings | $ 8,69,00,000.00 | |||||
| Less: | Treasury stock | $ 1,20,000.00 | ||||
| Total stockholder's equity | $ 8,67,80,000.00 | |||||
Workings:
| Preferred Stock | |||||
| Previously issued | $ 40,00,000.00 | (200000 x $ 20) | |||
| Current Issued | $ 10,00,000.00 | (50000 x $ 20) | |||
| Total paid in capital | $ 50,00,000.00 | ||||
| PIC in excess of par | $ 3,00,000.00 | ($ 1100000 - $ 1000000) | |||
| Total preferred capital | $ 53,00,000.00 | ||||
| Common Stock | |||||
| Previously issued | $ 2,00,00,000.00 | (4000000 x $ 5) | |||
| Current Issued | $ 4,00,000.00 | (80000 x $ 5) | |||
| Total paid in capital | $ 2,04,00,000.00 | ||||
| PIC in excess of par | $ 5,72,00,000.00 | ($ 1600000 - $ 400000) | |||
| Total common capital | $ 7,76,00,000.00 | ||||
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