FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

PLease answer only B6 and B7

Requirements: A. Prepare all necessary journal entries for the current year. B. Compute for the following: 1. How much did the highest bidder pay the corporation? 2. What is the balance of the subscriptions receivable at year-end? 3. What is the balance of the share capital as of year-end? 4. What is the balance of the subscribed share capital at year-end, assuming the subscriptions receivable is current? 5. What is the balance of share premium at year-end? 6. How much is the corporation's legal capital? z. How much is the total shareholders' equity at year-end?
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Transcribed Image Text:Requirements: A. Prepare all necessary journal entries for the current year. B. Compute for the following: 1. How much did the highest bidder pay the corporation? 2. What is the balance of the subscriptions receivable at year-end? 3. What is the balance of the share capital as of year-end? 4. What is the balance of the subscribed share capital at year-end, assuming the subscriptions receivable is current? 5. What is the balance of share premium at year-end? 6. How much is the corporation's legal capital? z. How much is the total shareholders' equity at year-end?
APPLE Company was organized at the beginning of the current year and was authorized to issue share capital of 200,000 ordinary shares with par value of P20. The following transactions occurred during the year: Received subscriptions at par value from incorporators equal to 45% of the authorized share capital • Received 60% down payment on the subscriptions from the incorporators Received full payment on 50,000 shares originally subscribed • An equipment was acquired by issuing 5,000 shares. Share are currently traded at this time at P25/share. Received cash subscriptions to 10,000 shares at P28/share Partially collected 50% of the amount subscribed on the latest subscriptions. Collected in full 90% of the latest subscription. 10% defaulted, thus the corporation offered the shares on a public auction and awarded it to the highest bidder who paid the delinquency balance and the incurred P5,000 auction expense. Net income for the year-ended was P800,000.
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Transcribed Image Text:APPLE Company was organized at the beginning of the current year and was authorized to issue share capital of 200,000 ordinary shares with par value of P20. The following transactions occurred during the year: Received subscriptions at par value from incorporators equal to 45% of the authorized share capital • Received 60% down payment on the subscriptions from the incorporators Received full payment on 50,000 shares originally subscribed • An equipment was acquired by issuing 5,000 shares. Share are currently traded at this time at P25/share. Received cash subscriptions to 10,000 shares at P28/share Partially collected 50% of the amount subscribed on the latest subscriptions. Collected in full 90% of the latest subscription. 10% defaulted, thus the corporation offered the shares on a public auction and awarded it to the highest bidder who paid the delinquency balance and the incurred P5,000 auction expense. Net income for the year-ended was P800,000.
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Step 1: Introduction of Shareholder's Capital
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Step 2: Calculation of Corporation's Legal Capital
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Step 3: Calculation of Total Shareholder's Equity at the year end
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