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  • Midterm Assignment 3 - Sanchez, Prencess Allysa

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    SANCHEZ PRENCESS ALLYSA
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    Russell's Corporation recorded various transactions from January to June that included receiving cash from issuing stock, paying organization costs, purchasing land, and receiving subscription payments. By June 30th, the company had $690,000 in cash, $300,000 in subscription receivables, $150,000 in land, and $1,140,000 in total assets according to its balance sheet. Shareholders' equity included $520,000 in common stock, $25,000 in organization costs, $400,000 in subscribed capital stock, and $200,000 in unissued capital stock.

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    Midterm Assignment 3- Sanchez, Prencess Allysa

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    Russell's Corporation recorded various transactions from January to June that included receiving cash from issuing stock, paying organization costs, purchasing land, and receiving subscription payments. By June 30th, the company had $690,000 in cash, $300,000 in subscription receivables, $150,000 in land, and $1,140,000 in total assets according to its balance sheet. Shareholders' equity included $520,000 in common stock, $25,000 in organization costs, $400,000 in subscribed capital stock, and $200,000 in unissued capital stock.

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    6 views3 pages

    Midterm Assignment 3 - Sanchez, Prencess Allysa

    Uploaded by

    SANCHEZ PRENCESS ALLYSA
    Russell's Corporation recorded various transactions from January to June that included receiving cash from issuing stock, paying organization costs, purchasing land, and receiving subscription payments. By June 30th, the company had $690,000 in cash, $300,000 in subscription receivables, $150,000 in land, and $1,140,000 in total assets according to its balance sheet. Shareholders' equity included $520,000 in common stock, $25,000 in organization costs, $400,000 in subscribed capital stock, and $200,000 in unissued capital stock.

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    of 3

    Debit

    10-Jan Cash ( 30,000 shares x P10 per share) 300,000


    Common Stock
    25-Jan Organization Cost 25,000
    Common Stock (2,000 x 10 )
    Paid in Capital excess of Par-common
    20-Feb Land 150,000
    Common stock (15,000 shares *P10)
    25-Mar Cash (20,000 x 5 per share) 100,000
    Subscription Receivable ( 20,000 x 10 )=200k-100k 100,000
    Subscribe Capital Stock

    25-Apr Cash 100,000


    Unissued capital stock
    25-May Cash 100,000
    Unissued capital stock
    15-Jun Cash ( 5k shares*P18) 90,000
    Common Stock (5,000 shares *P10)
    Paid in Capital excess of Par-common
    30-Jun Subscription Receivable 200,000
    Subscribe Capital stock
    Credit Russel's Corporation
    Balance Sheet
    300,000 as of June 30, 2022
    ASSETS
    20,000 Curent Assets
    5,000 Cash P690,000

    150,000 Subscription Receivable 300,000


    Total P990,000
    Non Curernt Assets
    200,000,
    Land 150,000

    100,000
    Total Assets P1,140,000

    100,000

    50,000
    40,000

    200,000
    Russel's Corporation
    Balance Sheet
    as of June 30, 2022
    SHAREHOLDERS EQUITY
    Common stock 520,000
    Less: Organization Cost (25,000)
    Subscribed Capital Stock 400,000
    Unissued Capital Stock 200,000

    Additional Paid-in Capital 45,000

    Total Shareholders Equity P1,140,000

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