Homework Answers
Journal:
Cash a/c..Dr$624000(26000*24)
To common stock $520,000(26000*20)
to paid in capital in excess of par-common stock $104000.
Hence the correct option is A.
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On January 2. Year 1, Torres Corporation issued 26.000 shares of $20 par-value common stock for...
On January 2, Year 1 Torres Corporation issued 22,000 shares of $15 par value common stock...
On January 2, Year 1 Torres Corporation issued 22,000 shares of $15 par value common stock for $25 per share. Which of the following statements is true? Multiple Choice o The common stock account will increase by $550,000 o Total equity will increase by $330.000 o The paid in capital in excess of par value account will increase by $220,000. o The cash account will increase by $330.000
Yuma Corporation issued 25,000 shares of $20 stated-value common stock for $24 per share. Which of...
Yuma Corporation issued 25,000 shares of $20 stated-value common stock for $24 per share. Which of the following statements is true? The Cash account will increase by $500,000. The Paid-in Capital in Excess of Stated Value account will increase by $100,000. The Stock Payable account will increase by $600,000. The Common Stock account will increase by $600,000.
31 On April 21, 2020, Sykes DSL issued 30,000 shares of $4 par value common stock...
31 On April 21, 2020, Sykes DSL issued 30,000 shares of $4 par value common stock for $16 per share. Which of the following statements is true? (8 01:10:41 Multiple Choice 0 The Additional Paid-in Capital account will increase by $480,000 0 The Common Stock account will increase by $120,000 0 The Cash account will increase by $120,000. 0 Total stockholders' equity will increase by $360,000.
On January 1, Vermont Corporation had 35,300 shares of $12 par value common stock issued and...
On January 1, Vermont Corporation had 35,300 shares of $12 par value common stock issued and outstanding. All 35,300 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 1,140 shares of treasury stock for $25 per share and later sold the treasury shares for $20 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a a.credit to Treasury Stock for...
On January 2, 2016, Alpha Corporation issued 2,500 shares of $4 par value common stock. The...
On January 2, 2016, Alpha Corporation issued 2,500 shares of $4 par value common stock. The issue price was S15 per share. On January 15, Alpha Corporation issued 1,000 shares of its S100 par 5% cumulative preferred stock for S107 per share. Use this information to prepare the General Journal entry (without explanation) for the January 2 and January 15 entries. Format General Journal: Debit Credit Date Accounts
On January 1, Vermont Corporation had 36,200 shares of $12 par value common stock issued and...
On January 1, Vermont Corporation had 36,200 shares of $12 par value common stock issued and outstanding. All 36,200 shares had been issued in a prior period at $20 per share. On February 1, Vermont purchased 1,100 shares of treasury stock for $25 per share and later sold the treasury shares for $22 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a a.credit to Treasury Stock for...
On January 1, Vermont Corporation had 44,300 shares of $9 par value common stock issued and...
On January 1, Vermont Corporation had 44,300 shares of $9 par value common stock issued and outstanding. All 44,300 shares had been issued in a prior period at $21 per share. On February 1, Vermont purchased 1,100 shares of treasury stock for $28 per share and later sold the treasury shares for $18 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a a.debit to Treasury Stock for...
Stockholders' Equity (January 1) Common stock-$6 par value, 100,000 shares authorized, 40,000 shares issued and outstanding...
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Bramble Corporation issued 1,900 shares of $10 par value common stock upon conversion of 950 shares...
Bramble Corporation issued 1,900 shares of $10 par value common
stock upon conversion of 950 shares of $50 par value preferred
stock. The preferred stock was originally issued at $60 per share.
The common stock is trading at $24 per share at the time of
conversion.
Record the conversion of the preferred stock. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required, select "No Entry"
for the account titles and...
On January 2,2016, Alpha Corporation issued 2,500 shares of $5 par value common stock. The issue...
On January 2,2016, Alpha Corporation issued 2,500 shares of $5 par value common stock. The issue price was $15 per share. On January 15, Alpha Corporation issued 1,000 shares of its $100 par 5% cumulative preferred stock for $105 per share. Use this information to prepare the General Journal entry (without explanation) for the January 2 and January 15 entries. Format General Journal: Debit Credit Date Accounts
On January 2, Year 1 Torres Corporation issued 22,000 shares of $15 par value common stock for $25 per share. Which of the following statements is true? Multiple Choice o The common stock account will increase by $550,000 o Total equity will increase by $330.000 o The paid in capital in excess of par value account will increase by $220,000. o The cash account will increase by $330.000
31 On April 21, 2020, Sykes DSL issued 30,000 shares of $4 par value common stock for $16 per share. Which of the following statements is true? (8 01:10:41 Multiple Choice 0 The Additional Paid-in Capital account will increase by $480,000 0 The Common Stock account will increase by $120,000 0 The Cash account will increase by $120,000. 0 Total stockholders' equity will increase by $360,000.
On January 2, 2016, Alpha Corporation issued 2,500 shares of $4 par value common stock. The issue price was S15 per share. On January 15, Alpha Corporation issued 1,000 shares of its S100 par 5% cumulative preferred stock for S107 per share. Use this information to prepare the General Journal entry (without explanation) for the January 2 and January 15 entries. Format General Journal: Debit Credit Date Accounts
Stockholders' Equity (January 1) Common stock-$6 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $240,000 200.000 340,000 $780,000 Stockholders' Equity (December 31) Common stock-$6 par value, 100,000 shares authorized, 47, 400 shares issued, 3,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($30,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity $284,400 244,400 400,000...
Bramble Corporation issued 1,900 shares of $10 par value common
stock upon conversion of 950 shares of $50 par value preferred
stock. The preferred stock was originally issued at $60 per share.
The common stock is trading at $24 per share at the time of
conversion.
Record the conversion of the preferred stock. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required, select "No Entry"
for the account titles and...
On January 2,2016, Alpha Corporation issued 2,500 shares of $5 par value common stock. The issue price was $15 per share. On January 15, Alpha Corporation issued 1,000 shares of its $100 par 5% cumulative preferred stock for $105 per share. Use this information to prepare the General Journal entry (without explanation) for the January 2 and January 15 entries. Format General Journal: Debit Credit Date Accounts
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