Correct Journal Entry
Cash | $200,000 (20,000*$10) | |
Common stock | $20,000 (20,000*$1) | |
Additional paid in capital - Common stock | $180,000 (20,000*$9) |
The answer is Additional paid in capital will be understated.
Geronimo Company issued 20,000 shares of $1 par value common stock at $10 per share. Ms....
The Company issued 20,000 shares of no-par common stock, stated value $20, at $32 cash per share. The journal entry to record this transaction is Select one: a. Debit: Cash 640,000 Credit: Common Stock 400,000 Credit: Paid-in Capital in Excess of Stated Value 240,000 b. Debit: Cash 640,000 Credit: Common Stock 640,000 c. Debit: Cash 640,000 Credit: Common Stock 400,000 Credit: Paid-in Capital in Excess of Par Value 240,000
Tomlin Corporation issued 20,000 shares of $2 par value common stock for $10 per share. Prepare the journal entry to record this stock issuance.
A corporation issued 240 shares of its $5 par value common stock in payment of a $3.200 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Save & E Murile Choice A$200 C A 1200 Organogenes A $2.000 credit to Paid in Capital Escess of Par Valve Common Stock A $1.200 biso Legal Expenses A $1.200 credit to Common Stock Fetzer Company declared a $0.35 per share cash...
The Company issued for $57 per share 5,000 shares of $30 par value common stock. The journal entry to record this transaction is: Select one: a. Debit: Cash 285,000 Credit: Common Stock 285,000 b. Debit: Cash 285,000 Credit: Common Stock 150,000 Credit: Gain on Sale of Stock 135,000 c. Debit: Cash 285,000 Credit: Common Stock 150,000 Credit: Retained Earnings 135,000 d. Debit: Cash 285,000 Credit: Common Stock 150,000 Credit: Paid-in Capital in Excess of Par Value 135,000
Debit Credit Mar. 4: Issued 20,000 shares of $1 par value common stock at $9 per share. Date Accounts and Explanation Mar. 4 Cash Common Stock-$1 Par Value Paid In Capital in Excess of Par-Common 180,000 20,000 160,000 Issued common stock for cash. May 22: Purchased 1,200 shares of treasury stock-common at $11 per share. Date Accounts and Explanation May 22 Treasury Stock-Common Cash Debit Credit 13,200 13,200 Purchased treasury stock. Credit Sep. 22: Sold 600 shares of treasury stock-common...
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...
On December 1, 2017, Abel Corporation exchanged 20,000 shares of its $10 par value common stock held in treasury for a used machine. The treasury shares were acquired by Abel at a cost of $40 per share, and are accounted for under the cost method. On the date of the exchange, the common stock had a market value of $55 per share (the shares were originally issued at $30 per share). As a result of this exchange, Abel's total stockholders'...
1. 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, $7,000, and Paid-In Capital in Excess of Stated Value, $15,000 b.Common Stock, $15,000, and Paid-In Capital in Excess of Par—Common Stock, $7,000 c.Common Stock, $22,000 2. Sabas Company has 20,000 shares of $100 par, 2% cumulative preferred stock and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends:...
Freya, Inc., issued for $76 per share 5,000 shares of $40 par value common stock. The journal entry to record this transaction is: A) Cash 380,000 Common Stock 380,000 B) Cash 380,000 Common Stock 200,000 180,000 Additional Paid-in capital C) Cash 380,000 Common Stock 200,000 Retained Earnings 180,000 D) Cash 380,000 Common Stock 200,000 Gain on Sale of Stock 180,000
1) Bill issued 200,000 shares of $2 par value stock. The book value of Bill’s common stockholders' equity is equal to $20 million. On August 1, he implements a two-for-one stock split. After the stock split, the total number of shares outstanding is 400000 shares, the total par value is $1 and the total book value is $20 million. Assuming the market price per share of Bill’s stock was $150/share before the split, what should be the market price per...