On September 3, 2021, Mirabel Corporation issued for cash 15,000 shares of no-par ordinary shares with a stated value of P10 per share at P14. On September 18, it issued for cash 950 shares of P150-par 10% preference shares at P120.   Required: Prepare the journal entries for September 3 and September 18. What is the total amount invested by all shareholders as of September 18?

Q: On Jan. 1, 2018, the following accounts and their balances appeared in the ledger of the Fuentes…

A:

Q: On January 1, 2021, Dreamy Company issued 30,000 shares of $2 par value common stock for $150,000.…

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

Q: Issuance of Ordinary Villarama Corporation was organized on Jan. 1, 2018. It is authorized to issue…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: At its meeting on December 1, 2021, the board of directors of ABC Co. declares a cash dividend of P2…

A: Cash dividend is payable to the shareholders who have the name on the shareholders register on the…

Q: The following accounts are found in the trial balance of Dawn Corporation as December 31, 2019.…

A: Answer a)

Q: On October 1, 2021, 500 shares of treasury stock were purchased at $40 per share. On January 15,…

A: The question endeavors to understand which of the four options would be a result of the transaction…

Q: On December 18, 2020, UNO Corporation issued 5,250 ordinary shares, par P30 for P58 per share. At…

A: Paid in capital in excess of par = Issue price per share - Par value per share = P58 per share - P30…

Q: The Nonono Corporation is authorized to issue 100,000 ordinary shares, P17 par value. At the…

A: Calculation of Total share premium Particulars Amount Jan 16, issued 1300 ordinary share…

Q: Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of…

A: The shareholders' equity section records the shares issued to shareholders and other retained…

Q: The following is the account balances at 1 Jan 2019 Share Capital -Preference (6%, $100 par, non…

A: "Since you have posted a question with multiple sub-parts, so we will solve first three sub-parts…

Q: IFA Corporations had Net Income of $7,800,000 and the following information for January 2021 to…

A: In this question, we find (a) Calculate the weighted average shares (to the nearest whole number) at…

Q: On January 1. 2021, Hum Enterprises Inc. had 74,000 common shares, recorded at $592,000. The company…

A: A dividend is the distribution of some of the corporate profits to a class of its shareholders.…

Q: Sheffield Corporation was organized on January 1, 2020. It is authorized to issue 9,400 shares of…

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

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

A:

Q: Sweet Corporation was organized on January 1, 2020. It is authorized to issue 9,200 shares of 8%,…

A: When shares of the company are being issued at a value more than par value, then it means shares are…

Q: On Jan. 1, 2018, the following accounts and their balances appeared in the ledger of Fuentes…

A:

Q: Bickle's Pickles Inc.'s charter authorizes the company to issue up to 100,000 common shares.  As of…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Queen Co. was formed on July 1, 2020. It was authorized to issue 300,000 shares of £40 par value…

A: Stockholder’s equity is a part of balance sheet which shows the total owner’s equity that is…

Q: On January 1, 2020, Addy Company had 110,000 shares issued and 100,000 shares outstanding. The…

A: No. of shares issued before share split = No. of shares issued on  January 1, 2020 + shares issued…

Q: On April 2, 2021, ABC Corporation issued for cash 12,000 shares of no-par ordinary shares with a…

A: Sno Account Titles and Explanation  Debit   Credit  Apr'2 Cash (12,000 Shares X P 17 per share)…

Q: Sheffield Corporation was organized on January 1, 2020. It is authorized to issue 11,000 shares of…

A: Date Account Titles and explanation Debit Credit Jan.10 Cash (75500*6) $453,000…

Q: Gogalor Co. was incorporated on January 1, 2020. Upon inspection of its stock and transfer book, the…

A: Number of outstanding shares means number of shares which are issued and outstanding in the name of…

Q: On December 31, 2020, BFAR Corp. has 5,000, 6% cumulative and non-participating preference shares…

A: Dividends are paid in two types Stock dividends and Cash dividends. Stock dividend means a payment…

Q: The Topeka Corporation has 40,000 shares of P30 par value ordinary shares outstanding. On July 1,…

A: The stock dividend is a method of capitalizing the retained earnings. it is issued in a proportion…

Q: Shake It Off Co. was formed on July 1, 2018. It was authorized to issue 1,800,000 shares of 10 par…

A: The value of stock dividends will be measured as follows: a) If 20% or more is declared; retained…

Q: On December 31, 2020, the Frisbee Company had 262,000 shares of common stock issued and outstanding.…

A: Earnings per share indicate the profits per share of common stockholders. It can be calculated by…

Q: In the financial year to June 30, 2021, HIFI Ltd issued options for 400,000 shares. During that…

A: Earnings per share are the amount of net income that is held in hands of each shareholder of the…

Q: Facturanan Corporation was organized on Jan. 1, 202x. It is authorized to issue 20,000 shares of 6%,…

A: Share capital issue is the main source of raising the equity needed by an organization to carry out…

Q: On March 1, 2020, Seokjin Corporation received subscription for 1,600 Preference Shares with P 300…

A: No. of shares available for subscription = Total authorized to issue - Preference Shares…

Q: The shareholders' equity section of Good Life Company shows the following on December 31, 2018:…

A: Good life company shows the following of December 2018 : Ordinary shares of 900000 shares @ P10 per…

Q: Tamarisk, Inc. is authorized to issue 2,250,000 shares of $1 par value common stock. During 2020,…

A: Shares bought back by the company are called treasury stock. Treasury stock is deducted from the…

Q: In January 2019, ABC Limited called for subscriptions for 12 millions of shares. The issue price per…

A:

Q: On July 1, 2020, Phoenix company offers to issue their accountant 800 common shares at their current…

A: Entry for expenses paid by cash: Debit Expense, Credit Cash Entry for issue of common shares: Debit…

Q: Sousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulated the following…

A: Sousa caterers Inc.'s Authorized capital is 1. 4500 shares of preference shares = P110 par value 2.…

Q: On February 1, 2020, SEC authorized TINY INC. to issue 100,000 shares with par value of P10 per…

A: Potential stockholders subscribe for stock with partial payment upfront and balance is due at…

Q: Alpha Beta Inc. was organized on Jan. 1, 2021. It is authorized to issue 20,000 preference shares…

A: GIVEN     Jan 10 issued 10,000 ordinary shares for cash at P35 per share Mar 1 Issued 10,000…

Q: The shareholders' equity section of Good Life Company shows the following on December 31, 2018:…

A: Treasury Stock: These are the shares that are purchased back by the company from the open market.…

Q: Alpha Beta Inc. was organized on Jan. 1, 2021. It is authorized to issue 20,000 preference shares…

A: Balance Sheet Shareholders' Equity   Common Stock (21,500 shares X P 10 per share)…

Q: The shareholders' equity section of Good Life Company shows the following on December 31, 2018:…

A: Number of shares on June 30=Initial issue-Reacquisition+Resell=900,000-75,000+45,000=870,000 shares

Q: Julien Company had $800,000 net income in 2021. On 1 January 2021, there were 400,000 ordinary…

A: Earnings per share is acknowledged as the profit which can be earned by the common stockholders of a…

Q: Poodle Corporation was organized on January 3, 2021. The firm was authorized to issue 100,000 shares…

A: calculation of paid in capital are as follows:

Q: Max Inc. had 300,000 ordinary shares issued and outstanding at December 31, 2020. On July 1, 2021 an…

A: Earnings per share = (Net income - Preferred dividend) / Weighted average no. of Ordinary shares…

Q: On July 2 2019 victorious corporation issued for cash 12000 shares of no-par ordinary shares with a…

A: Hi student Since no requirement is mentioned in the question, we assume that

Q: DeLong Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%,…

A:

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: edunia Berhad was incorporated on 1 July 2020. On 1 August, it decided to issue 300,000 ordinary sha

A: (a) Analysis Table Category Shares Applied Shares Allotted Money Received on Application…

Q: Carlmont Corporation is authorized to issue 5,000,000 shares of $2 par value common stock. As of…

A: The treasury stock shares decreases the number of outstanding chares. The dividend is declared for…

Q: IFA Corporations had Net Income of $780,000 and the following information for January 2021  to…

A: Ordinary Share- Ordinary shares, also called general shares, are stocks sold on a community swap.…

Q: The Corazon Corporation is authorized to issue 100,000 shares at P20 par ordinary shares. At the…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: On February 2019, AOT Corporation authorized 20,000 preference shares at P 125 par value per share…

A: Preference shares also referred to as preferred stocks, seem to share that allow owners to receive…