Homework Answers
Answer
- Total paid up capital created:
>From issuance for Patent = $ 55,000
>From Preferred stock = 5000 shares x $ 15 = $ 75,000
>From Common stock = 6500 shares x $ 50 = $ 325,000 - Total Paid in Capital = $ 455,000 [55000 + 75000 + 325000]
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Astro Corporation recently organized. The company issued common stock to an inventor in exchange for a patent with a ma...
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Axle Corporation recently organized. The company issued common stock to an inventor in exchange for a patent with a market value of $59,000. In addition, Axle received cash for 7,000 shares of its $20 par preferred stock at par value and 7,500 shares of its no-par common stock at $45 per share. Without making journal entries, determine the total paid-in capital created by these transactions. The total paid-in capital created by these transactions amounts to $ Rates Corp. issued 1,000...
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shares of its no-par common stock at $20 per share. Without making journal entries, determine the total paid-in capital created by these transactions. E13-21 Journalizing issuance of stock Steller Systems completed the following stock issuance transactions: May 19 Jun. 3 11 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Received equipment with a market value of $68,000 in exchange for 5,000 shares...
Stockholders' Equity: Transactions and Balance Sheet Presentation Torey Corporation was organized on April 1, with an...
Stockholders' Equity: Transactions and Balance Sheet Presentation Torey Corporation was organized on April 1, with an authorization of 25,000 shares of six percent, $50 par value preferred stock and 200,000 shares of $5 par value common stock. During April, the following transactions affecting stockholders' equity occurred: Apr. 1 Issued 80,000 shares of common stock at $40 cash per share. 3 Issued 2,000 shares of common stock to attorneys and promoters in exchange for their services in organizing the corporation. The...
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Stockholders' Equity: Transactions and Balance Sheet Presentation Torey Corporation was organized on April 1, with an authorization of 25,000 shares of six percent, $50 par value preferred stock and 200,000 shares of $5 par value common stock. During April, the following transactions affecting stockholders' equity occurred: Apr. 1 Issued 80,000 shares of common stock at $40 cash per share. Issued 2,000 shares of common stock to attorneys and promoters in exchange for their services in 3 organizing the corporation. The...
Torey Corporation was organized on April 1, with an authorization of 25,000 shares of six percent,...
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Sep. 6: Issued 250 shares of common stock to the promoters who organized the corporation, receiving cash of $7,500. Dat...
Sep. 6: Issued 250 shares of common stock to the promoters who organized the corporation, receiving cash of $7,500. Date Accounts and Explanation Debit Credit Sep. 6 Cash 7,500 250 Common Stock-$1 Par Value Paid-In Capital in Excess of Par—Common 7,250 Issued common stock for cash. Sep. 12: Issued 450 shares of preferred stock for cash of $21,000. Date Accounts and Explanation Debit Credit Sep. 12 Cash 21,000 Preferred Stock—No Par Value 21,000 Sep. 14: Issued 1,700 shares of common...
Stockholders' Equity: Transactions and Balance Sheet Presentation Tunic Corporation was organized on April 1, with an...
Stockholders' Equity: Transactions and Balance Sheet Presentation Tunic Corporation was organized on April 1, with an authorization of 25,000 shares of six percent, sS50 par value preferred stock and 200,000 shares of $5 par value common stock. During April, the following transactions affecting stockholders equity occurred: Apr. 1 Issued B0,000 shares of common stack at 320 cash per share. 3Issued 2,000 shares of common stock to attorneys and promaters in exchange for their services in organizing the corporation. The services...
Stockholders' Equity: Transactions and Balance Sheet Presentation Tunic Corporation was organized on April 1, with an...
Stockholders' Equity: Transactions and Balance Sheet Presentation Tunic Corporation was organized on April 1, with an authorization of 25,000 shares of six percent, $50 par value preferred stock and 200,000 shares of $5 par value common stock. During April, the following transactions affecting stockholders' equity occurred: Apr. 1 Issued 83,000 shares of common stock at $15 cash per share. 3 Issued 5,000 shares of common stock to attorneys and promoters in exchange for their services in organizing the corporation. The...
Stockholders' Equity: Transactions and Balance Sheet Presentation Torey Corporation was organized on April 1, with an...
Stockholders' Equity: Transactions and Balance Sheet Presentation Torey Corporation was organized on April 1, with an authorization of 25,000 shares of six percent, $50 par value preferred stock and 200,000 shares of $5 par value common stock. During April, the following transactions affecting stockholders' equity occurred: Apr. 1 Issued 80,000 shares of common stock at $40 cash per share. Issued 2,000 shares of common stock to attorneys and promoters in exchange for their services in organizing the 3 corporation. The...
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Axle Corporation recently organized. The company issued common stock to an inventor in exchange for a patent with a market value of $59,000. In addition, Axle received cash for 7,000 shares of its $20 par preferred stock at par value and 7,500 shares of its no-par common stock at $45 per share. Without making journal entries, determine the total paid-in capital created by these transactions. The total paid-in capital created by these transactions amounts to $ Rates Corp. issued 1,000...
shares of its no-par common stock at $20 per share. Without making journal entries, determine the total paid-in capital created by these transactions. E13-21 Journalizing issuance of stock Steller Systems completed the following stock issuance transactions: May 19 Jun. 3 11 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Received equipment with a market value of $68,000 in exchange for 5,000 shares...
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Torey Corporation was organized on April 1, with an authorization of 25,000 shares of six percent, $50 par value preferred stock and 200,000 shares of $5 par value common stock. During April, the following transactions affecting stockholders' equity occurred: Apr. 1 Issued 80,000 shares of common stock at $40 cash per share. 3 Issued 2,000 shares of common stock to attorneys and promoters in exchange for their services in organizing the corporation. The services were valued at $31,000. 8 Issued...
Sep. 6: Issued 250 shares of common stock to the promoters who organized the corporation, receiving cash of $7,500. Date Accounts and Explanation Debit Credit Sep. 6 Cash 7,500 250 Common Stock-$1 Par Value Paid-In Capital in Excess of Par—Common 7,250 Issued common stock for cash. Sep. 12: Issued 450 shares of preferred stock for cash of $21,000. Date Accounts and Explanation Debit Credit Sep. 12 Cash 21,000 Preferred Stock—No Par Value 21,000 Sep. 14: Issued 1,700 shares of common...
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