7. On Dec. 31, 2018, selected accounts from the trial balance of Dimaculangan, Inc. shoed up thefollowing balances.DebitCredit• Retained EarningsSubscribed Ordinary Shares,2 000 sharesP1 550 000100 000• Long-term Notes Payable5% Preference Shares, P100 parShare Premium-Ordinary• Subscriptions ReceivableShare Premium-Treasury• Organization Expense600 0001 500 0001 350 000P 120 000280 000200 000Share Premium-Preference850 000• Ordinary Shares, P50 par• Donated CapitalTreasury Stock, 450 shares at2 500 000590 00040 000CostDimaculangan was authorized by its articles of incorporation to issue 500 000 shares of P50 parordinary shares and 25 000 shares of P100 par cumulative nonparticipating preference shares.Note that the subscriptions receivable are collectible next year.Required: Choose the appropriate shareholders' equity accounts from those listed aboveand prepare the shareholders' equity section of Dimaculangan, Inc.'s Dec. 31, 2018statement of financial position.

Shareholders' Equity denotes the net worth of the business and this can be arrived at by subtracting…

Answered: Retained Earnings Subscribed Ordinary…

Retained Earnings Subscribed Ordinary Shares, 2 000 shares Long-term Notes Payable 5% Preference Shares, P100 par Share Premium-Ordinary Subscriptions Receivable Share Premium-Treasury

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 17E

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6. The trial balance of Diamante Corporation as of Dec. 31, 2018, contained the following selected balances: a. 17% Notes Payable, due May 1, 2020 b. Allowance for Uncollectible Accounts P4 000 000 60 000 c. Ordinary Shares, no-par, P20 stated value; 300 000 shares 6 000 000 d. Retained Earnings-Unappropriated e. Cash Dividends, Payable (declared Dec. 15 on preference f. Appropriation for Pending Litigation 500 000 14 000 600 000 g. 6% Preference Shares, P200 par, 3 000 shares authorized, issued and outstanding h. Donated Capital i. Share Premium-Preference 600 000 400 000 10 000 Required: Present the shareholders' equity section of the statement of financial position as of Dec. 31, 2018.
The shareholders' equity section of De Guzman Company revealed the followinginformation on Dc. 31, 2019: Preference Shares, P100 par P2,300,000Share Premium-Preference 805,000Ordinary Shares, P15 par 5,250,000Share Premium-Ordinary 2,750,000Subscribed Ordinary Shares 50,000Retained Earnings 1,900,000Notes Payable 4,000,000Subscription Receivable-Ordinary 400,000 Required: How much is the legal capital?
Bay Holdings Limited: 30 June 2021.Required: Statement of financial position as at: 30 June 2021InformationBALANCE SHEET ACCOUNTSOrdinary share capital 2 648 000Retained income (1 Jul 2020) 490 000Shareholders for dividends 280 000Fixed deposit 60 000Mortgage bond 336 000Fixed/tangible assets (Carrying value) 4 021 000Debtors control 45 000Creditors control 85 200Creditors for salaries 12 300Provision for bad debts ?SARS (Income tax) 400 000SARS (PAYE) 6 650Expenses payable (accrued) 7 200Income receivable (accrued) 7 950Bank 28 450Trading stock/inventory 129 600Consumable stores 5 600 Additional information1.The net profit after tax for the year amounted to R875 0002.Provision for bad debts should be adjusted to 5 % of debtors.3.One third of total fixed assets matures on 31 August 2021.4.A portion of loan amounting to R48 000 will be paid on 31 December 2021.5.SARS (Income tax) owes the business R25 000 for tax overpayment.
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What is the total shareholders equity?
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current liabilities?
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current assets?
Prior to subscription of Color, the accounting equation of Rado’s corporation is:Asset=Liabilities+Equity P1,000,000 P 250,000 P 750,000 Color subscribed 2,500 shares at P100 par that will be due and collectible 18 months from December 31, 200B, the balance sheet date of Rado. After subscription of Color, the accounting equation of Rado would be Total AssetsTotal LiabilitiesStockholders equity a.P1,250,000P250,000P1,000,000 b.P1,250,000P500,000P 750,000 c.P1,000,000P250,000P 750,000 d.P1,000,000P500,000P 750000
X collected in full the balance of subscription receivable of P187.500 for the total subscription of 10,000 P25 par common stocks. The journal entry to record the issuance of certificates under journal entry method will require a a. debit to subscribed capital of P187,500. b. debit to subscribed capital of P 200,000, C. credit to unissued stock of P 250,000. d. credit to capital stock of P187.500.
Dashboard VitalSource Booksh... Spotify-Web Pla E5.8 (LO1, 2) (Current vs. Non-Current Llabilides) Pascal Corporation is preparing Its December 31, 2019, statement of financial position. The following items may be reported as either a current or non-current liability 1. On December 15, 2019, Pascal declared a cash dividend of $2.00 per share to shareholders of record on Decenber 31, The dividend is payable on January 15, 2020 Pascal has ssued 1.000,000 ordinary shares of which 50,000 shares are held in treasury. 2. AL December 31, bonds payable of $100.000 000 are outstanding The bonds pay 8% interest every September 30 and mature in instaliments of $25,000,000 every September 30, beginning September 30, 2020. 3. Al December 31, 2018, customer advances were $12 000.000 During 2019. Pascal collected $30.000,000 of customer advances advances of $25.000.000 represent performance obligations, which have been satisfied. Instructions For each item above. indicate the dollar amounts to be…
After formation on Aug. 1, 2018, the ledger accounts of the Ilano Corporation have the following balances: Accrued Expenses = P50,000 Accounts Payable = P400,000 Accounts Receivable = P220,000 Allowance for Uncollectible Accounts = P20,000 Building = P1,000,000 Cash = P160,000 Ordinary Shares, P250 par, 50,000 shares authorized = P1,513,000 Subscribed Ordinary Shares = P80,000 Furniture and Fixtures = P250,000 Merchandise Inventory = P1,000,000 Notes Payable-Short Term = P250,000 Organization Expense = P30,000 Share Premium-Ordinary = P60,000 Share Premium-Preference = P30,000 10% Noncumulative and Nonparticipating Preference Shares, 30,000 P500 par, 5,000 shares authorized = P250,000 10% Preference Shares Subscribed, P500 par = P100,000 Subscriptions Receivable-Ordinary = P41,000 Subscriptions Receivable-Preference = P52,000 Required: 1. Determine the following: a. How many ordinary shares are outstanding? b. How many ordinary shares…
After formation on Aug. 1, 2018, the ledger accounts of the Ilano Corporation have the following balances: Accrued Expenses = P50,000 Accounts Payable = P400,000 Accounts Receivable = P220,000 Allowance for Uncollectible Accounts = P20,000 Building = P1,000,000 Cash = P160,000 Ordinary Shares, P250 par, 50,000 shares authorized = P1,513,000 Subscribed Ordinary Shares = P80,000 Furniture and Fixtures = P250,000 Merchandise Inventory = P1,000,000 Notes Payable-Short Term = P250,000 Organization Expense = P30,000 Share Premium-Ordinary = P60,000 Share Premium-Preference = P30,000 10% Noncumulative and Nonparticipating Preference Shares, 30,000 P500 par, 5,000 shares authorized = P250,000 10% Preference Shares Subscribed, P500 par = P100,000 Subscriptions Receivable-Ordinary = P41,000 Subscriptions Receivable-Preference = P52,000 Required: 1. Determine the following: f. Assume that no dividends are paid in the first year of the corporation's…
You have been provided with the following information regarding Strummer PLCFinancial position statement as at 31st DecemberK000• Non-current Assets 33,344• Current Assets 15,345• Current Liabilities (9,679)• 5% bonds (redeemable in 6 years) (4,650)• 9% irredeemable bonds (8,500)• Bank Loan (3,260)22,600Ordinary shares (K1 par value) 6,4008% preference shares (K1 par value) 9,000Reserves 7,20022,6001. The current dividend, shortly to be paid, is K0.23 per share. Dividends in the future are expected to grow at a rate of 5% per year2. Corporate tax currently stands at 30%3. The interest rate on bank borrowings currently stand at 7%4. Stock market prices as at 31st December (all ex-dividend or ex-interest)Ordinary shares K4.17Preference shares K0.895% bonds K96 per K100 bond9% irredeemable bonds K108 per K100 bondRequired1. Calculate the costs of the individual sources of finance2. Calculate the book and market values of the individual sources of finance3. calculate the company’s current…