Namjoon Corporation is authorized to issue 500,000 shares of Ordinary Share Capital, P50 par value. To comply with the required subscription of the Securities and Exchange Commission, assuming the minimum required subscription was received at P 110, how much subscription must be paid up?

Namjoon Corporation is authorized to issue 500,000 shares of Ordinary Share Capital, P50 par value. To comply with the required subscription of the Securities and Exchange Commission, assuming the minimum required subscription was received at P 110, how much subscription must be paid up?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Knicks Corporation was organized on January 1, 2018 with authorized capital of P 2,000,000, P 20 par…

A: Formula: Amount = 25 % shares subscribed x Each share issue price.

Q: On December 18, 2020, UNO Corporation issued 5,250 ordinary shares, par P30 for P58 per share. At…

A: Paid in capital in excess of par = Issue price per share - Par value per share = P58 per share - P30…

Q: 1.On December 31, 2021, GWI Corporation reported 800,000 common shares outstanding and 2,000,000…

A: A company issues common shares for the purpose of raising its capital for its development purposes.…

Q: In 2019, Blue Corporation issued 15,000 shares for P 110 per share of P 100 par convertible…

A: Conversion of Convertible Preferences Shares to Common Shares According to the accounting procedures…

Q: Based on the following information of A & B SAOG calculate the amount of different categories of…

A: Shares are defined as the units in which the total share capital of the corporation is divided. Each…

Q: Bloosom Corporation has issued 2,000 ordinary shares and 400 preference shares for à luE Required:…

A: The different shares issued for lump sum payment are allocated the money on the basis of ratio of…

Q: "On January 1, 2020, YOY Company was established as a public shareholding company. YOY Company…

A: Types of shares: Equity shares Preference shares Differential voting rights shares

Q: . Akea Corp., reports this journal entry on May 15, 2020: Cash 75,000 Ordinary Share Capital…

A: Par value of share capital: The par value of a single ordinary share is determined by the statute of…

Q: A piece of equipment is acquired by an entity by issuing 10,000 shares of 10 par ordinary shares.…

A: Cost of the equipment =List price - Trade discount - Cash discount where, Cash discount = (List…

Q: Delta NV has share capital of $l m in shares of $0.25 each. At 31 May 2019 shares had a market value…

A: Right Issue :— It is the new shares issued to existing equity shareholders at lower price.…

Q: Corporation Ltd is considering raisng additional equiry via a rights issue, in the amount of…

A: Existing shareholders are extended an opportunity to acquire extra new shares of the firm via the…

Q: At the beginning of the current year, Relay Company was organized with authorized capital of 100,000…

A: Share premium is received at the time of issue of shares. When shares are issued at a price more…

Q: Corporation Ltd is considering raisng additional equiry via a rights issue, in the amount of…

A: Existing shareholders are extended an opportunity to acquire extra new shares of the firm via the…

Q: BFAR Corp. has ordinary share capital with par value of $50, and preference share capital with par…

A: BFAR Corp has ordinary share capital at par value of P 50 and preference capital at par value of P…

Q: amount credited to share premium from ordinary shares?

A: Total amount of issue P3,000,000 Less Ordinary shares at par value (25,000 shares @P50)…

Q: Please give solutions and explanation to the three questions. The correct answer is already given,…

A: Bonus share are those shares which can be associated as a dividend means instead of paying cash as…

Q: Ogag company issued 1,000 shares of its P5 par value ordinary shares as payment for 1,000 hours of…

A: Par. value of Ordinary Shares :- P5 No. Of Equity Shares issued :- 1000 shares Market Value of…

Q: a) Record the journal entry for the initial transaction. b) What is the Journal entry at the time…

A: Any Excess amount received in excess of the Par Value of common Stock is known as Premium.

Q: ra may issue further shares if the Authorized capital is 10,000,000/- with reference to the…

A: Authorized capital is the maximum amount of capital that can be issued by a company during its…

Q: Poly Corporation intends to raise P1.5 million in a rights offering. At present, there are 240,000…

A: Shares: Total capital of the company getss divided into a number of units and each unit is known as…

Q: GMA Corp. received a charter authorizing 120,000 ordinary shares at ₱15 par value per share. During…

A: Share Premium = Total Issue Price of Shares - Total Par Value of Shares Issued

Q: The authorized capital of the company was OMR 3,000,000 divided into shares of OMR 1 each. The…

A: Equity share capital refers capital which is raised by a corporation by offering shares.

Q: Sedunia Berhad was incorporated on 1 July 2020. On 1 August, it decided to issue 300,000 ordinary…

A: A company issues shares to raise funds. At first, the public applies for the issued shares. When the…

Q: hando Limited was incorporated during 2021: Preliminary costs (legal costs incurred in connection…

Q: Using data in no. 14, the amount due from the highest bidder is ____. Using data in no. 14, The…

A: Concept: Concept: The highest bidder is the one who is willing to pay the unpaid balance of the…

Q: 14. Caviar Company was organized on January 1, 2020 with 100,000 authorized shares of P100 par…

A: Treasury shares are shares repurchased or reacquired by the business from its shareholders. These…

Q: FPJ Inc. received subscription for 5,250 Preference Shares at P 10 above par value of P 200 per…

A: Common shares and Preference shares are two type of shares being issued by the company for raising…

Q: Jerico Corporation was organized on January 1, 2021 with authorized capital of P2,000,000 consisting…

A: Subscribed stocks seem to be stocks that buyers or investors have agreed to acquire. These stocks…

Q: eslie company issued 60,000 shares with a par value of 100 in exchange for a land with fair value of…

A: Share premium is the amount of capital which is received over and above from the face value or par…

Q: On February 1, 2020, SEC authorized TINY INC. to issue 100,000 shares with par value of P10 per…

A: Potential stockholders subscribe for stock with partial payment upfront and balance is due at…

Q: The authorized capital stock of a proposed corporation is P1,000,000 divided into 10,000 shares with…

A: Authorized capital is the maximum share capital which a company can issue to its shareholders.…

Q: 29. The Corazon Corporation is authorized to issue 100,000 shares at P20 par ordinary shares. At the…

A: Ordinary shares seem to be shares issued by a corporation to raise cash from the general public as…

Q: A corporation is authorized to issue 10000 p 100 par value stocks. If the law prescribe that 25% of…

A: A stock subscription is a contract requiring an investor to purchase a set number of unissued shares…

Q: "On January 1, 2020, ABC Company was established as a public shareholding company. ABC Company…

A: The quantity of stock units (shares) that a business can issue as indicated in its memorandum of…

Q: On July 20, 2021, the XYZ Corporation received subscription for 5,000 shares of its P10 par value…

A: Share capital means the amount of share that has been issued to shareholder . Share premium means…

Q: On October 1, 2021, ATN Corporation, a newly formed company had the following shares issued and…

A: The par value of shares issued is recorded as share capital and excess amount as compared to par…

Q: Please answer asap! UPVOTE will be given! No long explanation needed. BFAR Corp. was authorized to…

A: Subscribed share capital is the amount of share capital that is being subscribed by the…

Q: BFAR Corp. was authorized to issue 300,000 P7 par value ordinary shares. It received subscriptions…

A: Subscribed share capital is the shares that have been subscribed by the investors. These may be paid…

Q: 1. A company received 3,000, P10 par ordinary shares from one of its shareholders. In the same year…

A: Donated capital refers to the assets provided to the entity as the gift, this amount is reported at…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Wedding Cake Ltd. has its shares listed on a securities exchange. It has entered a contractual agreement to issue $10 million of its ordinary shares to Island Ltd. in two years time. The number of shares to be ultimately issued will depend on the market price of the shares in two years time. Should Wedding Cake Ltd. recognise a financial liability or an equity instrument in relation to this agreement?
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.
Trenton Company's common stock carries a par value of $ 1.00 per share. The company is authorized to issue an additional 32000 shares of common stock. What would the journal entry be for the issuance of 4000 shares of common stock at $ 1.75 per share?
The LL Company will issue shares of P10 par value common stock for all the assets and liabilities of the OO Company. LL Company’s common stock has a current market value of P40 per share. The OO Company’s net assets were as follows: Current Assets 1,280,000 Non-Current Assets 3,520,000 Liabilities 1,600,000 The fair market value of the current assets is P1,600,000 while that of the non-current assets is 6,400,000. All of the liabilities are correctly stated. LL Company issued sufficient shares of stock so that the fair market value of the stock is equal the fair market value of OO Company’s net assets. To have an income from acquisition of P400,000, the number of shares to be issued by LL should be?
Required: How much is the Ordinary Share Capital at year end?* How much is the Preference Share Capital at year end?* How much is the TOTAL subscribed share capital (assuming subscriptions receivable is collectible on January 5, 2022)?*
3. Akea Corp., reports this journal entry on May 15, 2020: Cash 75,000 Ordinary Share Capital 63,000 Paid in Capital in Excess of Par 12,000 The explanation reads. “Issued ordinary share capital for P50 per share”. Compute the no. of shares issued for this transaction?
In 2007, Xero Ltd. offered a subscription of 15 million shares at an offer price of $1.00 per share with the ability to accept oversubscriptions of up to $3 million. The prospectus detailed the requirement that all applications must be accompanied by payment in full for the total number of shares applied for and stated that application monies will be banked upon receipt into a designated bank account and held on trust pending the allocation of shares. Required: Assuming all 18 million shares were applied for, prepare the journal entry to record the receipt of application monies. Apart from recording a cash inflow, explain whether Xero should also record another asset, a liability, revenue or an expense upon collection of application monies, and explain why.
NEED ASAP. Solve correctly and show your computations. On March 1, 2021, Hans Corp. issued 1,000 shares of its P20 par value ordinary share and 2,000 shares of its P20 par value convertible preference share for a total of P80,000. At this date, Hans ordinary share was selling for P36 per share, and the convertible preference share was selling for P27 per share. What amount of the proceeds should be allocated to Hans’s convertible preference share?
A corporation issued shares with par value of P 200.00, subsequently, the corporation purchased the share at par value. If the shares are sold by the corporation for P 150.00 per share, N subscribed for 100 shares of the corporation and paid the 70 shares. 2.2 What will be the document to be used, is it a subscription contract or pre-incorporation contract. Explain.