The following are found in the trial balance of M Corporation at December 31, 2021: Authorized ordinary share, P50 par value P3,000,000; Subscription receivable P200,000; Unissued ordinary share P1,000,000; Subscribed ordinary share P500,000; Share premium ordinary P100,000. What is the total number of shares available for subscription

The following are found in the trial balance of M Corporation at December 31, 2021: Authorized ordinary share, P50 par value P3,000,000; Subscription receivable P200,000; Unissued ordinary share P1,000,000; Subscribed ordinary share P500,000; Share premium ordinary P100,000. What is the total number of shares available for subscription

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…
Part of the Financial Position of Candy Inc. as of Dec. 31, 2019 shows the following: Accounts Payable Bonds payable Ordinary Share Capital par) 8% Preference Share Capital (P200 par) 10% Preference Share Capital(P200 par) Р 56,000 500,000 550,000 (P100 300,000 200,000 25,000 50,000 70,000 230,000 (21,000) P 1,960,000 Share Premium – ordinary Share Premium – Preference Appropriations reserve Accumulated Profits Treasury shares - ordinary (P105/sh) Total Equities Dividends are in arrears for two years. The 10% preference share capital is cumulative while the 8% preference share capital is participating up to 12%. If Candy Inc. is liquidated, how much would be received by Mr. Gwapo who holds 500 ordinary shares and 100 shares of 10% preference shares?
How much is the BOOK VALUE PER SHARE for PREFERENCE shares considering that the preference shares are cumulative and participating?
"On January 1, 2020, ABC Company was established as a public shareholding company. ABC Company authorizes 12,000,000 shares of common stock. A par value of JD 1 per share. ABC Company offering for subscription 10,000,000 shares. The number of subscribed shares is 9,500,000 shares at the end date of subscription, the authorized capital of ABC Public Shareholding Company is" "2,500,000" "9,500,000" "12,000,000" "10.000.000" Moving to another question will save this response. « > 1134 AM arch 37°C Haze 9/1/2021 DELL F12 Priscr Insert Delete F8 F9 F4 F6 Num Lock & Backspace 8 TY G Y K Enter B Y N T M Alt Ctri
On July 20, 2021, the XYZ Corporation received subscription for 5,000 shares of its P10 par value ordinary share capital at P15. How much should be credited to Ordinary Share Capital Subscribed? a.) P125,000 b.) P 75,000 c.) P 25,000 d.) P 50,000 SHOW COMPLETE SOLUTION
On October 1, 2021, ATN Corporation, a newly formed company had the following shares issued and outstanding: Preference shares, P50 par, 6,000 shares originally issued at P100; Ordinary share P20 par,20,000 shares originally issued at P60. ATN shareholders' equity should report preference share capital, ordinary share capital and paid-in capital in excess of par, respectively at: a.) P600,000, P1,200,000 0 b.) P300,000, P1,200,000 P300,000 c.) P300,000, P400,000 P1,100,000 d.) P600,000, P400,000 P800,000 SHOW COMPLETE SOLUTION
On May 1, 2020, ABC Corporation, a newly formed company had the following share capital issued and outstanding:· Ordinary share capital, P10 par, 20,000 shares originally issued for P30 per share. · Preference share capital, P100 par, 600 shares originally issued for P 500 per share. 21. What is the amount of Ordinary share capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 60,000 b. 200,000 c. 400,000 d. 640,000 22. Based on Item 21, what is the amount of Preference share capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 60,000 b. 200,000 c. 400,000 d. 640,000 23. Based on Item 21, what is the amount of additional paid in capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 200,000 b. 240,000 c. 400,000 d. 640,000 24. Based on Item 21, what is the amount of contributed…
Accounting Question
Below are the accounts shown in the December 31, 2020 trial balance of ABC Corporation: Preference shares, P50 par, 100,000 authorized, 40,000 shares issued Ordinary shares, P100 par, 200,000 authorized, 50,000 shares issued Subscribed preference share, 20,000 shares Subscribed ordinary shares, 20,000 shares Subscription receivable, preference due March 31, 2021, P180,000 Subscription receivable, ordinary due June 1, 2021, P260,000 Treasury stock, preference, 10,000 shares reacquired at P86 Share premium – Ordinary shares, P1,500,000 Share premium – Preference shares, P2,100,000 Share premium from Treasury, P400,000 Donated Capital, P600,000 Ordinary share warrants outstanding, P300,000 Ordinary share options outstanding, P200,000 Accumulated Profits, P3,100,000 Revaluation Surplus, P1,500,000 Reserve for plant expansion, P1,200,000 Unrealized Gain on financial asset at FMV through OCI/L, P200,000 How much is the total contributed capital of ABC Corporation? Group of answer choices…
On January 01, 2021, ABC Corporation provided you the following information: Ordinary share capital, 300,000 shares issued, P10 par 3,000,000 Preference share capital, 400,000 shares issued, P20 par 8,000,000 Share premium – ordinary shares 1,200,000 Share premium – preference 2,000,000 Retained earnings 6,000,000 Share transactions for the year 2021: March 10 – Reacquired 80,000 preference shares at P35 per share April 20 – Reissued 30,000 preference treasury shares at P43 per share April 25 - Reissued 10,000 preference treasury shares at P30 per share May 13 – Retired 20,000 preference treasury shares. Journal entry on May 13 should include a.Debit share premium – treasury shares – 200,000 b.Debit retained earnings – 200,000…
See image. Choices: a. P780,000 b. P720,000 c. P1,440,000 d. P560,000
Please answer asap! UPVOTE will be given! No long explanation needed. Excel can be used.