Problem 6 Timber Company presented a statement of financial positionProblecontaining the following accounts among others:Subscriptions receivable - preferenceSubscriptions receivable - ordinaryPreference share capital, P100 par, authorized100,000 shares, issued and outstanding22,000 sharesPreference ahare capital subscribed, 2,000 sharesOrdinary share capital, P10 par value, authorized200,000 shares, issued and outstanding24,000 sharesOrdinary share capital subscribed, 24,000 sharesShare premium-preferenceShare premium -ordinary120,000360,0002,200,000200,000240.000240,00080,000950,000The corporation was organized at the beginning of currentyear and immediately received subscriptions to 20,000preference shares. Subscriptions to ordinary shares werereceived on the same date.During the current year, subscriptions were received for anadditional 4,000 preference shares at a price of P120 pershare.Cash payments were received from subscribers at frequentintervals for several months after subscription.The entity followed a policy of issuing share certificates onlywhen subscribers had paid in full.During the year, the entity issued 8,000 ordinary shares inexchange for a tract of land with a fair value of P230,000.Required:a. Prepare journal entries for all the transactions carriedout during the year as indicated by the account balances.b. Compute the amount of contributed capital for each classof share capital at year-end.

A journal entry is used to document a business deal in a company's accounting records. A record is…

Timber Company presented a statement of financial po containing the following accounts among others: Subacriptiona receivable - preference Subecriptions receivable - ardinary Preference share capital, P100 par, authorized 100,000 shares, issued and outstanding 22,000 shares Preference share capital subscribed, 2,000 shares Ordinary ahare capital, P10 par value, authorized 200,000 shares, issued and outstanding 24,000 shares Ordinary share capital subecribed, 24,000 shares Share premium -preference Share premium -ordinary 120C 360C 2,200, 200.0 240,0 240,0 80,0 950,0

Timber Company presented a statement of financial po containing the following accounts among others: Subacriptiona receivable - preference Subecriptions receivable - ardinary Preference share capital, P100 par, authorized 100,000 shares, issued and outstanding 22,000 shares Preference share capital subscribed, 2,000 shares Ordinary ahare capital, P10 par value, authorized 200,000 shares, issued and outstanding 24,000 shares Ordinary share capital subecribed, 24,000 shares Share premium -preference Share premium -ordinary 120C 360C 2,200, 200.0 240,0 240,0 80,0 950,0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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6. The following is a list of selected account balances taken from the December 31, 2021, general ledger of Selecta Corp. Account Payable 50,000 Accounts Receivable 45,500 Ordinary Share Capital 126,000 Paid in Capital in Excess of Par –Ordinary Share Capital 110,500 Paid in Capital in Excess of Par – Preferred Share Capital 10,250 Preference Share Capital 58,000 Preference Share capital Subscribed 6,000 Retained Earnings 20,500 Subscription Receivable –Preference 10,500 Compute for total stockholder’s equity for Selecta Corp. On December 31, 2021.
These account balances at December 31 relate to Sportaid Inc.: Accounts Payable... Accounts Receivable. Common Shares... Bonds Payable ... What is the total share capital for Sportaid Inc.? OA. $694,445 OB. $701,345 C. $753,800 D. $682,000 E. None of the above $ 51,700 Preferred Shares, $0.01, 81,350 890,000 shares issued 593,000 Retained Earnings. . 3,400 Notes Receivable .. 89,000 71,800 12,500
Item Nos. 14 and 15 are based on the following information: revealed the following information: Preference Share Capital, par P 100 Preference Share Premium- Ordinary Share Capital- Ordinary Share Premium-- Subscribed Ordinary Shares Retained Earnings Ordinary Subscriptions Receivable 000.00S The shareholders' equity section of Charlie Company's balance sheet P 2,300,000 805,000 5,250,000 2,750,000 50,000 -- 1,900,000 400,000 - _____
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Timber Company presented a statement of financial position containing the following accounts among others: Subscriptions receivable- preference 120,000 Subscriptions receivable- ordinary 360,000 Preference share capital, P100 par, authorized 100,000 shares, issued and outstanding 22,000 shares 2,200,000 Preference share capital subscribed, 2,000 shares 200,000 Ordinary share capital, P10 par value, authorized 200,000 shares, issued and outstanding 24,000 shares 240,000 Ordinary share capital subscribed, 24,000 shares 240,000 Share premium- preference 80,000 Share premium- ordinary 950,000 The corporation was organized at the beginning of current year and immediately received subscriptions to 20,000 preference…
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on the preference shares. The net income for the current 1. What amount should be reported as basic earnings per issued 500,000 preference shares which were convertible into 2,000,000 ordinary shares outstanding. On July 1, the entity Problem 20-14 (IAA) During the year, the entity declared and paid P1,000,000 cash dividend on the ordinary shares and P800,000 cash dividend A the beginning of current year, Frown Company had S000,000 ordinary shares outstanding. On July 1, the entity 300,000 ordinary shares. Year was P6,500,000. share? a. 2.85 b. 3.25 С. 2.35 d. 2.25 per share? а. 2.85 b. 3.02 с. 2.83 d. 1.75 633