1. Honizon Co. was incorporated in 20x1. The following were the Jan. 31 Received full payment for 120,000 subscribed shares Memo entry method transactions: 6 Received authorization from the SEC to issue share capital of P3,000,0000 divided into 600,000 shares with par value per share of P5. Tan, 6 25% of the authorized capitalization was subscribed at par value and 25% of the total subscription was paid. Jart, 31 Received full payment for 120,000 subscribed shares and issued the related share certificates. Fet. 14 Received cash subscription for 60,000 shares at P20 per share. Share issuance costs of P12,000 were incurred. Feb. 28 Received subscription for 150,000 shares at P25 per share. Raquirements: Provide the journal entries under (1) memorandum method and (2) journal entry method. A Prepare the share capital portion of Horizon Co.'s statement of financial position as of February 28, 20x1.

1. Honizon Co. was incorporated in 20x1. The following were the Jan. 31 Received full payment for 120,000 subscribed shares Memo entry method transactions: 6 Received authorization from the SEC to issue share capital of P3,000,0000 divided into 600,000 shares with par value per share of P5. Tan, 6 25% of the authorized capitalization was subscribed at par value and 25% of the total subscription was paid. Jart, 31 Received full payment for 120,000 subscribed shares and issued the related share certificates. Fet. 14 Received cash subscription for 60,000 shares at P20 per share. Share issuance costs of P12,000 were incurred. Feb. 28 Received subscription for 150,000 shares at P25 per share. Raquirements: Provide the journal entries under (1) memorandum method and (2) journal entry method. A Prepare the share capital portion of Horizon Co.'s statement of financial position as of February 28, 20x1.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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BFAR Corp. was formed on June 1 with 100,000 authorized shares having a par value of P20. The following transactions occurred: • June 15: Issued 827 shares at P22 per share June 20: Received subscriptions for 1,162 shares at P23 per share with 25% down payment • June 25: Received subscriptions for 410 shares at P26 per share with 30% down payment June 30: Collected the June 20 subscription in full How much is the balance of the Share Capital account as of June 30? ● .
BFAR Corp. was authorized to issue 300,000 P7 par value ordinary shares. It received subscriptions for 68,000 ordinary shares at P9 per share and collected half of this subscription. How much is the balance of the Subscribed Share Capital account?
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APPLE Company was organized at the beginning of the current year and was authorized to issue share capital of 200,000 ordinary shares with par value of ₱20. The following transactions occurred during the year:• Received subscriptions at par value from incorporators equal to 45% of the authorized share capital• Received 60% down payment on the subscriptions from the incorporators• Received full payment on 50,000 shares originally subscribed• An equipment was acquired by issuing 5,000 shares. Share are currently traded at this time at ₱25/share.• Received cash subscriptions to 10,000 shares at ₱28/share• Partially collected 50% of the amount subscribed on the latest subscriptions.• Collected in full 90% of the latest subscription. 10% defaulted, thus the corporation offered the shares on a public auction and awarded it to the highest bidder who paid the delinquency balance and the incurred ₱5,000 auction expense.• Net income for the year-ended was ₱800,000. 1. What is the balance of…
1. Journal entries for each of the transaction
W16-3 SB Company has outstanding 40,000 shares of P5 par common stock which had been issued at P30 per share. SB then entered into the following transactions. 1. Purchased 5,000 treasury shares at $45 per share. 2. Resold 500 of the treasury shares at $40 per share. 3. Resold 2,000 of the treasury shares at $49 per share. Instructions: Use the following code to indicate the effect each of the three transactions has on the financial statement categories listed in the table below; assuming SB Company uses the cost method. |= Increase; D = Decrease; NE = No effect. Liabilities Stockholders' Paid-in Equity Number Assets Retained Net Capital Earning Income 1 2 3.
ExercisesThe Hillside Corporation has an authorized share of 250,000 with a par value of Php70. 100,000 shares were originally issued at par and 50,000 shares were subscribed at Php2 above par. During the year, the following transactions occurred;Jan. 5 An additional 30,000 shares were issued at Php75 per share.Feb. 11 2,500 of its own shares were reacquired by the company for Php150,000. Sept. 30 A 10% share dividend was declared by the Board of Directors. Dec. 31 The company realized a profit of Php470,000.Required: Record the foregoing transactions.
(19) Miller Corporation issued 7,000 shares of its $5 par value common stock in payments for attorney services billed at $70,000. Miller Corporation's stock has been actively trading at $10 per share. The journal entry for this transaction would include a credit to: A. Legal expenses for $70,000 B. Common stock for $70,000 C. Paid - in Capital in Excess of Par-Common for $70,000. D. Paid - in Capital in Excess of Par-Common for $35,000.
BCA Company issued 1,000 shares with P 5 par to Atty Bryant as compensation for 1,000 hours of legal services performed Atty Bryant usually bills P 160 per hour for legal services. On the date of issuance, the share had a fair value of P 140. By amount would the share premium account increase as a result of the transaction?*