shares of ordinary share capital. Subsequently, 250,000 shares were issued at P25 per The Security Corporation was organized on May 1, 2014 and is authorized to issue 500,000 Exercise 8 - 3 (Issuance of Various Classes of Share Capital for Cash) share. Iastructions: Prepare the journal entries to record authorized share capital and the issuance the 250,000 shares using the memorandum entry method under each of the following independent assumptions: 1. Each ordinary share has a par value of P20. 2. Each ordinary share has a stated value of P15. 3. The ordinary shares have no par and no stated value.

shares of ordinary share capital. Subsequently, 250,000 shares were issued at P25 per The Security Corporation was organized on May 1, 2014 and is authorized to issue 500,000 Exercise 8 - 3 (Issuance of Various Classes of Share Capital for Cash) share. Iastructions: Prepare the journal entries to record authorized share capital and the issuance the 250,000 shares using the memorandum entry method under each of the following independent assumptions: 1. Each ordinary share has a par value of P20. 2. Each ordinary share has a stated value of P15. 3. The ordinary shares have no par and no stated 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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Jamaica Corp. organized on June 1,2020, was authorized to issue shares as follows: 9%, 800,000, P100 par, convertible preference shares 2,000,000, P2.50 par value, ordinary shares During the remainder of the fiscal year ended May 31,2021, the following transactions were completed in the order given: 240,000 preference shares were subscribed for at P105, and 720,000 ordinary shares were subscribed for at P26. Both subscriptions were payable 30% upon subscription, the balance in one payment. The second subscription payment was received, except one subscriber for 48,000 ordinary shares defaulted on payment. The full amount paid by this subscriber was returned, and all of the fully paid shares was issued. 120,000 ordinary shares were reacquired by purchase at P28. Each preference share was converted into four ordinary shares. The treasury shares were exchanged for machinery with a fair value market value of P3,440,000. There was a 2 for 1 split and the par value of the new ordinary…
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A company was formed on 1 March 2018 with an authorized capital of OMR 5 million divided into common stock of OMR1 each. The company came up with an Initial Public Offer IPO by issuing 2 million equity shares at OMR 1 each. The amount of Share capital account to be shown on the balance sheet at the end of the year 31st December 2018 assuming that IPO is under subscribed by the public was 1,800,000 as on 31st December 2018. a. The IPO should be cancelled as per Oman Commercial Companies Law b. OMR200,000 c. OMR2,000,000 d. OMR1,800,000\\
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Use the following information for the next three (3) questions: At the beginning of current year, Axed Company was authorized to issue share capital of 100,000 shares with P30 par value. Axed had the following share capital transactions during the year: January 1 Issued 80,000 shares at P70 per share May 1 Reacquired 4,000 treasury shares at P65 per share July 1 Approved a share split of 5 for 1 October 31 Issued a 10% share dividend when the market value of a share is P25 December 31 Reissued all of the treasury shares at P35 December 31 Net income for the year was P4,500,000. What total amount should be reported as share premium at year-end?
determining charges for private pay residents. a. What is the daily contribution margin of each non-private pay resident? b. If 25 percent of the residents are non-private pay, what will Shady Rest charge the private pay patients to break even? d. The owner of Shady Rest Nursing Home insists that the facility earns $1 million in annual profits. How much must the administrator raise the per day charge for the privately insured residents if 25 percent of the residents are covered by non-private pay payers? thank you:)
Madihlaba Ltd had the following capital structure at 30 June 2014, its prior reporting date:Share type Number of sharesClass A shares (issued at R1 each) 1 000 000Class B shares (10% cumulative dividend) issued at 50c each 400 000During the period ending 30 June 2015, the entity issued 300,000 new Class A shares to the existing shareholders as capitalization shares on 1 January 2015, and issued a further 200,000 Class A shares at their fair value of R2 each on 1 April 2015.The following extract was obtained from the statement of changes in shareholders’ equity:30/6/2015 30/6/2014R'000 R'000Retained income opening balance 3 080 2 000Profit/(Loss) for the period 1 700 1 400Less: Class B dividends (20) (20)Less: Class A dividends (450) (300)Retained income closing balance 4 310 3 080REQUIRED:3.1 Calculate basic earnings OR earnings attributable to ordinary shareholders for 2015. 3.2 Calculate the Weighted Average Number of Ordinary Shares (WANOS). 3.3 Hence calculate the Basic Earnings…
What is the journal entry for each date
In 2007, Xero Ltd. offered a subscription of 15 million shares at an offer price of $1.00 per share with the ability to accept oversubscriptions of up to $3 million. The prospectus detailed the requirement that all applications must be accompanied by payment in full for the total number of shares applied for and stated that application monies will be banked upon receipt into a designated bank account and held on trust pending the allocation of shares. Required: Assuming all 18 million shares were applied for, prepare the journal entry to record the receipt of application monies. Apart from recording a cash inflow, explain whether Xero should also record another asset, a liability, revenue or an expense upon collection of application monies, and explain why.
On January 5, 2020, Buffalo Corporation received a charter granting the right to issue 5,500 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 46,300 shares of $10 par value common stock. It then completed these transactions. Dec. 31 Declared a $0.25 per share cash dividend on the common stock and declared the preferred dividend. Record the journal entry for the transaction listed above.