what is the answer and can you explain it why??

1 The following are selected accounts commg from the adjusted trial balance at the end of 2019: Sales Revenues PL600.000. Rent Income P180,000. Cost of Sales P800,000, Selling Expenses P190,000. Administrativo Expenses P130,000 and interest expense P25,000 2) First entry close the above nominal accounts to the title Income Summary Second entry set up tax liability if the net income is taxable at 30% based on the kind of business described below. Case A. Case B. Case C. Third entry close the profit to the equity account(s) also depends on Cases A, B, C: Case A The business is owned by a sole proprietor, Artuz. Prior to making the closing entries, Artuz, Capital reflected a credit balance of P500,000 and Artuz Drawings a credit balance of P48.000 This is a jewelry store. Case B: The business is owned by Artuz and Cruz, both CPAs. Prior to making the closing entries, the equity accounts reflected the following: Artuz, Capital, P600,000 credit balance: Cruz, Capital, P400,000 credit balance; Artuz, Drawings, P150,000 debit balance: Cruz, Drawings, P90,000 debit balance. Capital accounts are fixed and used as basis for dividing profits and losses. Case C: The business is a corporation. Prior to the closing entries, the shareholders equity accounts showed the following: Share Capital, P1,500,000 and Retained Earnings P175,000 (where net income or net loss is accumulated). a. a P50 a. b) Using Cases A, B and C show the equity section of the Statement of Financial Position 2. Hawaiian Corporation issued 15,000 ordinary shares for cash of P800,000. Prepare the journal entry to record this event if the stock has: neither par nor stated value. b. par value c. a P40 stated value. Use Paid in Excess of Stated Value for the excess payment. 3. The following are selected transactions which you are required to journalize On March 1, ABS Co. received P2,750,000 cash from various shareholders in exchange for the maximum number of ordinary shares at a par value of P50. b. On April 1, GMA Co. issued no-par 8,000 ordinary shares with a P50 stated value in exchange for P500,000 cash. Use Paid in Excess of Stated Value for excess payment. On April 16, TV 5 issued 5,600 ordinary shares with a P50 par value in exchange for the following: P350,000 of inventory which market value is lesser by P50,000. d. On May 2, CNN received from a shareholder electronic equipment worth P255,000 with an attached P100,000 mortgage note to be assumed by the corporation. Shares with a par value of P100 were issued accordingly. Refer to a and d, how many shares were issued? mited with P2 nar share c. 1 The following are selected accounts commg from the adjusted trial balance at the end of 2019: Sales Revenues PL600.000. Rent Income P180,000. Cost of Sales P800,000, Selling Expenses P190,000. Administrativo Expenses P130,000 and interest expense P25,000 2) First entry close the above nominal accounts to the title Income Summary Second entry set up tax liability if the net income is taxable at 30% based on the kind of business described below. Case A. Case B. Case C. Third entry close the profit to the equity account(s) also depends on Cases A, B, C: Case A The business is owned by a sole proprietor, Artuz. Prior to making the closing entries, Artuz, Capital reflected a credit balance of P500,000 and Artuz Drawings a credit balance of P48.000 This is a jewelry store. Case B: The business is owned by Artuz and Cruz, both CPAs. Prior to making the closing entries, the equity accounts reflected the following: Artuz, Capital, P600,000 credit balance: Cruz, Capital, P400,000 credit balance; Artuz, Drawings, P150,000 debit balance: Cruz, Drawings, P90,000 debit balance. Capital accounts are fixed and used as basis for dividing profits and losses. Case C: The business is a corporation. Prior to the closing entries, the shareholders equity accounts showed the following: Share Capital, P1,500,000 and Retained Earnings P175,000 (where net income or net loss is accumulated). a. a P50 a. b) Using Cases A, B and C show the equity section of the Statement of Financial Position 2. Hawaiian Corporation issued 15,000 ordinary shares for cash of P800,000. Prepare the journal entry to record this event if the stock has: neither par nor stated value. b. par value c. a P40 stated value. Use Paid in Excess of Stated Value for the excess payment. 3. The following are selected transactions which you are required to journalize On March 1, ABS Co. received P2,750,000 cash from various shareholders in exchange for the maximum number of ordinary shares at a par value of P50. b. On April 1, GMA Co. issued no-par 8,000 ordinary shares with a P50 stated value in exchange for P500,000 cash. Use Paid in Excess of Stated Value for excess payment. On April 16, TV 5 issued 5,600 ordinary shares with a P50 par value in exchange for the following: P350,000 of inventory which market value is lesser by P50,000. d. On May 2, CNN received from a shareholder electronic equipment worth P255,000 with an attached P100,000 mortgage note to be assumed by the corporation. Shares with a par value of P100 were issued accordingly. Refer to a and d, how many shares were issued? mited with P2 nar share c