Homework Answers
| General Journal | Debit | Credit |
| Cash | 380,000 | |
| Ordinary share (30,000 x 10) | 300,000 | |
| Share premium - Ordinary | 80,000 | |
| Equipment | 1,500,000 | |
| Preference share (12,000 x 10) | 120,000 | |
| Share premium - Preference | 1,380,000 | |
| Subscription receivable | 96,000 | |
| Cash (10,000 x 16 x 40%) | 64,000 | |
| Subscribed ordinary share (10,000 x 10) | 100,000 | |
| Share premium - Ordinary | 60,000 | |
| Treasury share | 18,000 | |
| Cash | 18,000 | |
| Cash (96,000 x 8,000/10,000) | 76,800 | |
| Subscription receivable | 76,800 | |
| Subscribed ordinary share (8,000 x 10) | 80,000 | |
| Ordinary share | 80,000 | |
| Receivable from highest bidder | 2,000 | |
| Cash | 2,000 | |
| Treasury share | 20,000 | |
| Subscribed ordinary share (2,000 x 10) | 20,000 | |
| Subscription receivable (96,000 x 2,000/10,000) | 19,200 | |
| Ordinary share | 20,000 | |
| Receivable from highest bidder | 800 | |
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2-3 The Blazing Red Corporation is authorized to issue 100,000 P10 par value ordinary shares and...
Berry Corporation has 50,000 shares of P10 par ordinary shares authorized. The following transactions took place...
Berry Corporation has 50,000 shares of P10 par ordinary shares authorized. The following transactions took place during 2020, the first year of the corporation’s existence: Sold 5,000 ordinary shares for P18 per share. Issued 5,000 ordinary shares in exchange for an equipment valued at P100,000. At the end of the Berry’s first year, total contributed capital amounted to?
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...
provide explanations for the following transactions. the highest bidder and 5,000 to the defaulting subscribe !...
provide explanations for the following transactions.
the highest bidder and 5,000 to the defaulting subscribe ! Instructions: Prepare the journal entries to record the preceding transactions. PROBLEMS Problem 8-1 (Issuance of Ordinary and Preference Shares on a Subscription Basis and Subscription Defaults) The following selected transactions took place at the newly formed Provi Corporation: Aug. 1 Received authorization from the SEC to issue 50.000 preference shares, P100 par value and 500,000 ordinary shares, P20 par value. Chapter 8 - Organization...
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...
Monty Corporation’s charter authorized 1 million shares of $13 par value common shares, and 400,000 shares...
Monty Corporation’s charter authorized 1 million shares of $13 par value common shares, and 400,000 shares of 6% cumulative and non-participating preferred shares, with a par value of $100 per share. The corporation made the following share transactions through December 31, 2020: 270,000 common shares were issued for $3.78 million and 10,000 preferred shares were issued for machinery valued at $1,411,000. Subscriptions for 10,500 common shares have been taken, and 25% of the subscription price of $19 per share has...
Exercise 15-15 Marigold Corporation’s charter authorized 1 million shares of $11 par value common shares, and...
Exercise 15-15
Marigold Corporation’s charter authorized 1 million shares of
$11 par value common shares, and 400,000 shares of 8% cumulative
and non-participating preferred shares, with a par value of $100
per share. The corporation made the following share transactions
through December 31, 2020: 270,000 common shares were issued for
$3.24 million and 9,000 preferred shares were issued for machinery
valued at $1,287,000. Subscriptions for 10,000 common shares have
been taken, and 40% of the subscription price of $15 per...
Problem No. 6 At December 31, 2020, the equity accounts of Sample Corporation were as follows:...
Problem No. 6 At December 31, 2020, the equity accounts of Sample Corporation were as follows: 10% Preference share capital (P100 par, 50,000 shares) P5,000,000 Ordinary share capital (P10 par, 1,500,000 shares) 15,000,000 Retained earnings 5,000,000 Sample Corporation has never paid cash or share dividend. The capital accounts have not changed since Sample Corporation began operations on January 1, 2016. If the maximum amount available for cash dividend is declared on December 31, 2020? Requirements: Determine the amount of dividends...
On January 2, 2011, Blueman Corporation was incorporated in the province of Ontario. It was authorized...
On January 2, 2011, Blueman Corporation was incorporated in the province of Ontario. It was authorized to issue an unlimited number of no-par value common shares, and 25,000 shares of no-par, $8, cumulative and non-participating preferred. During 2011, the firm completed the following transactions: Jan 8 Accepted subscriptions for 34,000 common shares at $12 per share. Down payment received on the subscribed shares was 50%. Jan 30 Issued 10,000 preferred shares in exchange for the following assets: machinery with a...
Apex Co. was organized on January 1, 2015. It is authorized to issue 60,000 shares of...
Apex Co. was organized on January 1, 2015. It is authorized to issue 60,000 shares of 6%, $100 par value preference shares, and 600,000 shares of ordinary shares with a par value of $1 per share. The following share transactions were completed during the first year. Date Transaction January, 10 Issued 70,000 ordinary shares for cash at $6 per share. March, 1 Issued 10,000 preference shares for cash at $140 per share. April, 1 Issued 40,000 ordinary shares for equipment....
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...
provide explanations for the following transactions.
the highest bidder and 5,000 to the defaulting subscribe ! Instructions: Prepare the journal entries to record the preceding transactions. PROBLEMS Problem 8-1 (Issuance of Ordinary and Preference Shares on a Subscription Basis and Subscription Defaults) The following selected transactions took place at the newly formed Provi Corporation: Aug. 1 Received authorization from the SEC to issue 50.000 preference shares, P100 par value and 500,000 ordinary shares, P20 par value. Chapter 8 - Organization...
Exercise 15-15
Marigold Corporation’s charter authorized 1 million shares of
$11 par value common shares, and 400,000 shares of 8% cumulative
and non-participating preferred shares, with a par value of $100
per share. The corporation made the following share transactions
through December 31, 2020: 270,000 common shares were issued for
$3.24 million and 9,000 preferred shares were issued for machinery
valued at $1,287,000. Subscriptions for 10,000 common shares have
been taken, and 40% of the subscription price of $15 per...
Problem No. 6 At December 31, 2020, the equity accounts of Sample Corporation were as follows: 10% Preference share capital (P100 par, 50,000 shares) P5,000,000 Ordinary share capital (P10 par, 1,500,000 shares) 15,000,000 Retained earnings 5,000,000 Sample Corporation has never paid cash or share dividend. The capital accounts have not changed since Sample Corporation began operations on January 1, 2016. If the maximum amount available for cash dividend is declared on December 31, 2020? Requirements: Determine the amount of dividends...
Apex Co. was organized on January 1, 2015. It is authorized to issue 60,000 shares of 6%, $100 par value preference shares, and 600,000 shares of ordinary shares with a par value of $1 per share. The following share transactions were completed during the first year. Date Transaction January, 10 Issued 70,000 ordinary shares for cash at $6 per share. March, 1 Issued 10,000 preference shares for cash at $140 per share. April, 1 Issued 40,000 ordinary shares for equipment....
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