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.…

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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

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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