Reference no: EM132790729
Question - On 1 July 2020, Joe Ltd was incorporated, and on 7 July a prospectus was issued inviting applications for 100,000 shares at $10 each payable as follows:
-$3.50 on application,
-$4.50 on allotment,
-First Call of $0.30 to be made 3 months after the date of allotment.
-The Second Call of $1.70 will be called when necessary.
By 31 July, applications were received for 110,500 shares.
On 2 August, the directors allotted 100,000 shares to the applicants.
The excess fund from application will be used to pay for allotment.
On 6 August, the remaining due for allotment were received.
The holders of 10,500 shares did not pay for First Call.
Required - Prepare journal entries to record the above transactions.
|
Discuss the film within the context of the course
: In a well-crafted 3 page response, please discuss the film within the context of the course, identifying the important themes as they pertain to our broader.
|
|
Uncontrolled scope creep
: Uncontrolled scope creep can weaken or prevent a project from reaching a successful conclusion
|
|
What the loss on realization of the non-cash assets was
: What the loss on realization of the non-cash assets was? Simon, Orenda and Solomon, partners sharing profits and loss 3:2:1 have capital balances of P40,000
|
|
Implications for the change in corporate strategy
: 1. What are the implications for the change in corporate strategy for business? How easy a task will it be to make this change?
|
|
Prepare journal entries to record the transactions
: On 2 August, the directors allotted 100,000 shares to the applicants. Prepare journal entries to record the above transactions
|
|
What the respective shares of april and may will be
: What the respective shares of April and May will be? April and May are partners sharing profits equally and with capital balances of P750,000 and P500,000.
|
|
Different professional and educational backgrounds
: Students come to this course from many different professional and educational backgrounds.
|
|
Different products from three different industries
: You will research three different products from three different industries and explain how each product is using one of the described strategies.
|
|
Discuss any federal income tax ramifications
: Assuming that David's basis in his S corporation stock is $270,000 on the distribution date, discuss any Federal income tax ramifications
|