Homework Help is Here – Start Your Trial Now!
Business
Accounting
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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please answer numbers 16 and 17:

 

1. 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. 16. What is the amount of Share Premium - Preference recognized by Worldwide upon receipt of the preference share subscription? J. On January 31, 2018, Mendoza Corporation was incorporated with an authorized share capital of P3,000,000 divided into 100,000 shares of P30 par. 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 was collected. What amount will appear on the December 31, 2018 statement of financial position as Ordinary Share Сapital? 17.
Transcribed Image Text:1. 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. 16. What is the amount of Share Premium - Preference recognized by Worldwide upon receipt of the preference share subscription? J. On January 31, 2018, Mendoza Corporation was incorporated with an authorized share capital of P3,000,000 divided into 100,000 shares of P30 par. 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 was collected. What amount will appear on the December 31, 2018 statement of financial position as Ordinary Share Сapital? 17.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Annuity
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS