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
Q: TJH Corporation was organized on January 1, 2020, with authorized capital of 200,000 shares of P10…
A: Formula: Share capital = Number of shares issued x Issue price.
Q: The shareholders' equity of Brenalyn Corporation at January 1, 2021 appears below: 12% Preference…
A: The ordinary shares of a company can be issued at par, at discount, or at a premium. When an…
Q: The equity accounts of Marvell Ltd. on January 1, 2020, were as follows. Share Capital Preference…
A: The purpose of making the Balance Sheet or the Statement of Financial Position is to present the…
Q: Knicks Corporation was organized on January 1, 2018 with authorized capital of P 2,000,000, P 20 par…
A: Formula: Amount = 25 % shares subscribed x Each share issue price.
Q: he accounts below appear in the December 31,2020 trial balance of Luna Company: Authorized share…
A: Owner equity means the amount that belong to the owner of the business. Any profit will increase…
Q: Princess company began operations on January 1, 2020 by issuing at 15 per share one-half of the…
A: given Princess company began operations on January 1, 2020 by issuing at 15 per share one-half of…
Q: The following accounts are found in the trial balance of Dawn Corporation as December 31, 2019.…
A: Answer a)
Q: oy Ashliy Company reported the following amounts in the shareholders' equity section Of its December…
A: Preference shares, also known as preferred stock, were shares of a corporation's stock that pay…
Q: Favor Corp. was organized on January 1, 2020 and was authorized to issue 50,000 ordinary shares with…
A: The authorized capital is fixed and out of which shares are subscribed and paid.
Q: On April 1,2020, ABC Corporation, a newly formed company, had the following shares issued and…
A: Legal Capital is that part of the equity stock owners who are not allowed to liquidate their…
Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…
A: Dividend: It is the distribution of profits to its shareholders when a corporation makes profit .
Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…
Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…
A: SOLUTION- NOTE= DIVIDEND ARREARS OF 2 YEARS DOES NOT EFFECT RETAINED EARNING OF THIS YEAR…
Q: Marvel Inc. was incorporated on January 1, 2020. Information about its authorized shares is shown…
A: Stockholders' equity can be calculated by subtracting the total liabilities of a business from total…
Q: Below are the accounts shown in the December 31, 2020 trial balance of ABC Corporation: Preference…
A: Preference shares (40,000 x P50) = P2,000,000 Ordinary shares (50,000 x P100) = P5,000,000
Q: On December 31, 2021, WHITE Company reports the following amounts in its shareholders' equity…
A: The book value per share is calculated as shareholders' equity divided by number of issued and…
Q: Joy Ashliy Company reported the following amounts in the shareholders' equity section Of its…
A: Retained earnings is an account which represents the accumulated earnings of a firm till the balance…
Q: ABC Company was incorporated on January 1, 2018 with 100,000 ordinary shares, no par value, stated…
A: Capital employed is the amount of money which is contributed by the owner or owners of a business…
Q: BananaQ Company was organized on January 1,2020, with an authorization of 400,000 ordinary shares, a…
A: Share premium refers to the excess amount received over the par value of the shares on the issue of…
Q: M. Suave Inc. was organized on January 1, 2018 with authorized ordinary share capital of P…
A: A corporation's stock shares are measured in shares. Shares serve as a financial asset for certain…
Q: On April 1,2020, TJH Corporation, a newly formed company, had the following shares issued and…
A: Total Legal capital + Common stock, par + Preferred stock, par Total Shareholders' equity = Common…
Q: ABC Corporation was organized on January 1, 2020, with authorized capital of 200,000 shares of P10…
A: Share premium from Jan. 12 transaction = (Issue value per share - par value per share) x no. of…
Q: Below are the accounts shown in the December 31, 2020 trial balance of ABC Corporation:…
A: Additional paid in Capital - It is the difference between the par value of stock and amount of price…
Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…
A: SOLUTION- CUMULATIVE PREFERENCE SHARES ARE REGULAR PREFERENCE SHARES WITH ONE ADDITIONAL BENEFIT.
Q: The accounts below appeared in the Dec. 31, 2019 trial balance of the c Corporation: P270,000…
A: Since we only answer up to 3 subparts, we will answer the first 3. Please resubmit the question and…
Q: During May 20x1, the entity issued 90,000 of its P10 par value ordinary shares for income through…
A: Retained earnings refers to that part of the accumulated net income of a corporation which is…
Q: contributed capital
A: Contributed capital includes the amount of capital for which cash has been received.
Q: On April 1,2020, ABC Corporation, a newly formed company, had the following shares issued and…
A: Total Legal capital + Common stock, par + Preferred stock, par Total Shareholders' equity = Common…
Q: On February 2019, Sean Company began operations by issuing at P15 per share 50% of the 950,000…
A: Share premium is the amount received on issue of ordinary shares in excess of its par value.…
Q: On April 1,2020, ABC Corporation, a newly formed company, had the following shares issued and…
A: Total Legal capital = Par value of common and preferred stock Total Shareholder’s equity = Total…
Q: Hepfagon Lfd has 320 million ordinary shares with par value of $0.80 as at December 31, 2019. On…
A: The entry for right issue is same as if company issues ordinary shares
Q: ABC Co. was organized on January 1, 2019, with an authorization of 1.200.000 ordinary shares with a…
A: Share premium on ordinary shares issued = No. of shares issued x (Issue price per share - par value…
Q: Below are the accounts shown in the December 31, 2020 trial balance of ABC Corporation: Preference…
A: Preference shares (40,000 x P50) = P2,000,000 Ordinary shares (50,000 x P100) = P5,000,000
Q: The following accounts are found in the trial balance of Dawn Corporation as December 31, 2019.…
A: Authorized share capital means the amount which the company can legally issued. Issued share capital…
Q: d: Jan 5: Issuance of 6,000 shares at PI 10 per share for cash. Stock issue costs that were paid by…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Below are the accounts shown in the December 31, 2020 trial balance of ABC Corporation: Preference…
A: Preference shares (40,000 x P50) = P2,000,000 Ordinary shares (50,000 x P100) = P5,000,000
Q: The cash dividends declaration on December 15 includes a debit to retained earnings of
A: As per our protocol we provide solution to the one question only and you have asked four multiple…
Q: 0 authorized, 40,000 shares issued Ordinary shares, P100 par, 200,000 authorized, 50,000 shares…
A: The cash and other assets that shareholders have provided a corporation in return for stock are…
Q: Jamaica Corp. organized on June 1,2020, was authorized to issue shares as follows: 9%, 800,000,…
A: Every company in order to raise its capital, issues the shares like equity or preference where these…
Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…
A: Shareholders equity comprises of share capital and reserves and surplus less treasury stock.
Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…
A:
Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…
A: 5B. Number of PREFERENCE shares outstanding = No. of shares issued -tresaury shares = 20000 - 4000 =…
Q: ananaQ Company was organized on January 1,2020, with an authorization of 400,000 ordinary shares, a…
A: Solution Given Number of authorized shares 400000 Jan 5 issued 225000 shares July 28…
Q: On February 2019, Sean Company began operations by issuing at P15 per share 50% of the 950,000…
A: Stockholder's equity on 31 Dec 2020 Ordinary Share Capital Authorized 950,000 shares of…
Q: The following is the Stockholders' Equity section of the balance for Spencer Corporation as of…
A: No. of shares issued under stock dividend = No. of shares issued and outstanding x stock dividend…
Q: The Silver Ray Corporation was organized on January 1, 2018 with authorized share capital consisting…
A: The share premium is the excess amount received from issuance of shares as compared to par value of…
Q: ABC Corporation was organized on January 1, 2020, with authorized capital of 200,000 shares of P10…
A: Formula: Share capital = Number of shares issued x Issue price per share.
Q: issuing at P15 per share one-half of the 950,000 ordinary On January 1, 2021, Penn Company began…
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…
Q: Below are the accounts shown in the December 31, 2020 trial balance of ABC Corporation:…
A: Additional Paid in Capital - Is the amount of difference between the par value of stock and actual…
Q: The DWMR Corporation was incorporated on March 1, 2021 with the followiee authorized share capital:…
A: Memorandum method is a short message type entry method of recording transactions of share capital.…
Step by step
Solved in 2 steps
- The following accounts are found in the trial balance of Dawn Corporation as December 31, 2019. Authorized Ordinary share capital, P 100 par P1,000,000; Unissued Ordinary share capital P300,000; Subscribed Ordinary share P200,000; Ordinary share subscription receivable P100,000; Ordinary share premium P70,000. The total number of shares issued is Using data in number 1, the total number of shares still available for subscription isThe following accounts are found in the trial balance of Dawn Corporation as December 31, 2019. Authorized Ordinary share capital, P 100 par P1,000,000; Unissued Ordinary share capital P300,000; Subscribed Ordinary share P200,000; Ordinary share subscription receivable P100,000; Ordinary share premium P70,000. The total number of shares issued is _____. Using data above, the total number of shares still available for subscription is ______.Avalanche Inc. revealed the following information for the year ended December 31, 2021: Preference share, P100 par - P2.4 million; Share premium, preference - P700,000; Ordinary share, P15 par - P3.5 million; Share premium, ordinary - P1.5 million; Subscribed ordinary share - P100,000; Retained earnings - P2 million; Subscription receivable, ordinary - P20,000 How much is the legal capital?
- 1. Avalanche Inc. revealed the following information for the year ended December 31. 2021 Preference share. P100 par-P2.4 million; Share premium, preference - P700,000; Ordinary share, P15 par-P3.5 million, Share premium, ordinary-P1.5 million. Subscribed ordinary share - P100,000, Retained earnings - P2 million, Subscription receivable, ordinary - P20,000 How much is the legal capital? A.P6 million B.PB 1 million CP5.9 million D.P8 2 million 2.At the beginning of 2021, DAI Corp. was organized with authorized capital of 200,000, P500 par value shares. The following transactions transpired during its first year of business. February 4- Issued 15.000 shares at P510 per share April 10- Issued 3,000 shares for services received (FMV of the services is P1.7 million). October 23-Issued 5,000 shares in exchange for a land (FMV) the land is P3 million) What amount should be reported as share premium? A.11.500.000 B. 23.000 C.850.000 D.12.350.000 3. At the beginning of 2021, DAI Corp. was…Integrity Company, a newly formed company, had the following shares issued and outstanding as of April 1, 2022: Ordinary share, P20 par (20,000 shares originally issued for P60 per share) Preference share, P50 par (6,000 shares originally issued for P100 per share) How much is the Ordinary Share Capital, Preference Share Capital, and Share Premium, respectively? a. P400,000; P300,000; and P1,100,000 b. P1,200,000; P300,000; and P300,000 c. P400,000; P600,000; and P800,000 d. P1,200,000; P600,000; and P0Pat Company reported the following information on December 31, 2020. Determine the legal capital: * P230 000 80 500 525.000 275,000 5.000 Preference Share, P100 par Share Premium - Preference Ordinary Share, P15 par Share Premium- Ordinary Subscribed Ordinary Share Retained Earnings Notes Payable Subscription receivable- Ordinary 190,000 400,000 40,000 Your answer This is a required question
- The shareholders’ equity section of THANOS Company revealed the following information on December 31, 2021: Preference share, ₱100 par,₱2,300,000; share premium-preference, ₱805,000; ordinary share,₱15 par, ₱5,250,000; share premium-ordinary, ₱2,750,000; subscribed ordinary share,₱50,000; Accumulated profits and losses,₱1,900,000; and stock dividends payable-ordinary, ₱450,000. How much is legal capital? a. ₱ 5,750,000 b. ₱ 8,050,000 c. ₱ 8,000,000 d. ₱ 7,600,000On 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 SOLUTIONAlpha company reported the following equity accounts on January 1, 2020. Share capital, P20 par, P8,000,000; Share premium, P2,750,000; Retained earnings, P1,275,000. All shares outstanding on January 1 were issued for P26 a share. On December 31, the entity reacquired 20,000 shares at P24 a share and retired them. What is the balance of the share premium?
- 1. Using the information provided below, what is the share premium balance on December 31, 2021? The following are Lyca Company's equity accounts at December 31, 2020: • Ordinary share capital, par value P10; authorized 200,000 shares; issued and outstanding 120,000 shares. ............... P1,200,000 • Share premium........ ............... 180,000 • Retained earnings................ .............................. 720,000 . Lyca Company uses the cost method of accounting for treasury shares. The following transactions occurred in 2021: - Acquired 8,000 ordinary shares for P144,000. - Sold 6,500 treasury shares at P20 per share - Retired the remaining treasury shares a. P117,000 b. P168,000 c. P181,000 d. P193,000Below 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,…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…