Please answer numbers 16 and 17: 1.Worldwide Company was authorized to issue 10,000 preference shares ofP200 par value and 100,000 ordinary shares of P20 par value. Subscriptionfor 4,000 preference shares was received at P225 per share with a downpayment of 25%. The balance is payable after 60 days.16. What is the amount of Share Premium - Preferencerecognized by Worldwide upon receipt of thepreference share subscription?J.On January 31, 2018, Mendoza Corporation was incorporated with anauthorized share capital of P3,000,000 divided into 100,000 shares of P30par. In February, 30,000 shares were sold for P40 per share. In March,20,000 shares were sold on a subscription basis at a price of P45 per share.As of December 31, 2018, one-half of the subscriptions in March wascollected.What amount will appear on the December 31, 2018statement of financial position as Ordinary ShareСapital?17.

Calculation of share premium - Preference: Premium per share: Received 225 Less: Par 200…

Worldwide Company was authorized to issue 10,000 preference shares of P200 par value and 100,000 ordinary shares of P20 par value. Subscription for 4,000 preference shares was received at P225 per share with a down payment of 25%. The balance is payable after 60 days.

Worldwide Company was authorized to issue 10,000 preference shares of P200 par value and 100,000 ordinary shares of P20 par value. Subscription for 4,000 preference shares was received at P225 per share with a down payment of 25%. The balance is payable after 60 days.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 27CE: Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common...

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Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
Required: 1.Prepare a memorandum entries to record the transactions.
Required: 1.Prepare a memorandum entry
Shrek Inc., had issued subscriptions for common shares on March 1, 2020. 40% of the subscription was to be paid by the subscribers on April 1 and the balance on June 1. The company would thereafter issue the shares on June 15. On April 1, the company received the funds for the first instalment and prepared the following journal entry to record the transaction: DR Cash $446,400 CR Share Subscription Receivable $446,400 On June 1, 2,000 subscribers failed to pay the second instalment and their subscriptions were forfeited. The company received the funds due on the second instalment from the remaining subscribers and prepared the following journal entry to record the transaction: DR Cash $648,000 CR Share Subscription Receivable $648,000 For how many shares were subscriptions issued by Shrek on March 1, 2020? Select one: a.…
4. ABC Co. issued a prospectus for the issue of 900,000shares at $6 per shares on 1 January 2019. The prospectus specified that $3.50 was payable on application, a further $1.25 was payable on allotment and the final $1.25 was payable at call. On 31 January 2019 ABC issued 300,000 shares. On 31 May 2019, the company made the call for the outstanding balance of $1.25 per share. The call was payable by 30 June 2019. At 30 June 2019, the call on 30,000 shares remained unpaid.Instructions:b) The Share Capital that would appear in the Balance Sheet of ABC Co. (2marks)
4. ABC Co. issued a prospectus for the issue of 900,000shares at $6 per shares on 1 January 2019. The prospectus specified that $3.50 was payable on application, a further $1.25 was payable on allotment and the final $1.25 was payable at call. On 31 January 2019 ABC issued 300,000 shares. On 31 May 2019, the company made the call for the outstanding balance of $1.25 per share. The call was payable by 30 June 2019. At 30 June 2019, the call on 30,000 shares remained unpaid.Instructions:a) Prepare the journal entries to account for the issue of shares for ABC andb) The Share Capital that would appear in the Balance Sheet of ABC Co.
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Journalize. Analyze and journalize the following transactions. On July 1, Sarangani Marketing Corporation is authorized to issue 10,000 ordinary shares at P100 par value per share. On July 2, 2020 the six (6) incorporators have subscribed to 2,500 shares at par value and paid P62,500 of the subscription. Other transactions follow: July 16 Neria Asperga subscribed to 100 ordinary shares and made down payment of P4,500. 18 Narvin La'chica subscribed to 100 ordinary shares. Elizabeth Palma Gil, one of the incorporators, paid her subscription balance in full and a share certificate for 200 shares was issued: 200 shares subscribed at P100 Less: 25% subscription payment Balance P 20,000 5,000 P 15,000 25 Received cash of P35,000 from the incorporators as partial payment of their subscription balances. 30 31 Neria Asperga paid the subscription balance in full and a share certificate is issued.
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What is the journal entry for each date
C. On March 1, 2018, Plain, Inc. sold 40,000 shares of its P 30 par value Ordinary Share Capital on a subscription basis at P 50 per share. The corporation received a 30% down payment on the date of subscription. On March 10, 2018, the corporation collected the balance of the subscription and issued the certificates. Required: Prepare the journal entries to record above transactions.
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