called-up capital of the company
Q: INDUSTRY Company had 40,000 shares of P10 par value treasury shares. These shares were reacquired at…
A: Solution When a corporation buys its own stock, such transaction affects retained earnings…
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A: Investment=Number of stock×Purchase price=500×$32=$16,000
Q: Which one of the following journal entry will be correct?
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A: Share premium is the amount that arises on issuing shares at a price above the par value. The par…
Q: Sloan Corporation purchased 3,500 shares of its own $0.90 par value common stock for $170,000. As a…
A: The treasury shares are the own shares of the company purchased from the shareholders. The treasury…
Q: XYZ Corporation issued 1,000 shares of common stock with a par value of $10 per share. If the…
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A: Treasury stock is the stock which is bought back by the issuing company. It is also known as…
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A: Solution:- Introduction:- The following basic information as follows:- ABC SAOG has issued 50,000…
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A: a. Investment in Harris company. 300000 Cash. 300000
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A: Lets understand the basics. When any person is donated shares then it needs to treat as treasury…
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A: Definition: Treasury stock: The shares which were reacquired or bought back by the company, but not…
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A: Subscribed share capital is the shares that have been subscribed by the investors. These may be paid…
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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…INDUSTRY Company had 40,000 shares of ₱10 par value treasury shares. These shares were reacquired at a cost of ₱800,000. During the current year, the company reissued 30,000 shares at ₱25 per share. At December 31, what amount should INDUSTRY Company recognize as a restriction to retained earnings? a. 300,000 b. 200,000 c. 800,000 d. 250,000The total issued and outstanding of GRAPES Company ordinary sharesat ₱10 par is 100,000 shares. All of the 100,000 shares were issued ataverage price of ₱12.50 per share. As of report date, the treasury shareshas a balance of ₱150,000. Total liabilities of the corporation is ₱400,000.How much is Its book value? Choices: ₱ 700,000₱ 850,000₱ 1,100,000₱ 1,000,000
- A limited was registered with an authorized capital of Rs. 6,00,000 in equity shares of Rs. 10 each. The following is its Trial balance on 31st March 2008 Debit Credit Rs. Rs. Goodwill 25,000 Cash 750 Bank 39,900 Purchases 1,85,000 Preliminary expenses 5,000 Share capital 4,00,00012% Debentures 3,00,000P and L account 26,250Calls-in-arrears 7,500Premises 3,00,000Plant and Machinery 3,30,000Interim dividend 39,250Sales 4,15,000Opening stock 75,000Furniture 7,200Sundry debtors 87,000AB Co issues 5.000 50c shares for $6.000. Required: What are the amounts for share capital and share premium in the statement of financial position?Ahrens Industries is authorized to issue 250,000 shares of no-par common stock with a $6 stated value. Ahrens issues 175,000 shares at $9 per share. What value in excess of the stated value should Ahrens record as additional paid-in capital in the stockholders’ equity section of its balance sheet? $525,000 $450,000 $225,000 $675,000
- A Company issued $5,00,000/- new capital divided into $.10/- shares at a premium of $4/- per share payable as On Application $1/- per share On Allotment $4/- per share & $.2/- premium On Final Payment $.5/- per share & $.2/- premium Overpayments on application were to be applied towards sum due on allotment. Where no allotment was made money was to be returned in full. The issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted only 1,000 shares and applicants for 2,000 were sent letters of regret. All money due on allotment and final call was duly received. Make the necessary entries in the company‟s book.Y Ltd issued 800 000 ordinary shares of 20 cents each at 25 cents each. At the point of issue all shares were fully called up. However, by the year-end R15 000 due on the share issue was yet to be received. What will be the amount reported as balance in the company’s Share Capital account? R185000 or R145000 or R200 000 or R160 00017. 4-6 A. BBB Company authorized to issue 37,500 share capital with par value of P100 B. 40% of the authorized share capital was subscribed at par C. Collected 45% of the of the subscription D. Full collection was received on 10,500 shares originally subscribed E. Cash subscription of 4,500 shares at par F. Building with the fair value of P700,000 was acquired upon issuance of 6,750 shares. The market value of the shares at that time was P110. G. Purchased 3,750 treasury shares at P95. H. Reissued 2,250 treasury shares at P98. I. Net income for the year is P1,350,000 J. Issued 20,250 warrants to shareholders, 1 right for each share, permitting the holders to acquire one shar capital of P100 at P105 with every 10 rights submitted. Share are selling at P99 per share at this time. K. Declared property dividend. The property has the fair value of P200,000 at the date of declaration and P185,000 carrying amount L. Received 500 shares donated by a shareholder. The fair value of shares at…
- Problem 6. The following data were taken from the records of Valencia Frutti Corporation: Share Capital, P50 par, 3,000 shares, Authorized 1,000 shares issued Premium on Share Capital P50,000 3,000 Accumulated Profits (Losses) The Corporation reacquires 100 shares at P55.00 per share, and later sold these share for: a) P55.00 per share (at cost) b) P60.00 per share (above cost) c) P50.00 per share (below cost) Required: 1. Journal Entry to record the acquisition of the treasury shares. 2. Journal entry to record the sale of the treasury shares under the three given cases. 10,000A, B, C, D and E organizec BUmp Company at the beginning of the current year with an authorized share capital of P5,000,000 consisting of 50,000 shares of P100 par value. On January 1 subscriptionss were taken from A for 12,000 shares, from B for 13,000 shares from C for 8,000 shares, from D for 4,000 shares and from E for 3,000 shares, all at par. A transferred to the corporation in partial payment of the subscription the following assets and liabilities: Accounts receivable 350,000 Notes receivable 70,000 Inventory 680,000 Accounts payable 100,000 B transferred the following assets to the corporation in partial payment of the subscription: Land 150,000 Building 850,000 The remaining incorporators paid 25% of their subscriptions. The corporation received a bill on Jnaury 10 in the amount of P50,000…P16.5 The shareholders' equity section of Finley Inc. at the beginning of the current year is as follows: Common shares, 1,000,000 shares authorized, 300,000 shares issued and outstanding $3,600,000 Retained earnings 570,000 During the current year, the following transactions occurred. The company issued 100,000 rights to the shareholders. Ten rights are needed to buy one share at $32 and the rights are void after 30 days. The shares' market price at this time was $34 per share. The company sold the public a $200,000, 10% bond issue at par. The company also issued with each $100 bond one detachable stock purchase warrant, which provided for the purchase of common shares at $30 per share. Shortly after issuance, similar bonds without warrants were selling at 96 and the warrants at $8. All but 10,000 of the rights issued in item 1 were exercised in 30 days. At the end of the year, 80% of the warrants in item 2 had been exercised, and the remaining were outstanding and in good…
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