Answer no. 4 to 6 9:03G.Shown below are account balances found in the ledger of Honesty Corporation at the end of year 2018:Subscription Receivable-Preference ShareP 360,000Subscription Receivable-Ordinary Share182,0008% Preference Share Capital, P 50 par value,80,000 shares authorizedIssuedP 1,440,000Subscribed720,0002,160,000Ordinary Share Capital, no par, P 10 stated value320,000 shares authorizedIssuedP 1,360,000Subscribed280,0001,640,000Additional Paid In CapitalPreference Share PremiumP 216,000Paid-In Capital In Excess of Stated Value328,000544,000Required: Compute for the following:1) Number of Preference shares issuedNumber of Ordinary shares issued2)3) Number of subscribed preference shares4) Number of subscribed ordinary shares5) Average price per share received by the corporation on its preference share capital includingsubscribed shares6) Average price per share received by the corporation on its ordinary share capital includingsubscribed shares7) Average amount per share that the preference share subscribers have not yet paid to the corp.8) Average amount per share that the ordinary share subscribers have already on their subscriptions.Assume ordinary share subscription price is P 12 per share.|||O<84%X

Extract of accounting balances from the ledger of Honesty Corporation at the end of the year 2018 is…

6. Shown below are account balances found in the ledger of Honesty Corporation at the end of year 2018: P 360,000 182,000 Subscription Receivable-Preference Share Subscription Receivable-Ordinary Share 8% Preference Share Capital, P 50 par value, 80,000 shares authorized Issued P 1,440,000 Subscribed 720,000 2,160,000 Ordinary Share Capital, no par, P 10 stated value 320,000 shares authorized Issued P 1,360,000 Subscribed 280,000 1,640,000 Additional Paid In Capital Preference Share Premium P 216,000 328,000 Paid-In Capital In Excess of Stated Value 544,000 Required: Compute for the following: 2) 1) Number of Preference shares issued Number of Ordinary shares issued 3) Number of subscribed preference shares 4) Number of subscribed ordinary shares 5) Average price per share received by the corporation on its preference share capital including subscribed shares 6) Average price per share received by the corporation on its ordinary share capital including subscribed shares

6. Shown below are account balances found in the ledger of Honesty Corporation at the end of year 2018: P 360,000 182,000 Subscription Receivable-Preference Share Subscription Receivable-Ordinary Share 8% Preference Share Capital, P 50 par value, 80,000 shares authorized Issued P 1,440,000 Subscribed 720,000 2,160,000 Ordinary Share Capital, no par, P 10 stated value 320,000 shares authorized Issued P 1,360,000 Subscribed 280,000 1,640,000 Additional Paid In Capital Preference Share Premium P 216,000 328,000 Paid-In Capital In Excess of Stated Value 544,000 Required: Compute for the following: 2) 1) Number of Preference shares issued Number of Ordinary shares issued 3) Number of subscribed preference shares 4) Number of subscribed ordinary shares 5) Average price per share received by the corporation on its preference share capital including subscribed shares 6) Average price per share received by the corporation on its ordinary share capital including subscribed shares

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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6. The following is a list of selected account balances taken from the December 31, 2021, general ledger of Selecta Corp. Account Payable 50,000 Accounts Receivable 45,500 Ordinary Share Capital 126,000 Paid in Capital in Excess of Par –Ordinary Share Capital 110,500 Paid in Capital in Excess of Par – Preferred Share Capital 10,250 Preference Share Capital 58,000 Preference Share capital Subscribed 6,000 Retained Earnings 20,500 Subscription Receivable –Preference 10,500 Compute first for the total paid-in capital then proceed to total stockholder’s equity for Selecta Corp. On December 31, 2021.
6. The following is a list of selected account balances taken from the December 31, 2021, general ledger of Selecta Corp. Account Payable 50,000 Accounts Receivable 45,500 Ordinary Share Capital 126,000 Paid in Capital in Excess of Par –Ordinary Share Capital 110,500 Paid in Capital in Excess of Par – Preferred Share Capital 10,250 Preference Share Capital 58,000 Preference Share capital Subscribed 6,000 Retained Earnings 20,500 Subscription Receivable –Preference 10,500 Compute for total stockholder’s equity for Selecta Corp. On December 31, 2021.
1. Avalanche Inc. revealed the following information for the year ended December 31. 2021 Preference share. P100 par-P2.4 million; Share premium, preference - P700,000; Ordinary share, P15 par-P3.5 million, Share premium, ordinary-P1.5 million. Subscribed ordinary share - P100,000, Retained earnings - P2 million, Subscription receivable, ordinary - P20,000 How much is the legal capital? A.P6 million B.PB 1 million CP5.9 million D.P8 2 million 2.At the beginning of 2021, DAI Corp. was organized with authorized capital of 200,000, P500 par value shares. The following transactions transpired during its first year of business. February 4- Issued 15.000 shares at P510 per share April 10- Issued 3,000 shares for services received (FMV of the services is P1.7 million). October 23-Issued 5,000 shares in exchange for a land (FMV) the land is P3 million) What amount should be reported as share premium? A.11.500.000 B. 23.000 C.850.000 D.12.350.000 3. At the beginning of 2021, DAI Corp. was…
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K. The shareholder's equity section of Angel Inc. showed the following data on December 31, 2018: Preference Share (P100 par) P 2,300,000; Preference Share Premium P 805,000; Ordinary Share (P15 par) P 5,250,000; Ordinary Share Premium P 2,750,000 Subscribed Ordinary Share P 50,000; Retained Earnings P 1,900,000 Subscription Receivable (due on January 31, 2019) P 400,000 How much is the legal capital?
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After formation on Aug. 1, 2018, the ledger accounts of the Ilano Corporation have the following balances: Accrued Expenses = P50,000 Accounts Payable = P400,000 Accounts Receivable = P220,000 Allowance for Uncollectible Accounts = P20,000 Building = P1,000,000 Cash = P160,000 Ordinary Shares, P250 par, 50,000 shares authorized = P1,513,000 Subscribed Ordinary Shares = P80,000 Furniture and Fixtures = P250,000 Merchandise Inventory = P1,000,000 Notes Payable-Short Term = P250,000 Organization Expense = P30,000 Share Premium-Ordinary = P60,000 Share Premium-Preference = P30,000 10% Noncumulative and Nonparticipating Preference Shares, 30,000 P500 par, 5,000 shares authorized = P250,000 10% Preference Shares Subscribed, P500 par = P100,000 Subscriptions Receivable-Ordinary = P41,000 Subscriptions Receivable-Preference = P52,000 Required: 1. Determine the following: a. How many ordinary shares are outstanding? b. How many ordinary shares…