Homework Answers
| Cash | 11000 | ||
| Common Stock | 2000 | =1000*2 | |
| Paid in Capital in excess of stated Value | 9000 | =11000-2000 | |
| Option C is correct |
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O on 15 sued 1.000 shares of no por common stock for $11,000. Which of the...
Jackson Corporation issues 1000 shares of $2 par value common stock for $10,000. When common stock...
Jackson Corporation issues 1000 shares of $2 par value common stock for $10,000. When common stock is issued, which of the following is the correct journal entry? a. Common stock 10,000 Common stock 2,000 Cash 8,000 b. Paid in capital in excess of par 11,000 Cash 10,000 Common stock 1,000 c. Cash 10,000 Common stock 2,000 Paid in capital in excess of par 8,000 d. Cash 8,000 Common Stock 2,...
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
Blue Spruce Corp. issued 900 shares of no-par common stock for $7200. Which of the following...
Blue Spruce Corp. issued 900 shares of no-par common stock for $7200. Which of the following journal entries would be made if the stock has stated value of $2 per share? Common Stock 7200 Cash 7200 Cash 7200 Common Stock 1800 Paid-in Capital in Excess of Stated Value 5400 Cash 7200 Common Stock 1800 Paid-in Capital in Excess of Par 5400 Cash 7200 Common Stock 7200
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
Riverbed Corporation was organized on January 1, 2020. It is authorized to issue 11,000 shares of...
Riverbed Corporation was organized on January 1, 2020. It is authorized to issue 11,000 shares of 8%, $100 par value preferred stock, and 535,600 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. Issued 80,370 shares of common stock for cash at $6 per share. 10 Mar. Issued 5,570 shares of preferred stock for cash at $110 per share. 1 Apr. 1 Issued 24,250 shares...
When 2,000 shares of $5 stated value common stock is issued at $18 per share, O...
When 2,000 shares of $5 stated value common stock is issued at $18 per share, O A. the accounting is exactly the same as the accounting for par value stock O B. Common Stock — $5 Stated is credited for $36,000 O c. the difference between the issue price and the stated value is credited to Paid – In Capital in Excess of Stated - Common OD. the account titled Paid - In Capital in Excess of Stated - Common...
Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per...
Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. X X 0x X X a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Inland sold 2,000 shares of the treasury stock...
1. BonitaCorp. issues 2800 shares of $10 par value common stock at $15 per share. When...
1. BonitaCorp. issues 2800 shares of $10 par value common stock
at $15 per share. When the transaction is recorded, credits are
made to
Common Stock $28000 and Retained Earnings $14000.
Common Stock $28000 and Paid-in Capital in Excess of Par
$14000.
2. VaughnCompany is authorized to issue 9000 shares of 7%, $100
par value preferred stock and 532000 shares of no-par common stock
with a stated value of $1 per share. If Vaughn issues 4500 shares
of preferred stock...
Nexis Corp. issues 1,000 shares of $15 par value common stock at $22 per share. When...
Nexis Corp. issues 1,000 shares of $15 par value common stock at $22 per share. When the transaction is recorded, credits are made to a. Common Stock, $22,000, and Retained Earnings, $15,000 Ob. Common Stock, $7,000, and Paid-In Capital in Excess of Stated Value, $15,000 c. Common Stock, $22,000 d. Common Stock, $15,000, and Paid-In Capital in Excess of Par-Common Stock, $7,000
Bramble Corporation was organized on January 1, 2020. It is authorized to Issue 11,000 shares of...
Bramble Corporation was organized on January 1, 2020. It is authorized to Issue 11,000 shares of 8%, $100 par value preferred stock, and 524,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 83,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 4,600 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 23,000 shares...
Riverbed Corporation was organized on January 1, 2020. It is authorized to issue 11,000 shares of 8%, $100 par value preferred stock, and 535,600 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. Issued 80,370 shares of common stock for cash at $6 per share. 10 Mar. Issued 5,570 shares of preferred stock for cash at $110 per share. 1 Apr. 1 Issued 24,250 shares...
When 2,000 shares of $5 stated value common stock is issued at $18 per share, O A. the accounting is exactly the same as the accounting for par value stock O B. Common Stock — $5 Stated is credited for $36,000 O c. the difference between the issue price and the stated value is credited to Paid – In Capital in Excess of Stated - Common OD. the account titled Paid - In Capital in Excess of Stated - Common...
Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. X X 0x X X a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Inland sold 2,000 shares of the treasury stock...
1. BonitaCorp. issues 2800 shares of $10 par value common stock
at $15 per share. When the transaction is recorded, credits are
made to
Common Stock $28000 and Retained Earnings $14000.
Common Stock $28000 and Paid-in Capital in Excess of Par
$14000.
2. VaughnCompany is authorized to issue 9000 shares of 7%, $100
par value preferred stock and 532000 shares of no-par common stock
with a stated value of $1 per share. If Vaughn issues 4500 shares
of preferred stock...
Nexis Corp. issues 1,000 shares of $15 par value common stock at $22 per share. When the transaction is recorded, credits are made to a. Common Stock, $22,000, and Retained Earnings, $15,000 Ob. Common Stock, $7,000, and Paid-In Capital in Excess of Stated Value, $15,000 c. Common Stock, $22,000 d. Common Stock, $15,000, and Paid-In Capital in Excess of Par-Common Stock, $7,000
Bramble Corporation was organized on January 1, 2020. It is authorized to Issue 11,000 shares of 8%, $100 par value preferred stock, and 524,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 83,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 4,600 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 23,000 shares...
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