Sousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulated the following authorized capital: a. 4,500 shares of preference shares, P110 par value b. 42,000 shares of ordinary shares, P30 par value Sousa Caterers, Inc. completed the following transactions during its first year of operations: May 8 Received subscriptions to 14,000 ordinary shares at P30 per share; collected 65% of the subscription price. June 7 Subscribers to 14,000 ordinary shares paid an additional 20% of the subscription price. July 6 Subscribers to 14,000 ordinary shares paid an additional 15% of the subscription price. Sousa Caterers, Inc. issued the 14,000 shares of stock. Sept. 14 Received subscriptions to 4,300 ordinary shares at P32 per share; collected 60% of the subscription price. Required: Prepare the journal entries. ejawe: SLA

Sousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulated the following authorized capital: a. 4,500 shares of preference shares, P110 par value b. 42,000 shares of ordinary shares, P30 par value Sousa Caterers, Inc. completed the following transactions during its first year of operations: May 8 Received subscriptions to 14,000 ordinary shares at P30 per share; collected 65% of the subscription price. June 7 Subscribers to 14,000 ordinary shares paid an additional 20% of the subscription price. July 6 Subscribers to 14,000 ordinary shares paid an additional 15% of the subscription price. Sousa Caterers, Inc. issued the 14,000 shares of stock. Sept. 14 Received subscriptions to 4,300 ordinary shares at P32 per share; collected 60% of the subscription price. Required: Prepare the journal entries. ejawe: SLA

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

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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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.
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
Tama Companys capital structure consists of common stock and convertible bonds. At the beginning of 2019, Tama had 15,000 shares of common stock outstanding; an additional 4,500 shares were issued on May 4. The 7% convertible bonds have a face value of 80,000 and were issued in 2016 at par. Each 1,000 bond is convertible into 25 shares of common stock; to date, none of the bonds have been converted. During 2019, the company earned net income of 79,200 and was subject to an income tax rate of 30%. Required: Compute the 2019 diluted earnings per share.
Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000
Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?
following authorized capital: Sousa Caterers, Inc. was organized on May 13, 2019 and the articles stipulated the Subscription of Shares a 4,500 shares of preference shares, P110 par value b. 42,000 shares of ordinary shares, P30 par value Sousa Caterers, Inc. completed the following transactions during its first year of operations: 8 Received subscriptions to 14,000 ordinary shares at P30 per share; collected 65% of the subscription price. May June 7 Subscribers to 14,000 ordinary shares paid an additional 20% of the subscription price. July 6 Subscribers to 14,000 ordinary shares paid an additional 15% of the subscription price. Sousa Caterers, Inc. issued the 14,000 shares of stock. Received subscriptions to 4,300 ordinary shares at P32 per share; collected 60% of the subscription price. Sept. 14 Required: Prepare the journal entries. SLA camera
Typecast, Inc. was incorporated on January 2, 2019 with the following authorized capitalization: • 10,000 shares of preference share capital, P 100 par; • 40,000 shares of ordinary share capital, P 40 stated value. During 2019, Typecast issued 24,000 Ordinary shares for a total of P 1,200,000 and 6,000 shares of Preference share capital at P 106 per share. In addition, on December 20, 2019, subscriptions for 2,000 shares of Preference share capital were taken at a subscription price of P 107. These subscribed shares were paid for on January 2, 2020. How much is the total contributed capital as shown in the shareholders’ equity section of the statement of financial position of Typecast, Inc. at the end of 2019? Using data in no. 9, what was the original issue price per share of Ordinary share capital?
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?
SHEA Corp. was organized on January 2020. Share capital transactions for the year are shown below: Jan.-5- Authorized to issue 50,000 shares of P10 par value ordinary share. 10-Issued 12,500 shares at P11 per share. Mar.- 25- Issued 500 shares for legal services valued at P6,000. Sept.-30-Issued 2,500 shares for a tract of land valued at P65,000. The journal entry to record the transaction on March 25 includes Select the correct response: O a credit to Share Premium of P6,000 Oa debit to Organization Cost of P6,000 O a credit to Share Capital of P6,000 O a debit to Cash of P6,000 < Previous 3ms 44Hz
"On January 1, 2020, YOY Company was established as a public shareholding company. YOY Company authorizes 8,000,000 shares of common stock. A par value of JD 1 per share. YOY Company offering for subscription 6,000,000 shares. The number of subscribed shares is 4,500,000 shares at the end date of subscription. the Subscribed and Paid up capital of YOY Public Shareholding Company is" "8,000,000" "4,500,000" "3,500,000" "6,000,000"
Yoko Company was organized on May 25, 2020 and was authorized to issue 250,000 shares of Rs 15 nar and 10,000 shares of 8% Preferred Stock, par value Rs 50. The following were the Capital Stock transactions through September 15, 2020: Issued 50,000 shares of Common Stock to an investment group at Rs 20, Assets were obtained from Tom Co. in exchange for 75,000 Shares of Common Stock. The assets were appraised as follows: June 1: June 15: Rs 300,000 Rs 75,000 Rs 475,000 Rs 375,000 Merchandize Inventory Furniture & Fixtures Machinery & Equipment Land Subscriptions were received for 100,000 Shares of Common Stock at Rs 25 and for 5,000 Shares of Preferred 8% Stock at Rs 55. Each class of Stock is to b paid in full within 90 days, Payment was received in full against 90,000 Shares of Common Stock and all th 5,000 Shares of Preferred against the above subscriptions. Nothing is expect to be received against the remaining 10,000 Shares of the Common her cancelled. July 1: Sep 15: Required: 1)…
Knicks Corporation was organized on January 1, 2018 with 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?