G.Shown below are account balances found in the ledger of Honesty Corporation at the end of year 2018:Subscription Receivable-Preference ShareSubscription Receivable-Ordinary ShareP 360,000182,0008% Preference Share Capital, P 50 par value,80,000 shares authorizedIssuedP 1,440,000Subscribed720,0002,160,000Ordinary Share Capital, no par, P 10 stated value320,000 shares authorizedIssuedP 1,360,000Subscribed280,0001,640,000Additional Paid In CapitalPreference Share PremiumP 216,000Paid-In Capital In Excess of Stated Value328,000544,000Required: Compute for the following:1) Number of Preference shares issued2) Number of Ordinary shares issued3) Number of subscribed preference shares4) Number of subscribed ordinary shares5) Average price per share received by the corporation on its preference share capital includingsubscribed shares6)Average price per share received by the corporation on its ordinary share capital includingsubscribed shares7) Average amount per share that the preference share subscribers have not yet paid to the corp.Average amount per share that the ordinary share subscribers have already on their subscriptions.Assume ordinary share subscription price is P 12 per share.8)

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G. Shown below are account balances found in the ledger of Honesty Corporation at the end of year 2018: P 360,000 Subscription Receivable-Preference Share Subscription Receivable-Ordinary Share 182,000 8% Preference Share Capital, P 50 par value, 80,000 shares authorized Issued P 1,440,000 Subscribed 720,000 2,160,000 Ordinary Share Capital, no par, P 10 stated value 320,000 shares authorized Issued P 1,360,000 Subscribed 280,000 1,640,000 Additional Paid In Capital Preference Share Premium P 216,000 Paid-In Capital In Excess of Stated Value 328,000 544,000 Required: Compute for the following: 1) Number of Preference shares issued Number of Ordinary shares issued 2) 3) Number of subscribed preference shares

G. Shown below are account balances found in the ledger of Honesty Corporation at the end of year 2018: P 360,000 Subscription Receivable-Preference Share Subscription Receivable-Ordinary Share 182,000 8% Preference Share Capital, P 50 par value, 80,000 shares authorized Issued P 1,440,000 Subscribed 720,000 2,160,000 Ordinary Share Capital, no par, P 10 stated value 320,000 shares authorized Issued P 1,360,000 Subscribed 280,000 1,640,000 Additional Paid In Capital Preference Share Premium P 216,000 Paid-In Capital In Excess of Stated Value 328,000 544,000 Required: Compute for the following: 1) Number of Preference shares issued Number of Ordinary shares issued 2) 3) Number of subscribed preference shares

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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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

G.
Shown below are account balances found in the ledger of Honesty Corporation at the end of year 2018:
Subscription Receivable-Preference Share
Subscription Receivable-Ordinary Share
P 360,000
182,000
8% Preference Share Capital, P 50 par value,
80,000 shares authorized
Issued
P 1,440,000
Subscribed
720,000
2,160,000
Ordinary Share Capital, no par, P 10 stated value
320,000 shares authorized
Issued
P 1,360,000
Subscribed
280,000
1,640,000
Additional Paid In Capital
Preference Share Premium
P 216,000
Paid-In Capital In Excess of Stated Value
328,000
544,000
Required: Compute for the following:
1) Number of Preference shares issued
2) Number of Ordinary shares issued
3) Number of subscribed preference shares
4) Number of subscribed ordinary shares
5) Average price per share received by the corporation on its preference share capital including
subscribed shares
6)
Average price per share received by the corporation on its ordinary share capital including
subscribed shares
7) Average amount per share that the preference share subscribers have not yet paid to the corp.
Average amount per share that the ordinary share subscribers have already on their subscriptions.
Assume ordinary share subscription price is P 12 per share.
8)

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