Reference no: EM133114276

Questions -

Q1. The following is a list of selected account balances taken from the December 31, 2021 general ledger of V Corporation:

Accounts Payable P1,400,000

Accounts Receivable P2,357,000

Ordinary Share Capital P1,260,000

Share Premium - Ordinary Shares P1,082,750

Share Premium - Preference Shares P 92,100

Preference Share Capital P 500,000

Subscribed Preference Share Capital P 140,000

Retained Earnings P 91,950

Ret. Earnings Appropriated for bus. expansion P 100,000

Subscriptions Receivable - Preference Shares P 105,000

Revaluation Surplus P1,000,000

Loss on sale of equipment (P20,000)

What is the total contributed capital for V Corp. at December 31, 2021?

Q2. The following is a list of selected account balances taken from the December 31, 2021 general ledger of V Corporation:

Accounts Payable P1,400,000

Accounts Receivable P2,357,000

Ordinary Share Capital P1,260,000

Share Premium - Ordinary Shares P1,082,750

Share Premium - Preference Shares P 92,100

Preference Share Capital P 500,000

Subscribed Preference Share Capital P 140,000

Retained Earnings P 91,950

Ret. Earnings Appropriated for bus. expansion P 100,000

Subscriptions Receivable - Preference Shares P 105,000

Revaluation Surplus P1,000,000

Loss on sale of equipment (P20,000)

What is the total retained earnings for V Corp. at December 31, 2021?

Q3. The following is a list of selected account balances taken from the December 31, 2021 general ledger of V Corporation:

Accounts Payable P1,400,000

Accounts Receivable P2,357,000

Ordinary Share Capital P1,260,000

Share Premium - Ordinary Shares P1,082,750

Share Premium - Preference Shares P 92,100

Preference Share Capital P 500,000

Subscribed Preference Share Capital P 140,000

Retained Earnings P 91,950

Ret. Earnings Appropriated for bus. expansion P 100,000

Subscriptions Receivable - Preference Shares P 105,000

Revaluation Surplus P1,000,000

Loss on sale of equipment (P20,000)

What is the total other comprehensive income at December 31, 2021?

Q4. The following is a list of selected account balances taken from the December 31, 2021 general ledger of V Corporation:

Accounts Payable P1,400,000

Accounts Receivable P2,357,000

Ordinary Share Capital P1,260,000

Share Premium - Ordinary Shares P1,082,750

Share Premium - Preference Shares P 92,100

Preference Share Capital P 500,000

Subscribed Preference Share Capital P 140,000

Retained Earnings P 91,950

Ret. Earnings Appropriated for bus. expansion P 100,000

Subscriptions Receivable - Preference Shares P 105,000

Revaluation Surplus P1,000,000

Loss on sale of equipment (P20,000)

What is the total shareholders' equity for V Corp. at December 31, 2021?

Q5. Shown below is information to the shareholders' equity of P Corp. as of December 31, 2021:

12% Cumulative Preference Share Capital, P100 par P820,000

Ordinary Share Capital, P30 par, 300,000 shares authorized, 100,000

shares issued and outstanding P3,000,000

Share Premium - Ordinary P3,300,000

Retained Earnings (deficit) P (500,000)

What was the original issue price per share of the ordinary shares?

Q6. Shown below is information to the shareholders' equity of P Corp. as of December 31, 2021:

12% Cumulative Preference Share Capital, P100 par P820,000

Ordinary Share Capital, P30 par, 300,000 shares authorized, 100,000

shares issued and outstanding P3,000,000

Share Premium - Ordinary P3,300,000

Retained Earnings (deficit) P (500,000)

What is the total paid in capital?

Q7. Shown below is information to the shareholders' equity of P Corp. as of December 31, 2021:

12% Cumulative Preference Share Capital, P100 par P820,000

Ordinary Share Capital, P30 par, 300,000 shares authorized, 100,000

Shares issued and outstanding P3,000,000

Share Premium - Ordinary P3,300,000

Retained Earnings (deficit) P (500,000)

What is the total shareholders' equity?

Q8. Assuming JohnEman Company's share transactions as of December 31, 2021:

Assuming JohnEman Company's share transactions as of December 31, 2021:

Issued 1,000 shares with P100 par for P200. And a stockholder subscribed to another 1,000 shares with P100 par for P300. The stockholder paid 25% as a downpayment while 75% of the subscription will be due on January 31, 2022.

How much is the legal capital?

Q9. Assuming JohnEman Company's share transactions as of December 31, 2021:

Issued 1,000 shares with P100 par for P200. And a stockholder subscribed to another 1,000 shares with P100 par for P300. The stockholder paid 25% as a downpayment while 75% of the subscription will be due on January 31, 2022.

How much is the contributed capital?

Q10. Assuming JohnEman Company's share transactions as of December 31, 2021:

Issued NO PAR 1,000 shares with P100 stated value for P200. And a stockholder subscribed to another 1,000 shares for P300.

How much is the legal capital?

Q11. Assuming JohnEman Company's share transactions as of December 31, 2021:

Issued NO PAR 1,000 shares with P100 stated value for P200. And a stockholder subscribed to another 1,000 shares for P300.

How much is the contributed capital?

Q12. Assuming JohnEman Company's share transactions as of December 31, 2021:

Issued NO PAR NO STATED VALUE 1,000 shares for P200. And a stockholder subscribed to another 1,000 shares for P300.

How much is the legal capital?

Q13. Assuming JohnEman Company's share transactions as of December 31, 2021:

Issued NO PAR NO STATED VALUE 1,000 shares for P200. And a stockholder subscribed to another 1,000 shares for P300.

How much is the contributed capital?

Q14. On January 31, 2021, ABC Corp. was incorporated with an authorized share capital of P3,000,000 divided into 100,000 shares of P30 par. In February, D subscribed to 30,000 shares at P40 per share. In March D paid one-half of the total subscription price, but subsequently failed to pay the balance on due date. ABC Corp. declared the shares as delinquent and advertised them in a public auction, paying P10,000. X was the highest bidder for a bid of 14,000 shares.

How much did X pay the corporation?

Q15. On January 31, 2021, ABC Corp. was incorporated with an authorized share capital of P3,000,000 divided into 100,000 shares of P30 par. In February, D subscribed to 30,000 shares at P40 per share. In March D paid one-half of the total subscription price, but subsequently failed to pay the balance on due date. ABC Corp. declared the shares as delinquent and advertised them in a public auction, paying P10,000. X was the highest bidder for a bid of 14,000 shares.

How many shares did D receive from the subscription?