Homework Answers
| 1.) | Account Titles | Debit $ | Credit $ |
| Equipment | 1,420,000 | ||
| Common Stock ( 60,000 x 0.05 ) | 3,000 | ||
| Paid in capital in excess of par value -Common | 1,417,000 | ||
| Correct answer is option 1. | |||
| 2.) | Balance Sheet | ||
| As at December 31,2018 | Amount $ | ||
| Bonds Payable | 89,000 | ||
| Less: Discount on bonds payable | 2,350 | ||
| Carrying Amount | 86,650 | ||
| Correct answer is option 1. | |||
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O'Malley, Inc. issued 60,000 shares of common stock in exchange for manufacturing equipment. The equipment has...
O'Malley, Inc. issued 80 comma 00080,000 shares of common stock in exchange for manufacturing equipment. The...
O'Malley, Inc. issued 80 comma 00080,000 shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of $ 1 comma 480 comma 000$1,480,000. The stock has a par value of $ 0.05$0.05 per share. The journal entry to record this transaction includes a ________. A.credit to Common Stocklong dash—$ 0.05$0.05 Par Value for $ 1 comma 480 comma 000$1,480,000 B. credit to Gain on Sale of Common Stock for $ 1 comma 560 comma 000$1,560,000...
On December 31, 2018, Country Living Sales has 10-year Bonds Payable of 589,000 and Discount on...
On December 31, 2018, Country Living Sales has 10-year Bonds Payable of 589,000 and Discount on Bonds Payable of $2350. How will this be shown on the December 31, 2018 Balance Sheet? Bonds Payable $89,000 less Discount on Bonds Payable $2,350 for a carrying amount of $86,650 Bonds Payable $89,000 less one-tenth of $2,350 for a carrying amount of $88,765 Bonds Payable $89,000 plus Discount on Bonds Payable for a carrying amount of $91,350 Bonds Payable $89,000
work is not needed Question 37 2 pts Osbourne, Inc. issued 60,000 shares of common stock...
work is not needed
Question 37 2 pts Osbourne, Inc. issued 60,000 shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of $1,420,000. The stock has a par value of $0.05 per share. The journal entry to record this transaction includes a O credit to Gain on Sale of Common Stock for $1,480,000 O credit to Common Stock-$0.05 Par Value for $1,420,000 O credit to Paid-In Capital in Excess of Par-Common for $1,417,000 O...
2 of 3 (0 complete) X i Data Table O'Malley Office Machines, Inc. sh 2017 December...
2 of 3 (0 complete) X i Data Table O'Malley Office Machines, Inc. sh 2017 December 31 2018 Current assets: fo Cash and cash equivalents... 83,400 $ 21,000 69,100 Accounts receivable 64,700 83,800 79,200 Inventory Current liabilities: $ 58,800 $ 55,700 Accounts payable Income tax payable. 13,900 17,100 Print Done 2 of 3 (0 complete) Data Table Transaction Data for 2018 Net income $57,800 Purchase of treasury stock 14,900 Issuance of common stock for cash 41,000 Loss on sale of...
Sheridan, Inc., has 9400 shares of 3%, $100 par value, noncumulative preferred stock and 37600 shares...
Sheridan, Inc., has 9400 shares of 3%, $100 par value, noncumulative preferred stock and 37600 shares of $1 par value common stock outstanding at December 31, 2018. There were no dividends declared in 2017. The board of directors declares and pays a $121500 dividend in 2018. What is the amount of dividends received by the common stockholders in 2018? $60750 $28200 $93300 $0 On January 1, Concord Corporation had 860000 shares of $10 par value common stock outstanding. On March...
On January 1, 2017, Mona, Inc., acquired 80 percent of Lisa Company’s common stock as well...
On January 1, 2017, Mona, Inc., acquired 80 percent of Lisa Company’s common stock as well as 60 percent of its preferred shares. Mona paid $74,000 in cash for the preferred stock, with a call value of 110 percent of the $50 per share par value. The remaining 40 percent of the preferred shares traded at a $43,000 fair value. Mona paid $580,000 for the common stock. At the acquisition date, the noncontrolling interest in the common stock had a...
Sunland Company has issued 2,500 shares of common stock and 500 shares of preferred stock for...
Sunland Company has issued 2,500 shares of common stock and 500 shares of preferred stock for a lump sum of $94,000 cash Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock.) (Credit account titles are automatically indented...
The Square Foot Grill, Inc. issued $214,000 of 10-year, 5 percent bonds on January 1, 2018,...
The Square Foot Grill, Inc. issued $214,000 of 10-year, 5 percent bonds on January 1, 2018, at 102. interest is payable in cash annually on December 31. The straight-line method is used for amortization. A. Determine the carrying value (face value less discount or plus premium) of the bond liability as of December 31, 2018. B. Determine the amount of interest expense reported on the 2018 income statement. C. Determine the carrying value of the bond liability as of December...
Please show work (answer of paid-in capital excess of par-common stock is not 1188 and paid-in...
Please show work (answer of paid-in capital excess of par-common
stock is not 1188 and paid-in capital excess of par-preferred stock
is not 1635)
Coronado Corporation's charter authorized issuance of 91,000 shares of $10 par value common stock and 53,700 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. Issued a $10,500, 9% bond payable at par and gave as a bonus one share...
Plper, Inc. Issued 400 shares of $9 par common stock in exchange for a plece of...
Plper, Inc. Issued 400 shares of $9 par common stock in exchange for a plece of equipment with a current market value of $5,000. Which of the following Is NOT part of the journal entry for this transaction? Crediting Common Stock for $3,600 Crediting Common Stock for $5,000 Crediting paid-in capital in excess of par-common for $1,400 Debiting equipment for $5,000
On December 31, 2018, Country Living Sales has 10-year Bonds Payable of 589,000 and Discount on Bonds Payable of $2350. How will this be shown on the December 31, 2018 Balance Sheet? Bonds Payable $89,000 less Discount on Bonds Payable $2,350 for a carrying amount of $86,650 Bonds Payable $89,000 less one-tenth of $2,350 for a carrying amount of $88,765 Bonds Payable $89,000 plus Discount on Bonds Payable for a carrying amount of $91,350 Bonds Payable $89,000
work is not needed
Question 37 2 pts Osbourne, Inc. issued 60,000 shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of $1,420,000. The stock has a par value of $0.05 per share. The journal entry to record this transaction includes a O credit to Gain on Sale of Common Stock for $1,480,000 O credit to Common Stock-$0.05 Par Value for $1,420,000 O credit to Paid-In Capital in Excess of Par-Common for $1,417,000 O...
2 of 3 (0 complete) X i Data Table O'Malley Office Machines, Inc. sh 2017 December 31 2018 Current assets: fo Cash and cash equivalents... 83,400 $ 21,000 69,100 Accounts receivable 64,700 83,800 79,200 Inventory Current liabilities: $ 58,800 $ 55,700 Accounts payable Income tax payable. 13,900 17,100 Print Done 2 of 3 (0 complete) Data Table Transaction Data for 2018 Net income $57,800 Purchase of treasury stock 14,900 Issuance of common stock for cash 41,000 Loss on sale of...
Sheridan, Inc., has 9400 shares of 3%, $100 par value, noncumulative preferred stock and 37600 shares of $1 par value common stock outstanding at December 31, 2018. There were no dividends declared in 2017. The board of directors declares and pays a $121500 dividend in 2018. What is the amount of dividends received by the common stockholders in 2018? $60750 $28200 $93300 $0 On January 1, Concord Corporation had 860000 shares of $10 par value common stock outstanding. On March...
Please show work (answer of paid-in capital excess of par-common
stock is not 1188 and paid-in capital excess of par-preferred stock
is not 1635)
Coronado Corporation's charter authorized issuance of 91,000 shares of $10 par value common stock and 53,700 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. Issued a $10,500, 9% bond payable at par and gave as a bonus one share...
Plper, Inc. Issued 400 shares of $9 par common stock in exchange for a plece of equipment with a current market value of $5,000. Which of the following Is NOT part of the journal entry for this transaction? Crediting Common Stock for $3,600 Crediting Common Stock for $5,000 Crediting paid-in capital in excess of par-common for $1,400 Debiting equipment for $5,000
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