On December 1, 2020, Sakura Corporation received a donation of 2,000 shares with P 50 par value from a shareholder. On that date, the share market value was P 350. The shares were originally issued for P 250 per share.

On December 1, 2020, Sakura Corporation received a donation of 2,000 shares with P 50 par value from a shareholder. On that date, the share market value was P 350. The shares were originally issued for P 250 per share.

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: RM 1.25 each, fully paid. On 2 January 2021,40,000 ordinary shares of RM 1.25 each were offered to…

A: Issuance of Shares For issuing the shares to the public which has different phase like invite share…

Q: As a result of the share dividend, how much will be debited to Accumulated Profits?

A: Preference shares are a category of shares that are issued by the company to raise money from the…

Q: On August 1, 2021, Comical Company issued rights to stockholders to subscribe to additional share of…

A: The stockholder's equity will be changed when the stock rights holder will exercise the stock rights…

Q: On June 1, 2020, Sunny Corporation declared a share capital dividend entitling its shareholders to…

A: Treasury stocks are the stocks held by the company itself pursuant to its purchase from the market.

Q: On December 1, 2019, Ceniza corporation received a donation of 3,000 shares of its P50 par value…

A: The ordinary shares measn those shares whose holders are known as the real owners of the comapny.…

Q: 38. On June 1, 2020, Golden Warriors Corporation declared a share capital dividend entitling its…

A: Dividends are the part or share of profits which is being distributed to the shareholders. Share…

Q: NXP Corporation issues P15 par value ordinary shares during 2021. The company received subscription…

A: The NXP corporation received subscription from Mr. Navarro for 25000 shares at P18 having par value…

Q: 31. In 2021, a company issued 1,000,000 no-par value ordinary shares for P1.15 per share. The…

A: Legal capital: Legal capital is capital that cannot be legally distributed to stakeholders in any…

Q: 22. A company grants 100 Share appreciation rights (SAR), payable in cash, to an employee on 1/1/Y1.…

A: In accounting, the process that the company uses to record SAR agreements is to accrue a liability…

Q: A company grants 100 Share appreciation rights (SAR), payable in cash, to an employee on 1/1/Y1. The…

A: Stock appreciation right (SAR) - Entitles an employee to receive stock/cash if the entity's stock…

Q: Please answer asap! UPVOTE will be given! No long explanation needed. At December 31, 2020, GMA…

A: Treasury Stock - Treasury stock is the own shares purchased by the corporation. It shows as the…

Q: net income

A: Net income refers to income of company after deducting all expenses. It is final value of profit and…

Q: Gates Corp. received a donation of 2,000 shares of its P5 par value ordinary shares from a…

A: In the the given scenario, the the shareholder of the Gates corp. donated the shares to the company.

Q: On December 1, 20x1, Line Corp. received a donation of 2,000 shares of its P5 par value ordinary…

A: Solution:- Given, On December 1, 2020 Line Corp., received a donation of 200 shares @$5 par common…

Q: Prepare Journal Entry for the transactions above

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: On June 1, 2020, Golden Warriors Corporation declared a share capital dividend entitling its…

A: The dividend is declared to the shareholders from the retained earnings of the business. The…

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

A: Equity Share Capital is a term which refers to the process wherein company in order to raise funds…

Q: On December 1, 2019, Bobcat Corporation received a donation of 2,000 shares with P 50 par value from…

A: Shareholder’s equity to decrease by = (market value per share - share issue price per share) x No.…

Q: On May 17, 2021 (!), Apple’s stock is selling for $100/share, and it declares a dividend of $5/share…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: On June 1, 2020, Golden Warriors Corporation declared a share capital dividend entitling its…

A: Given, Market Value per share = P100 Par value per share = P50 Shares issued = 65,000 Shares in the…

Q: On January 1, 2018, Al-Kamel Inc. decides to invest in 5,000 shares of Safari stock. On July 15,…

A: Percentage of holding would be calculated on the proportion of Total Outstanding Shares.

Q: On December 1, 2019, Bobcat Corporation received a donation of 2,000 shares with P 50 par value from…

A: Shareholder’s equity to decrease by = (market value per share - share issue price per share) x No.…

Q: 14. A company grants 100 Share appreciation rights (SAR), payable in cash, to an employee on 1/1/Y1.…

A: Stock appreciation right (SAR) - Entitles an employee to receive stock/cash if the entity's stock…

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

A: Share allotment: It is the issue of new shares to either new or existing shareholders.

Q: On August 15, 2021, EasyMoney, Inc.'s Board of Directors meets and declares that EasyMoney will pay…

A: Cash dividends are distribution of accumulated earnings by a companies to its stockholders.…

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: On October 17, 2021, LILAC Corporation exchanged 20,000 shares of its ₱200 par value stock for land.…

A: Solution: Fair value of shares issued in exchange of land = 20000*P300 = P6,000,000 Par value of…

Q: On January 1, 2021 YL Company granted to an employee the right to choose either 12,000 shares or a…

A: Compensation expense is the amount of expense which is incurred in relation to the options or shares…

Q: What amount will Opus Corp record as Common Stock on May 1, 2020?

A: No. of Shares Issued = 100000 Market Value Per Share = $5 Par Value Per Share = $0.25 Par Value to…

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: On December 31, 2016, Wesley Inc. granted 4,000 share appreciation rights (SARS) to its employees.…

A: Journal entry is the process of recording business transactions in the books of accounts for the…

Q: On December 31, 2016, Wesley Inc. granted 4,000 share appreciation rights (SARs) to its employees.…

A: In the above question we have asked to pass journal entries in relation to share appreciate right…

Q: Last year the issued share capital of M Bhd was RM 75,000 divided into 60,000 shares of RM 1.25…

A: If the company receives share application more than the shares issued to the public, it is the case…

Q: At the start of the financial year, Feebus Ltd had in issue 42 million ordinary shares valued at…

A: According to the question given, we need to prepare the journal entries, and, relevant…

Q: CFAS Company received a donation of 2,000 shares of its P5 par value ordinary shares from a…

A: Given information, No of shares received =2,000 Issue price =P25 Par value =P5 Fair value =P35…

Q: On January 1, 2024, Fanny Services granted 24 million of its $1 par common shares to executives,…

A: Calculation of Effect of Restricted Stock Units Effect of Restricted Stock Units per year =…

Q: 30. During its first year of operations, Victory, Inc. entered into the following transactions…

A: note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: December 1, 2019, Gates Corporation received a donation of 2,000 shares of its P5 par value ordinary…

A: December 1, 2019, gates Corporation received a donation of 2,000 shares of its P5 par value…

Q: 2. On April 15, 2021, Pepper purchased 15,000 shares of Atty Group for P150,000. The commission paid…

A: FVOCI stands for "Fair Value through Other Comprehensive Income." Accounting for securities under…

Q: Cefner Corporation paid dividends of P200,000 and P300,000 at the end of 2019 and 2020,…

A: Formula: Total dividend to ordinary shareholders = Total dividend - Preference dividend

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

In 2020, a public Canadian corporation grants an employee an option to purchase 5,000 shares for $75 a share when the shares were trading for $74. The employee exercises the option in 2020 when the shares were trading for $79 a share. In 2021, all the shares were sold when they were trading for $85 a share. What is the impact on 2020 Division B (Net Income) and Division C (Taxable Income)? O 12,500 increase in Division B and Division C O 25,000 increase in Division B and 12,500 increase in Division C 10,000 increase in Division B and Division C 20,000 increase in Division B and 10,000 increase in Division C
Please help me
For the current year, Spiderman Company received a donation of 3,000 shares with a par value of P20 from the shareholder. The market value of the share was P150. The shares were originally issued P50 per share. As a result of the donation, what was the decrease in the shareholder’s equity?
During 2020, Nishinoya Corporation 5,000 convertible preference shares of P100 par value per share for P 110 per share. One Preference share can be converted into three Ordinary shares of P 25 par value at the option of the preference shareholder. On December 31, 2020, when the market value of the Ordinary share was P40 per share, all of the Preference shares were converted. How much is the indicated gain(loss) as a result of the conversion?
In 2021, a company issued 1,000,000 no-par value ordinary shares for P1.15 per share. The stated value of the shares is P1. Also, during the year, some potential shareholders of the company subscribed for 800,000 of the same ordinary shares for P1.20 per share and made a 40% downpayment. What is the amount of the company's legal capital in 2021?
On December 1, 2019, Bobcat Corporation received a donation of 2,000 shares with P 50 par value from a shareholder. On that date, the share market value was P 350. The shares were originally issued for P 250 per share. By what amount would this donation cause shareholder’s equity to decrease?
Sedunia Berhad was incorporated on 1 July 2020. On 1 August, it decided to issue300,000 ordinary shares on the following terms:Application RM1 per share Allotment RM2 per shareCall as required RM1 per shareTo the end of August, applications for 350,000 shares had been received together withthe application money due on each share. One applicant for 5,000 shares had forwardedRM20,000 in full payment of the shares. On 15 September, the directors proceeded to allot 300,000 ordinary shares on thefollowing basis. Applicants for 30,000 shares were refunded their application money infull, 5,000 shares were allotted to the applicant who paid for the shares in full, and theother successful applicants were allotted the remaining shares, excess application moneybeing transferred to allotment. On 7 October, all allotment money had been received.A first and final call was made on 1 November, and all call money was received by 30November with the exception of the amount due on 6,000 shares.…
9
#16On December 1, 2019, Ceniza corporation received a donation of 3,000 shares of its P50 parvalue ordinary shares from a shareholder. On that date, the share’s market value was 350per share. The stock was originally issued for P250 per share. By what amount would thisdonation cause total shareholder’s equity to decrease? 0 pls provide the correct solution for the given answer
Please explain in detail
please quickly thanks!
A shareholder owns 15,000 shares costing P3,000,000. Subsequently, the shareholder receives notice that share is split 2-for-1. What amount of gain on sale will be recognized if 6,000 shares will be sold for P228 per share?