Homework Answers
Journal entries
| Date | account and explanation | Debit | Credit |
| Sep 6 | Organisation expense | 9000 | |
| Common Stock (300*1) | 300 | ||
| Paid in capital in excess of par value-Common Stock | 8700 | ||
| Sep 12 | Cash | 29000 | |
| Preferred stock | 29000 | ||
| Sep 14 | Land | 23000 | |
| Common Stock (1900*3) | 5700 | ||
| Paid in capital in excess of par value-Common Stock | 17300 |
b) Stockholder's equity
| Stockholder's equity | |
| Paid in capital | |
| Common Stock | 6000 |
| Preferred stock | 29000 |
| Paid in capital in excess of par value-Common Stock | 26000 |
| Total paid in capital | 61000 |
| Retained earnings | 30000 |
| Total Stockholder's equity | 91000 |
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7 of 7 (7 con The truestion i s The charter for WPAC-TV, Inc. authorizes the...
Eestion 14 The charter for WPAC-TV, Inc, authorizes the company to issue 100,000 shares of $4,...
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This Financial Accounting Chapter 13, 6th edition, Thanks The charter for WXYZ minus TVWXYZ−TV, Inc. authorizes the...
This Financial Accounting Chapter 13, 6th edition, Thanks The charter for WXYZ minus TVWXYZ−TV, Inc. authorizes the company to issue 100,000 shares of $4 no-par preferred stock and 500,000 shares of common stock with $1 par value. During its start-up phase, WXYZ minus TVWXYZ−TV completed the following transactions: Sep. 6 Issued 500 shares of common stock to the promoters who organized the corporation, receiving cash of $15,000. Sep.12 Issued 350 shares of preferred stock for cash of $28,000. Sep.14 Issued 1,400...
Reyuncun 1. Record issuance of the stock if the stock: a. is true no-par stock. b....
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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...
o The charter of Maple Leaf Corporation authorizes the issuance of 1,000 shares of preferred stock...
o The charter of Maple Leaf Corporation authorizes the issuance of 1,000 shares of preferred stock and 2,200 shares of common stock. During a two-month period, Maple Leaf completed these stock-issuance transactions: (Click the icon to view the transactions.) Read the requirements. Requirements - X Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 23: Issued 250 shares of $4 par value...
2. #3 #4 E10-16A (similar to) Question Help The charter for Zuma, Inc., authorizes the company...
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E10-16A (similar to) Question Help The charter for Zuma, Inc., authorizes the company to issue 450,000 shaços of $10, no-par preferred stock and 850,000 shares of common stock with $7 par value. During its start-up phase, Zuma, Inc. completed the following transaction (Click on the icon to view the transactions) Read the requirements. Requirement 1. Record the transactions in the joumal (Record debits first, then credits. Exclude explanations from any journal entries.) Apr 6: Issued 350 shares...
Question Help The charter of Holly Corporation authorizes the issuance of 800 shares of preferred stock...
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Sep. 6: Issued 250 shares of common stock to the promoters who organized the corporation, receiving cash of $7,500. Dat...
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Eestion 14 The charter for WPAC-TV, Inc, authorizes the company to issue 100,000 shares of $4, no par preferred stock and 5 following transactions: i (Click on the icon to view the transactions) Read the requirements Sep. 14: Issued 1,900 shares of common stock in exchange for land with a market value of $23,000. Date Accounts and Explanation Debit Credit Sep. 14 Requirement 2. Prepare the stockholders' equity section of the WPAC-TV balance sheet at September 30, 2018, WPAC-TV. Inc...
The charter for KWCP-TV, Inc. authorizes the company to issue 100,000 shares of $6, no par preferred stock and 500,000 shares of common stock with S1 par value. During its startup phase, KWCP - TV completed the following transactions: (Click on the icon to view the transactions) Read the requirements Requirement 1. Record the transactions in the general journal (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Sep. 6: Issued 225...
Reyuncun 1. Record issuance of the stock if the stock: a. is true no-par stock. b. has stated value of $3 per share. 2. Which type of stock results in more total paid-in capital? 2 E13-23 Journalizing issuance of stock and preparing the stockholders' equity section of the balance sheet The charter for ASAP-TV, Inc. authorizes the company to issue 100,000 shares of $5, no-par preferred stock and 500,000 shares of common stock with $1 par value. Dur. ing its...
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...
o The charter of Maple Leaf Corporation authorizes the issuance of 1,000 shares of preferred stock and 2,200 shares of common stock. During a two-month period, Maple Leaf completed these stock-issuance transactions: (Click the icon to view the transactions.) Read the requirements. Requirements - X Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 23: Issued 250 shares of $4 par value...
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E10-16A (similar to) Question Help The charter for Zuma, Inc., authorizes the company to issue 450,000 shaços of $10, no-par preferred stock and 850,000 shares of common stock with $7 par value. During its start-up phase, Zuma, Inc. completed the following transaction (Click on the icon to view the transactions) Read the requirements. Requirement 1. Record the transactions in the joumal (Record debits first, then credits. Exclude explanations from any journal entries.) Apr 6: Issued 350 shares...
Question Help The charter of Holly Corporation authorizes the issuance of 800 shares of preferred stock and 2.200 shares of common stock. During a two-month period, Holly completed these stock-issuance transactions: (Click the icon to view the transactions.) Read the requirements Requirement 2. Prepare the stockholders' equity section of the Holly balance sheet as of April 30, 2018, for the transactions given in this exercise. Retained Earnings has a balance of $79,000 at April 30, 2018 Holly Corporation Balance Sheet...
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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