On June 23, 200C, Pinoy Trading owned and operated by Phil was incorporated. On this date, the balance sheet showed the following adjusted balances: Total Assets (including cash of P 30,000) P 200,000 Total Liabilities 40,000 The new corporation was authorized to issue 5,000 ordinary shares with a par value of P 100 per share. Phil made a cash subscription of 2,000 shares while the four other incorporators made a cash subscription of 500 shares each. Phil transferred his net assets to the new corporation and paid the balance of his subscription in cash. . Refer to Pinoy Trading, the total shareholders’ equity of the new corporation would be a. 400,000 c. 1,720,000 b. 1,000,000 d. 1,920,000
On June 23, 200C, Pinoy Trading owned and operated by Phil was incorporated. On this date, the balance sheet showed the following adjusted balances: Total Assets (including cash of P 30,000) P 200,000 Total Liabilities 40,000 The new corporation was authorized to issue 5,000 ordinary shares with a par value of P 100 per share. Phil made a cash subscription of 2,000 shares while the four other incorporators made a cash subscription of 500 shares each. Phil transferred his net assets to the new corporation and paid the balance of his subscription in cash. . Refer to Pinoy Trading, the total shareholders’ equity of the new corporation would be a. 400,000 c. 1,720,000 b. 1,000,000 d. 1,920,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On June 23, 200C, Pinoy Trading owned and operated by Phil was incorporated. On this date, the Total Assets (including cash of P 30,000) P 200,000 The new corporation was authorized to issue 5,000 ordinary shares with a par value of P 100 per share. Phil made a cash subscription of 2,000 shares while the four other incorporators made a cash subscription of 500 shares each. Phil transferred his net assets to the new corporation and paid the balance of his subscription in cash. |
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Refer to Pinoy Trading, the total shareholders’ equity of the new corporation would be
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