On January 5, 2021 A, B, C, D, and E formed a corporation named Alphabet Company, Inc. and filed with the Securities and Exchange Commission its Articles of Incorporation for approval. It has an authorized capital of P10,000 ordinary shares wth a par value of P100 per share or a a total of P1,000,000.00 On February 5, 2021, the Securities and Exchange Commission approved the Articles of Incorporation. On the same day, the books of the corporation shows the following information: Authorized Capital stock 10,000 shares, par P100 Capital stock (issued 2,500 shares) Subscribed capital stock (3,000 shares) Subscription Receivable APIC in excess of par value (5,500 x 10) P 1,000,000.00 Authorized share capital 250,000.00 Share capital 300,000.00 Subscribed share capital 50,000.00 Subscription receivable 55,000.00 Share premium NOTE: Another account title for Share Premium is Additional paid -in capital in excess of par value.

On January 5, 2021 A, B, C, D, and E formed a corporation named Alphabet Company, Inc. and filed with the Securities and Exchange Commission its Articles of Incorporation for approval. It has an authorized capital of P10,000 ordinary shares wth a par value of P100 per share or a a total of P1,000,000.00 On February 5, 2021, the Securities and Exchange Commission approved the Articles of Incorporation. On the same day, the books of the corporation shows the following information: Authorized Capital stock 10,000 shares, par P100 Capital stock (issued 2,500 shares) Subscribed capital stock (3,000 shares) Subscription Receivable APIC in excess of par value (5,500 x 10) P 1,000,000.00 Authorized share capital 250,000.00 Share capital 300,000.00 Subscribed share capital 50,000.00 Subscription receivable 55,000.00 Share premium NOTE: Another account title for Share Premium is Additional paid -in capital in excess of par value.

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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