Journalize. Analyze and journalize the following transactions. On July 1, Sarangani Marketing Corporation is authorized to issue 10,000 ordinary shares at P100 par value per share. On July 2, 2020 the six (6) incorporators have subscribed to 2,500 shares at par value and paid P62,500 of the subscription. Other transactions follow: July 16 Neria Asperga subscribed to 100 ordinary shares and made down payment of P4,500. 18 Narvin La'chica subscribed to 100 ordinary shares. Elizabeth Palma Gil, one of the incorporators, paid her subscription balance in full and a share certificate for 200 shares was issued: 200 shares subscribed at P100 Less: 25% subscription payment Balance P 20,000 5,000 P 15,000 25 Received cash of P35,000 from the incorporators as partial payment of their subscription balances. 30 31 Neria Asperga paid the subscription balance in full and a share certificate is issued.

Journalize. Analyze and journalize the following transactions. On July 1, Sarangani Marketing Corporation is authorized to issue 10,000 ordinary shares at P100 par value per share. On July 2, 2020 the six (6) incorporators have subscribed to 2,500 shares at par value and paid P62,500 of the subscription. Other transactions follow: July 16 Neria Asperga subscribed to 100 ordinary shares and made down payment of P4,500. 18 Narvin La'chica subscribed to 100 ordinary shares. Elizabeth Palma Gil, one of the incorporators, paid her subscription balance in full and a share certificate for 200 shares was issued: 200 shares subscribed at P100 Less: 25% subscription payment Balance P 20,000 5,000 P 15,000 25 Received cash of P35,000 from the incorporators as partial payment of their subscription balances. 30 31 Neria Asperga paid the subscription balance in full and a share certificate is issued.

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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BFAR Corp. was formed on June 1 with 100,000 authorized shares having a par value of P20. The following transactions occurred: • June 15: Issued 827 shares at P22 per share June 20: Received subscriptions for 1,162 shares at P23 per share with 25% down payment • June 25: Received subscriptions for 410 shares at P26 per share with 30% down payment June 30: Collected the June 20 subscription in full How much is the balance of the Share Capital account as of June 30? ● .
Will Bhd closes its accounts on 31 December annually. On 2 January 2020, the company offered 5,000,000 ordinary shares at RM1 per share to the public and 3,000,000 preference shares at RM2 per share to selected investors. Full payment of both shares must be made upon application. On 31 January 2020 (closing date of application), the company received RM6,000,000 for ordinary shares application and RM6,000,000 for preference shares application. On 28 February 2020, the surplus application money was fully refunded.
Caswell Corporation is authorized to issue 10,000 shares of common stock on December 31. It sells 8,000 shares at $16 per share. Required: Record the sale of the common stock, given the following independent assumptions: 1. The stock has a par value of $10 per share.
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The Delgado Software Corporation is authorized to issue 80,000 ordinary shares. During the current year, the corporation issued 25,000 shares. Required: Prepare the required entry to record the issuance of the ordinary shares under each of the following assumptions: 1. The shares have a P5 par value and were sold for P20 per share. 2. The shares are no-par but have a stated value of P10. The total issue price was P850,000. 3. The shares are no-par and have no stated value. They were issued at P25 per share.
On February 3, Year 1, Teel Corporation enters into a subscription contract with several subscribers for 7,000 shares of $5 par common stock at a price of $15 per share. The contract requires a down payment of 25%, with the remaining balance to be paid on May 3, Year 1. The stock will be issued to each subscriber upon full payment. The May 3 receipt of the full remaining balance from subscribers. The market price is currently $16 per share
Prepare journal entries for Eddington Corp. for the following transactions: 5/25/23: Purchased 3,000 shares of Vistavia Corp. common stock at $30 per share plus $2,700 in brokerage fees. 9/23/23: Sold 500 shares of Vistavia Corp. common stock at $28 per share.
Gabayan Inc. has been authorized to issue 125,000 shares of P10 par ordinary shares. The following 2019 transactions relate to the initial issuance of Gabayan share : Feb. 1 Gabayan sold subscriptions for 25,000 shares of stock. The shares have a subscription price of P15 per share. One-third of the subscription price was received as down payment 15 Gabayan sold 10,000 shares for P180,000 Mar. 1 An installment amounting to one-third of the subscription price was received . 19 Gabayan exchanged 200 shares of stock for a new two-way radio system having a fair market value of P3,800 Apr. 1 The final one-third of the subscription price was received and the share issued. Required: Prepare a journal entries to record the transactions
Problems 15 through 18 are based on the following information: On July 1, TruData Company issues 10,000 shares of its common stock with a $5 par value and a $40 fair value in exchange for all of Webstat Company's outstanding voting shares. Webstat's precombination book and fair values are shown along with book values for TruData's accounts as follows: Revenues (1/1 to 7/1) Expenses (1/1 to 7/1) Retained earnings, 1/1 Cash and receivables TruData Book Values Inventory Patented technology (net) Land Webstat Book Values Webstat Fair Values $(130,000) $(250,000) 170,000 80,000 (130,000) (150,000) 140,000 60,000 190,000 145,000 230,000 180,000 400,000 200,000 Buildings and equipment (net) 100,000 75,000 Liabilities (540,000) (360,000) Common stock (70,000) (300,000) (10,000) Additional paid-in capital (30,000) 16. On its acquisition-date consolidated balance sheet, what amount should TruData report as patented technology (net)? a. $200,000 b. $230,000 c. $410,000 d. $430,000 $ 60,000…
7. On January 3, Russet Corporation purchased 2,250 shares of the company's $3 par value common stock as treasury stock, paying cash of $11 per share. On January 30, Russet Corporation sold 1,400 shares of the treasury stock for cash of $14 per share. Journalize these transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the purchase of the treasury stock. Date Jan. 3 Accounts and Explanation Debit Credit
Happy Food Corporation was authorized to issue 500,000 shares of stock with a par value of P50. The following initial transactions took place during March: 1 Pre-incorporation subscription at the par value by the following incorporators: Shares Payment Jolly 20,000 P500,000 Burgee 20,000 P200,000 Wendy 25,000 275,000 King 25,000 300,000 Shake IT 20,000 300,000 Domini 25,000 250,000 5 - Issued 30,000 shares to McDo for Land costing P1,500,000 but with a market value of P1,750,000 10- Sold for cash, 10,000 shares at P55 per share to Tia Maria 15- Jolly and King paid 50% of their subscription balance 25- King paid for his subscription balance and was issued a stock certificate 28- Starbox subscribed to 20,000 shares at 120% of the par value and paid 25% 29- Starbox paid his subscription balance in the form of merchandise and was issued stock certificate 30- King notified the corporation of the sale of 10,000 shares to Heaven…