Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Case: Chile Mine Ltd was registered as a new company 3rd January 2020 and issued a prospectus inviting applications for 500,000 shares at $6 each. $2 was payable on application, a further $2 was payable on allotment and the final $2 was payable on a call to be made on 1st July 2020.
Applications closed on 31 January 2020 a total of $1,080,000 was received. This included one applicant who paid for 20,000 shares in full.
Shares were fully subscribed and allotted on the 1st February 2020, no refunds were made.
On 26th of February 2020 all allotment monies due were paid and another shareholder of 5000 shares also paid the remaining $4 per share. Share issue costs of $2500 were paid on 14 March 2020.
The call was made on the 1st of July 2020 and all money was received except for one shareholder of 1000 shares that did not pay by the 30th July 2020.
Required
Question: Prepare all the necessary journal entries to account for the issue of the shares and all transactions up to 30th July 2020.
Assuming a tax rate of 40%, what will revenue have to be in order for X Company to earn $37,000 after taxes in 2019
Quality improvement, Pareto diagram, cause-and-effect diagram. Pauli's Pizza has recently begun collecting data on the quality of its customer order processing.
What role does balanced scorecard play in strategic decision making? Also, explain why it is important to link the 4 perspectives of the Balanced Scorecard.
The Freemont Flyers, a professional soccer team, prepares financial statements on a monthly basis. Prepare the two adjusting entries required on May 31
Determine what year the depreciation expense of $22,000 is on the depreciation schedule. If applicable, round all answers to the nearest whole dollar
Toni was to repay the loan in one payment with interest on December 30. What amount of interest expense can Toni deduct for the current year?
Explain disadvantages of having discretion over financial reporting. When is discretion in financial reporting likely to lead to biased financial statements?
On July 1, Five Corners Wholesalers had a cash balance of $145,000 and accounts payable of $77,000. Prepare purchases and cash budgets for July and August
What is the amount of each of the additional payments he must make for his plan to work out? Assume Billy can earn 2% annual return in his investment account
What is the book value per share for both preferred stock and common stock assuming a call price per share of $52 for preferred and no dividends in arrears
Assume the ending raw materials inventory is $1,400 and the company does not use any indirect materials. Prepare a schedule of cost of goods manufactured
How many style C shades can be loaded into an intermodal container? What are the total costs of delivering the style A shades to the port of importation?
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd