Lacoste Inc., was organized on January 2, 2019 with a total authorized capital of P 2,000,000, P 20 par value. Subsequently, incorporators subscribed for 25,000 shares at P 24. How much must be paid up upon subscription to comply with the requirement of the Securities and Exchange Commission?
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Lacoste Inc., was organized on January 2, 2019 with a total authorized capital of P 2,000,000, P 20 par value. Subsequently, incorporators subscribed for 25,000 shares at P 24. How much must be paid up upon subscription to comply with the requirement of the Securities and Exchange Commission?
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- Knicks Corporation was organized on January 1, 2018 with authorized capital of P 2,000,000, P 20 par value. Subsequently, incorporators subscribed for 25,000 shares at P 24. How much must be paid up upon subscription to comply with the requirement of the Securities and Exchange Commission?M. Suave Inc. was organized on January 1, 2018 with authorized ordinary share capital of P 2.000,000, P 50 par value. Subsequently, incorporators subscribed for 25,000 ordinary shares at P 54. How much must be paid up upon subscription to comply with the requirement of the SEC?ABC Co. was organized on January 1, 2019, with an authorization of 1.200.000 ordinary shares with a par value of Rp6 per share. During 2019, the corporation had the capital transactions as provided below. ABC Co. used the cost method to record the purchase and reissuance of the treasury shares. What is the total amount of share premium as of December 31, 2019?
- ANSWER IN GOOD ACCOUNTING FORM! THANK YOUUU.. Edguy Company was organized on January 1, 2019. On that date, it issued 200,000 ordinary shares of P10 par value at P15 per share. The entity was authorized to issue 400,000 ordinary shares. During the period January 1, 2019 through December 31, 2020, the entity reported net income of P750,000 and paid cash dividend of P380,000. On January 5, 2020, the entity purchased 12,000 ordinary shares at P12 per share. On December 31, 2020, 8,000 treasury shares were sold at P8 per share and the remaining treasury shares were retired. The entity used the cost method of accounting for treasury shares. What amount should be reported as total shareholders' equity on December 31, 2020?Can I ask the solution to this problem? In good accounting form. Thank you. Edguy Company was organized on January 1, 2019. On that date, it issued 200,000 ordinary shares of P10 par value at P15 per share. The entity was authorized to issue 400,000 ordinary shares. During the period January 1, 2019 through December 31, 2020, the entity reported net income of P750,000 and paid cash dividend of P380,000. On January 5, 2020, the entity purchased 12,000 ordinary shares at P12 per share. On December 31, 2020, 8,000 treasury shares were sold at P8 per share and the remaining treasury shares were retired. The entity used the cost method of accounting for treasury shares. What amount should be reported as total shareholders' equity on December 31, 2020?Jerico Corporation was organized on January 1, 2021 with authorized capital of P2,000,000 consisting of 100,000 ordinary shares, P20 par value. Subsequently, incorporators subscribed for 25,000 shares at P24. How much must be paid up upon subcription to comply with the requirement of the Securities and Exchange Commission? a.) P150,000 b.) P500,000 c.) P125,000 d.) P600,000 SHOW COMPLETE SOLUTION
- Please check the given data. :) Edguy Company was organized on January 1, 2019. On that date, it issued 200,000 ordinary shares of P10 par value at P15 per share. The entity was authorized to issue 400,000 ordinary shares. During the period January 1, 2019 through December 31, 2020, the entity reported net income of P750,000 and paid cash dividend of P380,000. On January 5, 2020, the entity purchased 12,000 ordinary shares at P12 per share. On December 31, 2020, 8,000 treasury shares were sold at P8 per share and the remaining treasury shares were retired. The entity used the cost method of accounting for treasury shares. What amount should be reported as total shareholders' equity on December 31, 2020?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.“The N” Corporation is authorized to issue 100,000 ordinary shares, P17 par value. At the beginning of 2019, 18,000 ordinary shares were issued and outstanding. These shares had been issued at P24. During 2019, the company entered into the following transactions: Jan. 16 Issued 1,300 ordinary shares at P25 per share Mar. 21 Exchanged 12,000 ordinary shares for a building. The ordinary shares were selling at P27 per share. The building had a carrying amount of P412,000. Jul. 1 Accepted subscriptions to 1,000 ordinary shares at P28 per share. The contract called for 10% down payment with the balance due on December 1. Sept. 20 Sold 500 treasury shares with cost of P26 per share at P29 per share. Dec. 1 Collected the balance due on July 1 subscriptions and issued the shares. Compute for the total contributed capital for December 31, 2019.
- 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.…On July 1, 2020, Phoenix company offers to issue their accountant 800 common shares at their current market value of $12 per share, to equal the fair value of $9,600. The accountant accepts the offer of shares in exchange for accounting services. Record the journal entry for the issuance of shares. Select one: a. Debit Cash $9,600, Credit Common Shares $9,600 b. Debit Accounting Fees Expense $9,600, Credit Cash $9,600 c. Debit Accounting Fees Expense $9,600, Credit Common Shares $9,600 d. Debit Cash $9,600, Credit Service Revenue $9,600Required: Give the journal entries to record the foregoing transactions and prepare the equity section of the statement of financial position as of January 31, 2020 under a. memorandum entry method, b.journal entry method The following are the transactions of JEYA Inc. for the month of January 2020. January 5 officially formed the corporation with 5,000,000 authorized share capital at P10 par value. January 6 the incorporators subscribed and paid in full 1,000,000 shares. January 8 issued 500,000 shares to an investors for P15 per share. January 10 received subscription from an investor for 200,000 shares at P20 per share. January 15 issued 5,000 shares for incorporation services rendered by a consultancy firm. The service is worth P100,000. January 20 issued 500,000 shares for P16 per share. January 24 collected the payment for subscription on January 10. January 27 received subscription for 1,000,000 shares at P11 per share receiving 50% advanced payment. January 30 issued 2,000…