Homework Answers
| General Journal | |||
| 1-Jun | Share Subscription Receivable | 72000 | |
| Common Stock (10*150*$48) | 72000 | ||
| (To record sales of shares on subscription basis) | |||
| Cash (10*150*$24) | 36000 | ||
| Share Subscription Receivable | 36000 | ||
| (To record collection of down payment) | |||
| 1-Dec | Cash (10*75*$24) | 18000 | |
| Share Subscription Receivable | 18000 | ||
| (Collection of Share subscription receivable) | |||
| Common Stock | 36000 | ||
| Share Subscription Receivable | 18000 | ||
| Forfeiture/ Reserve | 18000 | ||
| (Cancellation & retention of defaulted subscription) | |||
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View Policies Current Attempt in Progress Marigold Ltd. offered to sell common shares on a subscription...
Splish Ltd. offered to sell common shares on a subscription basis. Each subscription allowed for the...
Splish Ltd. offered to sell common shares on a subscription
basis. Each subscription allowed for the purchase of 20 shares at a
price of $80 per share. Terms of the subscription stated that
subscribers were to pay 40% of the price as a down payment, with
the remainder due in six months. On June 1, 2020, 210 subscriptions
were sold. Six months later, on December 1, only 105 of the
subscriptions were fully paid for. According to the subscription
contract,...
Sage Ltd. showed the following information on its September 30, 2021 year-end financial statements: Preferred Shares,...
Sage Ltd. showed the following information on its September 30,
2021 year-end financial statements:
Preferred Shares, $8 cumulative, 500,000 shares
authorized,
214,000 shares
issued and outstanding
$3,424,000
Common Shares, no par value, unlimited shares authorized,
559,000 shares
issued and outstanding
$5,590,000
The following transactions occurred, in the order given, during
2022:
(a)
October 10, 2021: Received subscriptions and down payments for
81,000 common shares at $11 per share. The subscription contracts
calls for 40% of the subscription to be paid...
Riverbed Corporation had the following shareholders’ equity on December 31, 2019: Common shares, 1,320,000 shares authorized,...
Riverbed Corporation had the following shareholders’ equity on December 31, 2019: Common shares, 1,320,000 shares authorized, issued and outstanding $7,920,000 Contributed surplus (Common Shares) 81,000 Retained earnings 10,500,000 Total shareholders’ equity $18,501,000 The following transactions occurred, in the order given, during 2020: (a) 1,210 subscriptions were sold for common shares. Each subscription entitled the purchaser to purchase 10 shares in the company at a price of $8 per share. According to the subscriptions contracts, a payment of $17 per subscription...
Concord Inc. decided to sell shares to raise additional capital so that it could expand into...
Concord Inc. decided to sell shares to raise additional capital so that it could expand into the rapidly growing service industry. The corporation chose to sell these shares through a subscription basis and publicly notified the investment world. The offering was 50,000 shares at $24 a share. The terms of the subscription were 37% down and the balance was due at the end of six months. All shares were subscribed for during the offering period. (a) Prepare the journal entries...
Pronghorn Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares,...
Pronghorn Corporation showed the following information on its
financial statements on December 31, 2021:
Preferred Shares, no par value $5 cumulative, 380,000 shares
authorized,
190,000 shares issued and
outstanding
$34,200,000
Common Shares, no par value, unlimited shares authorized,
450,000 shares issued and
outstanding
$13,500,000
The following transactions occurred, in the order given, during
2022:
(a)
April 15: Received subscriptions and down payments for 115,000
common shares at $38 per share. The subscription contracts call for
55% of the subscription price...
Grouper Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares,...
Grouper Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares, no par value $8 cumulative, 400,000 shares authorized, 140,000 shares issued and outstanding $28,000,000 Common Shares, no par value, unlimited shares authorized, 460,000 shares issued and outstanding $12,420,000 The following transactions occurred, in the order given, during 2022: (a) April 15: Received subscriptions and down payments for 117,000 common shares at $36 per share. The subscription contracts call for 65% of the subscription price...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: To record authorization of shares by board of directors (memorandum). Issued 90,000 shares at $60; collected cash in full and issued the shares. Share issue costs amounted to $46,000. Treat this amount as a reduction of the common share account. Received subscriptions for 45,000 shares at $70 per share; collected 80% of the subscription price. The shares will not be issued until...
Question 2 of 5 -/1 View Policies Current Attempt in Progress On June 30, 2012, Sheffield...
Question 2 of 5 -/1 View Policies Current Attempt in Progress On June 30, 2012, Sheffield Company issued 12% bonds with a par value of $860,000 due in 20 years. They were issued at 98 and were callable at 104 at any date after June 30, 2020. Because of lower interest rates and a significant change in the company's credit rating, it was decided to call the entire issue on June 30, 2021, and to issue new bonds. New 8%...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 260,000 shares at $60; collected cash in full and issued the shares. Share issue costs amounted to $51,000. Treat this amount as a reduction of the common share account. c. Received subscriptions for 130,000 shares at $70 per share; collected 70% of the subscription price. The shares will not...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 280,000 shares at $70; collected cash in full and issued the shares. Share issue costs amounted to $56,000. Treat this amount as a reduction of the common share account. C. Received subscriptions for 140,000 shares at $80 per share; collected 60% of the subscription price. The shares will not...
Splish Ltd. offered to sell common shares on a subscription
basis. Each subscription allowed for the purchase of 20 shares at a
price of $80 per share. Terms of the subscription stated that
subscribers were to pay 40% of the price as a down payment, with
the remainder due in six months. On June 1, 2020, 210 subscriptions
were sold. Six months later, on December 1, only 105 of the
subscriptions were fully paid for. According to the subscription
contract,...
Sage Ltd. showed the following information on its September 30,
2021 year-end financial statements:
Preferred Shares, $8 cumulative, 500,000 shares
authorized,
214,000 shares
issued and outstanding
$3,424,000
Common Shares, no par value, unlimited shares authorized,
559,000 shares
issued and outstanding
$5,590,000
The following transactions occurred, in the order given, during
2022:
(a)
October 10, 2021: Received subscriptions and down payments for
81,000 common shares at $11 per share. The subscription contracts
calls for 40% of the subscription to be paid...
Concord Inc. decided to sell shares to raise additional capital so that it could expand into the rapidly growing service industry. The corporation chose to sell these shares through a subscription basis and publicly notified the investment world. The offering was 50,000 shares at $24 a share. The terms of the subscription were 37% down and the balance was due at the end of six months. All shares were subscribed for during the offering period. (a) Prepare the journal entries...
Pronghorn Corporation showed the following information on its
financial statements on December 31, 2021:
Preferred Shares, no par value $5 cumulative, 380,000 shares
authorized,
190,000 shares issued and
outstanding
$34,200,000
Common Shares, no par value, unlimited shares authorized,
450,000 shares issued and
outstanding
$13,500,000
The following transactions occurred, in the order given, during
2022:
(a)
April 15: Received subscriptions and down payments for 115,000
common shares at $38 per share. The subscription contracts call for
55% of the subscription price...
Question 2 of 5 -/1 View Policies Current Attempt in Progress On June 30, 2012, Sheffield Company issued 12% bonds with a par value of $860,000 due in 20 years. They were issued at 98 and were callable at 104 at any date after June 30, 2020. Because of lower interest rates and a significant change in the company's credit rating, it was decided to call the entire issue on June 30, 2021, and to issue new bonds. New 8%...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 260,000 shares at $60; collected cash in full and issued the shares. Share issue costs amounted to $51,000. Treat this amount as a reduction of the common share account. c. Received subscriptions for 130,000 shares at $70 per share; collected 70% of the subscription price. The shares will not...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 280,000 shares at $70; collected cash in full and issued the shares. Share issue costs amounted to $56,000. Treat this amount as a reduction of the common share account. C. Received subscriptions for 140,000 shares at $80 per share; collected 60% of the subscription price. The shares will not...
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