Preference share, authorized, P50 par – P10,000,000; Unissued preference share – P3,600,000; Ordinary share, authorized, P20 par – P4,000,000; Unissued ordinary share – P2,000,000; Subscription receivable, preference share – P380,000; Subscription receivable, ordinary share – P360,000; Subscribed preference share - P600,000; Subscribed ordinary share - P440,000; Treasury share, preference at cost –P1,360,000; Share premium - P1,700,000; Accumulated profits and losses – P2,000,000. All subscriptions receivables are due in year 2022.

Preference share, authorized, P50 par – P10,000,000; Unissued preference share – P3,600,000; Ordinary share, authorized, P20 par – P4,000,000; Unissued ordinary share – P2,000,000; Subscription receivable, preference share – P380,000; Subscription receivable, ordinary share – P360,000; Subscribed preference share - P600,000; Subscribed ordinary share - P440,000; Treasury share, preference at cost –P1,360,000; Share premium - P1,700,000; Accumulated profits and losses – P2,000,000. All subscriptions receivables are due in year 2022.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Penny Corporation provided the following account balances on December 31, 2021: Preference share, authorized, 250 par - P10,000,000; Unissued preference share - P3,600,000; Ordinary share, authorized, P20 par - P4,000,000; Unissued ordinary share - P2,000,000; Subscription receivable, preference share-380,000; Subscription receivable, ordinary share - P360,000; Subscribed preference share-P600,000; Subscribed ordinary share - P440,000; Treasury share, preference at cost-P1,360,000; Share premium - 1,700,000; Accumulated profits and losses - P2,000,000. All subscriptions receivables are due in year 2022. How much is the total shareholders’ equity of Penny Corporation?
"The following are found in the trial balance of M Corporation at December 31, 2021: Authorized ordinary share, P50 par value P3,000,000; Subscription receivable P200,000; Unissued ordinary share P1,000,000; Subscribed ordinary share P500,000; Share premium ordinary P100,000. What is the total number of shares available for subscription?"
#17The following data are presented for Caroline company for the year ended December 31, 2020.Preference share capital authorized, 100 par, P15,000,000, Ordinary share capital authorized,10 par, P6,000,000, Unissued preference share capital, P5,400,000, Unissued ordinary sharecapital, P3,000,000, Subscriptions receivable, ordinary, P540,000, Subscriptions receivable,preference, P570,000, Preference share capital subscribed, P900,000, Ordinary share capitalsubscribed, P660,000, Treasury preference shares (700 shares at cost), P2,040,000, Sharepremium, P2,550,000, Retained earnings, P6,000,000. What is the amount of shareholder’sequity on December 31, 2018? 19,560,000 pls provide solution for this answer
Way Company's adjusted trial balance at December 31, 2021 includes the following: Ordinary Share Capital, P5 par P360,000 Share Premium - Ordinary 480,000 Treasury Shares, at cost 30,000 Share Premium - Preference 12,000 Retained Earnings 90,000 Preference Share Capital, P10 par 120,000 What amount should Way report as total shareholders' equity in its December 31, 2021 statement of financial position?
The accounts below appear in the December 31, 2020 trial balance of A Company: Authorized share capital, P30,000,000 Unissued share capital, P5,000,000 Subscribed share capital, P3,000,000 Subscription receivable, P1,000,000 Share premium, P10,000,000 Retained earnings unappropriated, P6,000,000 Retained earnings appropriated, P2,000,000 Revaluation surplus, P4,500,000 Treasury shares, at cost, P1,500,000 In its December 31, 2020 statement of financial position, A should report total equity at
White Corporation provided you with the following summary of total assets and liabilities at January 1, 2021 and at December 31, 2021.Assets, January 1, 2021 - P9,000,000Assets, December 31, 2021 - P12,000,000Liabilities, January 1, 2021 - P3,200,000Liabilities, December 31, 2021 - P4,500,000During 2021, the company issued 10,000 shares of its P100 par ordinary share at P150 per share and declared dividends of P280,000. There were no other changes affecting the equity accounts. How much is White Corporation’s profit for the year 2021?
Santol Inc. issued 200,000 shares of P5 par value at P10 per share. On January 1, 2021, the retained earnings amounted to P3,000,000. In March 2021, the entity reacquired 50,000 treasure shares at P20 per share. How much should Retained Earnings be appropriated?
Lacoste Inc., was organized on January 2, 2019 with a total authorized capital of P 2,000,000, P 20 par value. Subsequently, incorporators subscribed for 25,000 shares at P 24. How much must be paid up upon subscription to comply with the requirement of the Securities and Exchange Commission?
On March 1, 2019, Mall Co. issued 60,000, P50 par value, ordinary shares and 20,000, P100 par value, preference shares for a total consideration of P7,500,000. At this date, the ordinary share was selling for P100 per share and the preference share was selling for P150 per share. What amount of the proceeds should be allocated to the preference shares?
Dolores Company has the following assets and liabilities at December 31, 2020 and December 31, 2021. Assets liabilitiesDecember 31, 2020------------- P9,000,000 P3,200,000December 31, 2021------------- 12,000,000 4,500,000During 2021, Dolores issued 10,000 shares of its P100 par ordinary share at P130 per share and declared dividends of P500,000. There were no other changes affecting the equity accounts. How much is the profit for year 2021? 900,000
On December 31, 2020, ZEN Inc. reported a net income of P2,000,000. The following data are provided by ZEN concerning its shareholders’ equity: Ordinary shares at P10/par, P1,000,000; Share premium, 500,000; Subscribed ordinary shares, 300,000; Subscription receivable collectible beyond one year, 50,000; Treasury shares at cost (P12/share), 300,000; Cumulative-participating preference shares – 10%, P2,000,000; and Outstanding preference shares 100,000. The dividends on preference shares are in arrears for two years before December 31, 2020. No dividends were on preference shares were declared on year 2020. What is the basic earnings per share for preference shareholders for the year ended December 31, 2020? a. P6.00 b. P2.00 c. None
The shareholders' equity section of De Guzman Company revealed the followinginformation on Dc. 31, 2019: Preference Shares, P100 par P2,300,000Share Premium-Preference 805,000Ordinary Shares, P15 par 5,250,000Share Premium-Ordinary 2,750,000Subscribed Ordinary Shares 50,000Retained Earnings 1,900,000Notes Payable 4,000,000Subscription Receivable-Ordinary 400,000 Required: How much is the legal capital?