1
The Blazing Red Corporation is authorized to issue 100,000 P 10 par
value ordinary shares and 30,000 P 100 par preference shares. The
corporation engaged in the following share capital transactions through
December 31,2019: - 30,000 ordinary shares were issued for P 350,000
and 12,000 preference shares for an equipment valued at P 1,475,000. Subscriptions for 4,500 ordinary shares have been taken and 40% of the
subscription price of P 16 per share has been collected. The shares will
be issued upon collection of the subscription price in full. - The retained
earnings balance on December 31,2019 is P 350,000. How much is the
Legal Capital as of December 31,2019?
(2 Points)
3
ABC Company issued 500 ordinary and 500 preference shares for a total
consideration of P 20,000. Each ordinary share of ABC sells P 15 and
preference share at P 30 in the stock exchange. The par value of the
ordinary share is P 10 and the preference shares has no par & no stated
value. How much is allocated to Preference shares from the total
consideration received?
(2 Points)
4
The Budomo Company is authorized to issue 100,000 shares of P 300 par
value ordinary share capital. Budomo has the following transactions
during the month: - Issued 20,000 shares at par, receiving cash. - Issued
250 shares to attorneys for services in securing the corporate charter and
for preliminary legal costs of organizing the corporation. The value of the
services was P 90,000. - Issued 12,500 ordinary shares in exchange for
land and building with a fair market values of P 1,000,000 and P
2,950,000, respectively. - Received cash for 6,500 ordinary shares sold at
P 380 per share. What amount is credit the Ordinary Share Premium
account relating to the issuance of shares in exchange of legal services?
(2 Points)
5
The Blazing Red Corporation is authorized to issue 100,000 P 10 par
value ordinary shares and 30,000 P 100 par preference shares. The
corporation engaged in the following share capital transactions through
December 31,2019: - 30,000 ordinary shares were issued for P 350,000
and 12,000 preference shares for an equipment valued at P 1,475,000. Subscriptions for 4,500 ordinary shares have been taken and 40% of the
subscription price of P 16 per share has been collected. The shares will
be issued upon collection of the subscription price in full. - The retained
earnings balance on December 31,2019 is P 350,000. How much is the
total contributed capital as of December 31,2019?
(2 Points)
6
On January 1,2019, ABC Company issued 2,000 ordinary shares with a
par value of P 20 for P 25 each. Transactions cost of P 15,000 related to
issuance was also incurred. How much is charged to Ordinary share
premium account related to the issuance of the 2,000 ordinary shares?
(2 Points)
7
On January 1,2019, ABC Company issued 2,000 ordinary shares with a
par value of P 20 for P 25 each. Transactions cost of P 15,000 related to
issuance was also incurred. The balance of the Ordinary share premium
account as of this date is P 25,000. How much is charged to Retained
earnings in the issuance of the 2,000 ordinary shares?
(2 Points)
8
how many preference shares were issued at the end of 2017?
(2 Points)
9
The Budomo Company is authorized to issue 100,000 shares of P 300 par
value ordinary share capital. Budomo has the following transactions
during the month: - Issued 20,000 shares at par, receiving cash. - Issued
250 shares to attorneys for services in securing the corporate charter and
for preliminary legal costs of organizing the corporation. The value of the
services was P 90,000. - Issued 12,500 ordinary shares in exchange for
land and building with a fair market values of P 1,000,000 and P
2,950,000, respectively. - Received cash for 6,500 ordinary shares sold at
P 380 per share. What amount is credit the Ordinary Share Premium
account relating to the issuance of shares pertaining to the lumps
purchase of Land and Building?
(2 Points)
11
The Blazing Red Corporation is authorized to issue 100,000 P 10 par
value ordinary shares and 30,000 P 100 par preference shares. The
corporation engaged in the following share capital transactions through
December 31,2019: - 30,000 ordinary shares were issued for P 350,000
and 12,000 preference shares for an equipment valued at P 1,475,000. Subscriptions for 4,500 ordinary shares have been taken and 40% of the
subscription price of P 16 per share has been collected. The shares will
be issued upon collection of the subscription price in full. - The retained
earnings balance on December 31,2019 is P 350,000. How much is the
total additional paid in capital as of December 31,2019?
(2 Points)
12
As of December 31,2019, how much is the average issue price of each
ordinary share?
(2 Points)
13
The Blazing Blue Corporation is authorized to issue 100,000 P 10 par
value ordinary shares and 30,000 no par but with stated value of P 100
preference shares. The corporation engaged in the following share
capital transactions through December 31,2019: - 30,000 ordinary shares
were issued for P 350,000 and 12,000 preference shares for an
equipment valued at P 1,475,000. - Subscriptions for 4,500 ordinary
shares have been taken and 40% of the subscription price of P 16 per
share has been collected. The shares will be issued upon collection of the
subscription price in full. - 30 days after call date, the subscription is
declared to be delinquent and were advertised for sale at a public
auction. - Other costs related to the sale of delinquent shares costs P
5,000. - Received bids from the following: A- 500 shares; B- 700 shares;
C- 1,000 shares - The amount from the highest bidder is collected and
certificates of share capital were issued. - The retained earnings balance
on December 31,2019 is P 350,000. How much is the total shareholder's
equity as of December 31,2019?
(2 Points)
ABC Company issued 500 ordinary and 500 preference shares for a total
consideration of P 20,000. Each ordinary share of ABC sells P 15 and
preference share at P 30 in the stock exchange. The par value of the
ordinary share is P 10 and the preference shares has no par & no stated
value. How much is credited in the Ordinary Share Capital Account upon
issuance of the shares?
(2 Points)
16
The Blazing Blue Corporation is authorized to issue 100,000 P 10 par
value ordinary shares and 30,000 no par but with stated value of P 100
preference shares. The corporation engaged in the following share
capital transactions through December 31,2019: - 30,000 ordinary shares
were issued for P 350,000 and 12,000 preference shares for an
equipment valued at P 1,475,000. - Subscriptions for 4,500 ordinary
shares have been taken and 40% of the subscription price of P 16 per
share has been collected. The shares will be issued upon collection of the
subscription price in full. - 30 days after call date, the subscription is
declared to be delinquent and were advertised for sale at a public
auction. - Other costs related to the sale of delinquent shares costs P
5,000. - Received bids from the following: A- 500 shares; B- 700 shares;
C- 1,000 shares - The amount from the highest bidder is collected and
certificates of share capital were issued. - The retained earnings balance
on December 31,2019 is P 350,000. How many shares were issued to the
original subscriber?
(2 Points)
17
As of December 31,2018, how many ordinary shares are still unissued?
(2 Points)
18
ABC Company issued 500 ordinary and 500 preference shares for a total
consideration of P 20,000. Each ordinary share of ABC sells P 15 and
preference share at P 30 in the stock exchange. The par value of the
ordinary share is P 10 and the preference shares has no par & no stated
value. How much is allocated to Ordinary shares from the total
consideration received?
(2 Points)
19
how many ordinary shares were issued during 2018?
(2 Points)
20
The Budomo Company is authorized to issue 100,000 shares of P 300 par
value ordinary share capital. Budomo has the following transactions
during the month: - Issued 20,000 shares at par, receiving cash. - Issued
250 shares to attorneys for services in securing the corporate charter and
for preliminary legal costs of organizing the corporation. The value of the
services was P 90,000. - Issued 12,500 ordinary shares in exchange for
land and building with a fair market values of P 1,000,000 and P
2,950,000, respectively. - Received cash for 6,500 ordinary shares sold at
P 380 per share. What is the balance of the Ordinary Share Premium
account after recording the above transactions?
(2 Points)
21
The Budomo Company is authorized to issue 100,000 shares of P 300 par
value ordinary share capital. Budomo has the following transactions
during the month: - Issued 20,000 shares at par, receiving cash. - Issued
250 shares to attorneys for services in securing the corporate charter and
for preliminary legal costs of organizing the corporation. The value of the
services was P 90,000. - Issued 12,500 ordinary shares in exchange for
land and building with a fair market values of P 1,000,000 and P
2,950,000, respectively. - Received cash for 6,500 ordinary shares sold at
P 380 per share. What is the balance of the Ordinary Share Capital
account after recording the above transactions?
(2 Points)
22
During the year 2019, how many ordinary shares were issued?
(2 Points)
23
The Blazing Blue Corporation is authorized to issue 100,000 P 10 par
value ordinary shares and 30,000 no par but with stated value of P 100
preference shares. The corporation engaged in the following share
capital transactions through December 31,2019: - 30,000 ordinary shares
were issued for P 350,000 and 12,000 preference shares for an
equipment valued at P 1,475,000. - Subscriptions for 4,500 ordinary
shares have been taken and 40% of the subscription price of P 16 per
share has been collected. The shares will be issued upon collection of the
subscription price in full. - 30 days after call date, the subscription is
declared to be delinquent and were advertised for sale at a public
auction. - Other costs related to the sale of delinquent shares costs P
5,000. - Received bids from the following: A- 500 shares; B- 700 shares;
C- 1,000 shares - The amount from the highest bidder is collected and
certificates of share capital were issued. - The retained earnings balance
on December 31,2019 is P 350,000. How much is the total contributed
capital as of December 31,2019?
(2 Points)
25
The Blazing Red Corporation is authorized to issue 100,000 P 10 par
value ordinary shares and 30,000 P 100 par preference shares. The
corporation engaged in the following share capital transactions through
December 31,2019: - 30,000 ordinary shares were issued for P 350,000
and 12,000 preference shares for an equipment valued at P 1,475,000. Subscriptions for 4,500 ordinary shares have been taken and 40% of the
subscription price of P 16 per share has been collected. The shares will
be issued upon collection of the subscription price in full. - The retained
earnings balance on December 31,2019 is P 350,000. How much is the
Preference Share Capital as of December 31,2019?
(2 Points)
26
The Blazing Blue Corporation is authorized to issue 100,000 P 10 par
value ordinary shares and 30,000 no par but with stated value of P 100
preference shares. The corporation engaged in the following share
capital transactions through December 31,2019: - 30,000 ordinary shares
were issued for P 350,000 and 12,000 preference shares for an
equipment valued at P 1,475,000. - Subscriptions for 4,500 ordinary
shares have been taken and 40% of the subscription price of P 16 per
share has been collected. The shares will be issued upon collection of the
subscription price in full. - 30 days after call date, the subscription is
declared to be delinquent and were advertised for sale at a public
auction. - Other costs related to the sale of delinquent shares costs P
5,000. - Received bids from the following: A- 500 shares; B- 700 shares;
C- 1,000 shares - The amount from the highest bidder is collected and
certificates of share capital were issued. - The retained earnings balance
on December 31,2019 is P 350,000. How much is the legal capital as of
December 31,2019?
(2 Points)
27
The Blazing Red Corporation is authorized to issue 100,000 P 10 par
value ordinary shares and 30,000 P 100 par preference shares. The
corporation engaged in the following share capital transactions through
December 31,2019: - 30,000 ordinary shares were issued for P 350,000
and 12,000 preference shares for an equipment valued at P 1,475,000. Subscriptions for 4,500 ordinary shares have been taken and 40% of the
subscription price of P 16 per share has been collected. The shares will
be issued upon collection of the subscription price in full. - The retained
earnings balance on December 31,2019 is P 350,000. How much is the
Ordinary Share Capital as of December 31,2019?
(2 Points)
29
ABC Company issued 500 ordinary and 500 preference shares for a total
consideration of P 20,000. Each ordinary share of ABC sells P 15 and
preference share at P 30 in the stock exchange. The par value of the
ordinary share is P 10 and the preference shares has no par & no stated
value. How much is credited in the Preference Share Capital Account
upon issuance of the shares?
(2 Points)
30
The Blazing Red Corporation is authorized to issue 100,000 P 10 par
value ordinary shares and 30,000 P 100 par preference shares. The
corporation engaged in the following share capital transactions through
December 31,2019: - 30,000 ordinary shares were issued for P 350,000
and 12,000 preference shares for an equipment valued at P 1,475,000. Subscriptions for 4,500 ordinary shares have been taken and 40% of the
subscription price of P 16 per share has been collected. The shares will
be issued upon collection of the subscription price in full. - The retained
earnings balance on December 31,2019 is P 350,000. How much is the
total shareholder's equity as of December 31,2019?
(2 Points)