Question: Jump Corporation has $2,500,000 of short-term debt it expects to the retire with proceeds from the sale of 85,000 shares of common stock. if the stock is sold for $30 per share subsequent to the balance sheet release date, what amount of short-term debt could be excluded from current liabilities on that balance sheet? Select One: a. $1,700,000 b. $2,500,000 $800,000 d. $0
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- Pat Company reported the following information on December 31, 2020. Determine the legal capital: * P230 000 80 500 525.000 275,000 5.000 Preference Share, P100 par Share Premium - Preference Ordinary Share, P15 par Share Premium- Ordinary Subscribed Ordinary Share Retained Earnings Notes Payable Subscription receivable- Ordinary 190,000 400,000 40,000 Your answer This is a required question2. Akea Corp., reports this journal entry on May 15, 2020: Cash 75,000 Ordinary Share Capital 63,000 Paid in Capital in Excess of Par 12,000 The explanation reads. “Issued ordinary share capital for P50 per share”. What is the par value per share for this transaction?NEED ASAP. Solve correctly and show your computations. In 2020, ABC Corporation issued 50,000 shares of P10 par value for P100 per share. In 2021, the entity reacquired 2,000 shares at P150 per share and immediately canceled these 2,000 shares. In connection with the retirement of shares, what amount should be debited to Share Premium, and Retained Earnings, respectively?
- Question 2.) When Marlou Corp. was formed on January 2020, the corporate charter provided for 100,000 share of P10 par Value stock. The corporation issues 9,000 shares at a price of P23 per share. The entry to record the above transaction would include a? A. credit Additional paid in capital for P117,000 B. credit Share Capital for P207,000 C. debit Share Capital for P90,000 D. debit Cash for P90,0001) On July 1, 2021, an interest payment date, $120,000 of ABC Co. bonds were converted into 2,000 shares of ABC Co. common stock each having a par value of $40 and a market value of $45. There is $5,000 unamortized discount on the bonds. Using the book value method, the increase in additional paid in capital would be? 2) In 2020, ABC, Inc., issued for $103 per share, 100,000 shares of $100 par value convertible preferred stock. One share of preferred stock can be converted into three shares of ABC's $20 par value common stock at the option of the preferred stockholder. In September 2021, all of the preferred stock was converted into common stock. The market value of the common stock at the date of the conversion was $28 per share. What total amount should be credited to additional paid-in capital from common stock as a result of the conversion of the preferred stock into common stock? 3) ABC Corp. had 600,000 shares of common stock outstanding on January 1, issued 800,000…What is the total amount that should be reported in profit or loss relating to the securities during 2020?Single choice. P 640,000 P 150,000 P 190,000 P 340,000 How much is the gain or loss to be recognize on the sale of 50% of DEF shares? P 20,000 gain 0 P 10,000 loss P 190,000 gain
- 1. Mack Company reported the following outstanding share capital on December 31, 2020: - 30,000 preference shares, 5% cumulative, par value P10, fully participating as to dividends. No dividends were in arrears. - 200,000 ordinary shares, par value P1. On December 31, 2019, the entity declared dividends of P100,000. What was the amount of dividends payable to ordinary share holders? a. P34,000 b. P47,500 c. P40,000 d. P10,0002. 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?Required to answer. Single choice. a. P125,000 b. P500,000 c. P600,000 d. P150,0003. On June 1, 2015, Golden Warriors Corporation declared a share capital dividend entitling its shareholders to one additional share for each share held. At…B. At December 31,2019 Facebook company had 20,000 shares of P20 par value freacury shares which were acquired at 924 per share. In may 2020, facebook issued 15,000 of these treasury shares at P20 each. The cost method is used to reord the treasury shart show in notes to FinancialLstakments as a rertriction of retained earnings as transactions. At December31,2020 what amount should Tacebook result of its treasury share trancaction? VVICTORY3. Bernabe Company reported the following equity accounts in January 1, 2020: 129 30 Share Capital, P20 par 8,000,000 Share premium 2,550,000 Retained earnings 1,275,000 All shares outstanding on January 1, 2020 were issued in 2019 for P26 per share. On December 31, 2020, the entity reacquired 20,000 shares at P24 per share and retired them. Immediately after the shares were retired, what is the balance of share premium? a. 2,430,000 b. 2,470,000 c. 2,510,000 d. 2,590,000
- 3. Mack Company reported the following outstanding share capital on December 31, 2020: - 30,000 preference shares, 5% cumulative, par value P10, fully participating as to dividends. No dividends were in arrears. - 200,000 ordinary shares, par value P1. On December 31, 2019, the entity declared dividends of P100,000. How much is the dividends per share for he Preference Shares? a. P2.00 b. P0.50 c. P1.50 d. P0.20ed A company has the following balance sheet (market values): Liabilities + Equity Debt Equity Assets Cash Operating Assets 600 1000 400 1200 If the firm has 300, find its fair share price after it repurchases 100 worth of shares: (round your answer to the nearest 0.01)During 2021, Melanie Company has the following activities related to its financial operations: Payment for the early retirement of long-term bonds payable (carrying amount of bonds payable, P5,000,000) P4,000,000 Payment in 2021 cash dividend declared in 2020 2,000,000 Carrying amount of convertible preference share capital converted into ordinary share capital 1,000,000 Proceeds from sale of treasury shares (cost, P1,000,000) 1,500,000 What should be reported as net cash used in financing activities in 2021?