Prepare the share capital section of the shareholders equity

Assignment Help Financial Accounting
Reference no: EM132845796

Question - Villarama Corporation was organized on Jan 1. 2019. It is authorized to issue 20,000 shares of 6% 50 par value preference shares, and 50,000 shares of no-par ordinary shares with a stated value of 10 per share. The following stock transactions were completed during the year:

Jan. 10 Issued 10,000 ordinary shares for cash at 35 per share.

Mar. 1 Issued 10,000 preference shares for cash at 55 per share.

Apr. 1 Issued 2,500 shares for land. The asking price of the land was 90,000; the fair market value of the land was 85,000.

May. 1 Issued 7,500 ordinary shares for cash at 40 per share.

Aug. 1 Issued 1,000 ordinary shares to lawyers in payment of their bill for 50,000 pertaining to services rendered in helping the corporation organize.

Sep. 1 Issued 500 ordinary shares for cash at 60 per share.

Nov. 1 Issued 2,000 preference shares for cash at 53 per share.

Required -

1. Journalize the transactions.

2. Post to the shareholders' equity accounts.

3. Prepare the share capital section of the shareholders' equity as at Dec. 31, 2019.

Reference no: EM132845796

Questions Cloud

What is the future value of these payments : You will deposit these payments into an account which pays 10 percent, compounded semiannually. What is the future value of these payments
Describe the growth of first party system in united states : Describe the growth of the first party system in the United States. How did these parties come to develop? How did they define themselves
Describe pre-requisite skills or knowledge to complete task : Describe at least three pre-requisite skills or knowledge needed to complete the task. In the sandwich example, pre-requisite knowledge might include knowing.
What are the economic and political issues raised : What are the economic and political issues raised by having an imbalance between free and slave states? Why did the balance of free and slave states matter?
Prepare the share capital section of the shareholders equity : Villarama Corporation was organized on Jan 1. 2019. Prepare the share capital section of the shareholders' equity as at Dec. 31, 2019
Write an essay on the challenge of the christian faith : Write an essay on the challenge of the Christian faith to the notion of multiculturalism. The paper should be based on the readings of Greer and Anderson.
Examine progress of england during late fifteenth century : Examine the progress of England during the late fifteenth century and throughout the sixteenth century, looking for reasons for that nation's emergence.
Over what work-related resources god given you stewardship : Over what work-related resources has God given you stewardship? These might include your skills, relationships with clients, co-workers, customers, and company.
What will your balance be at the end of year : If you make consecutive semi-annual deposits of P500 each, with the first deposit being made today, what will your balance be at the end of Year 5

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

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