Meow Corporation was organized on January 3, 2010. Meow was authorized to issue 50,000 ordinary shares with a par value of P10 per share. On January 4, Meowl issued 30,000 ordinary shares at P26 per share. On July 15, Meow issued an additional 10,000 shares at P20 per share. Meow reported income of P62,000 during 2010. In addition, Meow declared a dividend of P.50 per share on December 31, 2010. The amount reported on Pudtol Corporation's December 31, 2010, balance sheet as shareholders' equity was?
Meow Corporation was organized on January 3, 2010. Meow was authorized to issue 50,000 ordinary shares with a par value of P10 per share. On January 4, Meowl issued 30,000 ordinary shares at P26 per share. On July 15, Meow issued an additional 10,000 shares at P20 per share. Meow reported income of P62,000 during 2010. In addition, Meow declared a dividend of P.50 per share on December 31, 2010. The amount reported on Pudtol Corporation's December 31, 2010, balance sheet as shareholders' equity was?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Meow Corporation was organized on January 3, 2010.
Meow was authorized to issue 50,000 ordinary shares
with a par value of P10 per share. On January 4,
Meowl issued 30,000 ordinary shares at P26 per share.
On July 15, Meow issued an additional 10,000 shares
at P20 per share. Meow reported income of P62,000
during 2010. In addition, Meow declared a dividend of
P.50 per share on December 31, 2010. The amount
reported on Pudtol Corporation's December 31, 2010,
2.
preference shares . Transactions affecting company’s
Tekka Corporation was incorporated on June 1, 2010
with an authorized 200,000, no-par, ordinary shares,
stated value P10 and 10,000, 9% par value P30,
equity as of July 31, 2010 were as follows:
June 1
60,000 ordinary shares were issued at
P10.
June 5
Assets with a total appraised value of
P600,000 were acquired in exchange for
50,000 ordinary shares.
June 15
Subscriptions were received for 100,000
ordinary shares at P15 and for 5,000
preference shares at P35.
June 25
Payments in full for the ordinary and
preference shares subscribed June 15
were received and the corresponding
shares were issued.
The total shareholders’ equity as of July 31, 2010 is?
3.
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