Question 2XYZ Company issues 2,000 convertible preference shares that have a par value of €1 per share. The shareswere issued at a price of €400 per share. Prepare journal entry to record the transaction.Best Wishes!!

JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Answered: Question 2 XYZ Company issues 2,000…

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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Problem 4 Elegant Co. was organized on Jan. 1, 2022. On that date, it issued 1,000,000 shares of P1.00 par value ordinary stock at P1.50 per share (2,000,000 shares were authorized). During the year: (a) Elegant received various subscriptions totaling 500,000 shares for 30% down at P1.25 per share; (b) It was able to collect P400,000 of the subscriptions; (c) From the subscriptions, it had issued 450,000 shares. Questions: 1. What is the balance of the subscriptions receivable at the end of the year? 2. What is the total number of shares still subscribed? | 3. Assume that the remaining shares were declared delinquent and were sold in a public auction incurring P10,000. What is the total amount paid by the delinquent subscriber?
Question 14 Brianna company has 2,500,000 ordinary shares outstanding on January 1, 20B. An additional 500,000 ordinary shares were issued on April 1, 20B, and 250,000 more on July 1, 20B. On October 1, 20B, Brianna issued 5,000, P1,000 face value, 7% convertible bonds. Each bond is convertible into 40 ordinary shares. No bonds were converted into ordinary shares in 20B. What is the number of shares to be used in computing diluted earnings per share? 2,875,000 2,925,000 3,000,000 3,050,000
Problem 4 On December 29, 2018, Blue Company was registered at the Securities and Exchange Commission with 100,00 authorized shares of P100 par value. The following were Blue's transactions: December 29, 2018 May 14, 2019 August 9, 2019 December 31, 2019 Issued 40,000 shares at P105 per share. Purchased 600 of its ordinary shares at P110 per share. 400 treasury shares were resold at P95 per share. Profit for 2019 is P830,000. Dividends paid P200,000. 34. What is the total outstanding shares? 35. What is the balance of treasury shares? 36. How many shares are entitled to receive dividends? 37. What is the total shareholders' equity? Problem 5 Partners A & B have capital balances of P600,000 and P400,000 and share profits and losses in the ratio of 3:2, respectively, before the admission of C. With the consent of B, A sells one-half of his equity to C, with C paying A the amount of P350,000. 38. What is A's capital balance after the admission of C? 39. What is the total partnership…
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Question 6 On January 1, 20B, Lovell company had 600,000 ordinary shares outstanding. On April 1, 20B, an additional 180,000 ordinary shares were issued for cash. Lovell also had P5,000,000 of 8% convertible bonds outstanding during 20B, which are convertible into 150,000 ordinary shares. The bonds are dilutive in the 20B earnings per share computation. No bonds were issued or converted into ordinary shares during 20B. What is the number of shares that should be used in computing diluted earnings per share? 735,000 780,000 885,000 930,000
QUESTION 1 Ava Consulting issued 1180 shares of previously unissued common stock with a par value of $1. The selling price for the stock was $5 share The credit to Additional Paid in Capital - Common Stock would be $ per
QUESTION 4 Emma Consulting had previously purchased 3,466 shares of treasury stock for $7 per share. Emma then sold 1,225 shares of the treasury stock for $13 per share. The credit to treasury stock to record the sale would be $
Issuing Common Stock Palan Products Inc. sold 46,750 shares of common stock to stockholders at the time of its incorporation. Palan received $48 per share for the stock. Required: Question Content Area 1. Assume that the stock has a $16 par value per share. Prepare the journal entry to record the sale and issue of the stock. If an amount box does not require an entry, leave it blank.
What are the journal entries for the following 3 transactions?
C2 ✓ fx A B D E E11.4 (LO 2), AP Instructions Osage Corporation issued 2,000 shares of stock. Prepare the entry for the issuance under the following independent assumptions. a. The stock had a par value of $5 per share and was issued for a total of $52,000. b. The stock had a stated value of $5 per share and was issued for a total of $52,000. C. The stock had no par or stated value and was issued for a total of $52,000. d. The stock had a par value of $5 per share and was issued to attorneys for services provided during incorporation valued at $52,000. e. The stock had a par value of $5 per share and was issued for land worth $52,000. Date Account Debit Credit a. 1/10/22 b. 1/10/22 C. 1/10/22 d. 1/10/22 e. 1/10/22 X F
Plz solve for A and B it’s timed!!
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Question 2 XYZ Company issues 2,000 convertible preference shares that have a par value of €1 per share. The shares were issued at a price of €400 per share. Prepare journal entry to record the transaction.