User Account

All Pages

Corporation formation and share capital transactions problem

Assignment Help Financial Accounting
Reference no: EM132849490

Corporation: Formation and Share Capital Transactions Problem - ABC Corporation which issues 15 par value ordinary shares, completed the following transactions during 2021:

a. Received subscription from Martinez for 25,000 shares at 18 per share.

b. Received from Martinez 45% of the subscription price

c. On due date, Martinez failed to pay the balance of the subscription. The shares were subsequently declared delinquent and were advertised for sale at a public auction.

d. Paid 4,000 for advertising the sale of the delinquent shares.

e. Received bids from the following:

Recto 10,000 shares

Zubri 9,000 shares

Pichay 12,000 shares

f. The amount due from the highest bidder, plus 12% interest for two months on the balance of the subscription price, was collected. Shares were accordingly issued.

Required -

(a) Prepare journal entries for the foregoing?

(b) Who is the highest bidder? Show the share allotment between the highest bidder and Martinez.

Reference no: EM132849490

Questions Cloud

What are some of the consequences of housing discrimination : Based on the experience of the testers of the Fair Housing Justice Center, why might discrimination laws be difficult to enforce?
Find the required annual payments : Construct an amortization schedule for a $1,000, 3.5% annual rate loan with 3 equal payments. Find the required annual payments
Summarize the pertinent historical : escribe at least two resources currently available in your area for someone needing special services related to your chosen aspect of diversity.
What is MKs taxable income : Warranty expense and associated liability in the amount of $ 125,000 and Sales on account in the amount of $ 220,000. What is MKs taxable income
Corporation formation and share capital transactions problem : Corporation Formation and Share Capital Transactions Problem - Who is the highest bidder? Show the share allotment between the highest bidder and Martinez
Describe some of the trends that make family less important : Describe some of the trends that make family less important in the day-to-day life of the average American. when in fact sociological research shows how.
What would the consequences of reporting the cash received : What would the consequences of reporting the cash received for gift cards as sales revenue be and why would you agree or refuse to report them as sales revenue
Discuss the link that sadism has with serial murder : Discuss the link that sadism has with serial murder. Is there research evidence to support that most serial murders are sadists, if so cite it?
Find a real example of a serial murderer in history : Find a real example of a serial murderer in history and provide examples from the individual that justifies that they meet the clinical definition of a sadist.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine the impact on earnings of the above hedges

Impact on earnings of an option and an interest rate swap. Determine the impact on earnings of the above hedges for the ?rst and second 30-day period.

  Calculate the after-tax interest paid on eight percent bonds

Calculate basic earnings per share. (For simplicity, ignore the requirement to record the debt and equity portions of the convertible bond separately)

  What effect would have on next? year earnings

What effect would a $10.66 million operating expense have on this? year's earnings? What effect would it have on next? year's earnings??

  Describe several decision concerning property

You are entrepreneur with a great idea for business, Describe several decision concerning property, plant and equipment that have impact on reported net income

  Show the ending balances in accounts receivable

Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts, and Net Accounts Receivable at October 31

  Journal entries of merchandise purchase on account1 3302009

journal entries of merchandise purchase on account.1. 3302009 sold 1700000 merchandise inventory on account.nbsp all

  Calculate cost of common equity financing using capm

Paul Sharp, The current rate for 10-year Treasury Bonds is 2.99%. Calculate cost of common equity financing using CAPM - SML formula.

  Calculate the dollar-value lifo value of gooding-silverwood

Calculate the Dollar-Value LIFO value of Gooding-Silverwood's ending inventory for 2021. Gooding-Silverwood Corporation adopted the dollar-value LIFO method

  Highlight two key lessons have learned from that process

Refer to one example where you have been involved in the financial management of a project funded, Highlight two key lessons you have learned from that process.

  Evaluate berclairs basic and diluted earnings per share

Evaluate Berclairs basic and diluted earnings per share for the year ended December, 2013.

  Show the statement of changes in equity

Activate Ltd has an authorised capital of £600,000, comprising of 400,000 ordinary shares of £1 each and 200,000 6 per cent preference shares of £1 each.- Show the statement of changes in equity for each of the years 2015, 2016 and 2017.

  Compute weighted average contribution margin

Waterside Company sells two products, Yellow models and Striped models. Yellow models sell for $50 per unit with variable costs of $30 per unit. Striped models sell for $60 per unit with variable costs of $25 per unit. Compute the weighted-average co..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd