Refer to Alom, How much are the total assets of the new corporation?
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On the date of incorporation, the condensed balance sheet of Alom
Cash P 28,000
Other Assets 256,000 Liabilities 50,000 Alpha Capital 180,000 Omega Capital 54,000 The Securities and Exchange Commission authorized the corporation to issue the following shares:
o 10,000 shares of 12%
o 20,000 shares of Ordinary Share Capital, par P 50. The corporation issued 1,500 preference shares and 800 ordinary shares to Alpha in exchange for her equity in the partnership. On the other hand, Omega received 1,500 preference shares and 1,200 ordinary shares for her equity in the partnership. Any capital deficiency of the partners will be paid in cash. Three other incorporators each subscribed at par, 1,500 preference shares and 2,000 ordinary shares paying only 25% of their subscriptions and the balance payable in two months from the date of subscription.
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Refer to Alom, How much are the total assets of the new corporation?
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- On the date of incorporation, the condensed balance sheet of Alom Partnership showed the following: Cash P 28,000Other Assets 256,000Liabilities 50,000Alpha Capital 180,000Omega Capital 54,000 The Securities and Exchange Commission authorized the corporation to issue the following shares: o 10,000 shares of 12% Preference Share Capital, par P 100; ando 20,000 shares of Ordinary Share Capital, par P 50. The corporation issued 1,500 preference shares and 800 ordinary shares to Alpha in exchange for her equity in the partnership. On the other hand, Omega received 1,500 preference shares and 1,200 ordinary shares for her equity in the partnership. Any capital deficiency of the partners will be paid in cash. Three other incorporators each subscribed at par, 1,500 preference shares and 2,000 ordinary shares paying only 25% of their subscriptions and the balance payable in two months from the date of subscription.…On the date of incorporation, the condensed balance sheet of Alom Partnership showed the following: Cash P 28,000Other Assets 256,000Liabilities 50,000Alpha Capital 180,000Omega Capital 54,000 The Securities and Exchange Commission authorized the corporation to issue the following shares: o 10,000 shares of 12% Preference Share Capital, par P 100; ando 20,000 shares of Ordinary Share Capital, par P 50. The corporation issued 1,500 preference shares and 800 ordinary shares to Alpha in exchange for her equity in the partnership. On the other hand, Omega received 1,500 preference shares and 1,200 ordinary shares for her equity in the partnership. Any capital deficiency of the partners will be paid in cash. Three other incorporators each subscribed at par, 1,500 preference shares and 2,000 ordinary shares paying only 25% of their subscriptions and the balance payable in two months from the date of subscription.…On the date of incorporation, the condensed balance sheet of Alom Partnership showed the following: Cash P 28,000Other Assets 256,000Liabilities 50,000Alpha Capital 180,000Omega Capital 54,000 The Securities and Exchange Commission authorized the corporation to issue the following shares: o 10,000 shares of 12% Preference Share Capital, par P 100; ando 20,000 shares of Ordinary Share Capital, par P 50. The corporation issued 1,500 preference shares and 800 ordinary shares to Alpha in exchange for her equity in the partnership. On the other hand, Omega received 1,500 preference shares and 1,200 ordinary shares for her equity in the partnership. Any capital deficiency of the partners will be paid in cash. Three other incorporators each subscribed at par, 1,500 preference shares and 2,000 ordinary shares paying only 25% of their subscriptions and the balance payable in two months from the date of subscription.…
- Madraza Corporation was incorporated on July 1, 20A with authorized ordinary share capita of P1,000,000 and preference share of P2,000,000 with par value of P100 each. During the year, the corporation had the following transactions affecting the Shareholders' Equity: 1st: 120 ordinary shares were issued for cash at par value. 2nd: 380 ordinary shares were issued in exchange for land. The fair market value of land is P50,000. 3rd: 200 ordinary shares were issued in payment of legal expenses incurred during the incorporation process, P25,000. Q-8 How much is the balance of Ordinary Share Capital account? a) P60,000 b) P70,000 c) PS0,000 d) none of these Q-9 What amount of Share Premium should be reported in the Statement of Financial Position? a) P17,000 b) P19,000 c) d) P21,000 none of theseB. The League Corporation is authorized to issue 100,000 shares of Ordinary Share Capital with a par value of P 20. The following transactions took place in relation to the share capital: May 2 Issued 25,000 shares for cash at par value. 5 Issued 5,000 shares to Atty. Fernan for services in organizing the corporation. The value of the services was P 120,000. 18 Issued 4,000 shares to corporate promoters. Each ordinary share is selling at P 30 on this date. 25 Issued 20,000 shares in exchange for Land valued at P 600,000. 30 Issued for cash 10,000 shares at P 23 per share Prepare journal entries to record the above transactions including authorized capital dated May 2, using the memorandum method.Assume that partners A, B and C agreed to be issued 14,000, 21,000 and 35,000 shares, respectively. How much is the credit to the share premium account? On January 1, 20xd, the partners in ABC Co. decided to admit other investors and convert the partnershup into a corporation. Relevant information follows: Carying amounts 50,000 Fair vahues Cash S0,000 Receivables 240,000 160,000 280,000 320,000 2,160,000 Inventory Equipment Pavables A Capital (20%) B, Capital (30%) C Capital (50%) 2,680,000 200,000 N/A N/A 200,000 600,000 S00,000 1,200,000 N/A The corporation has an authorized capitalization of PS.000,000 divided into 200,000 ordinary shares with par vahue of Pi40 per share.
- On the date of incorporation, the condensed balance sheet of Alom Partnership showed the following: Cash P 28,000Other Assets 256,000Liabilities 50,000Alpha Capital 180,000Omega Capital 54,000 The Securities and Exchange Commission authorized the corporation to issue the following shares: o 10,000 shares of 12% Preference Share Capital, par P 100; ando 20,000 shares of Ordinary Share Capital, par P 50. The corporation issued 1,500 preference shares and 800 ordinary shares to Alpha in exchange for her equity in the partnership. On the other hand, Omega received 1,500 preference shares and 1,200 ordinary shares for her equity in the partnership. Any capital deficiency of the partners will be paid in cash. Three other incorporators each subscribed at par, 1,500 preference shares and 2,000 ordinary shares paying only 25% of their subscriptions and the balance payable in two months from the date of subscription.How much is the…The charter of a corporation provides for the issuance of 95,735 shares of common stock. Assume that 43,241 shares were originally issued and 3,458 were subsequently reacquired. What is the amount of cash dividends to be paid if a $1 per share dividend is declared? Select the correct answer. a-$43,241 b-$95,735 c-$3,458 d-$39,783Magbarkada Corporation hire promoters to procure subscriptions for the corporation. As per Articles of Incorporation the corporation has an authorized share capital of P60,000. How much shares should be subscribed and actually paid as per SEC requirement? Amount Subscribed Amount Paid a. P 15,000 P 5,000 b. P 30,000 P 6,000 c. P 15,000 P 3,750 d. P 12,000 P 3,000
- Lagoon Company was organized at the beginning of the current year.The entity provided the following transactions affecting shareholders' equity:1. The corporation was authorized to issue 100,000 ordinary shares with par value ofP100.2. Twenty-five percent of the authorized ordinary capital was subscribed for at par value.3. Collected twenty-five percent of the subscription.4. Full collection was received on 10,000 shares originally subscribed.5. Issued the share certificates on the fully paid 10,000 shares.6. Land with fair value of P800,000 and a building thereon fairly valued at P2,500,000were acquired for 30,000 shares.7. Issued 10,000 shares for an outstanding bank loan of P1,300,000, including accruedinterest of P200,000. On this date, shares are quoted at P120 per share.8. Net income for the year amounted to P3,000,000.Required:a. Prepare journal entries using journal entry method. b. Present the shareholders' equityThe League Corporation is authorized to issue 100,000 shares of Ordinary Share Capital with a par value of P 20. The following transactions took place in relation to the share capital: May 2 Issued 25,000 shares for cash at par value. 5 Issued 5,000 shares to Atty. Fernan for services in organizing the corporation. The value of the services was P 120,000. 18 Issued 4,000 shares to corporate promoters. Each ordinary share is selling at P 30 on this date. 25 Issued 20,000 shares in exchange for Land valued at P 600,000. 30 Issued for cash 10,000 shares at P 23 per share Prepare journal entries to record the above transactions including authorized capital dated May 2, using the memorandum method.Item No. 7 is based on the following information:neqx noiresinsgno b Nel Corporation's general ledger accounts show among others, the following: 9 to gniuzel va Preference Share Capital (20,000 authorized shares, par P 200) Preference Share Premium-- P 3,400,000 - 200,000 edi bac Ordinary Share Capital (100,000 authorized shares, value P 80) Ordinary Share Capital in Excess of Stated Value 4,000,000 100,000 16r2 7. The issued preference and ordinary shares, respectively, are: a. 17,000 and 50,000. C. 18,000 and 50,000. b. 17,000 and 51,250. d. 20,000 and 100,000.