Which of the following journal entries is correct when common stock is sold for cash at...
Which of the following journal entries is correct when common stock is sold for cash at a price greater than par value?
Multiple Choice
-
Cash xxx Retained earnings xxx -
Cash xxx Additional paid-in capital xxx -
Cash xxx Common Stock xxx -
Cash xxx Common Stock xxx Additional paid-in capital xxx
Homework Answers
The entry would be
| Cash | xxx | |
| Common stock | xxx | |
| Additional paid in capital | xxx |
Option D is the answer
Add Answer to:
Which of the following journal entries is correct when common
stock is sold for cash at...
Which of the following journal entries is correct when a business entity pays cash for advertising...
Which of the following journal entries is correct when a business entity pays cash for advertising to be used next year? Multiple Choice Cash xxx Advertising expense xxx Advertising expense xxx Cash xxx Cash xxx Prepaid advertising expense xxx Prepaid advertising expense xxx Cash xxx
A firm's balance sheet has the following entries: Cash $ 6,000,000 Total liabilities 32,000,000 Common stock...
A firm's balance sheet has the following entries: Cash $ 6,000,000 Total liabilities 32,000,000 Common stock ($4 par; 2,400,000 shares outstanding) 9,600,000 Additional pald-in capital 3,600,000 Retained earnings 40,000,000 What will be each of these balance sheet entries after: a. a four-for-one stock split? Round the par value to the nearest cent, the number of shares outstanding to the nearest whole number, and the other answers to the nearest dollar Cash $ Total liabilities $ Common stock ($ per; shares...
1- The following data has been collected about Keller Company's stockholders' equity accounts: Common stock $10...
1- The following data has been collected about Keller Company's stockholders' equity accounts: Common stock $10 par value 20,000 shares authorized and 10,000 shares issued, 9,000 shares outstanding $100,000 Paid-in capital in excess of par value, common stock 50,000 Retained earnings 25,000 Treasury stock 11,500 Assuming the treasury shares were all purchased at the same price, the cost per share of the treasury stock is: Multiple Choice $1.15. $1.28. $11.50. $10.50. $10.00. 2- Comfort Mattresses, Inc. sold 26,000 shares of...
Novak Corp. issued 1200 shares of no-par common stock for $22800. Which of the following journal...
Novak Corp. issued 1200 shares of no-par common stock for $22800. Which of the following journal entries would be made if the stock has no stated value? A Cash 22800 Common Stock - No-Par Value 1200 Paid-in Capital in Excess of Par 21600 B Cash 22800 Common Stock - No-Par Value 1200 Paid-in Capital in Excess of Stated Value 21600 C Common Stock - No-Par Value 22800 Cash 22800 D Cash 22800 Common Stock - No-Par Value 22800
Which ONE of the following is a liability? Capital Stock O Warranty Expense O Equipment o...
Which ONE of the following is a liability? Capital Stock O Warranty Expense O Equipment o Wages Payable Which of the following journal entries represents an increase in equity correctly? A) Cash XXX Common Stock XXX B) Common Stock XXX Cash XXX XXX C) Retained Earnings Accounts Payable D) Retained Earnings XXX XXX Rent Expense XXX E) More than one of the above F) None of the above CA OB Ос OD Ο Ε OF
Wildhorse Co. issued 500 shares of no-par common stock for $3500. Which of the following journal...
Wildhorse Co. issued 500 shares of no-par common stock for $3500. Which of the following journal entries would be made if the stock has stated value of $2 per share? A Cash 3500 Common Stock 1000 Paid-in Capital in Excess of Par 2500 B Cash 3500 Common Stock 1000 Paid-in Capital in Excess of Stated Value 2500 C Cash 3500 Common Stock 3500 D Common Stock 3500 Cash 3500
When a company issues 38,000 shares of $2 par value common stock for $20 per share,...
When a company issues 38,000 shares of $2 par value common stock for $20 per share, the journal entry for this issuance would include: Multiple Choice A debit to Additional Paid-in Capital for $76,000. A debit to Cash for $76,000. A credit to Common Stock for $760,000. A credit to Additional Paid-in Capital for $684,000 < Prev 2 of 19 Next>
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...
On January 1, 2020, Pharoah Company had the following stockholders' equity accounts. Common Stock ($26 par...
On January 1, 2020, Pharoah Company had the following stockholders' equity accounts. Common Stock ($26 par value, 58,500 shares issued and outstanding) $1,521,000 Paid-in Capital in Excess of Par-Common Stock 192,000 Retained Earnings 622,000 During the year, the following transactions occurred. Feb. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. Paid the dividend declared in February. Apr. Announced a 2-for-1 stock split. Prior to the split, the market price per...
Stock Dividend Augusta Corporation reported the following information: 35,000 shares of $3 par value common stock...
Stock Dividend Augusta Corporation reported the following information: 35,000 shares of $3 par value common stock authorized, 30,000 shares common stock issued, 10,000 shares treasury stock. Required: 1. What is the appropriate journal entry to record a 5% stock dividend if the market price of the common stock is $40 per share when the dividend is declared? Retained Earnings Common Stock Additional Paid-In Capital-Common Stock Feedback 1. Small stock dividends are capitalized using the stock's market value, while large stock...
A firm's balance sheet has the following entries: Cash $ 6,000,000 Total liabilities 32,000,000 Common stock ($4 par; 2,400,000 shares outstanding) 9,600,000 Additional pald-in capital 3,600,000 Retained earnings 40,000,000 What will be each of these balance sheet entries after: a. a four-for-one stock split? Round the par value to the nearest cent, the number of shares outstanding to the nearest whole number, and the other answers to the nearest dollar Cash $ Total liabilities $ Common stock ($ per; shares...
Which ONE of the following is a liability? Capital Stock O Warranty Expense O Equipment o Wages Payable Which of the following journal entries represents an increase in equity correctly? A) Cash XXX Common Stock XXX B) Common Stock XXX Cash XXX XXX C) Retained Earnings Accounts Payable D) Retained Earnings XXX XXX Rent Expense XXX E) More than one of the above F) None of the above CA OB Ос OD Ο Ε OF
When a company issues 38,000 shares of $2 par value common stock for $20 per share, the journal entry for this issuance would include: Multiple Choice A debit to Additional Paid-in Capital for $76,000. A debit to Cash for $76,000. A credit to Common Stock for $760,000. A credit to Additional Paid-in Capital for $684,000 < Prev 2 of 19 Next>
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 January 1, 2020, Pharoah Company had the following stockholders' equity accounts. Common Stock ($26 par value, 58,500 shares issued and outstanding) $1,521,000 Paid-in Capital in Excess of Par-Common Stock 192,000 Retained Earnings 622,000 During the year, the following transactions occurred. Feb. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. Paid the dividend declared in February. Apr. Announced a 2-for-1 stock split. Prior to the split, the market price per...
Most questions answered within 3 hours.
-
The Merriweather Printing Company is trying to decide on the
merits of constructing a new publishing...
asked 9 minutes ago -
29) Insulin is a water-soluble hormone transported in the blood.
Which describes a likely way in...
asked 15 minutes ago -
Harden, Harden, & Harden is a venerable Wall Street stock
brokerage firm. It has its business...
asked 16 minutes ago -
How do we determine the ultimate radioactive decay product of
the uranium-238 series is lead?
asked 20 minutes ago -
> Women’s pulse rates are normally distributed with a mean of
68.5 beats per minute and...
asked 27 minutes ago -
Briefly describe an aspect of the strengths perspective that is
consistent with your own understanding of...
asked 29 minutes ago -
Step by step method of using Sparse Identification of Nonlinear
Dynamics (SINDy) to model your own...
asked 36 minutes ago -
3) What are the typical social structures in a global city?
asked 3 hours ago -
Luther Corporation
Consolidated Balance Sheet
December 31, 2019 and 2018 (in $ millions)
Assets
2019
2018...
asked 3 hours ago -
(Expected rate of return and risk) Carter Inc. is evaluating a
security. Calculate the investment’s expected...
asked 6 hours ago -
What specific indicators can point to lack of progress for
African Americans in American society?
asked 7 hours ago -
1-The Electrons in a beam are moving at 2.7×108 m/s in an
electric field of 15000...
asked 7 hours ago