36.At the end of the accounting year, December 31, 2007, Emme's recordsreflected the following:- Common stock, no par, 5,000 shares issued, issue price P12 per sharePreferred stock, par P5, 1,000 shares issued and outstanding; issue price, P15per shareUnrealized gain, available-for-sale securities, P18,000Retained earnings, P20,000 (unappropriated)Preferred stock, par P5, subscribed (not yet issued), 400 shares; subscriptionprice P20 per shareSubscriptions receivable on the preferred stock P5,000 to be collected onJanuary 1, 2008Reserve for bond sinking fun, P15,000Treasury stock, common stock, 1,000 shares, cost P10 per shareTotal stockholders' equity is:(a) P120,000(b) P121,000(c) P125,000(d) P136,000

Solution : Concepts Common stock is included in total stock holders equity Preferred stock is…

36.At the end of the accounting year, December 31, 2007, Emme's reco reflected the following: - Common stock, no par, 5,000 shares issued, issue price P12 per share Preferred stock, par P5, 1,000 shares issued and outstanding; issue price, per share Unrealized gain, available-for-sale securities, P18,000 Retained earnings, P20,000 (unappropriated)

36.At the end of the accounting year, December 31, 2007, Emme's reco reflected the following: - Common stock, no par, 5,000 shares issued, issue price P12 per share Preferred stock, par P5, 1,000 shares issued and outstanding; issue price, per share Unrealized gain, available-for-sale securities, P18,000 Retained earnings, P20,000 (unappropriated)

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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