Barbie Corporation was formed on April 1, 2020. The general ledger accounts for the Barbie Corporation show the following activities for the first month of operations: (see photo) There were no other transactions during April. The total preference shares issued and subscribed represents 50% of the preference shares authorized. The ordinary shares issued for cash represents 1/4 of the ordinary shares authorized. Based on the information above, answer the following: How much is the total legal capital? How much is the total contributed capital?
Barbie Corporation was formed on April 1, 2020. The general ledger accounts for the Barbie Corporation show the following activities for the first month of operations: (see photo) There were no other transactions during April. The total preference shares issued and subscribed represents 50% of the preference shares authorized. The ordinary shares issued for cash represents 1/4 of the ordinary shares authorized. Based on the information above, answer the following: How much is the total legal capital? How much is the total contributed capital?
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter8: Liabilities And Stockholders' Equity
Section: Chapter Questions
Problem 8.1.3P
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Barbie Corporation was formed on April 1, 2020. The general ledger accounts for the Barbie Corporation show the following activities for the first month of operations: (see photo)
There were no other transactions during April.
The total
Based on the information above, answer the following:
- How much is the total legal capital?
- How much is the total contributed capital?
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