Roy Rodgers, the owner of a sole proprietorship, is planning to incorporate his business. His capital...
Roy Rodgers, the owner of a sole proprietorship, is planning to incorporate his business. His capital account has a balance of $480,000 after revaluation of the assets. His cash account totals $80,000. He will receive 8 percent, $100 par-value preferred stock with a total par value equal to the cash transferred. The balance of his capital is to be exchanged for shares of $50 par-value common stock with a total par value equal to the remaining capital. How many shares of preferred stock should be issued to Rodgers? How many shares of common stock should be issued to Rodgers?
Homework Answers
| No. of Preferred Share issued to Rodger | |
| Cash Account Balance | $80000 |
| Preferred Share issued for Value | $80000 |
| Par Value | $100 |
| No. of Preferred Share issued to Rodger | 800 |
| ( 80000/100) | |
| No. of Common Share Share issued to Rodger | |
| Capital Account balance after Cash | $400000 |
| ($480000-$80000) | |
| Par Value, Common Share | $50 |
| No. of Common share issued | 8000 share |
| ( $400000/50) | |
Add Answer to:
Roy Rodgers, the owner of a sole proprietorship, is planning to
incorporate his business. His capital...
Cole Corporation, a new corporation, took over the assets and liabilities of Delta Art on January...
Cole Corporation, a new corporation, took over the assets and liabilities of Delta Art on January 2, 2019. The assets and liabilities, after appropriate revaluation by Cole, are as follows (amounts in parentheses are credits, other amounts are debits: points Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Accounts Payable Accrued Expenses Payable $ 49,900 296,200 (12,000) 125,000 (36,900) (20, 200) Skipped The corporation is authorized to issue 500,000 shares of $20 par value common stock and 400,000 shares...
37. Rodgers Corp. sold 50,000 shares of its $2 par value common stock at a market...
37. Rodgers Corp. sold 50,000 shares of its $2 par value common stock at a market price of $10 per share. a. How much cash was received by Rodgers Corp. from the stock sale? b. What would the total value of the common stock be listed as on the balance sheet? c. How much additional paid-in capital was created by the sale
B- Mobile Wireless needed additional capital to expand, so bisuness incorporated. The charter from state of...
B-
Mobile Wireless needed additional capital to expand, so bisuness
incorporated. The charter from state of Georgia authorized B-Mobile
to issue $80,000 shares of 9%, $50 par value cumulative preferred
stock and $170,000 shares of $4 par value common stock. During the
first month, B-Mobile completed the following transactions:
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.) Oct. 2: Issued 23,000 shares...
A−Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state...
A−Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A−Cell to issue 120,000 shares of 8%, $150 par value cumulative preferred stock and 130,000 shares of $4 par value common stock. During the first month, A−Cell completed the following transactions: OCT. 2 Issued 25,000 shares of common stock for a building with a market value of $130,000 6. Issued 650 shares of preferred stock for $160 per share. 9. Issued...
Carson Corporation has the following capital stock outstanding at December 31, 2019: 9% Preferred stock, $100...
Carson Corporation has the following capital stock outstanding at December 31, 2019: 9% Preferred stock, $100 par value, cumulative 15,000 shares issued and outstanding $1,500,000 Common stock, no par, $10 stated value, 500,000 shares authorized, 350,000 shares issued and outstanding $3,500,000 The preferred stock was issued at $110 per share. The common stock was issued at $16 per share. Instructions Prepare the paid-in capital section of the balance sheet at December 31, 2019. Carson Corporation Balance Sheet (partial) As of...
B- Mobile Wireless needed additional captital to expand, so the business incorporated. The charter from state...
B-
Mobile Wireless needed additional captital to expand, so the
business incorporated. The charter from state of Georgia authorized
B- Mobile to issue $80,000 shares of 9%, $50 par value cumulative
preferred stock and 170,000 shares of $4 par value common stock.
During the first month, B- Mobile completed the following
transactions:
i More Info Oct. 2 Issued 23,000 shares of common stock for a building with a market value of $140,000. 6 Issued 700 shares of preferred stock for...
ACCT 2121 SPRING 2019 (HUNTER) CHAPTER 11 IN-CLASS AND HOMEWORK EXERCISES 19. HW11N13: Martin Corporation Partial...
ACCT 2121 SPRING 2019 (HUNTER) CHAPTER 11 IN-CLASS AND HOMEWORK EXERCISES 19. HW11N13: Martin Corporation Partial Balance Sheet at December 31, 2018 Stockholders' Equity Paid-in Capital Common Stock, $5 par value, 750,00 shares authorized;_?___shares issued and_ ? shares outstanding $ 3,000,000 Additional Paid-in Capital In excess of par value 180,000 Total Pald-in Capital S 3,180,000 Retained Earnings $ 500,000 Total Pald-in Capital and Retained Earnings $ ? Less: Treasury Stock (20,000 shares) $ 280,000 Total Stockholders' Equity $ ? INSTRUCTIONS:...
Check my In Draco Corporation's first year of business, the following transactions affected its equity accounts....
Check my In Draco Corporation's first year of business, the following transactions affected its equity accounts. • Issued 7600 shares of $2 par value common stock for $54. It authorized 20,000 shares. • Issued 1,900 shares of 12%, $10 par value preferred stock for $59. It authorized 3,000 shares. Reacquired 380 shares of common stock for $66 each. • Retained earnings is impacted by reported net income of $86,000 and cash dividends of $33,000 Prepare the stockholders' equity section of...
P13-41A (similar to) Question Help A-Mobile Wireless needed additional capital to expand, so the business incorporated....
P13-41A (similar to) Question Help A-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A-Mobile to issue 80,000 shares of 8 %, $50 par value cumulative preferred stock and 160,000 shares of $4 par value common stock. During the first month, A-Mobile completed the following transactions: (Click the icon to view the transactions.) Read the tequirements Paid cash dividend. Requirement 2. Prepare the stockholders' equity section of A-Mobile's balance sheet...
A Emphasis Heading 1 THeadin Paragraph Exercise 11-2B Efect of accounting events on the financial statements...
A Emphasis Heading 1 THeadin Paragraph Exercise 11-2B Efect of accounting events on the financial statements of a sole proprietorship A sole proprietorship was started on January 1, Year 1, when it received $30,000 cash from Maria Lopez, the owner. During Year 1, the company earned $50,000 in cash revenues and paid $22,300 in cash expenses. Lopez withdrew $10,000 cash from the business during Year 1. Required Prepare an income statement, capital statement (statement of changes in equity), balance sheet,...
Cole Corporation, a new corporation, took over the assets and liabilities of Delta Art on January 2, 2019. The assets and liabilities, after appropriate revaluation by Cole, are as follows (amounts in parentheses are credits, other amounts are debits: points Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Accounts Payable Accrued Expenses Payable $ 49,900 296,200 (12,000) 125,000 (36,900) (20, 200) Skipped The corporation is authorized to issue 500,000 shares of $20 par value common stock and 400,000 shares...
37. Rodgers Corp. sold 50,000 shares of its $2 par value common stock at a market price of $10 per share. a. How much cash was received by Rodgers Corp. from the stock sale? b. What would the total value of the common stock be listed as on the balance sheet? c. How much additional paid-in capital was created by the sale
B-
Mobile Wireless needed additional capital to expand, so bisuness
incorporated. The charter from state of Georgia authorized B-Mobile
to issue $80,000 shares of 9%, $50 par value cumulative preferred
stock and $170,000 shares of $4 par value common stock. During the
first month, B-Mobile completed the following transactions:
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.) Oct. 2: Issued 23,000 shares...
B-
Mobile Wireless needed additional captital to expand, so the
business incorporated. The charter from state of Georgia authorized
B- Mobile to issue $80,000 shares of 9%, $50 par value cumulative
preferred stock and 170,000 shares of $4 par value common stock.
During the first month, B- Mobile completed the following
transactions:
i More Info Oct. 2 Issued 23,000 shares of common stock for a building with a market value of $140,000. 6 Issued 700 shares of preferred stock for...
ACCT 2121 SPRING 2019 (HUNTER) CHAPTER 11 IN-CLASS AND HOMEWORK EXERCISES 19. HW11N13: Martin Corporation Partial Balance Sheet at December 31, 2018 Stockholders' Equity Paid-in Capital Common Stock, $5 par value, 750,00 shares authorized;_?___shares issued and_ ? shares outstanding $ 3,000,000 Additional Paid-in Capital In excess of par value 180,000 Total Pald-in Capital S 3,180,000 Retained Earnings $ 500,000 Total Pald-in Capital and Retained Earnings $ ? Less: Treasury Stock (20,000 shares) $ 280,000 Total Stockholders' Equity $ ? INSTRUCTIONS:...
Check my In Draco Corporation's first year of business, the following transactions affected its equity accounts. • Issued 7600 shares of $2 par value common stock for $54. It authorized 20,000 shares. • Issued 1,900 shares of 12%, $10 par value preferred stock for $59. It authorized 3,000 shares. Reacquired 380 shares of common stock for $66 each. • Retained earnings is impacted by reported net income of $86,000 and cash dividends of $33,000 Prepare the stockholders' equity section of...
P13-41A (similar to) Question Help A-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A-Mobile to issue 80,000 shares of 8 %, $50 par value cumulative preferred stock and 160,000 shares of $4 par value common stock. During the first month, A-Mobile completed the following transactions: (Click the icon to view the transactions.) Read the tequirements Paid cash dividend. Requirement 2. Prepare the stockholders' equity section of A-Mobile's balance sheet...
A Emphasis Heading 1 THeadin Paragraph Exercise 11-2B Efect of accounting events on the financial statements of a sole proprietorship A sole proprietorship was started on January 1, Year 1, when it received $30,000 cash from Maria Lopez, the owner. During Year 1, the company earned $50,000 in cash revenues and paid $22,300 in cash expenses. Lopez withdrew $10,000 cash from the business during Year 1. Required Prepare an income statement, capital statement (statement of changes in equity), balance sheet,...
Most questions answered within 3 hours.
-
C - Language
Write a loop that sets each array element to the sum of itself...
asked 25 minutes ago -
(63
#14)
which of the following statments best describes how chamging
the concentration of the substances...
asked 3 hours ago -
In the following reaction, which element is undergoing
oxidation: Na2SO3 + N2O --> N2 + Na2SO4...
asked 4 hours ago -
Which of the following pairs of ions have the same electron
configuration?
I: Br− and Se2−...
asked 7 hours ago -
The Foremost Composite Materials Company is planning a two-day
sales conference for October 19-20. The conference...
asked 7 hours ago -
3) Illustrate the observed pattern of relatedness of organisms
versus adaptations to specific conditions. This means...
asked 8 hours ago -
In winter a lake has a 0.35 m thick ice layer over 1.10 m of
water....
asked 8 hours ago -
Assuming the following has been encrypted with a Vigenere cipher
below, use the method(s) and assumptions...
asked 9 hours ago -
How would I use switch statements to write a program that will
take an input of...
asked 9 hours ago -
Imagine a reaction in which methane gas combusts at a constant
pressure of 1 atm and...
asked 9 hours ago -
Two parallel wires (each 12 m in length) are separated by a
distance of 0.065 m...
asked 9 hours ago -
Suppose there were three masses at the corner of uniform
equilateral triangle. The masses are m1...
asked 9 hours ago