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provide explanations for the following transactions.
the highest bidder and 5,000 to the defaulting subscribe !...
2-3 The Blazing Red Corporation is authorized to issue 100,000 P10 par value ordinary shares and...
2-3 The Blazing Red Corporation is authorized to issue 100,000 P10 par value ordinary shares and 30,000 10% cumulative and non- participating P100 par preference shares. The corporation engaged in the following share capital transactions through December 31, 2020: 30,000 ordinary shares were issued for P380,000 and 12,000 preference shares for an equipment valued at P1,500,000. Subscriptions for 10,000 ordinary shares have been taken and 40% of the subscription price of P16 per share has been collected. The shares will...
Batangas Corporation was organized on March 1, 2014 with authorized share capital of 20,000 shares comprised...
Batangas Corporation was organized on March 1, 2014 with authorized share capital of 20,000 shares comprised of 7% preference shares with a P50 par value and 30,000 ordinary shares with a P30 par value. Marl Incorporators subscribed 25% of the authorized preference share capital and ordinary share capital at par and paid 25% of the total subscriptions... 15 Collected from the incorporators 50% of the balance of their subscriptions 31 Collected the remaining balance of the incorporators' subscriptions April 1...
The following transactions relate to the stockholders' equity transactions of Lindsay Corporation...
The following transactions relate to the stockholders' equity transactions of Lindsay Corporation for 2018, its first year of existence. Articles of incorporation are filed with the state. The state authorized the issuance of 10,000 shares of 6%, $50 par value preferred stock and 200,000 shares of $1 par value common stock. January 28 40,000 shares of common stock are issued for $15 per share. 70,000 shares of common stock are issued in exchange for land and buildings that have a...
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...
Problem 20.5A Issuing stock at par and at premium, preparing Stockholders' Equity section of balance sheet,...
Problem 20.5A Issuing stock at par and at premium, preparing Stockholders' Equity section of balance sheet, and recording stock subscriptions. LO 20-6, 20-7, 20-9. 20-11 Cate Corp. was organized on March 1, 2019, to operate a delivery service. The firm is authorized to issue 75,000 shares of no-par- value common stock with a stated value of $100 per share and 30,000 shares of $100 par value. 8 percent preferred stock that is nonparticipating and noncumulative. Selected transactions that took place...
The following is a summary of all relevant transactions of Sage Corporation since it was organized...
The following is a summary of all relevant transactions of Sage Corporation since it was organized in 2020. In 2020, 15,300 shares were authorized and 6,900 shares of common stock ($60 par value) were issued at a price of $67. In 2021, 900 shares were issued as a stock dividend when the stock was selling for $70.290 shares of common stock were bought in 2022 at a cost of $74 per share. These 290 shares are still in the company...
Bridgeport Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares,...
Bridgeport Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares, no par value $6 cumulative, 460,000 shares authorized, 200.000 shares issued and outstanding Common Shares, no par value, unlimited shares authorized 450.000 shares issued and outstanding $42,000,000 $12.150.000 The following transactions occurred in the order given, during 2022: (a) April 15: Received subscriptions and down payments for 108,000 common shares at $36 per share. The subscription contracts call for 65% of the subscription price...
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...
Prepare the journal entries for the following transactions. Paris Cosmetics issues €2,500 shares of €200 par value preference stock at €317 cash per share on 1/1/2017. The shares are 5% and cumulativ...
Prepare the journal entries for the following transactions. Paris Cosmetics issues €2,500 shares of €200 par value preference stock at €317 cash per share on 1/1/2017. The shares are 5% and cumulative. Paris Cosmetics issues 120,000 shares of €2 par value share of ordinary stock at €27 cash per share on 1/1/2017. On March 1, Paris Cosmetics repurchases 6,200 shares of the previously issued ordinary shares at €43 cash per share. The company declares and pays cash dividends amounting to...
2-3 The Blazing Red Corporation is authorized to issue 100,000 P10 par value ordinary shares and 30,000 10% cumulative and non- participating P100 par preference shares. The corporation engaged in the following share capital transactions through December 31, 2020: 30,000 ordinary shares were issued for P380,000 and 12,000 preference shares for an equipment valued at P1,500,000. Subscriptions for 10,000 ordinary shares have been taken and 40% of the subscription price of P16 per share has been collected. The shares will...
Batangas Corporation was organized on March 1, 2014 with authorized share capital of 20,000 shares comprised of 7% preference shares with a P50 par value and 30,000 ordinary shares with a P30 par value. Marl Incorporators subscribed 25% of the authorized preference share capital and ordinary share capital at par and paid 25% of the total subscriptions... 15 Collected from the incorporators 50% of the balance of their subscriptions 31 Collected the remaining balance of the incorporators' subscriptions April 1...
The following transactions relate to the stockholders' equity transactions of Lindsay Corporation for 2018, its first year of existence. Articles of incorporation are filed with the state. The state authorized the issuance of 10,000 shares of 6%, $50 par value preferred stock and 200,000 shares of $1 par value common stock. January 28 40,000 shares of common stock are issued for $15 per share. 70,000 shares of common stock are issued in exchange for land and buildings that have a...
Problem 20.5A Issuing stock at par and at premium, preparing Stockholders' Equity section of balance sheet, and recording stock subscriptions. LO 20-6, 20-7, 20-9. 20-11 Cate Corp. was organized on March 1, 2019, to operate a delivery service. The firm is authorized to issue 75,000 shares of no-par- value common stock with a stated value of $100 per share and 30,000 shares of $100 par value. 8 percent preferred stock that is nonparticipating and noncumulative. Selected transactions that took place...
The following is a summary of all relevant transactions of Sage Corporation since it was organized in 2020. In 2020, 15,300 shares were authorized and 6,900 shares of common stock ($60 par value) were issued at a price of $67. In 2021, 900 shares were issued as a stock dividend when the stock was selling for $70.290 shares of common stock were bought in 2022 at a cost of $74 per share. These 290 shares are still in the company...
Bridgeport Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares, no par value $6 cumulative, 460,000 shares authorized, 200.000 shares issued and outstanding Common Shares, no par value, unlimited shares authorized 450.000 shares issued and outstanding $42,000,000 $12.150.000 The following transactions occurred in the order given, during 2022: (a) April 15: Received subscriptions and down payments for 108,000 common shares at $36 per share. The subscription contracts call for 65% of the subscription price...
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...
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