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BM KID O Sharehol Januar (In Philip

BM KID O Sharehol Januar (In Philip

Intermediate Accounting: Reporting And Analysis
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 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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what are the correct journal entries and computations?
1 Shown below is the shareholders' equity of BM KID Corporation on January 1, 2021: 2 3 BM KID Corpotation 4 Shareholders' Equity January 1, 2021 6 (In Philippine Peso) 8 Pain-in Capital 9 10% Preference Share Capital, 20,000 authorized, 15,000 shares issued of which 1,000 shares are in Treasury 1,500,000 10 Subscribed Preference Share Capital, 2,000 Shares 200,000 11 Subscription Receivable - Preference Shares 100,000 100,000 12 Ordinary Share Capital, 50,000 shares authorized, no par value but with P50 stated value, 30,000 shares issued 1,500,000 13 Subscribed Ordinary Shares, 5000 shares 250,000 14 Subscription Receivable - Ordinary Shares 100,000 150,000 15 Additional Paid-in Capital 16 Preference Share Premium 340,000 17 Paid in Capital in excess of Ordinary Share Stated Value 350,000 18 Total Paid-in Capital 19 Accumulated Profits 20 Total SHE before Treasury Shares 21 Treasury Shares, 1,000 Preference shares at cost 22 Total Shareholders' Equity 3,940,000 1,200,000 5,140,000 (115,000) 5,025,000 23 24 Tha following equity transactions took place during January 2021. 25 Jan 2 Re-issued 500 Preference Treasury Shares at P125 per share. 26 27 3 Received subscription to 2,000 ordinary shares at P60 per share, with 50% down payment, balance due on 30 Jan 2021. 28 5 Collected in full the account of preference subscribers, except for the balance of 700 shares of Jay Cruz amounting to P40,000. 29 Issued corresponding stock certificates to fully paid subscribers. 30 10 Re-issued the remaining 500 Preference Treasury Shares at P110 per share. 15 Declared the subscription of Jay Cruz as delinquent; paid P2,000 for the online advertisement of the auction of the shares. 31 32 17 Collected in full the balance on 5,000 subscribed ordinary shares; issued the corresponding stock certitificates. 33 20 Re-acquired 1,200 Preference shares at P125 per share. 34 25 Received bids for the delinquent subscription of Jay Cruz as follows: 35 Pepe Castro, 500 shares 36 Pilar Cinco, 420 shares Pete Co, 400 shares. 37 The highest bidder paid the "offer price" including P200 interest on overdue subscription of Jay Cruz; corresponding stock certificates were issued. 38 39 27 Re-issued 500 Preference Treasury shares at P110. 40 2n Re-acquired and retired 300 ordinary shares at P125 per share. 41 42 43
Transcribed Image Text:1 Shown below is the shareholders' equity of BM KID Corporation on January 1, 2021: 2 3 BM KID Corpotation 4 Shareholders' Equity January 1, 2021 6 (In Philippine Peso) 8 Pain-in Capital 9 10% Preference Share Capital, 20,000 authorized, 15,000 shares issued of which 1,000 shares are in Treasury 1,500,000 10 Subscribed Preference Share Capital, 2,000 Shares 200,000 11 Subscription Receivable - Preference Shares 100,000 100,000 12 Ordinary Share Capital, 50,000 shares authorized, no par value but with P50 stated value, 30,000 shares issued 1,500,000 13 Subscribed Ordinary Shares, 5000 shares 250,000 14 Subscription Receivable - Ordinary Shares 100,000 150,000 15 Additional Paid-in Capital 16 Preference Share Premium 340,000 17 Paid in Capital in excess of Ordinary Share Stated Value 350,000 18 Total Paid-in Capital 19 Accumulated Profits 20 Total SHE before Treasury Shares 21 Treasury Shares, 1,000 Preference shares at cost 22 Total Shareholders' Equity 3,940,000 1,200,000 5,140,000 (115,000) 5,025,000 23 24 Tha following equity transactions took place during January 2021. 25 Jan 2 Re-issued 500 Preference Treasury Shares at P125 per share. 26 27 3 Received subscription to 2,000 ordinary shares at P60 per share, with 50% down payment, balance due on 30 Jan 2021. 28 5 Collected in full the account of preference subscribers, except for the balance of 700 shares of Jay Cruz amounting to P40,000. 29 Issued corresponding stock certificates to fully paid subscribers. 30 10 Re-issued the remaining 500 Preference Treasury Shares at P110 per share. 15 Declared the subscription of Jay Cruz as delinquent; paid P2,000 for the online advertisement of the auction of the shares. 31 32 17 Collected in full the balance on 5,000 subscribed ordinary shares; issued the corresponding stock certitificates. 33 20 Re-acquired 1,200 Preference shares at P125 per share. 34 25 Received bids for the delinquent subscription of Jay Cruz as follows: 35 Pepe Castro, 500 shares 36 Pilar Cinco, 420 shares Pete Co, 400 shares. 37 The highest bidder paid the "offer price" including P200 interest on overdue subscription of Jay Cruz; corresponding stock certificates were issued. 38 39 27 Re-issued 500 Preference Treasury shares at P110. 40 2n Re-acquired and retired 300 ordinary shares at P125 per share. 41 42 43
1 Shown below is the shareholders' equity of BM KID Corporation on January 1, 2021: 2 3 BM KID Corpotation 4 Shareholders' Equity January 1, 2021 6 (In Philippine Peso) 8 Pain-in Capital 9 10% Preference Share Capital, 20,000 authorized, 15,000 shares issued of which 1,000 shares are in Treasury 1,500,000 10 Subscribed Preference Share Capital, 2,000 Shares 200,000 11 Subscription Receivable - Preference Shares 100,000 100,000 12 Ordinary Share Capital, 50,000 shares authorized, no par value but with P50 stated value, 30,000 shares issued 1,500,000 13 Subscribed Ordinary Shares, 5000 shares 250,000 14 Subscription Receivable - Ordinary Shares 100,000 150,000 15 Additional Paid-in Capital 16 Preference Share Premium 340,000 17 Paid in Capital in excess of Ordinary Share Stated Value 350,000 18 Total Paid-in Capital 19 Accumulated Profits 20 Total SHE before Treasury Shares 21 Treasury Shares, 1,000 Preference shares at cost 22 Total Shareholders' Equity 3,940,000 1,200,000 5,140,000 (115,000) 5,025,000 23 24 Tha following equity transactions took place during January 2021. 25 Jan 2 Re-issued 500 Preference Treasury Shares at P125 per share. 26 27 3 Received subscription to 2,000 ordinary shares at P60 per share, with 50% down payment, balance due on 30 Jan 2021. 28 5 Collected in full the account of preference subscribers, except for the balance of 700 shares of Jay Cruz amounting to P40,000. 29 Issued corresponding stock certificates to fully paid subscribers. 30 10 Re-issued the remaining 500 Preference Treasury Shares at P110 per share. 15 Declared the subscription of Jay Cruz as delinquent; paid P2,000 for the online advertisement of the auction of the shares. 31 32 17 Collected in full the balance on 5,000 subscribed ordinary shares; issued the corresponding stock certitificates. 33 20 Re-acquired 1,200 Preference shares at P125 per share. 34 25 Received bids for the delinquent subscription of Jay Cruz as follows: 35 Pepe Castro, 500 shares 36 Pilar Cinco, 420 shares Pete Co, 400 shares. 37 The highest bidder paid the "offer price" including P200 interest on overdue subscription of Jay Cruz; corresponding stock certificates were issued. 38 39 27 Re-issued 500 Preference Treasury shares at P110. 40 2n Re-acquired and retired 300 ordinary shares at P125 per share. 41 42 43
Transcribed Image Text:1 Shown below is the shareholders' equity of BM KID Corporation on January 1, 2021: 2 3 BM KID Corpotation 4 Shareholders' Equity January 1, 2021 6 (In Philippine Peso) 8 Pain-in Capital 9 10% Preference Share Capital, 20,000 authorized, 15,000 shares issued of which 1,000 shares are in Treasury 1,500,000 10 Subscribed Preference Share Capital, 2,000 Shares 200,000 11 Subscription Receivable - Preference Shares 100,000 100,000 12 Ordinary Share Capital, 50,000 shares authorized, no par value but with P50 stated value, 30,000 shares issued 1,500,000 13 Subscribed Ordinary Shares, 5000 shares 250,000 14 Subscription Receivable - Ordinary Shares 100,000 150,000 15 Additional Paid-in Capital 16 Preference Share Premium 340,000 17 Paid in Capital in excess of Ordinary Share Stated Value 350,000 18 Total Paid-in Capital 19 Accumulated Profits 20 Total SHE before Treasury Shares 21 Treasury Shares, 1,000 Preference shares at cost 22 Total Shareholders' Equity 3,940,000 1,200,000 5,140,000 (115,000) 5,025,000 23 24 Tha following equity transactions took place during January 2021. 25 Jan 2 Re-issued 500 Preference Treasury Shares at P125 per share. 26 27 3 Received subscription to 2,000 ordinary shares at P60 per share, with 50% down payment, balance due on 30 Jan 2021. 28 5 Collected in full the account of preference subscribers, except for the balance of 700 shares of Jay Cruz amounting to P40,000. 29 Issued corresponding stock certificates to fully paid subscribers. 30 10 Re-issued the remaining 500 Preference Treasury Shares at P110 per share. 15 Declared the subscription of Jay Cruz as delinquent; paid P2,000 for the online advertisement of the auction of the shares. 31 32 17 Collected in full the balance on 5,000 subscribed ordinary shares; issued the corresponding stock certitificates. 33 20 Re-acquired 1,200 Preference shares at P125 per share. 34 25 Received bids for the delinquent subscription of Jay Cruz as follows: 35 Pepe Castro, 500 shares 36 Pilar Cinco, 420 shares Pete Co, 400 shares. 37 The highest bidder paid the "offer price" including P200 interest on overdue subscription of Jay Cruz; corresponding stock certificates were issued. 38 39 27 Re-issued 500 Preference Treasury shares at P110. 40 2n Re-acquired and retired 300 ordinary shares at P125 per share. 41 42 43
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