g are capital stock transactions of the BBC Corporation. Apr. 1 Authorized to issue 100,000 ordinary shares at P10 par value per The following share. Five incorporators subscribed a total of 25,000 shares at par, and paid 25% down payment (5,000 shares each). 4Paid incorporation fees to the S.E.C. P 5,300. Issued 200 shares to a lawyer for his legal services. 6 Issued 3,000 shares of stock for cash of P33,000. 9: Received subscriptions for 2,000 shares at P11, collecting a cash down-payment of 25%. 10 : One of the incorporators give merchandise as full payment of his subscription. 15 Three incorporators paid cash for their subscription balance. 16 Another 25% paid by the subscriber on the 9th. 20 An equipment worth P30,000 plus P7,500 cash was received from the last incorporator as full payment of his subscription. 28 2,300 shares were issued, in exchange for a car worth P25,000. 30 The subscriber on the 9th paid his subscription in full. equirement: murnalize the foregoing transactions including issuance of certificates, usin Memorandum method Journal entry method

g are capital stock transactions of the BBC Corporation. Apr. 1 Authorized to issue 100,000 ordinary shares at P10 par value per The following share. Five incorporators subscribed a total of 25,000 shares at par, and paid 25% down payment (5,000 shares each). 4Paid incorporation fees to the S.E.C. P 5,300. Issued 200 shares to a lawyer for his legal services. 6 Issued 3,000 shares of stock for cash of P33,000. 9: Received subscriptions for 2,000 shares at P11, collecting a cash down-payment of 25%. 10 : One of the incorporators give merchandise as full payment of his subscription. 15 Three incorporators paid cash for their subscription balance. 16 Another 25% paid by the subscriber on the 9th. 20 An equipment worth P30,000 plus P7,500 cash was received from the last incorporator as full payment of his subscription. 28 2,300 shares were issued, in exchange for a car worth P25,000. 30 The subscriber on the 9th paid his subscription in full. equirement: murnalize the foregoing transactions including issuance of certificates, usin Memorandum method Journal entry method

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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ANSWERED Sunday, May 29, 2022 BUSINESS ACCOUNTING Journalize the following transaction: Mining corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It's also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transaction: 1-May issued 3,000 shares of preferred stock for Cash at $750 per share. 23-May issued 6,000 shares of common stock at $12.50 Per share. Jun.10 issued 5,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $11 per share. Journalize the transactions √x 8
Journalize the following transaction: Mining corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It's also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transaction: 1-May issued 3,000 shares of preferred stock for Cash at $750 per share. 23-May issued 6,000 shares of common stock at $12.50 Per share. Jun.10 issued 5,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $11 per share. Journalize the transactions
MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: May 1 Issued 3,000 shares of preferred stock for cash at $750 per share May 23 Issued 6,000 shares of common stock at $12.50 per share Jun. 10 Issued 5,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $11 per share Journalize the transactions.
The charter of a corporation provides for the issuance of 95,662 shares of common stock. Assume that 37,907 shares were originally issued and 3,885 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2 per share dividend is declared? a.$68,044 b.$3,885 c.$95,662 d.$37,907
77.
Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 38,000 shares at $9 share. Jun. 10 Issued 120,000 shares in exchange for land with a clearly determined value of $830,000. Aug. 3 Purchased 10,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 __________ __________ __________ __________ __________ __________ Jun. 10 __________ __________ __________ __________ __________ __________ Aug. 3 __________ __________ __________ __________ B. Calculate how many shares of stock are outstanding at August 3. __________ shares
1. Journal entries for each of the transaction
PROBLEM 1: Mr. Queen Company is authorized to issue 80,000 ordinary shares. During the current year, the company issued 25,000 shares. REQUIRED: Prepare the required entry to record the issuance of the ordinary shares under each of the following assumptions: The shares are no-par but have a stated value of P10. The total issue price was P850,000. The shares are no-par and have no stated value. They were issued to a lawyer in exchange for services rendered in connection with the organization of the corporation. The lawyer would normally charge P70,000 for these services. There is no reasonable way to determine 1. 2. the fair market value of the stock.
Please show all work and answers: 1. On January 1st, ZYX company purchased 1,000 shares of its own stock at $37 per share. On January 20th, ZYX later reissues or sells 199 shares of treasury stock for $12 per share. On January 20th, the balance in Additional paid in capital-Treasury stock is credit balance of $0. What is the amount debited to Retained earnings on January 20th? 2. ABC issues 14,000 shares of common stock to investors on January 1 for cash, with the investors paying cash of $24 per share. The par value of the stock is $5 per share. What is the amount applied to additional paid in capital? 3. On January 1st, ABC company issues a stock dividend of 18%. ABC has 101,000 shares outstanding with a par value of $1. ABC also has 210,000 shares authorized. The market price per share January 1st is $32. What is number of new shares issued for stock dividend? 4. On January 1st, ZYX company purchased 1,200 shares of its own stock at $36 per share. On January 20th, ZYX later reissues…
The corporate charter of Benjo Corporation allows the issuance of a maximum of 2,500,000 shares of P1 par value common stock. During its first three years of operation, Benjo issued 1,500,000 shares at P15 per share. It later acquired 30,000 of these shares as treasury stock for P25 per share. 1. How many shares were authorized? 2. How many shares were issued? 3. How many shares are outstanding? 4. What is the balance of the Common Stock account? 5. What is the balance of the Treasury Stock account?
Visno
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?*