A preincorporation share subscription is: a. a contract binding the corporation at the time of incorporation....
A preincorporation share subscription is:
a. a contract binding the corporation at the time of incorporation.
b. preferred by modern corporate promoters over a post incorporation subscription.
c. irrevocable by the subscriber for six months after the subscription has been issued.
d. a contract binding the corporation at the time of its issuance.
Homework Answers
A preincorporation share subscription is irrevocable by the subscriber for six months after the subscription has been issued.
Option C. Is correct.
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A preincorporation share subscription is:
a. a contract binding the corporation at the time of
incorporation....
Eam-BA 230-Section 2 yome corporations, only the shareholders are taxed; in others, both the corporation as...
Eam-BA 230-Section 2 yome corporations, only the shareholders are taxed; in others, both the corporation as an entity is tased and the rcholders are taxed as well. a True bFalse dicate the anwer choice thatr best completes the statement or answers the question The Star General Partnership had assets worth $34,000 after liquidation. Frank, Gene,, and Hank, equal partners, each contributed 53,000 into the capital pool at the inception of the business. Gene later loaned the business $5,000. They owe...
Prepare journal entries to record each of the following four separate issuances of stock. A corporation...
Prepare journal entries to record each of the following four
separate issuances of stock.
A corporation issued 8,000 shares of $20 par value common stock
for $192,000 cash.
A corporation issued 4,000 shares of no-par common stock to its
promoters in exchange for their efforts, estimated to be worth
$58,500. The stock has a $1 per share stated value.
A corporation issued 4,000 shares of no-par common stock to its
promoters in exchange for their efforts, estimated to be worth...
Grouper Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares,...
Grouper Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares, no par value $8 cumulative, 400,000 shares authorized, 140,000 shares issued and outstanding $28,000,000 Common Shares, no par value, unlimited shares authorized, 460,000 shares issued and outstanding $12,420,000 The following transactions occurred, in the order given, during 2022: (a) April 15: Received subscriptions and down payments for 117,000 common shares at $36 per share. The subscription contracts call for 65% of the subscription price...
Pronghorn Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares,...
Pronghorn Corporation showed the following information on its
financial statements on December 31, 2021:
Preferred Shares, no par value $5 cumulative, 380,000 shares
authorized,
190,000 shares issued and
outstanding
$34,200,000
Common Shares, no par value, unlimited shares authorized,
450,000 shares issued and
outstanding
$13,500,000
The following transactions occurred, in the order given, during
2022:
(a)
April 15: Received subscriptions and down payments for 115,000
common shares at $38 per share. The subscription contracts call for
55% of the subscription price...
Bridgeport Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares,...
Bridgeport Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares, no par value $6 cumulative, 460,000 shares authorized, 200.000 shares issued and outstanding Common Shares, no par value, unlimited shares authorized 450.000 shares issued and outstanding $42,000,000 $12.150.000 The following transactions occurred in the order given, during 2022: (a) April 15: Received subscriptions and down payments for 108,000 common shares at $36 per share. The subscription contracts call for 65% of the subscription price...
Riverbed Corporation had the following shareholders’ equity on December 31, 2019: Common shares, 1,320,000 shares authorized,...
Riverbed Corporation had the following shareholders’ equity on December 31, 2019: Common shares, 1,320,000 shares authorized, issued and outstanding $7,920,000 Contributed surplus (Common Shares) 81,000 Retained earnings 10,500,000 Total shareholders’ equity $18,501,000 The following transactions occurred, in the order given, during 2020: (a) 1,210 subscriptions were sold for common shares. Each subscription entitled the purchaser to purchase 10 shares in the company at a price of $8 per share. According to the subscriptions contracts, a payment of $17 per subscription...
1.In a corporation, the two basic sources of shareholders' equity are: A.donated capital and share capital...
1.In a corporation, the two basic sources of shareholders' equity are: A.donated capital and share capital B.share capital and retained earnings C.donated capital and retained earnings D.share capital and operating capital 2.Suppose 100 common shares are issued for $12.50 per share. The entry to record this issuance includes a: A.debit to Preferred Shares for $1,000 B.credit to Retained Earnings for $1,250 C.credit to Contributed Surplus for $250 D.credit to Common shares for $1,250 3.Following is the shareholders' equity section of...
3. You are a shareholder in a corporation. The corporation earns $2 per share before taxes....
3. You are a shareholder in a corporation. The corporation earns $2 per share before taxes. Once it has paid taxes it will distribute the rest of its earning to you as a dividend. The corporate tax rate is 35% for all income and the personal tax rate on income is 25% for all income levels. How much is left for you per share that you own after all taxes have been paid assuming this corporation is organized as a...
Axle Corporation recently organized. The company issued common stock to an inventor in exchange for a...
Axle Corporation recently organized. The company issued common stock to an inventor in exchange for a patent with a market value of $59,000. In addition, Axle received cash for 7,000 shares of its $20 par preferred stock at par value and 7,500 shares of its no-par common stock at $45 per share. Without making journal entries, determine the total paid-in capital created by these transactions. The total paid-in capital created by these transactions amounts to $ Rates Corp. issued 1,000...
You own 100 shares of a “Sub Chapter “S” corporation. The corporation earns $4.00 per share...
You own 100 shares of a “Sub Chapter “S” corporation. The corporation earns $4.00 per share before taxes. Once the corporation has paid any corporate income taxes that are due, it will distribute the rest of its earnings to its shareholders in the form of a dividend. If the corporate tax rate is 40% and your personal tax rate on both dividend and non-dividend income is 30%, then how much money is left for you after all taxes have been...
Eam-BA 230-Section 2 yome corporations, only the shareholders are taxed; in others, both the corporation as an entity is tased and the rcholders are taxed as well. a True bFalse dicate the anwer choice thatr best completes the statement or answers the question The Star General Partnership had assets worth $34,000 after liquidation. Frank, Gene,, and Hank, equal partners, each contributed 53,000 into the capital pool at the inception of the business. Gene later loaned the business $5,000. They owe...
Prepare journal entries to record each of the following four
separate issuances of stock.
A corporation issued 8,000 shares of $20 par value common stock
for $192,000 cash.
A corporation issued 4,000 shares of no-par common stock to its
promoters in exchange for their efforts, estimated to be worth
$58,500. The stock has a $1 per share stated value.
A corporation issued 4,000 shares of no-par common stock to its
promoters in exchange for their efforts, estimated to be worth...
Pronghorn Corporation showed the following information on its
financial statements on December 31, 2021:
Preferred Shares, no par value $5 cumulative, 380,000 shares
authorized,
190,000 shares issued and
outstanding
$34,200,000
Common Shares, no par value, unlimited shares authorized,
450,000 shares issued and
outstanding
$13,500,000
The following transactions occurred, in the order given, during
2022:
(a)
April 15: Received subscriptions and down payments for 115,000
common shares at $38 per share. The subscription contracts call for
55% of the subscription price...
Bridgeport Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares, no par value $6 cumulative, 460,000 shares authorized, 200.000 shares issued and outstanding Common Shares, no par value, unlimited shares authorized 450.000 shares issued and outstanding $42,000,000 $12.150.000 The following transactions occurred in the order given, during 2022: (a) April 15: Received subscriptions and down payments for 108,000 common shares at $36 per share. The subscription contracts call for 65% of the subscription price...
3. You are a shareholder in a corporation. The corporation earns $2 per share before taxes. Once it has paid taxes it will distribute the rest of its earning to you as a dividend. The corporate tax rate is 35% for all income and the personal tax rate on income is 25% for all income levels. How much is left for you per share that you own after all taxes have been paid assuming this corporation is organized as a...
Axle Corporation recently organized. The company issued common stock to an inventor in exchange for a patent with a market value of $59,000. In addition, Axle received cash for 7,000 shares of its $20 par preferred stock at par value and 7,500 shares of its no-par common stock at $45 per share. Without making journal entries, determine the total paid-in capital created by these transactions. The total paid-in capital created by these transactions amounts to $ Rates Corp. issued 1,000...
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