Homework Answers
a) Journal entry
| No | General journal | Debit | Credit |
| a | Cash (18000*13) | 234000 | |
| Common Stock | 144000 | ||
| Paid in capital in excess of par value-Common Stock | 90000 | ||
| b | Cash (7000*30) | 210000 | |
| Preferred stock (7000*25) | 175000 | ||
| paid in capital in excess of stated value-Preferred stock | 35000 | ||
| c | cash (47000*16) | 752000 | |
| Common Stock | 376000 | ||
| Paid in capital in excess of par value | 376000 | ||
Stockholder's equity
| Common Stock | 520000 |
| Paid in capital in excess of par value-common Stock | 466000 |
| Preferred stock | 175000 |
| Paid in capital in excess of stated value | 35000 |
| Total Stockholder's equity | 1196000 |
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Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 340,000 shares...
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 370,000 shares...
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $10 par common stock and 65,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Inc: 1. Issued 22,000 shares of common stock for $15 per share. 2. Issued 14,000 shares of the class A preferred stock for $30 per share. 3. Issued 57,000...
Can you please do it good and clear so I can do it very good. Questión...
Can you please do it good and clear so I can do it very
good.
Questión 2 (of 16) 2. 95.00 points Eastport Inc. was organized on June 5, 2016. It was authorized to issue 300,000 shares of $10 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to Eastport Inc.: 1. Issued 15,000 shares of common stock...
Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the...
Tarrant Corporation was organized this year to operate a
financial consulting business. The charter authorized the following
stock: common stock, par value $13 per share, 12,900 shares
authorized. During the year, the following selected transactions
were completed:
a.
Sold and issued 6,500 shares of common stock for cash at $26
per share.
b.
Sold and issued 1,900 shares of common stock for cash at $31
per share.
c.
At year-end, the accounts reflected income of $8,000. No
dividends were declared....
Ο 2019t0-ACG-3024-ZZZ-0470-ㄙ x ㄨ Chapter Homework 8 Homework Eastport Inc, was organized on June 5. 2018....
Ο 2019t0-ACG-3024-ZZZ-0470-ㄙ x ㄨ Chapter Homework 8 Homework Eastport Inc, was organized on June 5. 2018. It was authorized to issue 300 000 shares of $10 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to Eastport inc. t Issued 15.000 shares of common stock for $12 per share. 2. Issued 5,000 shares of the class A preferred...
Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value...
Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $17 per share. February 6 Issues 1,200 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $22 per share. December 15 Resells 5,000 shares of treasury stock at $27 per...
Ava School of Learning obtained a charter at the start of the year that authorized 50,000...
Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of preferred stock, par value $10. During the year, the following selected transactions occurred: a. Collected $40 cash per share from four individuals and issued 5,000 shares of common stock to each. b. Issued 6,000 shares of common stock to an outside investor at $40 cash per share. c. Issued 8,000 shares of preferred stock at...
Ava School of Learning obtained a charter at the start of the year that authorized 50,000...
Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of preferred stock. par value $10. During the year, the following selected transactions occurred: a. Collected $36 cash per share from four individuals and issued 4,600 shares of common stock to each Issued 5.600 shares of common stock to an outside investor at $36 cash per share. cIssued 7.600 shares of preferred stock at $24 cash...
Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1 par...
Incentive Corporation was authorized to issue 12,000 shares of
common stock, each with a $1 par value. During its first year, the
following selected transactions were completed:
a.
Issued 6,800 shares of common
stock for cash at $28 per share.
b.
Issued 2,800 shares of common
stock for cash at $31 per share.
E11-2 Part 1 Required: 1. Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account...
Ava School of Learning obtained a charter at the start of the year that authorized 50,000...
Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of preferred stock, par value $10. During the year, the following selected transactions occurred: a. Collected $37 cash per share from four individuals and issued 4,700 shares of common stock to each. b. Issued 5,700 shares of common stock to an outside investor at $37 cash per share. c. Issued 7,700 shares of preferred stock at...
On-Line Learning Corporation obtained a charter at the beginning of this year that authorized 71,000 shares...
On-Line Learning Corporation obtained a charter at the beginning of this year that authorized 71,000 shares of no-par common stock and 38,000 shares of preferred stock. $19 par value. The corporation was organized by four individuals who purchased a total of 44,000 shares of the common stock. The remaining shares were to be sold to other individuals. During the year, the following selected transactions occurred: a. Collected $38 cash per share from the four organizers and issued 11,000 shares of...
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $10 par common stock and 65,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Inc: 1. Issued 22,000 shares of common stock for $15 per share. 2. Issued 14,000 shares of the class A preferred stock for $30 per share. 3. Issued 57,000...
Can you please do it good and clear so I can do it very
good.
Questión 2 (of 16) 2. 95.00 points Eastport Inc. was organized on June 5, 2016. It was authorized to issue 300,000 shares of $10 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to Eastport Inc.: 1. Issued 15,000 shares of common stock...
Tarrant Corporation was organized this year to operate a
financial consulting business. The charter authorized the following
stock: common stock, par value $13 per share, 12,900 shares
authorized. During the year, the following selected transactions
were completed:
a.
Sold and issued 6,500 shares of common stock for cash at $26
per share.
b.
Sold and issued 1,900 shares of common stock for cash at $31
per share.
c.
At year-end, the accounts reflected income of $8,000. No
dividends were declared....
Ο 2019t0-ACG-3024-ZZZ-0470-ㄙ x ㄨ Chapter Homework 8 Homework Eastport Inc, was organized on June 5. 2018. It was authorized to issue 300 000 shares of $10 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to Eastport inc. t Issued 15.000 shares of common stock for $12 per share. 2. Issued 5,000 shares of the class A preferred...
Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $17 per share. February 6 Issues 1,200 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $22 per share. December 15 Resells 5,000 shares of treasury stock at $27 per...
Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of preferred stock, par value $10. During the year, the following selected transactions occurred: a. Collected $40 cash per share from four individuals and issued 5,000 shares of common stock to each. b. Issued 6,000 shares of common stock to an outside investor at $40 cash per share. c. Issued 8,000 shares of preferred stock at...
Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of preferred stock. par value $10. During the year, the following selected transactions occurred: a. Collected $36 cash per share from four individuals and issued 4,600 shares of common stock to each Issued 5.600 shares of common stock to an outside investor at $36 cash per share. cIssued 7.600 shares of preferred stock at $24 cash...
Incentive Corporation was authorized to issue 12,000 shares of
common stock, each with a $1 par value. During its first year, the
following selected transactions were completed:
a.
Issued 6,800 shares of common
stock for cash at $28 per share.
b.
Issued 2,800 shares of common
stock for cash at $31 per share.
E11-2 Part 1 Required: 1. Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account...
Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of preferred stock, par value $10. During the year, the following selected transactions occurred: a. Collected $37 cash per share from four individuals and issued 4,700 shares of common stock to each. b. Issued 5,700 shares of common stock to an outside investor at $37 cash per share. c. Issued 7,700 shares of preferred stock at...
On-Line Learning Corporation obtained a charter at the beginning of this year that authorized 71,000 shares of no-par common stock and 38,000 shares of preferred stock. $19 par value. The corporation was organized by four individuals who purchased a total of 44,000 shares of the common stock. The remaining shares were to be sold to other individuals. During the year, the following selected transactions occurred: a. Collected $38 cash per share from the four organizers and issued 11,000 shares of...
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