Homework Answers
| The journal entry will c increase cash and increase common stock |
| Cash is asset thus increased by debit |
| Common stock is capital thus increased by credit |
| Q2 |
| FALSE |
| Assets = Liability + Stockholder Equity |
| Assets = 300,000 + 300,000 |
| Assets = 600,000 |
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QUESTION 6 May 23 Cash 22,000 Common Stock Issued common stock for cash. 22.000 This journal...
question 1.preferred stock was issued with 4 stated value.do the journal entry and how much you...
question 1.preferred stock was issued with 4 stated
value.do the journal entry and how much you sold it for
common stock was issued with 10 par value do the journal entry and
how much u sold it fora
ILLUSTRATION 13-5 STATEMENT PRESENTATION OF STOCKHOLDERS EQUITY BOOMER-CORPORATION. Stockholders" equity Paid-in capital Capital stock 9% Preferred stock, $10 par value, ailable at $12, cumulative, 10,000 shares authorized, 5,000 shares issued and outstanding s 50.000 Common stock, no par. $4 stated value, 50,000...
On January 2, Year 1 Torres Corporation issued 22,000 shares of $15 par value common stock...
On January 2, Year 1 Torres Corporation issued 22,000 shares of $15 par value common stock for $25 per share. Which of the following statements is true? Multiple Choice o The common stock account will increase by $550,000 o Total equity will increase by $330.000 o The paid in capital in excess of par value account will increase by $220,000. o The cash account will increase by $330.000
Mar. 23: Issued 240 shares of $1 par value common stock for cash of $12 per...
Mar. 23: Issued 240 shares of $1 par value common stock for cash of $12 per share Accounts and Explanation Date Debit Credit 2,880 Cash Mar. 23 Common Stock-$1 Par Value 240 Paid-In Capital in Excess of Par-Common 2,640 Issued common stock for cash. Apr. 12: Received inventory with a market value of $24,000 and equipment with a market value of $18,000 for 340 shares of the $1 par value common stock Accounts and Explanation Date Debit Credit 24,000 Inventory...
Please fill in the blanks. 6. ___ _________ may be declared and paid in cash or...
Please fill in the blanks. 6. ___ _________ may be declared and paid in cash or stock. 7. Net income kept in the business and not paid in dividends goes into the ______________________________ account on the balance sheet. 8. In preparing a statement of cash flows, an increase in the Common Stock and Treasury Stock accounts during a period would be a ___________________ activity. 9. A sign of distress a company may experience before bankruptcy is _________. Please mark “T”...
28. On May 1, 2010, ROK Corporation had 400,000 shares of $30 par value common stock outstanding,...
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TRUE/FALSE. Write 'T' if the statement is true il 1) Financing activities are transactions involving external...
TRUE/FALSE. Write 'T' if the statement is true il 1) Financing activities are transactions involving external sources of funding. 2) Expense accounts increase with a debit and decrease with a credit 3) Purchasing equipment using cash causes assets to increase 4) Liability accounts increase with a debit and decrease with a credit 6) 5) Borrowing cash from the bank causes assets to increase and liabilities to increase 6) Amounts owed to suppliers, employees, the government in the form of taxes,...
On May 23, Stoltz Realty Inc. issued for cash 128,000 shares of no-par common stock (with...
On May 23, Stoltz Realty Inc. issued for cash 128,000 shares of no-par common stock (with a stated value of $5) at $6. On July 6, Stoltz Realty Inc. issued at par value 41,000 shares of preferred 1% stock, $10 par for cash. On September 15, Stoltz Realty Inc. issued for cash 17,000 shares of preferred 1% stock, $10 par at $11. Journalize the entries to record the May 23, July 6, and September 15 transactions. Refer to the Chart...
On May 10. Concord Corporation Issues 2,700 shares of $6 par value common stock for cash...
On May 10. Concord Corporation Issues 2,700 shares of $6 par value common stock for cash at $15 per share. Prepare a tabular summary to record the issuance of the stock. Of a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity Item that was reduced.) Assets Liabilities Stockholders' Equity Paid-in-Capital PIC in Excess of Common Stock Par Value Com....
11)Bill issued 200,000 shares of $2 par value stock. The book value of Bill’s common stockholders'...
11)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. 12) Assuming the market price per share of Bill’s stock was $150/share before the split, what should be the market price per...
Sep. 6: Issued 250 shares of common stock to the promoters who organized the corporation, receiving cash of $7,500. Dat...
Sep. 6: Issued 250 shares of common stock to the promoters who organized the corporation, receiving cash of $7,500. Date Accounts and Explanation Debit Credit Sep. 6 Cash 7,500 250 Common Stock-$1 Par Value Paid-In Capital in Excess of Par—Common 7,250 Issued common stock for cash. Sep. 12: Issued 450 shares of preferred stock for cash of $21,000. Date Accounts and Explanation Debit Credit Sep. 12 Cash 21,000 Preferred Stock—No Par Value 21,000 Sep. 14: Issued 1,700 shares of common...
question 1.preferred stock was issued with 4 stated
value.do the journal entry and how much you sold it for
common stock was issued with 10 par value do the journal entry and
how much u sold it fora
ILLUSTRATION 13-5 STATEMENT PRESENTATION OF STOCKHOLDERS EQUITY BOOMER-CORPORATION. Stockholders" equity Paid-in capital Capital stock 9% Preferred stock, $10 par value, ailable at $12, cumulative, 10,000 shares authorized, 5,000 shares issued and outstanding s 50.000 Common stock, no par. $4 stated value, 50,000...
On January 2, Year 1 Torres Corporation issued 22,000 shares of $15 par value common stock for $25 per share. Which of the following statements is true? Multiple Choice o The common stock account will increase by $550,000 o Total equity will increase by $330.000 o The paid in capital in excess of par value account will increase by $220,000. o The cash account will increase by $330.000
Mar. 23: Issued 240 shares of $1 par value common stock for cash of $12 per share Accounts and Explanation Date Debit Credit 2,880 Cash Mar. 23 Common Stock-$1 Par Value 240 Paid-In Capital in Excess of Par-Common 2,640 Issued common stock for cash. Apr. 12: Received inventory with a market value of $24,000 and equipment with a market value of $18,000 for 340 shares of the $1 par value common stock Accounts and Explanation Date Debit Credit 24,000 Inventory...
TRUE/FALSE. Write 'T' if the statement is true il 1) Financing activities are transactions involving external sources of funding. 2) Expense accounts increase with a debit and decrease with a credit 3) Purchasing equipment using cash causes assets to increase 4) Liability accounts increase with a debit and decrease with a credit 6) 5) Borrowing cash from the bank causes assets to increase and liabilities to increase 6) Amounts owed to suppliers, employees, the government in the form of taxes,...
On May 10. Concord Corporation Issues 2,700 shares of $6 par value common stock for cash at $15 per share. Prepare a tabular summary to record the issuance of the stock. Of a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity Item that was reduced.) Assets Liabilities Stockholders' Equity Paid-in-Capital PIC in Excess of Common Stock Par Value Com....
Sep. 6: Issued 250 shares of common stock to the promoters who organized the corporation, receiving cash of $7,500. Date Accounts and Explanation Debit Credit Sep. 6 Cash 7,500 250 Common Stock-$1 Par Value Paid-In Capital in Excess of Par—Common 7,250 Issued common stock for cash. Sep. 12: Issued 450 shares of preferred stock for cash of $21,000. Date Accounts and Explanation Debit Credit Sep. 12 Cash 21,000 Preferred Stock—No Par Value 21,000 Sep. 14: Issued 1,700 shares of common...
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