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Exercise 181 a-b (Part Level Submission) An inexperienced accountant for Chetola Corporation made the following entries....
Exercise 181 a-b (Part Level Submission) An inexperienced accountant for Chetola Corporation made the following entries....
Exercise 181 a-b (Part Level Submission) An inexperienced accountant for Chetola Corporation made the following entries. July 1 Cash 240,000 Common Stock Issued 15,000 shares of no-par common stock, stated value $10 per share) Common Stock Retained Earnings 240,000 Sept. 1 32,000 4,000 Cash 36,000 Purchased 2,000 shares issued on July 1 for the treasury at $18 per share) Dec. 1 Cash 20,000 Common Stock 16,000 Gain on of Stock 4,000 Sold 1,000 shares of the treasury stock at $20...
MENT CES Exercise 181 a-b (Part Level Submission) An inexperienced accountant for Chetola Corporation made the...
MENT CES Exercise 181 a-b (Part Level Submission) An inexperienced accountant for Chetola Corporation made the following entries 240,000 July 1 Cash Common Stoc iz: Chapter 13 le Choice stion 38 Hole Choice estion 13 ole Choice estion 48 le Choice estion 50 tiple Choice 02 utiple Choice (issued 15,000 shares of no por common stock, stated value $10 per share) Sept 1 Common Stock 32.000 4,000 Retained Earnings 36,000 (Purchased 2,000 shares issued on July 1 for the treasury...
CHIL Name: _ Date: 1. An inexperienced accountant for Teahan Corporation made the following entries. July...
CHIL Name: _ Date: 1. An inexperienced accountant for Teahan Corporation made the following entries. July 1 Cash 170,000 Common Stock 170,000 (Issued 20,000 shares of no-par common stock, stated value $5 per share) Sept. 1 Common Stock 36,000 Retained Earnings 24,000 Cash 60,000 (Purchased 4,000 shares issued on July 1 for the treasury at $15 per share) Instructions On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Omit...
Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Indigo Corporation on January 1, 2017,...
Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Indigo Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,000 shares authorized) Common Stock ($5 stated value, 326,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (4,000 common shares) $240,000 1,358,333 12,000 521,600 711,000 32,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity....
E15.8B (L0 1,2) (Correcting Entries for Equity Transactions) Global Air Inc. recently hired a new accountant...
E15.8B (L0 1,2) (Correcting Entries for Equity Transactions) Global Air Inc. recently hired a new accountant with limited real-world experience in corporate accounting. Prior to starting the new job, the accountant was very busy and was unable to review any texts on corporation accounting. During the first month, he made the following entries for the corporation’s capital stock: Oct. 5 Cash 39,000 Capital Stock 1,000 Gain on Sale of Stock 38,000 (Issued 1,000 shares of $1 par value common stock...
Problem 13-04A a-c (Part Level submission) twdeo Concord Corporation is authorized to issue 25,000 shares of...
Problem 13-04A a-c (Part Level submission) twdeo Concord Corporation is authorized to issue 25,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances Preferred Stock (11,000 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (63,000 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $550,000 68,000 315,000 750,000 320,000 During 2020, the following transactions occurred Feb. 1...
Problem 13-01A a-c (Part Level Submission) Avayal Corporation was organized on January 1, 2020. It is...
Problem 13-01A a-c (Part Level Submission) Avayal Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8% $100 par value preferred stock, and 450,000 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 75,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 4,000 shares of preferred stock for cash at $105 per...
Problem 13-01A a-c (Part Level Submission) Bridgeport Corporation was organized on January 1, 2020. It is...
Problem 13-01A a-c (Part Level Submission) Bridgeport Corporation was organized on January 1, 2020. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 464,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year Jan. 10 Issued 81,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,300 shares of preferred stock for cash at $110 per...
Problem 15-1 (Part Level Submission) On January 5, 2017, Blue Corporation received a charter granting the...
Problem 15-1 (Part Level Submission) On January 5, 2017, Blue Corporation received a charter granting the right to issue 5,400 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 46,800 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 19,700 shares of common stock at $16 per share. Feb. 1 Issued to Sanchez Corp. 3,800 shares of preferred stock for the following assets: equipment with a fair value of $46,000; a...
Exercise 11-12 Swifty Corporation recently hired a new accountant with extensive experience in accounting for partnerships....
Exercise 11-12 Swifty Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review his textbooks on the topic of corporation accounting. During the first month, the accountant made the following entries for the corporation's capital stock. May 2 Cash 183,600 183,600 10 Capital Stock (Issued 10,200 shares of $15 par value common stock at $18 per share) Cash Capital Stock (Issued 10,200 shares...
Exercise 181 a-b (Part Level Submission) An inexperienced accountant for Chetola Corporation made the following entries. July 1 Cash 240,000 Common Stock Issued 15,000 shares of no-par common stock, stated value $10 per share) Common Stock Retained Earnings 240,000 Sept. 1 32,000 4,000 Cash 36,000 Purchased 2,000 shares issued on July 1 for the treasury at $18 per share) Dec. 1 Cash 20,000 Common Stock 16,000 Gain on of Stock 4,000 Sold 1,000 shares of the treasury stock at $20...
MENT CES Exercise 181 a-b (Part Level Submission) An inexperienced accountant for Chetola Corporation made the following entries 240,000 July 1 Cash Common Stoc iz: Chapter 13 le Choice stion 38 Hole Choice estion 13 ole Choice estion 48 le Choice estion 50 tiple Choice 02 utiple Choice (issued 15,000 shares of no por common stock, stated value $10 per share) Sept 1 Common Stock 32.000 4,000 Retained Earnings 36,000 (Purchased 2,000 shares issued on July 1 for the treasury...
CHIL Name: _ Date: 1. An inexperienced accountant for Teahan Corporation made the following entries. July 1 Cash 170,000 Common Stock 170,000 (Issued 20,000 shares of no-par common stock, stated value $5 per share) Sept. 1 Common Stock 36,000 Retained Earnings 24,000 Cash 60,000 (Purchased 4,000 shares issued on July 1 for the treasury at $15 per share) Instructions On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Omit...
Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Indigo Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,000 shares authorized) Common Stock ($5 stated value, 326,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (4,000 common shares) $240,000 1,358,333 12,000 521,600 711,000 32,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity....
Problem 13-04A a-c (Part Level submission) twdeo Concord Corporation is authorized to issue 25,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances Preferred Stock (11,000 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (63,000 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $550,000 68,000 315,000 750,000 320,000 During 2020, the following transactions occurred Feb. 1...
Problem 13-01A a-c (Part Level Submission) Avayal Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8% $100 par value preferred stock, and 450,000 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 75,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 4,000 shares of preferred stock for cash at $105 per...
Problem 13-01A a-c (Part Level Submission) Bridgeport Corporation was organized on January 1, 2020. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 464,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year Jan. 10 Issued 81,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,300 shares of preferred stock for cash at $110 per...
Problem 15-1 (Part Level Submission) On January 5, 2017, Blue Corporation received a charter granting the right to issue 5,400 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 46,800 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 19,700 shares of common stock at $16 per share. Feb. 1 Issued to Sanchez Corp. 3,800 shares of preferred stock for the following assets: equipment with a fair value of $46,000; a...
Exercise 11-12 Swifty Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review his textbooks on the topic of corporation accounting. During the first month, the accountant made the following entries for the corporation's capital stock. May 2 Cash 183,600 183,600 10 Capital Stock (Issued 10,200 shares of $15 par value common stock at $18 per share) Cash Capital Stock (Issued 10,200 shares...
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