On May 1, 2020, ABC Corporation, a newly formed company had the following share capital issued and outstanding: · Ordinary share capital, P10 par, 20,000 shares originally issued for P30 per share. · Preference share capital, P100 par, 600 shares originally issued for P 500 per share. 21. What is the amount of Ordinary share capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 60,000 b. 200,000 c. 400,000 d. 640,000 22. Based on Item 21, what is the amount of Preference share capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 60,000 b. 200,000 c. 400,000 d. 640,000 23. Based on Item 21, what is the amount of additional paid in capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 200,000 b. 240,000 c. 400,000 d. 640,000 24. Based on Item 21, what is the amount of contributed capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 640,000 b. 600,000 c. 260,000 d. 900,000 25. Based on Item 21, what is the amount of legal capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 640,000 b. 600,000 c. 260,000 d. 660,000
On May 1, 2020, ABC Corporation, a newly formed company had the following share capital issued and outstanding: · Ordinary share capital, P10 par, 20,000 shares originally issued for P30 per share. · Preference share capital, P100 par, 600 shares originally issued for P 500 per share. 21. What is the amount of Ordinary share capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 60,000 b. 200,000 c. 400,000 d. 640,000 22. Based on Item 21, what is the amount of Preference share capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 60,000 b. 200,000 c. 400,000 d. 640,000 23. Based on Item 21, what is the amount of additional paid in capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 200,000 b. 240,000 c. 400,000 d. 640,000 24. Based on Item 21, what is the amount of contributed capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 640,000 b. 600,000 c. 260,000 d. 900,000 25. Based on Item 21, what is the amount of legal capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 640,000 b. 600,000 c. 260,000 d. 660,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 9P
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On May 1, 2020, ABC Corporation, a newly formed company had the following share capital issued and outstanding:
· Ordinary share capital, P10 par, 20,000 shares originally issued for P30 per share.
·
21. What is the amount of Ordinary share capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity?
a. 60,000
b. 200,000
c. 400,000
d. 640,000
22. Based on Item 21, what is the amount of Preference share capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity?
a. 60,000
b. 200,000
c. 400,000
d. 640,000
23. Based on Item 21, what is the amount of additional paid in capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity?
a. 200,000
b. 240,000
c. 400,000
d. 640,000
24. Based on Item 21, what is the amount of contributed capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity?
a. 640,000
b. 600,000
c. 260,000
d. 900,000
25. Based on Item 21, what is the amount of legal capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity?
a. 640,000
b. 600,000
c. 260,000
d. 660,000
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24. Based on Item 21, what is the amount of contributed capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity?
a. 640,000
b. 600,000
c. 260,000
d. 900,000
25. Based on Item 21, what is the amount of legal capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity?
Solution
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