Prepare the journal entries using Memorandum Entry method Compute for the following balance: Share Capital Subscribed Share Capital Additional Paid In Capital Subscription Receivable Legal Capita

Q: Grouper Corporation began operations on April 1 by issuing 54,000 shares of $5 par value common…

A: Common stock alludes to stock in a corporation held by people having the right to participate in the…

Q: Caribbean Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Wonder Sales is authorized to issue 100,000 shares of 2%, $100 par preferred stock and 1,000,000…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: Smart Corp. was organized on Jan. 1 with authorization of 10,000 shares of $5 preferred stock, $100…

A: The entry for preferred stock issued   Date Particular Debit ($) Credit ($) Dec 31 Cash 20,000…

Q: During its first year of operations, Victory, Inc. entered into the following transactions relating…

A: Following is the authorised capital of victory inc. :   240,000 ordinary shares ,P10 par per share…

Q: At the beginning of the current year, Relay Company was organized and authorized to issue 100,000…

A: Shareholders equity is the amount that the owner has invested in the business including retained…

Q: (a) Prepare the journal entry for the issuance assuming the par value of the common stock was $5 and…

A:

Q: Whispering Winds Corporation began operations on April 1 by issuing 59,500 shares of $5 par value…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: When Bayou Corporation was formed on January 1, 20xx, the corporation was authorized to issue…

A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…

Q: . What amount should be recognized as share premium at year-end? 5. What is the total shareholders’…

A: It is the statement that provides the movement of the owner's balance from the beginning to the end…

Q: XYZ Corporation is authorized to issue 150,000 ordinary shares with par of P150. On June 1 eight…

A: Statement of Profit and Loss Account The purpose of preparing the statement of profit and loss to…

Q: Black Diamond Inc. issues 2,500 shares of $1 par valuecommon stock and 1,000 shares of $50 par value…

A: a. Prepare journal entries for issuance of common shares and preferred shares when market value of…

Q: On 1/5/2021, Al-Saada Company obtained approval from the Securities Commission giving it the right…

A:

Q: [The following information applies to the questions displayed below.] The charter of Vista West…

A: The common stockholders are the owner of the organization. They also have the power to vote.

Q: ingra Corporation was organized in March. It is authorized to issue 600,000 shares of $100 par value…

A: journal entries: Date            particulars Debit Credit Mar 1 Cash [10,000 x $115] $1,150,000…

Q: XYZ Corporation is authorized to issue 150,000 ordinary shares with par of P150. On June 1 eight…

A:

Q: At the end of its first year of operations, Mulligan Corporation has outstanding shares of 110,000…

A: The company issues preferred and common securities to raise capital. A fixed dividend is paid on…

Q: X Company made the following transactions: Received subscription of 10,000 preference shares with…

A: Preference shares are shares which don't have voting right but enjoys first right to receive…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: Journal is the book where transactions are originally recorded.  Journal entry: A journal entry is…

Q: On December 12, ABC Company purchased 1,000 shares of its $2 par value common stock for $27 each. On…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: Skysong Inc. issues  500 shares of $ 10 par value common stock and  100 shares of $ 100 par value…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Spring Company is authorized to issue 500,000 shares of $1 par value common stock. In its first…

A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…

Q: On August 1, 2014 ABC Corporation was authorized to issue 150,000 ordinary shares and 100,000 8%…

A: Stockholder Equity- It refers to the equity stake presently possessed by the organization which is…

Q: The journal entry to record the purchase of the treasury shares on February 1 would include a

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: Preferred stock dividend = 8000 shares × $5 = $40,000

Q: Caswell Corporation is authorized to issue 10,000 shares of common stock on December 31. It sells…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On January 1, Vermont Corporation had 43,000 shares of $9 par value common stock issued and…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: ABC Company was organized on January 1, 2022 with 100,000 authorized shares of P100 par value.…

A: Share premium account shows the difference between the par value of shares issued and the issue…

Q: Patience Co. was authorized to issue 400,000 ordinary shares with a stated value of P20.   The…

A: Share capital is considered as the portion of capital that is arisen from the investors. When an…

Q: BFAR Corp. was authorized to issue 200,000 ordinary shares with P50 par value. The company had the…

A: Number of outstanding shares are those shares which are issued and held by the investors. Shares…

Q: (a) On January 31, the board of directors issues a requirement to purchase 5,000 shares of its…

A: Particulars Debit Credit a       Jan 31 Treasury Stock 110000             Cash   (5000*22)…

Q: The Delgado Software Corporation is authorized to issue 80,000 ordinary shares. During the current…

A: Par value means the face value of share which is printed on the front of share certificate If par…

Q: Acer Inc. organized on June 1,2009, was authorized to issue shares as follows:   9%, 800,000, P100…

A: Equity: It is the amount shareholder invested in the company. This is the difference between total…

Q: n January 1, Vermont Corporation had 41,000 shares of $12 par value common stock issued and…

A: Journal entry: This is the first step to record accounts. It is written in the same order in which…

Q: Helu Corporation was organized on January 1, with an authorization of 1,000,000 ordinary shares with…

A: Share premium is the amount received on issue of shares above par value.

Q: On January 1, Vermont Corporation had 46,700 shares of $10 par value common stock issued and…

A: A journal entry is used to record a business arrangement in a company's accounting records. A…

Q: BFAR Corp. was formed on June 1 with 100,000 authorized shares having a par value of P20. The…

A: when company issue share capital and shares to the shareholders there received application allotment…

Q: On December 1, DOS Corporation issued 1,000 shares of its ₱10 par ordinary share capital and 2,000…

A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…

Q: During its first year of operations, Victory, Inc. entered into the following transactions relating…

A: Total fair value of Ordinary shares issued = No. of shares  x Fair value per share = 35000*100 =…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: When an event occurs in the business and it can be measured and expressed in terms of money, it…

Q: Blossom Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Workings:

Q: On March 1, 20x5, Ria Corporation has 200,000 shares of P10 par Ordinary Shares outstanding and the…

A: A reverse stock split is the process of consolidating two or more shares into one. Under this…

Q: Sunrise Corporation, a food company, was established on January 2, 2018. It is authorized to issue…

A: The shareholders' equity represents the equity that belongs to the shareholders with inclusion of…

Q: Required:   Prepare the journal entries using Memorandum Entry method Compute for the following…

A: Memorandum journal entry is a type of message which is entered in the general journal. This entry…

Q: Wonder Sales is authorized to issue 100,000 shares of 2%, $100 par preferred stock and 1,000,000…

A: When stock is issued at a price higher than the par value, they are said to be issued at premium.…