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FINANCIAL ACCOUNTING
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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.At the end of the accounting year, December 31, 2005, Emme's records reflected the following: Common stock, no par, 5,000 shares issued, issue price P12 per share Preferred stock, par P5, 1,000 shares issued and outstanding; issue price, P15 per share Unrealized gain, available-for-sale securities, P18,000 Retained earnings, P20,000 (unappropriated) Preferred stock, par P5, subscribed (not yet issued), 400 shares; subscription price P20 per share Subscriptions receivable on the preferred stock P5,000 to be collected on January 1, 2006 Reserve for bond sinking fun, P15,000 Treasury stock, common stock, 1,000 shares, cost P10 per share Total stockholders' equity is: (a) P120,000 (b) P121,000 (c) P125,000 (d) P136,000
Transcribed Image Text:.At the end of the accounting year, December 31, 2005, Emme's records reflected the following: Common stock, no par, 5,000 shares issued, issue price P12 per share Preferred stock, par P5, 1,000 shares issued and outstanding; issue price, P15 per share Unrealized gain, available-for-sale securities, P18,000 Retained earnings, P20,000 (unappropriated) Preferred stock, par P5, subscribed (not yet issued), 400 shares; subscription price P20 per share Subscriptions receivable on the preferred stock P5,000 to be collected on January 1, 2006 Reserve for bond sinking fun, P15,000 Treasury stock, common stock, 1,000 shares, cost P10 per share Total stockholders' equity is: (a) P120,000 (b) P121,000 (c) P125,000 (d) P136,000
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