20 to 22 only please thanks. Allen Monta is a subscriber of Valencia Fruit Processing Corporation for 300 ordinary sharesat P150 par value per share. She failed to pay her subscription balance of P27,000 which isequivalent to 180 shares despite of lawful calls and notices being sent to her.The corporation declared all the shares to be delinquent and advertises for the auction sale.Three (3) bidders were received and all signified their intentions to pay the balance ofP27,000 plus advertising expenses of P560 but differ on the share that each bidder willacquire.Dante DagohoyMariafirma CartagenaEduardo de los ReyesQ-17 How many shares are declared as "delinquent"?a) 120 sharesb) 180 sharesQ-18 Who is the highest bidder in the auction sale?a) de los Reyesb) Cartagenab) Subscription ReceivableSubscription Receivablec) CashQ-19 How much cash that the subscriber Allen Monta has paid to the corporation?c) P45,000d) none of theseDue from Highest Biddera) P18,000b) P27,000Q-20 What is the journal entry to record the delinquency sale of Allen Monta?a) Due from Highest BidderP27,000Subscription Receivabled) none of these7-6a) 130 for Monta and 170 for Dagohoyb) 126 for Monta and 174 for Cartagenac) 122 for Monta and 178 for de los Reyesd) none of thesea) Treasury Sharesbids for 170 sharesbids for 174 sharesbids for 178 sharesDue from Highest Bidderb) Due from Highest BidderTreasury Sharesc)d)c) Treasury SharesShare Capital300 sharesnone of thesed) none of thesec) Dagohoyd) corporationQ-21 After the auction sale and upon issuance of certificate of shares, how many sharesmust be issued to Allen Monta and the highest bidder?P27,000Q-22 If there are no bidders at all, the corporation may in itself bid for the delinquentshares. What is the journal entry in the book of Valencia Fruits ProcessingCorporation?P27,000P27,000P27,560P27,000P27,560P27,560P27,000P27,560P27,5604P27,560

Deliquent subscription is the subscription offered for a sale at a oction when the subscriber of…

76 Allen Monta is a subscriber of Valencia Fruit Processing Corporation for 300 at P150 par value per share. She failed to pay her subscription balance of P equivalent to 180 shares despite of lawful calls and notices being sent to her. The corporation declared all the shares to be delinquent and advertises for th Three (3) bidders were received and all signified their intentions to pay P27,000 plus advertising expenses of P560 but differ on the share that ea acquire. Dante Dagohoy Mariafirma Cartagena Eduardo de los Reyes bids for 170 shares bids for 174 shares bids for 178 shares Q-17 How many shares are declared as "delinquent"? a) 120 shares b) 180 shares Q-18 Who is the highest bidder in the auction sale? a) de los Reyes b) Cartagena a) P18,000 b) P27,000 c) d) 300 shares none of these c) Dagohoy d) corporation Q-19 How much cash that the subscriber Allen Monta has paid to the corpor c) P45,000 d) none of these

76 Allen Monta is a subscriber of Valencia Fruit Processing Corporation for 300 at P150 par value per share. She failed to pay her subscription balance of P equivalent to 180 shares despite of lawful calls and notices being sent to her. The corporation declared all the shares to be delinquent and advertises for th Three (3) bidders were received and all signified their intentions to pay P27,000 plus advertising expenses of P560 but differ on the share that ea acquire. Dante Dagohoy Mariafirma Cartagena Eduardo de los Reyes bids for 170 shares bids for 174 shares bids for 178 shares Q-17 How many shares are declared as "delinquent"? a) 120 shares b) 180 shares Q-18 Who is the highest bidder in the auction sale? a) de los Reyes b) Cartagena a) P18,000 b) P27,000 c) d) 300 shares none of these c) Dagohoy d) corporation Q-19 How much cash that the subscriber Allen Monta has paid to the corpor c) P45,000 d) none of these

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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