Mary Poppins plans to start a company and offers to sell 30,000 ordinary shares at a price of $2 per share, to investors. The terms of the share offer are as follows: Dates Terms $1.00 is payable upon application, due by 31st August. August 1st to 31st September 1st to 30th Allotment will be made on the 1st September. $0.50 is then due, by 30th September. December 1st to 31st A call will then be made on December 1st, for all outstanding money. The call money is due by 31st December. Assume that during the application period, applications were received for 40,000 shares and that all money requested from investors was collected by all the appropriate due dates above. By the 30th September, the total amount of cash that Mary had collected from investors was: Select one: a. $45,000 O b. $30,000 O c. $55,000 O d. $15,000

Mary Poppins plans to start a company and offers to sell 30,000 ordinary shares at a price of $2 per share, to investors. The terms of the share offer are as follows: Dates Terms $1.00 is payable upon application, due by 31st August. August 1st to 31st September 1st to 30th Allotment will be made on the 1st September. $0.50 is then due, by 30th September. December 1st to 31st A call will then be made on December 1st, for all outstanding money. The call money is due by 31st December. Assume that during the application period, applications were received for 40,000 shares and that all money requested from investors was collected by all the appropriate due dates above. By the 30th September, the total amount of cash that Mary had collected from investors was: Select one: a. $45,000 O b. $30,000 O c. $55,000 O d. $15,000

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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