Homework Answers
|
Accounting Entry for this transaction: |
|||
|
ACCOUNT |
DEBIT |
CREDIT |
|
|
Cash |
$200,000 |
||
|
Common Stock |
$200,000 |
||
|
1. Cash increases . Cash is an asset |
|||
|
Hence asset increases |
|||
|
2. Common stock increases |
|||
|
Hence Equity increases |
|||
|
3.Common stock is on the liabilities side of the balance sheet |
|||
|
For the company it is a liability which needs to be serviced |
|||
|
It is an amount payable back by the company to the owner |
|||
|
ANSWER: |
|||
|
Asset, Claims of creditors(Liability) and Equity increased |
|||
Add Answer to:
Hazeltine Company issued common stock for $200,000 cash. What happened as a result of this event?...
Li Company paid cash to purchase land. What happened as a result of this business event?...
Li Company paid cash to purchase land. What happened as a result of this business event? Multiple Choice Both assets and total equity decreased. 0 Total assets decreased Total 0 uity decreased. 0 Toto tets were HII NOM >
Geronimo Company issued 20,000 shares of $1 par value common stock at $10 per share. Ms....
Geronimo Company issued 20,000 shares of $1 par value common stock at $10 per share. Ms. Elgin, the bookkeeper, recorded this transaction with a $200,000 debit to Cash and a $200,000 credit to Common Stock. As a result of this entry: Multiple Choice C ) total assets will be overstated. Additional Paid-In Capital will be understated. Oo oo total stockholders' equity will be understated. equity will be overstated.
a company currently has 200,000 shares issued and 190,000 shares outstanding. if the company purchases 20.000...
a company currently has 200,000 shares issued and 190,000
shares outstanding. if the company purchases 20.000 shares of
treasury stock, what amount of shares will be outstanding?
A company currently has 200,000 shares issued and 190,000 shares outstanding. If the company purchases 20,000 shares of treasury stock, what amount of shares will be outstanding? Multiple Choice O 170,000 O 0 220,000. O 210,000 O 180.000. < Prev 20 of 30 !!! Next > Help Sa Which of the following financing...
A company issued 60 shares of $100 par value common stock for $7,000 cash. The journal...
A company issued 60 shares of $100 par value common stock for $7,000 cash. The journal entry to record the issuance is: Multiple Choice O Debit Cash $7,000; Credit Common Stock $7,000 Debit investment in Common Stock $7,000, credit Cash $7,000. O O Debit Cash $7,000; Credit Common Stock $6,000; credit Paid-in Capital in Excess of Par Value, Common Stock $1,000 O O Debit Common Stock $6,000, debit Investment in Common Stock $1,000, credit Cash $7,000. O O Debit Cash...
At the time of liquidation, Fairchild Company reported assets of $200,000, liabilities of $120,000, common stock...
At the time of liquidation, Fairchild Company reported assets of $200,000, liabilities of $120,000, common stock of $90,000 and retained earnings of ($10,000). What amount of Fairchild's assets are the shareholders entitled to receive? Multiple Choice $200,000 $80,000 $90,000 $100,000
On May 1, 2021, Sunland Company declared and issued a 10% common stock dividend. Prior to...
On May 1, 2021, Sunland Company declared and issued a 10% common stock dividend. Prior to this dividend, Sunland had 197000 shares of $1 par value common stock issued and outstanding. The fair value of Sunland's common stock was $24 per share on May 1, 2021. As a result of this stock dividend, Sunland's total stockholders' equity O increased by $472800. O did not change. O decreased by $472800. O decreased by $24000.
Blue Company received a cash advance of $650 from a customer. As a result of this...
Blue Company received a cash advance of $650 from a customer. As a result of this event, a. liabilities decreased by $650. b. assets and stockholders' equity increased by $650. c.) assets increased by $650. d. stockholders' equity increased by $650. Silver Company provided consulting services and billed the client $2,500. As a result of this event, a. assets remained unchanged. b. assets increased by $2,500. C. assets and stockholders' equity both increased by $2,500. C. stockholders' equity increased by...
Anthem Inc. issues 200,000 shares of stock with a par value of $0.03 for $152 per...
Anthem Inc. issues 200,000 shares of stock with a par value of $0.03 for $152 per share. Three years later, it repurchases these shares for $82 per share. Anthem records the repurchase in which of the following ways? Multiple Choice Debt Stockholders' Equity for $30.40 million credit Additional Paid in Capital for $15.40 million and credit Cash for $16.40 million Debit Common Stock for $6,000, debit Additional Paid-in Capital for $16,394 000 and credit Cash for $16.40 million Oo oo...
The Cavendish Company recently issued new common stock and used the proceeds to pay off some...
The Cavendish Company recently issued new common stock and used the proceeds to pay off some of its short-term notes payable. This action had no effect on the company's total assets or operating income. Which of the following effects would occur as a result of this action? Group of answer choices The company's current ratio increased. The company's times interest earned ratio decreased. The company's debt ratio increased. The company's equity multiplier increased.
ABC company issued common stock with par value $1 and preferred stock with stated value of...
ABC company issued common stock with par value $1 and preferred stock with stated value of $10. On Jan 1: 1,000 shares of common stock for $32 per share. On Dec 28: 1,000 shares of common stock for $30 per share. As result of these accounting events, total Equity increased by: A. $2,000 B. $20,000 C. $60,000 D. $62,000
Li Company paid cash to purchase land. What happened as a result of this business event? Multiple Choice Both assets and total equity decreased. 0 Total assets decreased Total 0 uity decreased. 0 Toto tets were HII NOM >
Geronimo Company issued 20,000 shares of $1 par value common stock at $10 per share. Ms. Elgin, the bookkeeper, recorded this transaction with a $200,000 debit to Cash and a $200,000 credit to Common Stock. As a result of this entry: Multiple Choice C ) total assets will be overstated. Additional Paid-In Capital will be understated. Oo oo total stockholders' equity will be understated. equity will be overstated.
a company currently has 200,000 shares issued and 190,000
shares outstanding. if the company purchases 20.000 shares of
treasury stock, what amount of shares will be outstanding?
A company currently has 200,000 shares issued and 190,000 shares outstanding. If the company purchases 20,000 shares of treasury stock, what amount of shares will be outstanding? Multiple Choice O 170,000 O 0 220,000. O 210,000 O 180.000. < Prev 20 of 30 !!! Next > Help Sa Which of the following financing...
A company issued 60 shares of $100 par value common stock for $7,000 cash. The journal entry to record the issuance is: Multiple Choice O Debit Cash $7,000; Credit Common Stock $7,000 Debit investment in Common Stock $7,000, credit Cash $7,000. O O Debit Cash $7,000; Credit Common Stock $6,000; credit Paid-in Capital in Excess of Par Value, Common Stock $1,000 O O Debit Common Stock $6,000, debit Investment in Common Stock $1,000, credit Cash $7,000. O O Debit Cash...
On May 1, 2021, Sunland Company declared and issued a 10% common stock dividend. Prior to this dividend, Sunland had 197000 shares of $1 par value common stock issued and outstanding. The fair value of Sunland's common stock was $24 per share on May 1, 2021. As a result of this stock dividend, Sunland's total stockholders' equity O increased by $472800. O did not change. O decreased by $472800. O decreased by $24000.
Blue Company received a cash advance of $650 from a customer. As a result of this event, a. liabilities decreased by $650. b. assets and stockholders' equity increased by $650. c.) assets increased by $650. d. stockholders' equity increased by $650. Silver Company provided consulting services and billed the client $2,500. As a result of this event, a. assets remained unchanged. b. assets increased by $2,500. C. assets and stockholders' equity both increased by $2,500. C. stockholders' equity increased by...
Anthem Inc. issues 200,000 shares of stock with a par value of $0.03 for $152 per share. Three years later, it repurchases these shares for $82 per share. Anthem records the repurchase in which of the following ways? Multiple Choice Debt Stockholders' Equity for $30.40 million credit Additional Paid in Capital for $15.40 million and credit Cash for $16.40 million Debit Common Stock for $6,000, debit Additional Paid-in Capital for $16,394 000 and credit Cash for $16.40 million Oo oo...
Most questions answered within 3 hours.
-
You are going to sell fruits & vegetables at a local
roadside market. List separately and...
asked 24 minutes ago -
Hows does water affect the digestion of fats ?
asked 2 hours ago -
A buffer that contains 0.41 M of a base, B and 0.21 M of its
conjugate...
asked 2 hours ago -
Pleaaaaaaaasssssse help me please please it's more important
:((((((((((((((((((((
CASE STUDY
Nissan Company
Nissan Motor Company,...
asked 2 hours ago -
Calculate the concentration of hydronium and hyroxide ions in 1)
2.0 mol/L HNO3 2) 0.5 mol/L...
asked 3 hours ago -
In a loop-the-loop ride a car goes around a vertical, circular
loop at a constant speed....
asked 3 hours ago -
50 grams each of water (18.015 g/mol) and ethylene glycol
(C2H6O2) (62.07 g/mol) are mixed. At...
asked 3 hours ago -
The life expectancy of sport utility vehicles follows a normal
distribution with a mean of 145.8...
asked 3 hours ago -
If an object with mass of 5 kg is pushed with a force of 552 N,...
asked 3 hours ago -
Suppose your program already has a list called nums, which
contains several numbers. Write a for...
asked 3 hours ago -
A spherical shell with a finite thickness just barely floats in
water. If the shell is...
asked 3 hours ago -
Explain in detail whether the following is true or false:
Total factor productivity will rise only...
asked 3 hours ago