II. (Two items) A-plus Asia Inc. was organized on January 1, 2007. It was authorized to issue 100,000 shares of ordinary shares capital, par value P20. The minimum required subscription was received at P25 per share. How many shares must be subscribed at the time of incorporation? How much of the subscriptions must be paid up?
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- NEED ASAP. Solve correctly and show your computations. The Corporation shareholders’ equity section of the Statement of Financial Position includes the following accounts and balances: Ordinary Share Capital, P100 par, 5,000 shares issued P500,000 Ordinary Share Premium 50,000 Retained earnings 750,000 Assuming a major shareholder donated 5,000 shares when the market value of the share capital was P140 per share, and was recorded as a debit to Treasury Shares and credit to Donated Capital. How much was the increase (decrease) in the total Additional Paid In Capital? Put a parenthesis if your answer is decrease.Use the following information for the next five (5) questions: The following data were compiled prior to preparing the statement of financial position of Arms Corporation. Authorized share capital, P100 par value 4,000,000 Unissued share capital 800,000 Subscribed share capital 480,000 Subscription receivable 120,000 Premium on share capital 320,000 Premium on bonds payable 240,000 Gain on sale of treasury shares 80,000 Donated capital 800,000 Share warrants outstanding 200,000 Reserve for bond sinking fund 400,000 Reserve for treasury shares 144,000 Reserve for depreciation 600,000 Treasury shares, at cost 144,000 Retained earnings, unappropriated 576,000 Cash dividends payable 160,000 Revaluation increment on property 800,000 Net unrealized loss on available for sale securities What is the contributed capital of the Arms Company? Group of answer choices 5,080,000…The charter of a corporation provides for the issuance of 120,000 shares of common stock. Assume that 44,000 shares were originally issued and 4,000 were subsequently reacquired. What is the amount of cash dividends to be paid if a $1-per-share dividend is declared? Oa. $120.000 Ob, $40.000 Oc. $44,000 Od. $4.000
- Use the following information for the next five (5) questions: The following data were compiled prior to preparing the statement of financial position of Arms Corporation. Authorized share capital, P100 par value 4,000,000 Unissued share capital 800,000 Subscribed share capital 480,000 Subscription receivable 120,000 Premium on share capital 320,000 Premium on bonds payable 240,000 Gain on sale of treasury shares 80,000 Donated capital 800,000 Share warrants outstanding 200,000 Reserve for bond sinking fund 400,000 Reserve for treasury shares 144,000 Reserve for depreciation 600,000 Treasury shares, at cost 144,000 Retained earnings, unappropriated 576,000 Cash dividends payable 160,000 Revaluation increment on property 800,000 Net unrealized loss on available for sale securities What is the total share premium of Arms Company? Group of answer choices 1,640,000 1,560,000…Use the following information for the next five (5) questions: The following data were compiled prior to preparing the statement of financial position of Arms Corporation. Authorized share capital, P100 par value 4,000,000 Unissued share capital 800,000 Subscribed share capital 480,000 Subscription receivable 120,000 Premium on share capital 320,000 Premium on bonds payable 240,000 Gain on sale of treasury shares 80,000 Donated capital 800,000 Share warrants outstanding 200,000 Reserve for bond sinking fund 400,000 Reserve for treasury shares 144,000 Reserve for depreciation 600,000 Treasury shares, at cost 144,000 Retained earnings, unappropriated 576,000 Cash dividends payable 160,000 Revaluation increment on property 800,000 Net unrealized loss on available for sale securities 96,000 What is the legal capital of Arms Company?Direction: a. Prepare the entries using the memorandum entry method. b. Give the total number of shares issued, paid in capital at par, additional paid in capital. 5. Prepare the journal entries to record each of the following transactions under the memorandum entry method and present the shareholders' equity section: Feb. 1 Best Securities Corporation was granted by the SEC to issue 1,000,000 shares of stocks at a par value of P10 after it submitted its Articles of Incorporation providing among others a required down payment of at least 30% with the balance to be paid within three months. The articles mentioned four incorporators who subscribed 75,000 shares each at par. A and B gave a down payment of 20% while C and D gave 50%. 14 Best Securities Corporation sold for cash 160,000 ordinary shares at P12 per share to various shareholders. Mar. 14 Gonzalo Enterprises received 320,000 ordinary shares from Best Securities Corporation in exchange for land with a cost of P1, 750,000 but…
- Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, par value $17 per share, 13,400 shares authorized. During e year, the following selected transactions were completed: Sold and Issued 6,800 shares of common stock for cash at $34 per share. b. Sold and Issued 1700 shares of common stock for cash at $39 per share 12. Required information Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). (If no entry ls required for a transaction/event, select "No Journal entry required In the first account field.) view transaction list view general journal Journal Entry Worksheet 0 2 sold 6,800 shares of common stock for cash at $34 per share Debit Credit Transaction General JoumaThe charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 45,000 shares were originally issued and 5,000 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2 per share dividend is declared? Group of answer choices.. $80,000. $10,000. $90,000. $100,000.You are a PA examining the financial statements of a public corporation for the year ended December 31st. the shareholders' Equity section of the public corporation's balance sheet at December 31st follows:shareholders Equity:Share capital - 100,000 no par value sharesauthorized;50,000 shares issued and outstanding $750,000contributed capital of $132,580retained earnings of $117,490Total shareholders equity $1,000,070 Requirements:1. present at least three audit procedures (descriptive) that you would apply to the retained earnings account (10%)2. briefly describe the transaction(s) that have occurred that possibly gave rise to the 'contributed capital' (5%)
- 4) Scar Corporation obtained a charter from the province of Nova Scotia authorizing 500,000 common shares and 20,000 preferred shares. Listed below are selected accounts from the general ledger of the Scar Corporation. Assuming all accounts have normal balances, prepare the shareholders' equity section of the balance sheet for the Scar Corporation as of December 31, 2020. Common shares $ 50,000 40,000 Cash Preferred shares 100,00 Accounts receivable 35,000 50,000 75,000 45,000 Land Equipment Retained earningsIf a corporation issues 1,000 shares of $1 par value common stock for $12,000, the journalentry would include a credit toa. Common Stock for $1,000.b. Retained Earnings for $1,000.c. Common Stock for $12,000.d. Paid-in Capital in Excess of Par—Common for $12,000.If a corporation issues 6,000 shares of $5 par value common stock for $89,000, the journal entry would include a credit to: OA. Common Stock for $59,000. O B. Common Stock for $89,000. C. Paid-in Capital in Excess of Par-Common for $89,000. D. Paid-in Capital in Excess of Par-Common for $59,000. O O O