Problem 10 Problem 20-10 (IAA)On January 1, 2021, Negros Company waa incorporated withthe following authorized capitalitation:Ordinary ahare capital, no par, PI00 atated valuePreference share capital, 10%. PO par20.000.00010.000.000During the carrent year, the entity issued 150,000 ordinarahares for a total of P18,000,000 and 50,000 preference sharesat P60 per shareIn addition, on December 15, 2021, subecriptions for 20,000preference shares were received at PI00 per share. Thesubscribed preference shares were paid for on January 15,2022Net income for 2021 was PS,000,000.What amount abould be reported as lotal contributed capitalon December 31, 20217a. 28,000,000b. 21,000,000e 23.000,00026,000 000

Name: Problem 10 Problem 20-10 (IAA)On January 1, 2021, Negros Company waa i
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Description: Problem 10 Problem 20-10 (IAA)On January 1, 2021, Negros Company waa incorporated withthe following authorized capitalitation:Ordinary ahare capital, no par, PI00 atated valuePreference share capital, 10%. PO par20.000.00010.000.000During the carrent

Capital Contribution means the capital or cash the company receives in exchange of capital issued.…

Business

Accounting

Problem On Janury 1, 20g1, Negros Company was incorporated wi the llewing authorind capitaliaation 2000.000 10.000000 Onn Pe share pital to P par During the current year, the entity iseued 150,000 ordiar hares ratetal ef PIR000.000 and s0,000 preferene shas at P0 per ahare Orliary shareagital e par. PI00 tated value ln addition, on December 15, 201. ubecriptions for 20.000 preference shares were received at PI00 per ahare. The haribed preference aheres were paid for on Janary 15 Net income for 2021 was PS.000,000 What amount should be reported as ledal contributed capital e December 1, 2017 2000,000 21,000.000 21.000.000 25000.000

Problem On Janury 1, 20g1, Negros Company was incorporated wi the llewing authorind capitaliaation 2000.000 10.000000 Onn Pe share pital to P par During the current year, the entity iseued 150,000 ordiar hares ratetal ef PIR000.000 and s0,000 preferene shas at P0 per ahare Orliary shareagital e par. PI00 tated value ln addition, on December 15, 201. ubecriptions for 20.000 preference shares were received at PI00 per ahare. The haribed preference aheres were paid for on Janary 15 Net income for 2021 was PS.000,000 What amount should be reported as ledal contributed capital e December 1, 2017 2000,000 21,000.000 21.000.000 25000.000

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

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 2MC: Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions...

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Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000
Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
Common Dividends Fusion Payroll Service began 2019 with 1,200,000 authorized and 375,000 issued and outstand ing $5 par common shares. During 2019, Fusion entered into the following transactions: Declared a S0.30 per-share cash dividend on March 10. Paid the $0.30 per-share dividend on April 10. Repurchased 8,000 common shares at a cost of $18 each on May 2. Sold 1.500 unissued common shares for $23 per share on June 9. Declared a $0.45 per-share cash dividend on August 10. Paid the $0.45 per-share dividend on September 10. Declared and paid a 5% stock dividend on October 15 when the market price of the common stock was $25 per share. Declared a $0.50 per-share cash dividend on November 10. Paid the $0.50 per-share dividend on December 10. Required: Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) Determine the total dollar amount of dividends (cash and stock) for the year. CONCEPTUAL CONNECTION Determine the effect on total assets and total stockholders equity of these dividend transactions.
Common Dividends Thompson Payroll Service began in 2019 with 1,500,000 authorized and 820,000 issued and outstanding S8 par common shares. During 2019, Thompson entered into the following transactions: Declared a S0.20 per-share cash dividend on March 24. Paid the S0.20 per-share dividend on April 6. Repurchased 13,000 common shares for the treasury at a cost of S12 each on May 9. Sold 2,500 unissued common shares for $15 per share on June 19. Declared a $0.40 per-share cash dividend on August 1. Paid the $0.40 per-share dividend on September 14. Declared and paid a 10% stock dividend on October 25 when the market price of the common stock was $15 per share. Declared a 50.45 per-share cash dividend on November 20. Paid the $0.45 per-share dividend on December 20. Required: Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) What is the total dollar amount of dividends (cash and stock) for the year? CONCEPTUAL CONNECTION Determine the effect on total assets and total stockholders equity of these dividend transactions.
40.The accounts below appear in the December 31, 2020 trial balance of Spartans Corporation: Authorized Share Capital P 5,000,000Unissued Share Capital 2,000,000Subscribed Share Capital 1,000,000Subscription Receivable-due 2018 400,000Property Dividends Payable 800,000Share Premium 500,000Retained Earnings-unappropriated 600,000Retained Earnings-appropriated 300,000Treasury Shares-at cost 100,000 In its December 31, 2020 Statement of Financial Position, what is the amount of Spartans total Shareholders’ Equity.
Problem 18-28 Tunn Company revealed the following shareholders’ equity on December 31, 2019: 12% nonparticipating, noncumulative preference share capital, par value of P100, 10,000 shares 1,000,000 10% fully participating, cumulative preference share capital, par value of P100, 25,000 shares 2,500,000 Ordinary share capital, par value of P100, 75,000 shares 7,500,000 The entity has not paid a cash or stock dividend before. There was no change in thecapital balance since the entity started operations five years ago. The entity reported net loss for 2015, 2016 and 2017 at P1,500,000, P1,000,000 andP500,000, respectively, and net income for 2018 and 2019 at P1,750,000 andP6,250,000, respectively. The maximum amount available for dividend on December 31, 2019 is declared andpaid. What amount of dividend should be distributed to1. Ordinary shareholders?a. 3,750,000b. 2,910,000c. 500,000d. 750,000 2. 12% preference shareholders?a. 120,000b. 600,000c. 300,000d. 0 3. 10%…
11. The following data of Slapshock Corporation as of December 31, 2019 showed the following: Preference share capital, P 100 par P 820,000; Ordinary share capital, P 30 par, 300,000 shares authorized, 100,000 shares issued and outstanding P3,000,000; Preference share premium P410,000; Ordinary share premium P3,300,000. What was the original issue price per share of preference share capital? Using data in no. 11, what was the original issue price per share of ordinary share capital? Using data in no. 11, how many shares of preference share capital were issued and outstanding as of December 31, 2019?