ReSA - THE REVIEW SCHOOL OF ACCOUNTANCY

CPA Review Batch 41 Ÿ May 2021 CPA Licensure Examination Ÿ Weeks 4-6

AUDITING (Auditing Problems) S. Ireneo Ÿ C. Espenilla

AP-200: FINANCING CYCLE: AUDIT OF STOCKHOLDERS’ EQUITY

PROBLEM 1

1. An auditor usually obtains evidence of stockholders equity transactions by reviewing the entity’s
a. Minutes of board of directors meetings.
b. Transfer agents’ records.
c. Canceled stock certificates
d. Treasury stock certificates.

2. In performing tests concerning the granting of stock options, an auditor should:

a. Confirm the transaction with the Secretary.
b. Verify existence of option holders in the entity’s payroll records or stock ledgers.
c. Determine that sufficient treasury stock is available to cover any new stock issued.
d. Trace the authorization for the transaction to a vote of the board of directors.

3. During an audit of an entity’s stockholders’ equity accounts, the auditor determines whether there are
restrictions on retained earnings resulting from loans, agreements or laws. This audit procedure most
likely is intended to verify management assertion of:
a. Existence
b. Completeness
c. Valuation
d. Presentation and disclosure

4. When the client-company does not maintain its own stock records, the auditor should obtain written
confirmation form the transfer agent and registrar concerning:
a. Restrictions on the payments of dividends.
b. The number of shares issued and outstanding.
c. Guarantees of preference shares liquidation value.
d. The number of shares subject to agreements to repurchase

5. An audit program for the examination of the retained earnings account should include a step that requires
verification of the:
a. Market value used to charge retained earnings to account for a two-for-one split.
b. Approval of the adjustment to the beginning balance as a result of a write-down of an accounts
receivable.
c. Authorization for both cash and stock dividends.
d. Gain or loss resulting form disposition of treasury shares.

PROBLEM 2

A partial list of the accounts and ending account balances taken from the post-closing trial balance of the
Mickey Mouse Inc. on December 31, 2018 is shown as follows:

Account Amount
Accumulated profits - unappropriated P820,000
Accumulated Revaluation surplus on PPE 240,000
Bonds payable 440,000
Long-term investments in shares 420,000
Share premium on ordinary shares 920,000
Premium on bonds payable 60,000
Ordinary shares (note a) 800,000
Share premium on preference shares 224,000
Preference shares (note b) 600,000
Additional paid in capital from treasury shares 8,000
Accumulated unrealized decrease in the value of financial asset at 6,000
fair value through OCI/L
Ordinary share warrants outstanding 40,000
Accumulated Translation reserves 100,000
Accumulated profits appropriated for plant expansion 200,000
Subscribed ordinary shares (note a) ?
Subscriptions receivable – ordinary shares (note a) ?
Subscribed preferences shares (note b) ?

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Subscriptions receivable – preference shares (note b) ?

Treasury shares (note a) ?
Accumulated profits appropriated for treasury shares ?
Additional information:

a. Ordinary shares is no-par, with stated value of P20 per share, 90,000 shares are authorized, 40,000
shares are issued. 5,000 shares have been subscribed at a price of P56 per share. 25% of the total
ordinary shares subscription price are still outstanding(receivable) as of the year end and are expected
to be collected within the subsequent quarter. 2,000 ordinary shares are in the treasury at a cost of P30
per share.

b. Preference share has a P100 par value, 8,000 shares are authorized, 6,000 shares are issued and
outstanding. 900 shares are subscribed at a price of P140 per shar. No dividends are in arrears. 20%
of the total preference shares subscriptions price are still outstanding(receivable) as of the year end and
are expected to be collected outside 12 months.

Requirements:
1. How much is the total contributed capital?

2. How much is the total stockholders’ equity?

PROBLEM 3

You were assigned to audit the shareholders’ equity of SB Corp. for the year ended December 31, 2018. SB
Corp. was incorporated in early 2017 when it was authorized by SEC to issue 100,000 ordinary shares (P100
par) and 50,000 preference shares (P50 par). The following schedule reflects the company’s capital balances as
of December 31, 2017:

Ordinary shares, 50,000 shares issued during the company’s P7,500,000

incorporation at P150 per share.
Preference shares, 20,000 shares issued in June 30, 2017 in exchange of 1,200,000
a building with a fair market value of P1,200,000
Retained earnings, which is the company’s net income in 2017 5,540,000
Total shareholders’ equity P14,240,000

Your inquiries and investigation revealed the following transactions which occurred in 2018:
a. In early 2018, the company reacquired 20,000 from its previously issued ordinary shares at P160 per
share and reverted them to treasury since it has an intent of reissuing the same.

b. On March 10, the company issued 10,000 ordinary shares (from previously unissued shares) and
10,000 preference shares for a total lump sum of P2,800,000. On this date, ordinary shares are quoted
in the market at P175 per share while preference shares are quoted at P75 per share.

c. On June 19, the company issued, through a broker, additional 5,000 preference shares at P85 per
share. The company incurred P25,000 in broker’s fees and commission.

d. On July 1, the company issued 15,000 ordinary shares with a 3 year- P2,000,000, 12% face value
bonds for a total consideration of P5,000,000. The bonds which pay semi-annual interest every January
1 and July 1, are currently quoted at 110 while the ordinary shares are quoted in the market at P180
per share.

e. On October 11, the company reissued 8,000 treasury shares at P185 per share.

f. On December 1, the company retired 7,000 treasury shares and reverted them to unissued basis.

g. The company registered an adjusted net income in 2018 at P4,530,000.

Based on the information above, answer the following:

1. What is the balance of ordinary shares account as of December 31, 2018?

2. What is the balance of the preference shares account as of December 31, 2018?

3. What is the balance of the share premium in excess of par from ordinary shares as of December 31, 2018?

4. What is the balance of the share premium in excess of par from preference shares as of December 31,
2018?

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5. What is the total additional paid-in capital as of December 31, 2018?

6. What is the total contributed capital as of December 31, 2018?

7. What is the correct balance of the retained earnings – unappropriated account as of December 31, 2018?

8. What is the total stockholders’ equity as of December 31, 2018?

PROBLEM 4:

You were assigned to audit the shareholders’ equity of Glorieta Inc. for the year ended December 31, 2018.
Glorieta Corp. was incorporated in early 2017 when it was authorized by SEC to issue 500,000 ordinary shares
(P10 par) and 100,000 convertible preference shares (P20 par). The following schedule reflects the company’s
capital balances as of December 31, 2017:

Ordinary shares, 100,000 shares issued during the company’s P1,400,000

incorporation in exchange of a land with a fair value of P1.4M.
Preference shares, 50,000 share issued during the company’s 2,500,000
incorporation at P50 per share. Each preference share is convertible to
four ordinary shares.
Retained earnings, which is the company’s net income in 2017 540,000
Total shareholders’ equity P3,440,000

Your inquiries and investigation revealed the following transactions, which occurred in 2018:
a. On February 12, 20,000 preference shares were converted to ordinary shares.

b. On March 15, 20,000 ordinary shares and 25,000 preference shares were issued in exchange of a
building with a fair market value of P1,200,000. The fair value of the ordinary shares was considerably
stable at P32 per share while the fair value of the preference shares was volatile and highly speculative
and that it ranges from a low of P21 per share to high of P55 per share within a trading week.

c. On June 30, the company issued 5,000, P1,000 12% bonds payable with detachable warrants. One
warrant is attached to each P1,000 bond. The bonds which pay semi-annual interest every June 30 and
December 31 were issued at total lump sum of P5,300,000. On the date of issuance, the bonds were
quoted at 105 without the warrants while each warrant can be sold in the market at P12. Five warrants
surrendered together with P20 exercise price entitle the holder to acquire one ordinary share. Warrants
can be exercised 2 years from the date of the issuance.

d. On August 15, the company reacquired 10,000 ordinary shares (from the 2017 issue) at P22 per share
and reverted them to treasury since it intends to reissue the same.

e. On October 11, the company reissued 2,000 treasury shares at P20 per share.

f. On December 1, the company retired 5,000 treasury shares and reverted them to unissued basis.

g. On December 15, 60% of the warrants issued with the bonds were exercised.

h. The company registered an adjusted net income in 2018 at P830,000.

Based on the information above, answer the following:

1. What is the balance of ordinary shares account as of December 31, 2018?

2. What is the balance of the preference shares account as of December 31, 2018?

3. What is the balance of the share premium in excess of par from ordinary shares as of Dec. 31, 2018?

4. What is the balance of the share premium in excess of par from preference shares as of Dec. 31, 2018?

5. What is the total additional paid-in capital as of December 31, 2018?

6. What is the total contributed capital as of December 31, 2018?

7. What is the correct balance of the retained earnings – unappropriated account as of Dec. 31, 2018?

8. What is the total stockholders’ equity as of December 31, 2018?

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PROBLEM 5:

Bulacan Co. had the following selected information in its December 31, 2017 Stockholders’ Equity portion of its
balance sheet:

10% Preference shares, P100 par value, 50,000 shares authorized,

10,000 shares issued and outstanding P1,000,000
Ordinary shares, P50 par value, 100,000 shares authorized,
50,000 shares issued, 5,000 shares reacquired at P75 per share 2,500,000
Share premium on preference shares 250,000
Share premium on ordinary shares 250,000
Accumulated profits 2,350,000
Treasury shares, at cost ?

Transactions in 2018 are as follows:

a. On January 2, the company issued 5,000 preference shares with warrants. Two warrants are attached
to each preference share. The preference shares with warrants were issued at total lump sum of
P780,000. On the date of issuance, the preference shares were quoted at P120 without the warrants
while each warrant can be sold in the market at P15. Four warrants surrendered together with P65
exercise price entitle the holder to acquire one ordinary share. Warrants can be exercised 2 years from
the date of the issuance.

b. On March 1, 4,000 treasury shares were reissued at P70 per share. The remaining treasury shares were
retired and reverted to unissued basis.

c. On April 15, stock rights were issued to ordinary shareholders. Ten stock rights plus P55 per share
entitle the holder to acquire one additional ordinary share.

d. On June 1, 80% of the warrants issued with preference shares were exercised.

e. On August 15, all but 9,000 stock rights were exercised by the ordinary shareholders.

f. Adjusted net income for the year amounted to P1,250,000.

Based on the information above, answer the following:

1. What is the correct amount to be allocated to the ordinary share warrants as a result of the transaction on
January 2?

2. What is the credit to the share premium account as a result of the exercise of the stock warrants on June 1?

3. What is the credit to the share premium account as a result of the exercise of the stock rights on August
15?

4. What is the total Additional paid in capital as of December 31, 2018?

PROBLEM 6:

On January 2018, the board of directors of Punk Inc. authorized the grant of 100 stock option per employee to
supplement the salaries of 100 employees. Each stock option permits the purchase of one share of Punk Inc.
ordinary share at a price of P25 per share (par value P20) The market price of the stock on January 1, 2018 is
P40 per share.

The option, which has a market value of P25 per option vests, or become exercisable, beginning on January 1,
2021, if the employees stay with the company for the entire three-year vesting period. The options expire on
December 31, 2022.

The company is estimating that none of the employees will leave until the vesting period ends.

Requirements:
1. What is the salaries expense in 2018?

2. Assuming that 5 employee left the company by the end of 2019, and it was estimated further that
another 10 employee will leave by the end of 2020, what is the salaries expense in 2019?

3. Assuming that a total of 30 employees actually left by the end of 2020, what is the salaries expense in
2020?

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4. Based on item 3, assuming that all employees exercised their options in 2021, how much is the credit to
share premium account?

PROBLEM 7:

On January 2018, the board of directors of Punk Inc. authorized the grant of 100 stock options per employee to
supplement the salaries of 100 of its key employees. Each stock option permits the purchase of one share of
Punk ordinary share at a price of P28 per share (par value P20). The market price of the stock on January 1,
2018 is P40 per share.

The option which has a market value of P25 vests, or become exercisable, beginning on January 1, 2021, if the
employees stay with the company for the entire three-year vesting period and provided further that market
price of shares reaches P60 at the end of the vesting period. The options shall expire on December 31, 2022.

The following information were deemed relevant for the computation of the compensation expense for each
year:
Date Estimated number of Share market price
Employees who will leave
the company
Dec. 31, 2018 20 P50
Dec. 31, 2019 25 P55
Dec. 31, 2020 30* P61
*Actual number of employees who left the company.

Requirements:
1. What is the salaries expense in 2018?

2. What is the salaries expense in 2019?

3. What is the salaries expense in 2020?

4. Assuming that the fair market value of shares on December 31, 2020 was at P58, what is the salaries
expense in 2020?

5. Assuming that the fair market value of shares on December 31, 2019 was at P60, what is the salaries
expense in 2019?

PROBLEM 8:

On January 2018, the board of directors of Punk Inc. authorized the grant of stock options to supplement the
salaries of 100 employees. Each stock option permits the purchase of one share of Punk common stock at a
price of P29 per share (par value P20). The market price of the stock on January 1, 2018 is P40 per share.

The option which has a market value of P25 vests, or become exercisable, beginning on January 1, 2021, if the
employees stay with the company for the entire three-year vesting period and provided further that sales at the
end of the vesting period reaches P100M mark, option to vest is at 100 option per employee; if sales reach
P125M mark, options to vest is at 150 options per employee; if sales reach P150M mark, options to vest is at
200 options per employee. The options expire on December 31, 2022.

The following information were deemed relevant for the computation of the compensation expense for each
year:
Date Estimated number of Actual Sales as reported
Employees who will leave per year
the company
Dec. 31, 2018 25 P75M
Dec. 31, 2019 20 P110
Dec. 31, 2020 16* P150
*Actual number of employees who left the company.

Based on historical performance, the company estimates that the average annual sales increase in the past
years of 20% is expected to remain during the vesting period.

Requirements:
1. What is the salaries expense in 2018?

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2. What is the salaries expense in 2019?

3. What is the salaries expense in 2020?

4. What is the credit to share premium account assuming half of the options were exercised in 2021?

PROBLEM 9:

On January 2018, the board of directors of Punk Inc. authorized the grant of 10,000 stock options to
supplement the salaries of 10 of its key employees (1,000 per employee). Each stock option permits the
purchase of one share of Punk common stock at a price of P30 per share (par value P20). The market price of
the stock on January 1, 2018 is P40 per share.

The option which has a market value of P25 vests, or become exercisable, by the end of 2018, provided that
the employees stay with the company by the end of 2018 and provided further that sales increase by 10%; or
at the end of 2019, provided that the employees stay with the company for the entire vesting period and
provided further that sales increase at average of 12% over the 2 year period; or by the end of 2020, provided
that the employees stay with the company for the entire vesting period and provided further that sales increase
at average of 14% over the 3 year period. The options expire on December 31, 2022.

The following information were deemed relevant for the computation of the compensation expense for each
year:
Date Estimated number of Actual Sales as Estimated
Employees who will reported per increase in
leave the company year Sales for the
next year
Dec. 31, 2017 P75,000,000
Dec. 31, 2018 2 81,000,000 16%
Dec. 31, 2019 2 92,340,000 20%
Dec. 31, 2020 3* 110,808,000
*Actual number of employees who left the company.

Requirements:
1. What is the salaries expense in 2018?

2. What is the salaries expense in 2019?

3. What is the salaries expense in 2020?

4. What is the credit to share premium account assuming that all employees receiving options by the end
of 2020 exercises all but 2,000 options in 2021?

PROBLEM 10:

MYX Co. issued stock appreciation rights to its Chief Operating Officer on January 1, 2018. The stock
appreciation rights may be exercised beginning January 1, 2021 provided that the officer is still in the employ of
the Company at the date of exercise. Each right provides for a cash payment equal to the prevailing fair
market value of the stock appreciation rights. The equivalent number of shares for stock appreciation rights will
be based on the level of sales of the company at the end of 2020, as follows:
Sales Level (in Millions) Number of SAR to be granted
P250 to P400 10,000
P400+ to P750 15,000
Above P750 20,000

Sales actually achieved by the Company and the stock price at the end of each year are:
Year Sales Level FMV of SAR
2018 210 million P74
2019 410 million 85
2020 760 million 95

There has been an average increase in annual sales of 25% in the past years and the company expects the
same pattern over the vesting period.

Requirements:

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1. What is the compensation expense to be recognized in 2019?

2. What is the compensation expense to be recognized in 2020?

3. The entry to record the payment to employees in 2021 assuming all of the rights are exercised in 2021
when the prevailing FMV of SAR is at P98?

4. Assuming the SARs are not yet exercised as at December 31, 2021 and that the fair value of the stock
appreciation rights is at P90, what is the liability for the SAR to be recognized as of December 31, 2021?

PROBLEM 11:

Assume the stockholders’ equity of Dark Company on January 1, 2018 to be as follows:

Ordinary Shares, P10 par, 100,000 shares issued P1,000,000
Share premium – Ordinary shares 1,100,000
Retained earnings 750,000
Treasury shares, 10,000 shares at cost (250,000)

On August 1, the company declared a 10% stock dividend issuable on September 30. The stock is selling on
market on this date at P14.

Subsequently after the issuance of the above dividend, on October 10, the company declared a 25% stock
dividend issuable in November 5. The stock is selling on the market on this date at P17.

The entries prepared by the accountant for the above transactions were:

At the date of declaration:

Aug. 1 Retained earnings 100,000
Stock dividend distributable 100,000

Oct. 10 Retained earnings 425,000

Stock dividend distributable 250,000
Paid in capital in excess of par 175,000

No entry has been made to record the issuance of the share dividends.

Requirements:
1. What is the correct debit to retained earnings as a result of the 10% stock dividend declaration on
August 1?

2. What is the correct debit to retained earnings as a result of the 25% stock dividend declaration on
October 10?

3. What is the correct balance of the ordinary shares account as of December 31, 2018?

PROBLEM 12:

Chris Company has 500,000 shares of P10 par value ordinary shares outstanding. In declaring and distributing
10% stock dividend, Chris Company issued only 46,000 new shares, the other share dividend were not issued
because some investors did not own Chris Company’s shares in even multiples of ten. To these stockholders,
Chris Company issued fractional warrants. Chris Company’s ordinary shares were selling at P25 per share when
the stock dividend were declared. Ultimately, only 90% of the fractional share warrants were finally turned-in
in exchange of full shares.

At the end of the year Chris Company declared a cash dividend and a liquidating dividend of P2 and P1 per
share, respectively.

Requirements:

1. What is the entry to record the declaration of 10% stock dividends?

2. What is the entry to record the distribution of share dividends and the fractional warrants?

3. What is the entry to record the surrender and exercise of the 90% fractional warrants?

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4. Assuming that the remaining fractional warrants expire, what is the entry to record their expiration?

5. How much is the credit to retained earnings as a result of the declaration of the cash dividends at the end of
the year?

PROBLEM 13:

On October 31, 2018, ABC Inc. declared a building held as owner-occupied property with an original life of 10
years as dividend distributable to stockholders on January 31 of the following year. This was acquired at
P800,000 on October 31, 2017. The property had fair market value P900,000 on October 31, 2018. On
December 31, 2018 the value of the property declined to P700,000.

The property was transferred to shareholders on January 31 when the prevailing fair value was at P800,000.

Requirements:

1. The entry to record the declaration of the property dividends would include a debit to retained earnings
of:

2. How much property dividends payable should be reported in the statement of financial position as of
December 31?

3. How much should be charged to the profit or loss as a result of the remeasurement of the property
dividends payable by December 31, 2018?

4. What is the gain or loss to be recognized in the profit or losses as a result of the distribution of the
property dividends on January 31?

PROBLEM 14:

JKL Corp. reported the following amounts in the shareholders’ equity section of its December 31, 2017,
statement of financial position:

Preference shares, P10 par (100,000 shares authorized, P400,000

40,000 shares issued)
Ordinary shares, P5 par (50,000 shares authorized, 20,000 shares issued) 100,000
Share premium – Ordinary shares 192,000
Accumulated profits 1,200,000

The following transactions occurred during 2018:

a. At the beginning of 2018, the company paid the annual 2017 P1 per share dividend on preference
shares and P0.50 per share dividend on Ordinary shares. These dividends had been declared on
December 1, 2017. Further investigations revealed that no entry has been made to account for the
declaration of the said dividends.
b. On February 17, the company purchased 4,000 shares of its own outstanding ordinary shares for
P80,000.

c. On March 30, the company declared and issued ordinary shares split-up (1 is to 2).

d. On June 19, the company reissued 2,800 treasury shares for an equipment with a fair value at P50,000.

e. On August 1, the company issued 10,000 shares of preference shares at P15 per share.

f. On September 30, the company declared a 10% stock dividend on the outstanding ordinary shares
when the stock is selling for P6 per share. The share dividends were subsequently issued on October
11.

g. December 1, the company declared the annual 2018 P1 dividend on preference shares and the P0.25
per share dividend on ordinary shares. These dividends are payable at the beginning of 2019.

h. The company registered a net income for 2018 at P940,000.

Requirements:
1. What is the effect to stockholders’ equity as a result of the share split in item c?

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2. What is the amount debited to accumulated profits as a result of the declaration of the 10% stock
dividend in item f?

3. What is the amount debited to accumulated profits as a result of the 2018 cash dividend declaration?

4. What is the correct balance of the accumulated profits-unappropriated account as of December 31,
2018?

5. Assuming that the share dividends declared in item f was 20%, what is the amount debited to
accumulated profits as a result of the declaration of stock dividends?

PROBLEM 15:

Trust Corporation has suffered operating losses for some time, but is now operating profitably and expects to
continue to do so. Current and projected income, however, will not be sufficient to eliminate the deficit in the
near term. It also appears that plant assets are overstated considering current prices and economic conditions.
After receiving permission from government authorities and approval from the shareholders, the board of
directors of Trust Corporation decides to restate the company assets and paid-in capital balances in order to
remove the deficit and make possible the declaration of dividends from profitable operations. A balance sheet
for the company just prior to this action is presented below:

Trust Corporation
Balance Sheet
December 31, 2018

Current assets P250,000 Liabilities P300,000

Property, plant and equipment 1,500,000 Ordinary Shares, 10 par,
Accumulated Depreciation (600,000) 100,000 shares 1,000,000
Share premium 100,000
________ Deficit (250,000)
Total assets 1,150,000 Total P1,150,000

Case 1:
Assuming that the quasi reorganization shall be accomplished as follows:
a) Property, plant and equipment are to be reduced to their present fair market value of P800,000.
b) Inventories are to be written down by P50,000.
c) Unaccrued obligation shall be recognized at P150,000.
d) Ordinary Shares are to reduced to a par value of P5.

Requirements:
1. What is the total asset after the quasi-reorganizatoin?

2. What is the total stockholders’ equity after the quasi-reorganization?

3. What is the balance of share premium (additional paid in capital) after the quasi-reaorganization?

4. What is the correct balance of the retained earnings account as of December 31, 2018?

Case 2:
Assuming that the quasi reorganization shall be accomplished as follows:
a) Property, plant and equipment are appraised at a replacement cost of P2,500,000.
b) Inventories are to be written down by P75,000.
c) Unaccrued obligation shall be recognized at P175,000.

Requirements:
1. What is the total asset after the quasi-reorganizatoin?

2. What is the total stockholders’ equity after the quasi-reorganization?

3. What is the balance of share premium (additional paid in capital) after the quasi-reaorganization?

4. What is the balance of any revaluation surplus after the quasi-reaorganization?

5. What is the correct balance of the retained earnings account as of December 31, 2018?

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