Explain how to account for the issuance of common and preferred stock, and the purchase of...
Homework Answers
Answer
- Issuance of Common Stock
>Cash is received upon issuance, and Cash gets debited by the total amount of cash received.
>Common Stock account is credited for the par value of the stock issued.
>Any difference in the issue price and par value gets credited to Paid in Capital in excess of Par Common Stock account. - Issuance of Preferred Stock
>Pretty much same as Common Stock,
>Cash is received upon issuance, and Cash gets debited by the total amount of cash received.
>Preferred Stock account is credited for the par value of the stock issued.
>Any difference in the issue price and par value gets credited to Paid in Capital in excess of Par Preferred Stock account. - Purchase of Treasury Stock.
>Cash is paid when stock are re purchased as Treasury Stock.
>Cash gets credited by the amount paid.
>Treasury stock account is debited by the same amount.
>Balance in Treasury Stock gets deducted under Stockholder’s Equity section of the Balance Sheet.
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Explain how to account for the issuance of common and preferred
stock, and the purchase of...
Income Retained tanin hent 2 attempts Like E13.5 Journalize issuance of common and preferred stock and...
Income Retained tanin hent 2 attempts Like E13.5 Journalize issuance of common and preferred stock and purchase of treasury stock. Quick Co. had the following transactions during the current period. Instructions: Journalize the transactions. Mar 2 12 June 12 Issued 5,000 shares of $10 par value common stock to attorneys in pay of a bill for $60,000 for services performed in helping the company to incorporate. Issued 60,000 shares of $10 par value common stock for cash of $750 Issued...
7 entries required: 1. Record the issuance of 120,000 shares of common stock for $62 per share. 2. Record the issuance...
7 entries required:
1. Record the issuance of 120,000 shares of common stock for $62
per share.
2. Record the issuance of 52,000 shares of preferred stock for
$13 per share.
3. Record the purchase of 12,000 shares of its own common stock
for $52 per share.
4. Record the resell of 6,000 shares of treasury stock for $57
per share.
5. Record the declaration of a cash dividend on its common stock
of $0.60 per share and a $20,800...
4 Journal entries are required: 1. Record the issuance of 100,000 shares of common stock for...
4 Journal entries are
required:
1. Record the issuance of 100,000 shares of common stock for $21
per share.
2. Record the issuance of 1,600 shares of 7% preferred stock for
$13 per share.
3. Record the purchase of 12,000 shares of its own common stock
for $26 per share.
4. Record the resale of 6,000 shares.
Check my work Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions...
Part XIII: Account for the issuance of stock A company neither _____________________________ nor _________________________ when it...
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Record These Journal Entries: 1) Record the issuance of 1.10 million shares of common stock for...
Record These Journal Entries:
1) Record the issuance of 1.10 million shares of common stock
for $31 per share.
2) Record the issuance of 560,000 shares of preferred stock for
$22 per share.
3) Record the purchase of 110,000 shares of its own common stock
for $26 per share.
4) Record the resell 82,500 shares of treasury stock for $41 per
share.
5) Record the declaration of a cash dividend on its common stock
of $1.10 per share and a...
Swifty Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock...
Swifty Corporation has been authorized to issue 20,500 shares
of $100 par value, 10%, preferred stock and 1,068,600 shares of
no-par common stock. The corporation assigned a $2.60 stated value
to the common stock. At December 31, 2020, the ledger contained the
following balances pertaining to stockholders’ equity.
Preferred Stock
$130,000
Paid-in Capital in Excess of Par—Preferred Stock
14,000
Common Stock
1,068,600
Paid-in Capital in Excess of Stated Value—Common Stock
2,219,400
Treasury Stock (1,160 common shares)
13,920
Paid-in Capital from...
Martinez Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock...
Martinez Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,084,200 shares of no-par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (1,160 common shares) Paid-in Capital from Treasury Stock Retained Earnings Accumulated...
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Surfing Dewd Corporation is authorized to issue both preferred and common stock. Surfing Dewd's preferred stock...
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Income Retained tanin hent 2 attempts Like E13.5 Journalize issuance of common and preferred stock and purchase of treasury stock. Quick Co. had the following transactions during the current period. Instructions: Journalize the transactions. Mar 2 12 June 12 Issued 5,000 shares of $10 par value common stock to attorneys in pay of a bill for $60,000 for services performed in helping the company to incorporate. Issued 60,000 shares of $10 par value common stock for cash of $750 Issued...
7 entries required:
1. Record the issuance of 120,000 shares of common stock for $62
per share.
2. Record the issuance of 52,000 shares of preferred stock for
$13 per share.
3. Record the purchase of 12,000 shares of its own common stock
for $52 per share.
4. Record the resell of 6,000 shares of treasury stock for $57
per share.
5. Record the declaration of a cash dividend on its common stock
of $0.60 per share and a $20,800...
4 Journal entries are
required:
1. Record the issuance of 100,000 shares of common stock for $21
per share.
2. Record the issuance of 1,600 shares of 7% preferred stock for
$13 per share.
3. Record the purchase of 12,000 shares of its own common stock
for $26 per share.
4. Record the resale of 6,000 shares.
Check my work Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions...
Record These Journal Entries:
1) Record the issuance of 1.10 million shares of common stock
for $31 per share.
2) Record the issuance of 560,000 shares of preferred stock for
$22 per share.
3) Record the purchase of 110,000 shares of its own common stock
for $26 per share.
4) Record the resell 82,500 shares of treasury stock for $41 per
share.
5) Record the declaration of a cash dividend on its common stock
of $1.10 per share and a...
Swifty Corporation has been authorized to issue 20,500 shares
of $100 par value, 10%, preferred stock and 1,068,600 shares of
no-par common stock. The corporation assigned a $2.60 stated value
to the common stock. At December 31, 2020, the ledger contained the
following balances pertaining to stockholders’ equity.
Preferred Stock
$130,000
Paid-in Capital in Excess of Par—Preferred Stock
14,000
Common Stock
1,068,600
Paid-in Capital in Excess of Stated Value—Common Stock
2,219,400
Treasury Stock (1,160 common shares)
13,920
Paid-in Capital from...
Martinez Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,084,200 shares of no-par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (1,160 common shares) Paid-in Capital from Treasury Stock Retained Earnings Accumulated...
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