FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1. How much is the issued common stock?

2. How much is the balance of Shareholders Equity as of December 31?

The accounts shown below pertain to P Company at December 31:
Authorized Preference Share Capital, P100 par
800,000
Authorized Ordinary Share Capital, P10 par
400,000
Unissued Preference Share Capital
200,000
Unissued Ordinary Share Capital
150,000
Subscription Receivable, Preference
60,000
Subscription Receivable, Ordinary
50,000
Subscribed Preference Shares Capital
40,000
Subscribed Ordinary Shares Capital
50,000
Treasury Shares, Preference (1,000 shares at cost)
120,000
Paid in Capital (in excess of par ordinary)
160,000
Assume that subscription receivables are collectible within one year.
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Transcribed Image Text:The accounts shown below pertain to P Company at December 31: Authorized Preference Share Capital, P100 par 800,000 Authorized Ordinary Share Capital, P10 par 400,000 Unissued Preference Share Capital 200,000 Unissued Ordinary Share Capital 150,000 Subscription Receivable, Preference 60,000 Subscription Receivable, Ordinary 50,000 Subscribed Preference Shares Capital 40,000 Subscribed Ordinary Shares Capital 50,000 Treasury Shares, Preference (1,000 shares at cost) 120,000 Paid in Capital (in excess of par ordinary) 160,000 Assume that subscription receivables are collectible within one year.
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