Attorneys billed Lucy Co. $15,000 for services rendered. They agreed to accept 9000 shares of $1.50...
Attorneys billed Lucy Co. $15,000 for services rendered. They agreed to accept 9000 shares of $1.50 par value stock. Journalize this event.
Homework Answers
| Accounts | Debit | Credit |
| Investment in common stock (9000*1.50) | 13,500 | |
| Discount on Investment in common stock | 1,500 | |
| Service Revenue | $15,000 | |
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Attorneys billed Lucy Co. $15,000 for services rendered. They
agreed to accept 9000 shares of $1.50...
Question 6 On December 31, 2020, Wildhorse Co. rendered services to Novak Corp. at an agreed...
Question 6 On December 31, 2020, Wildhorse Co. rendered services to Novak Corp. at an agreed price of $119,397.33. In payment, Wildhorse accepted $46,800 cash and agreed to receive the balance in four equal instalments of $23,400 that are due each December 31. An interest rate of 11% is applicable. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. The tables in this problem...
On December 31, 2017, Green Company rendered services to End Corporation at an agreed price of...
On December 31, 2017, Green Company rendered services to End Corporation at an agreed price of $91,844.10, accepting $36,000 down and agreeing installments of $18,000 promissory note rece ivable each December 31. Under the circums tances , the note is considered to have an appropriate imputed rate of interest of 118. accept the balance in a four equal to Instructions (a) Determine the present value of the note. (b) Prepare the journal entry to for December 31, '2017.
ABC Corporation is authorized to issue 1.000.000 shares of $1 par value common stock During 2020,...
ABC Corporation is authorized to issue 1.000.000 shares of $1 par value common stock During 2020, its first year of operation, the company has the following stock transactions. Jan. 1 Issued 100,000 shares of stock at $12 per share. Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $8,000. July 2 Issued 10,000 shares of stock...
Question 16. Y Co has issued 100 shares to its directors for services rendered during the...
Question 16. Y Co has issued 100 shares to its directors for services rendered during the year ended 31 December 20X5. The value of the shares at the grant date (30 November 20X5) was $5 per share. At 31 December 20X5, the shares were valued at $6 per share. The accounting entry for the issue of the shares would be: Charge expense of $500, and increase accumulated reserves by $500 Charge expense of $600 and increase accumulated reserves by $600...
Bramble Co. had the following transactions during the current period. Mar. 2 Issued 4,700 shares of...
Bramble Co. had the following transactions during the current
period.
Mar.
2
Issued 4,700 shares of $4 par value common stock to attorneys
in payment of a bill for $23,100 for services performed in helping
the company to incorporate.
June
12
Issued 56,700 shares of $4 par value common stock for cash of
$298,600.
July
11
Issued 2,900 shares of $110 par value preferred stock for cash
at $130 per share.
Nov.
28
Purchased 2,260 shares of treasury stock for...
Chandler & Co. provided 450 hours of its time to Joey Corporation and received 1,000 shares...
Chandler & Co. provided 450 hours of its time to Joey Corporation and received 1,000 shares of Joey's $5 par common stock in exchange for services rendered. Chandler's usual billing rate is $650 per hour, and Joey's stock has a book value of $330 per share. By what amount will Joey's paid-in capital—excess of par increase for this transaction? a 226,500 b 292,500 c 287,500 d 290,500
Weygandt Co. has outstanding 2,500 shares of $100 par, 6% preferred stock and 15,000 shares of...
Weygandt Co. has outstanding 2,500 shares of $100 par, 6% preferred stock and 15,000 shares of $10 par value common. The following incomplete schedule shows the amount of dividends paid out over the last 4 years and their allocations between PS and CS given two different sets of assumptions, (a) and (b). Fill in the 10 blank boxes with the appropriate amounts. Preferred: Noncumulative & Nonparticipating Year Paid Out Total Paid Total Paid Preferred Common to PS to CS Annual...
Vaden Corporation is authorized to issue 50,000 shares of $3 par value common stock. During 2019,...
Vaden Corporation is authorized to issue 50,000 shares of $3 par value common stock. During 2019, Vaden engaged in the following transactions: 3/1/19 Issued 3,000 shares of stock to attorneys in payment of a bill for $40,000 for services rendered in helping the company to incorporate. 5/1/19 Issued 7,000 shares of stock at $20 per share. 7/1/19 Issued 10,000 shares of stock for land. The asking price of the land was $200,000. The fair market value of the land was...
Exercise 11-8 Quay Co. had the following transactions during the current period. Mar. 2 Issued 4,000...
Exercise 11-8 Quay Co. had the following transactions during the current period. Mar. 2 Issued 4,000 shares of $6 par value common stock to attorneys in payment of a bill for $28,700 for services performed in helping the company to incorporate. June 12 Issued 62,800 shares of $6 par value common stock for cash of $450,200. July 11 Issued 1,975 shares of $110 par value preferred stock for cash at $140 per share. Nov. 28 Purchased 1,560 shares of treasury...
Exercise 11-7 Quay Co. had the following transactions during the current period. Mar. 2 Issued 4,400...
Exercise 11-7
Quay Co. had the following transactions during the current
period.
Mar.
2
Issued 4,400 shares of $5 par value common stock to attorneys
in payment of a bill for $26,800 for services performed in helping
the company to incorporate.
June
12
Issued 55,700 shares of $5 par value common stock for cash of
$345,400.
July
11
Issued 2,700 shares of $110 par value preferred stock for cash
at $130 per share.
Nov.
28
Purchased 2,200 shares of treasury...
On December 31, 2017, Green Company rendered services to End Corporation at an agreed price of $91,844.10, accepting $36,000 down and agreeing installments of $18,000 promissory note rece ivable each December 31. Under the circums tances , the note is considered to have an appropriate imputed rate of interest of 118. accept the balance in a four equal to Instructions (a) Determine the present value of the note. (b) Prepare the journal entry to for December 31, '2017.
ABC Corporation is authorized to issue 1.000.000 shares of $1 par value common stock During 2020, its first year of operation, the company has the following stock transactions. Jan. 1 Issued 100,000 shares of stock at $12 per share. Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $8,000. July 2 Issued 10,000 shares of stock...
Bramble Co. had the following transactions during the current
period.
Mar.
2
Issued 4,700 shares of $4 par value common stock to attorneys
in payment of a bill for $23,100 for services performed in helping
the company to incorporate.
June
12
Issued 56,700 shares of $4 par value common stock for cash of
$298,600.
July
11
Issued 2,900 shares of $110 par value preferred stock for cash
at $130 per share.
Nov.
28
Purchased 2,260 shares of treasury stock for...
Vaden Corporation is authorized to issue 50,000 shares of $3 par value common stock. During 2019, Vaden engaged in the following transactions: 3/1/19 Issued 3,000 shares of stock to attorneys in payment of a bill for $40,000 for services rendered in helping the company to incorporate. 5/1/19 Issued 7,000 shares of stock at $20 per share. 7/1/19 Issued 10,000 shares of stock for land. The asking price of the land was $200,000. The fair market value of the land was...
Exercise 11-8 Quay Co. had the following transactions during the current period. Mar. 2 Issued 4,000 shares of $6 par value common stock to attorneys in payment of a bill for $28,700 for services performed in helping the company to incorporate. June 12 Issued 62,800 shares of $6 par value common stock for cash of $450,200. July 11 Issued 1,975 shares of $110 par value preferred stock for cash at $140 per share. Nov. 28 Purchased 1,560 shares of treasury...
Exercise 11-7
Quay Co. had the following transactions during the current
period.
Mar.
2
Issued 4,400 shares of $5 par value common stock to attorneys
in payment of a bill for $26,800 for services performed in helping
the company to incorporate.
June
12
Issued 55,700 shares of $5 par value common stock for cash of
$345,400.
July
11
Issued 2,700 shares of $110 par value preferred stock for cash
at $130 per share.
Nov.
28
Purchased 2,200 shares of treasury...
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