Reference no: EM133115838

Question 1 - The following accounts are found in the trial balance of X Corporation at December 31, 2021:

Authorized Ordinary Shares, P50 par P2,000,000

Sub. Receivable - collectible on Jan, 31, 2022 P200,000

Unissued Ordinary Shares P800,00

Subscribed Ordinary Shares P400,000

Share Premium - Ordinary P300,000

What is the total number of shares issued?

Question 2 - The following accounts are found in the trial balance of X Corporation at December 31, 2021:

Authorized Ordinary Shares, P50 par P2,000,000

Sub. Receivable - collectible on Jan, 31, 2022 P200,000

Unissued Ordinary Shares P800,00

Subscribed Ordinary Shares P400,000

Share Premium - Ordinary P300,000

What is the total number of shares still available for subscription?

Question 3 - The following accounts are found in the trial balance of X Corporation at December 31, 2021:

Authorized Ordinary Shares, P50 par P2,000,000

Sub. Receivable - collectible on Jan, 31, 2022 P200,000

Unissued Ordinary Shares P800,00

Subscribed Ordinary Shares P400,000

Share Premium - Ordinary P300,000

What is the total contributed capital?

Question 4 - The following accounts are found in the trial balance of X Corporation at December 31, 2021:

Authorized Ordinary Shares, P50 par P2,000,000

Sub. Receivable - collectible on Jan, 31, 2022 P200,000

Unissued Ordinary Shares P800,00

Subscribed Ordinary Shares P400,000

Share Premium - Ordinary P300,000

What is the total legal capital?

Question 5 - The shareholders' equity of Y Corporation at the end of 2021 and 2020 are as follows:

What is the total number of ordinary shares issued at December 31, 2021?

Question 6 - The shareholders' equity of Y Corporation at the end of 2021 and 2020 are as follows:

How many preference shares were issued during 2021?

Question 7 - The shareholders' equity of Y Corporation at the end of 2021 and 2020 are as follows:

What is the average issue price per share of the preference issued in 2021?

Question 8 - The shareholders' equity of Y Corporation at the end of 2021 and 2020 are as follows:

What is the average issue price per share of the ordinary issued in 2021?

Question 9 - On July 1, 2020, Z Corp. issued 1,000 of P10 par ordinary shares and 2,000 of P10 par convertible preference shares for a lump-sum price of P45,000. At this date, Z's ordinary and preference were selling at P18 and P14 per share, respectively.

What is the amount credited to Share Premium - Ordinary?

Question 10 - On July 1, 2020, Z Corp. issued 1,000 of P10 par ordinary shares and 2,000 of P10 par convertible preference shares for a lump-sum price of P45,000. At this date, Z's ordinary and preference were selling at P18 and P14 per share, respectively.

What is the amount credited to Share Premium - Preference?

Question 11 - The shareholders' equity of Y Corporation at the end of 2021 and 2020 are as follows:

How many ordinary shares were issued in 2021?

Question 12 - Z Company swapped 4,000 shares of ordinary share capital ,P100 par value with Int'l Inc.' equipment. The equipment costs International P1,000,000 when purchased five years ago, and currently has a fair value of P560,000. The equipment has a recorded accumulated depreciation of P550,000 in the books of International.

How much is the amount to record for the equipment?

Question 13 - Z Company swapped 4,000 shares of ordinary share capital ,P100 par value with Int'l Inc.' equipment. The equipment costs International P1,000,000 when purchased five years ago, and currently has a fair value of P560,000. The equipment has a recorded accumulated depreciation of P550,000 in the books of International.

What is the amount credited to Share premium - Ordinary as a result of this exchange?

Question 14 - W Company was authorized to issue 10,000 preference shares of P200 par value and 100,000 ordinary shares of P20 par value. Subscription for 4,000 preference shares was received at P225 per share with a downpayment of 25%. The balance is payable after 60 days.

What is the amount of Share Premium - Preference recognized by W upon receipt of the preference shares subscription?

Question 15 - W Company was authorized to issue 10,000 preference shares of P200 par value and 100,000 ordinary shares of P20 par value. Subscription for 4,000 preference shares was received at P225 per share with a down-payment of 25%. The balance is payable after 60 days.

What is the amount of debit to Subscription Receivable - Preference recognized by W upon receipt of the preference shares subscription?