Correct answer------ (c) common stock.
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Stock issued by corporation are called common stock when there are only one category or States. Preferred stock are a replacement or debt financing.
Treasury stock are shares that are purchased by corporation.
perferred stock or common stock? When only one class of stock is issued by a corporation,...
Jackson Corporation issues 1000 shares of $2 par value common stock for $10,000. When common stock is issued, which of the following is the correct journal entry? a. Common stock 10,000 Common stock 2,000 Cash 8,000 b. Paid in capital in excess of par 11,000 Cash 10,000 Common stock 1,000 c. Cash 10,000 Common stock 2,000 Paid in capital in excess of par 8,000 d. Cash 8,000 Common Stock 2,...
When common stock issued by a corporation for a cash price above par value, the excess of the cash proceeds over the par value should be reported in the financial statements as a component of: Select one: a. Retained earnings on the balance sheet b. Total liabilities on the balance sheet c. Operating income on the income statement d. Total contributed capital on the balance sheet
When common stock issued by a corporation for a cash price above par value,...
common stock A class of stock having first rights to dividends of a corporation preferred stock A class of stock that provides no preference rights to shareholders par value The account used to record the difference when issue price exceeds par value of stock Paid-In Capital in Excess of Par The number of shares sold to stockholders transfer agent A financial institution that records and maintains records of another company's stockholders. issued shares The dollar amount assigned to each share...
Treasury Stock Coastal Corporation issued 25,000 shares of $6 par value common stock at $18 per share and 6,000 shares of $50 par value, eight percent preferred stock at $79 per share. Later, the company purchased 3,000 shares of its own common stock at $21 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Coastal sold 2,000 shares of the treasury stock at $27 per share. Prepare...
When a corporation issues only one class of shares they are: a. Private shares. b. Public shares. c. Common shares. d. Special shares. e. Preferred shares.
Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. X X 0x X X a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Inland sold 2,000 shares of the treasury stock...
Treasury Stock Coastal Corporation issued 25,000 shares of $8 par value common stock at $20 per share and 6,000 shares of $53 par value, eight percent preferred stock at $61 per share. Later, the company purchased 3,000 shares of its own common stock at $23 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Coastal sold 2,000 shares of the treasury stock at $29 per share. Prepare...
The shares of preferred stock issued by Saturn Corporation can be exchanged for common stock. However, any dividends in arrears are lost. Which of the following features are present in the preferred stock issued by Saturn? Select all answers that apply to this question. Convertible Redeemable Cumulative Noncumulative EyeCare Corporation issued 10,000 shares of 7%, $100 par value preferred stock at the beginning of Year 1. The company did not pay dividends in Year 1. However, preferred stockholders received dividends...
Surfing Dewd Corporation is authorized to issue both preferred and common stock. Surfing Dewd's preferred stock is $105 par, 6% preferred stock. During the first month of operations, the company engaged in the following transactions related to its stock. Show each of the following transactions in the accounting equation: March 1 Issued 16,000 shares of $0.50 par value common stock for cash at $5.00 per share Issued 1,500 shares of preferred stock at par March 11 Purchased 3,000 shares of...
Calculator Preferred 24 Stock, $200 par (70,000 shares authorized, 35,000 shares issued) $7,000,000 Pald-In Capital in Excess of Par-Preferred Stock 340,000 Common Stock, $20 par (500,000 shares authorized, 310,000 shares issued) 6,200,000 Pald-in Capital in Excess of Par-Common Stock 810,000 Retained Earnings 31,482,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 50,000 shares of common stock at $27, receiving cash. b. Issued 18,000 shares of preferred 2%...