On June 23, 200C, Pinoy Trading owned and operated by Phil was incorporated. On this date, the balance sheet showed the following adjusted balances:
Q: When non-par value shares are reacquired at a cost greater than their average issue price and…
A: Stock that has no par value is known as no-par value stock. The price that investors are ready to…
Q: Present a historical overview of International Financial Reporting Standards (IFRSs) starting with…
A: IFRS are issued by the IFRS foundation and international accounting standards board. They…
Q: Determine the Current Assets value? Accounts payable $30,000 Accounts receivable 35,000 Accrued…
A: Current Assets refers to those assets which are expected to be cash within one year or sold.They are…
Q: Requirement 1c. Allocate the two support departments' costs to the two operating departments using…
A: The overhead costs of operating departments are allocated to service department costs using various…
Q: On Sept. 1, 2021, Entity A, a private university, receives P 1,000,000 cash as government grant…
A: Government grant means the amount received from government free of cost . It is received by…
Q: Issued 13,000 shares of stock at par to Paul Glenn for cash. b. (1) Issued 550 shares of stock at…
A: Double Entry system of bookkeeping Under this system one account is debited and other account is…
Q: For the current year a company has outstanding 60,520 shares of $1 par common stock and 325760…
A: (1) The additional effect of transforming preferred stock has a numerator of 325,760 and a…
Q: Beginning Finished Goods Inventory is $86,400 consisting of 3,600 units. gin by calculating the…
A: Budget refers to the financial plan for a time frame of one year and it involves the planned sales…
Q: ccounting 1). Intangible drilling costs are costs associated with drilling an oil and gas well to…
A: Solution Concept Intangible drilling cost meaning Intangible drilling cost are cost…
Q: Quick ratio? Cash $100,000 Accounts receivable $357,000 Inventory $458,000 Current Liabilities…
A: The quick ratio is calculated as quick assets divided by current liabilities.
Q: Q10.11 Which of the following is a Customer report: a. Accounts Receivable (A/R) Aging b. Accounts…
A: A customer report indicates the summary of the customers i.e, customer details, duration of the…
Q: he following computer printout was generated, using regression, for use in estimating maintenance…
A: fixed cost = 8,300 variable cost = 37 cost formula = 37 x + 8300, where x is the number units
Q: On December 31, 2019, Tyre Corporation received the DBO report from the actuary. The following…
A: Defined benefit obligation is a liability of company in form of employee benefit expense in which…
Q: Wheaton Tire Inc., [WTI] reported the following excerpts from shareholders’ equity on January 1,…
A: Dividend - Dividend is the amount to be paid by the company out of profit made to the shareholder's…
Q: Assume that a company provided the following excerpts of information from its flexible budget…
A: Flexible budgets is that type of budget which changes or fluctuates with change in activity level.…
Q: Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible…
A: WORKINGS- (1) Calculation of budgeted sales: Sales(units produced and sold) [A] 1600 Sales per…
Q: At 50,000 units of production, the Grayson Company expects costs to be as follows: Direct…
A: Total cost per unit = Total cost of production / No. of units produced where, Total cost of…
Q: Generally Accepted Accounting Principles, or GAAP, is a set of accounti procedures, standards, and…
A: GAAP or Generally accepted accounting principles are the standard accounting principles made with…
Q: On January 1, 2020, Flower Corp. enters into an agreement with Nicki Rentals Inc. to lease a machine…
A: Lease means to give on rent and lessor refers to the seller and lesse refers to the buyer.Lease…
Q: 11. Assuming that the issuing company has only one class of share capital transfer from retained…
A: Share split do not changes the overall contributed capital. Only the issued shares number is…
Q: 1. If current assets amounted to P600,000 and current liabilities amounted to P200,000, what is the…
A: Introduction: Current ratio: Division of current liabilities with current Assets derives the current…
Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…
A: Introduction: Journals: Each and every business transactions are to be recorded in journals.…
Q: Ex. 6-2. Labor Cost Variances. Pacito Corporation usually pays its factory workers at a rate of P10…
A: Variance is the difference of the actual result from the expected result. In case of cost, if the…
Q: 1. Reformulate the segmented income statement using the additional information on activities. Use a…
A: The decision whether to keep the product or to drop the product depends upon the performance of that…
Q: Production Budget Palmgren Company produces consumer products. The sales budget for four months of…
A: Lets understand the basics. Budget is a future estimation of profit and loss. Management prepares…
Q: Belltone Company made the following expenditures related to its 10-year-old manufacturing facility:…
A: Journal entries refers to initial record maintained in the books for the transactions happening in…
Q: Toiz-4-Boiz [T-4-B] is a manufacturer of electronic game hardware and game software.The company…
A: Date Account Titles and Explanation Debit Credit Mar. 1, 2018 Share Subscriptions Receivable…
Q: Blossom Industries operates as an investment center. Buddy Hall, the region's division manager, has…
A: Economic Value added is the rate of return earned over and above the minimum required rate of return…
Q: Which of the following terms is correctly linked with either IFRS or GAAP? Share premium…
A: Ans. Accumulated losses-IFRS (correct) Other three items linked wrong
Q: Coronado Industries had sales in 2021 of $5,521,600 and gross profit of $893,200. Management is…
A: The question is based on the concept of Cost Accounting.
Q: Make-or-Buy, Traditional Analysis Wehner Company is currently manufacturing Part ABS-43, producing…
A: If relevant cost is more than purchase price, Whener should but the parts. If relevant cost is less…
Q: Waterway Industries is considering the replacement of a piece of equipment with a newer model. The…
A: The answer for the multiple choice question and relevant working are presented hereunder : Purchase…
Q: A company issued 30 shares of $.50 par value common stock for $12,000. The credit to additional…
A: Introduction: Journals: Each and every business transactions are to be recorded in journals.…
Q: Longmont Corporation earned net income of $90,000 this year. The company began the year with 600…
A: Introduction: EPS : EPS stands for Earnings per share. It tells the profit earned on each…
Q: Kirkland Manufacturing Ltd. (lessee) has signed a lease agreement with VPN Leasing Inc. to lease…
A: Given, Normal selling price = $241625 This is a Finance lease transaction as it satisfy the…
Q: Actuary and trustee reports indicate the following changes in the PBO and plan assets of…
A: Particulars Amount (in $ millions) Net loss-AOCI $210 Less : 10% of beginning PBO (10% x…
Q: a depreciable asset company purchas MACRS depreciation with a 5 year class life. The depreciation…
A: Accounting for Fixed Assets
Q: You are a Tax Director in the following situations: a) A client of the firm has enquired about how…
A: The answer is stated below:
Q: Professor Know All has invested his lifetime savings into the construction of two buildings, made up…
A: In Ghana, there are two rates of withholding tax for rental income to be paid. residential premises…
Q: An increase in the Prepaid Expenses account of $1,000 over the course of a year would be shown on…
A: Under the indirect method of cash flow statement: Decrease in current assets or increase in current…
Q: An electric car company purchases machinery for $700 000 on January 1st. The machinery is expected…
A: Depreciation is the allocation of cost of asset over the useful life of the asset. Under straight…
Q: Which of the following cannot be characterized as a guaranteed payment to a partner? A specified…
A: As per the norms of the Bartleby, in case of multiple independent questions, only solution for the…
Q: Who uses information from an accounting system? A. Stockholders, investors, taxing…
A: A set of accounting procedures and techniques is referred to as the accounting system. Its main aim…
Q: At the end of 2020, its first year of operations, Tyre Recycling Inc. prepared the following…
A: GAAP income is used to determine income tax expense, which is a financial accounting record. The…
Q: Sales and Production Budgets
A: Solution;- 1)Prepare a sales budget for each quarter and for the year in total. Show sales by…
Q: Rotorua Products, Limited, of New Zealand markets agricultural products for the burgeoning Asian…
A: Formula to be used to find the Trend Percentage: Trend Percentage =( Year (any) - Year (base))/Year…
Q: Required: 1. Compute depletion and depreciation on the mine and mining equipment for 2021 and 2022.…
A: Jackpot Mining Company operates a copper mine in central Montana. The company expects to extract…
Q: The managing director of Onyx Garages Ltd is concerned about the profitability of the business. She…
A: Marginal costing- In economics, marginal cost is the change in total cost that occurs when the…
Q: Could you please separate the cash inflows and outflows? Cash flows from operating activities 2021…
A: 1. Cash Inflow - Cash Inflow includes cash coming to the company. Cash Received by the company. 2.…
Q: surance policy and paid a premium of 50000 annually. He paid tuition fee for his
A: Mr B is the resident senior citizen [60+]of India . For F.Y 20-21 & A.Y 21-22 , there are two…
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
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 cash of the new corporation would be:
|
a.
|
120,000 |
b.
|
270,000 |
c.
|
920,000 |
d.
|
1,120,000 |
Step by step
Solved in 3 steps
- EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to issue 500,000 shares of $5 par value common stock. During the year, the corporation had the following transactions: Journalize the transactions.Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.
- Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Apr. 10, issued 1,000 shares of stock for legal services valued at $15,000. Journalize the transaction.Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 7% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.Juniper Company is authorized to issue 5,000,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Mar. 1, issued 4,000 shares of stock in exchange for equipment worth $250,000. Journalize the transaction.
- MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions: Journalize the transactions.Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
- Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.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 200,000Total 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 assets of the new corporation would be: a. 440,000 c. 1,880,000 b. 1,160,000 d. 2,080,000On 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 200,000Total 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