Activity 1 Account Dr. Bank (1,200 x 0.8) Cr. Application and Allotment – Ordinary Shares To record the money received from the 1200 share applications Debit ($) Credit ($) 960 960 Dr. Application and Allotment – Ordinary Shares (1,000 x 1.2) 1,200 1,200 Cr. Share Capital To record the allotment of 1,000 shares Dr. Application and Allotment – Ordinary Shares (200 x 0.8) Cr. Bank 160 160 To record the refund to the unsuccessful applicants Activity 1 Prepare journal entries to record the issue of shares: ► Application to issue 1,000 ordinary share Issue price = $1.4 $0.8 payable on application ► $0.4 payable on allotment $0.2 payable when called ► Application were received for 1,200 shares
Q: Am. 129.
A: To calculate the Earned Income Credit (EIC) for Samuel and Annamaria, we need to follow these…
Q: Styles 9 10 11 12 1 13 14 15 Nugent Communication Corp. is investing $9,904,424 in new technologies.…
A: Calculate the discounted payback period for the project using Excel as follows:Formula sheet:Note:To…
Q: Please do not give solution in image format thanku
A: Jensen Manufacturing Company makes a partially completed assembly unitIt sells 42,000 units 70% of…
Q: None
A: Step 1:The journal entry to record the reacquisition of the stock is provided hereunder:DateAccount…
Q: None
A: To address the situation portrayed, we want to figure out the effect of the obtaining of Vide Ltd by…
Q: Alpesh
A: Step 1: In the Operating activities section of the statement of cash flows using the indirect…
Q: Vikarmbhai
A: Step 1: Analyze initial conditionsCalculate initial shares outstanding using the common stock value…
Q: Multiple Choice $6,678 $7,368 $6,311 $5,663 $6,752
A: Unadjusted cash balance per book$6,425 Bank service charge( 42) NSF check( 720) Adjusted…
Q: Birch Company normally produces and sells 44,000 units of RG-6 each month. The selling price is $30…
A: To solve this problem, we need to calculate the total costs and revenues for the two scenarios…
Q: A2
A: To compute the sales activity variance, we need to compare the actual sales quantity with the…
Q: The equity section of East Ltd's on 1 April 2015 was extracted as follows: Ordinary shares $ 10,000…
A: Scenario:HK Ltd, the parent company, owns a 25% stake in East Ltd, its associate.We need to…
Q: Wynn Corp. offers a set of building blocks to customers who send in three codes from Wynn cereal,…
A: Journal 1:= 100,000 building blocks * $2.5 unit cost = 250,000 Journal 2:= 1,000,000 boxes of…
Q: A3
A: The objective of the question is to calculate the depreciation and interest expense that Trudeau…
Q: This is about equity (earning per share.) Can you explain what is "recevied the call" and "call…
A: The question is asking for an explanation of the terms 'received the call' and 'call account', and…
Q: Cash dividends of $72,033 were declared during the year. Cash dividends payable were $9,850 at the…
A: Step 1: Method for calculation of dividend paidDividend paid during the year will include the…
Q: The capital investment committee of Iguana Inc. is considering two capital investments. The…
A: Part 2:Explanation:Step 1: Calculate Average Rate of ReturnThe average rate of return can be…
Q: On January 1, Haymark Corporation signs a six-year lease for a truck that is accounted for as a…
A: (a) The January 1 journal entry to record the lease involves recognizing the leased asset and the…
Q: The following materials standards have been established for a particular product: Standard quantity…
A: The objective of the question is to calculate the materials quantity variance for the month. The…
Q: The dollar amounts in the last three columns are the taxes owed under the three different tax…
A: To determine which of the three tax systems is regressive, we need to understand the concept of…
Q: Kia Lopez is single (SSN 412-34-5670) and resides at 101 Poker Street, Apartment 12A, Hickory, FL…
A: Preparing tax returns involves a systematic approach to accurately report income, calculate…
Q: Required information [The following information applies to the questions displayed below.] The…
A: Step 1:Computation of the number of times interest is earned for Year 2:Number of times interest is…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: Standard Direct Labor HoursOverhead RatesAt 70% of Operating CapacityFavorable or…
Q: am.111.
A: To determine the amount of Byron's deduction for the donation of stock to a qualified charitable…
Q: Waterway SpA issued 530 shares of €100 par value preference shares for €64,200. Prepare Waterway's…
A: The objective of the question is to prepare the journal entry for the issuance of preference shares…
Q: Palmona Company establishes a $130 petty cash fund on January 1. On January 8, the fund shows $47 in…
A: 1. Entry to Establish the Fund on January 1To establish the petty cash fund on January 1, an initial…
Q: The Larisa Company is exiting bankruptcy reorganization with the following account balances:…
A: Receivables and Inventory:The fair values of both receivables and inventory are higher than their…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: Weighted Average Inventory Costing Method with ExamplesThe weighted average method assumes all units…
Q: Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her…
A: Let's delve into a more detailed explanation of how Rita, as a self-employed individual, can…
Q: < Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are…
A: Step 1: Calculation of the cost of goods sold and ending inventory using the FIFO method. First-in,…
Q: 8. Wadhams Snow Removal's cost formula for its vehicle operating cost is $1,900 per month plus $430…
A: Step 1: Introduction to budgetingBudgeting is defined as the process of preparing a financial plan…
Q: The CEO has asked you to kick off his monthly meeting with an ethics current event and 3 activities…
A: Activity/Question 1: Case Study AnalysisProvide a brief summary of the GE whistleblower case to the…
Q: The Unadjusted Trial Balance columns of a work sheet total $97,500. The Adjustments columns contain…
A: To find the adjusted trial balance, add the adjustments to the unadjusted trial balance.Unadjusted…
Q: justed cash balance per the books on April 30 Is: Multiple Choice $6,940 ○ $4,450 $5,810 О $8,130 О…
A: Unadjusted cash balance per book$6,260Note collected by bank 740Bank service charge(…
Q: Standard Product CostsDeerfield Company manufactures product M in its factory. Production of M…
A: Given information, Quantity of pounds required per unit = 2 Cost per pound = $12Number of direct…
Q: Presented below is information related to Sweet Company. Cost Retail Beginning inventory $252,942…
A: Step 1:Computation of the ending inventory using the conventional retail inventory method: Cost…
Q: Last year Minden Company introduced a new product and sold 15,000 units at a price of $74 per unit.…
A: To solve this problem, we need to calculate the net operating income (loss), break-even points, and…
Q: Please do not give solution in image format thanku
A: Step 1: Calculate the Current RatioThe current ratio is found by dividing the company's current…
Q: Cansela Corporation reports inventory and cost of goods sold based on calculations from a LIFO…
A: Step 1: Calculate Ending Inventory for Each YearTo determine the LIFO liquidation profit or loss, we…
Q: If a company wanted to take advantage of depreciation expenses, how would this company accomplish…
A: To take advantage of depreciation expenses, a company can follow several strategies:Asset Purchases:…
Q: Additional information for 2023: 1. Net income was $60,000. This amount includes depreciation…
A: The objective of the question is to prepare a statement of cash flows for the year ended December…
Q: Typed please and provide a quality solution for better ratings already got so many negative ratings…
A: The objective of the question is to understand the different specializations of accounting and the…
Q: In October, the cost of materials transferred into the Rolling Department from the Casting…
A: The objective of the question is to journalize the cost of transferred-in materials, conversion…
Q: Exercise 28-12 (Algorithmic) (LO. 1) The entity reports the following transactions for the 2022 tax…
A: Step 1: Calculate Gross IncomeOperating income from a business: $565,000Dividend income (taxed at…
Q: Exercise 18-9 (Algo) New equity issues; offerings announcements [LO18-4] W When companies offer new…
A: Answer information:Computation:EventParticularsDebitCreditAMTCCash(8 Million Shares X…
Q: Research on a new laptop case indicates that the product can be sold for $40 per unit. Cost analysis…
A: The revenue function can be calculated by multiplying the selling price per unit by the number of…
Q: please provide correct ANSWER
A: The objective of the question is to determine the appropriate accounting treatment for XYZ company…
Q: Pelcher Co. maintains a $440 petty cash fund. On January 31, the fund is replenished. The…
A: When replenishing a petty cash fund, it's essential to accurately account for the expenses incurred…
Q: A2
A: Part 2: Explanation:Step 1: Calculate the interest for Mystic BankUsing the formula for compound…
Q: Through the classifieds of the Miami Herald Rhonda Brennan found her first job after graduating from…
A: To calculate Rhonda's take-home pay for her first check, we need to determine her gross pay,…
Q: The following information was extracted from the records of TAC Corporation at the end of the fiscal…
A: Step 1: Step 2: Step 3: Step 4:
What is the 1.2 in the second
"Dr. Application and Allotment – Ordinary Shares (1,000 x 1.2)"
What is the 1.2 comes from?
Step by step
Solved in 2 steps
- Answer with computation and explanation X Company sold 1,000 ordinary shares at par of P20 per share for P50,000. The journal entry to record the transaction would have a a credit to ordinary shares for P50,000. b credit to share premium for P20,000 C. credit to ordinary shares of P20,000. d. debit to share premium of P30,000Prepare entries to record the following: a. Issued 1,000 shares of $10 par common stock at $56. If an amount box does not require an entry, leave it blank. fill in the blank 521a3d0cc058fad_2 fill in the blank 521a3d0cc058fad_3 fill in the blank 521a3d0cc058fad_5 fill in the blank 521a3d0cc058fad_6 fill in the blank 521a3d0cc058fad_8 fill in the blank 521a3d0cc058fad_9 b. Issued 1,400 shares of $10 par common stock in exchange for equipment with a fair market price of $21,000. If an amount box does not require an entry, leave it blank. fill in the blank 3d721bfa9030007_2 fill in the blank 3d721bfa9030007_3 fill in the blank 3d721bfa9030007_5 fill in the blank 3d721bfa9030007_6 fill in the blank 3d721bfa9030007_8 fill in the blank 3d721bfa9030007_9 c. Purchased 100 shares of treasury stock at $25. If an amount box does not require an entry, leave it blank. fill in the blank b4d176082050040_2 fill in the…Prepare the journal entry to record Rony Company's issuance of 35,000 shares of its common stock assuming the share have a : a. $4par value and sell for $16 cash per share b. S4 stated value and sell for $16 per share.
- At the beginning of 20X1, the accounting records of Friends Corp. reported the following: $ 217,600 Preferred shares, 8,000 shares outstanding, no-par Common shares, 181,900 shares outstanding, no-par Contributed capital on common share retirement Retained earnings 472,940 111,500 557,500 During the year, the company acquired and retired shares, while other shares were issued: 15 March 25,700 common shares bought and retired at $4 per share 16 March 4,700 preferred shares bought and retired at $30.50 per share 20 May 10,000 common shares bought and retired at $1 per share 25 May 2,400 preferred shares bought and retired at $16.70 per share 30 May 11,500 common shares issued at $8.70 per share 15 Nov. 5,500 common shares bought and retired at $22 per share Required: 1. Give journal entries to record each share retirement transaction. (Round intermediate calculations to 2 decimal places and Round your final answers to the nearest whole dollar. If no entry is required for a…Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the transaction would include which of the following? A. debit of $4,000 to common stock B. credit of $20,000 to common stock C. credit of $40 to common stock D. debit of $20,000 to common stock
- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.MC Qu. 11-64 A company issues... A company issues 1 million shares of common stock with a par value of $0.14 for $16.20 a share. The entry to record this transaction includes a debit to Cash for: Multiple Choice $140,000 and a credit to Common Stock for $140,000. $16,200,000 and a credit to Common Stock for $16,200,000. $16,200,000, a credit to Common Stock for $140,000, and a credit to Additional Paid-in Capital for $16,060,000. $140,000, a debit to Capital Receivable for $16,060,000, a credit to Common Stock for $140,000, and a credit to Additional Paid-in Capital for $16,060,000.Given Date 1/1 3/1 8/1 9/1 11/1 Od 348 Oe. 383 For EPS, the weighted average number of shares is Select one: O a. 387 O b. 273 C 398 Share Change Beginning balance of 200 shares Purchased 60 shares A2-for-1 stock spilt is announced, resulting in the issuance of 140 shares Issued 150 additional shares for cash Purchased 12 shares Clear my choice
- undersubscription On 30 April, MBC Company issued 60 000 shares for $12 each, payable $4 on application, $4 on the allotment, and the remainder due by two equal calls on 30 June and 31 August. Share issue costs of $6000 were paid on 31 May. Required Prepare journal entries (in general journal format) to record the share issue up to the collection of allotment money assuming: the shares were undersubscribed by 10000 shares. Paragraph BIEEQuestion 1Emcee Berhad has already issued 6,000,000 ordinary shares at a price of RM1per share. It has recently been approved to issue an additional 2,000,000 newordinary shares to the public, at an offer price of RM2.30 per share. Applicationfor a total of 5,000,000 shares was received.(a) Show the necessary journal entries upon completion of the abovetransaction.(b) Prepare the extract of Statement of Financial Position, showing the equityposition of Emcee Berhad after completion of the above transaction.The correct Journal entry needed to record the issue of 200,000 $1 shares at a premium of 30p, and paidfor by cheque, in full, would beA DEBIT share capital account $200,000CREDIT share premium account $60,000CREDIT bank account $140,000B DEBIT bank account $260,000CREDIT share capital account $200,000CREDIT share premium account $60,000C DEBIT share capital account $200,000CREDIT share premium account $60,000CREDIT bank account $260,000D DEBIT bank account $200,000DEBIT share premium account $60,000CREDIT share capital account $260,000