Homework Answers
C. The paid-in capital in excess of par value account will increase by $220,000.
The cash account will increase by $550,000 (22,000 x $25), the common stock account will increase by $330,000 (22,000 x $15 par value), and the paid-in capital in excess of par value account will increase by $220,000 (22,000 x $10).
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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 26.000 shares of $20 par-value common stock for...
On January 2. Year 1, Torres Corporation issued 26.000 shares of $20 par-value common stock for $24 per share. Which of the following statements is true? Multiple Choice The pald-n capital in excess of par value account will increase by $104,000 Total equity wiltl increase by $520000 The common stock account wi increase by $824,0oo. The cash account wih increasel by $520000
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.
Refer to the following information for Tolan Corporation: bullet Common Stock, $1.00 par, 106,000 shares issued,...
Refer to the following information for Tolan Corporation: bullet Common Stock, $1.00 par, 106,000 shares issued, 100,000 shares outstanding bullet Paid-In Capital in Excess of Parlong dashCommon: $2,190,000 bullet Retained Earnings: $920,000 bullet Treasury Stock: 6,000 shares purchased at $21 per share If Tolan resold 2,500 shares of treasury stock for $22.50 per share, which of the following statements would be true? A The Treasury Stock account would decrease by $52,500. B. The Retained Earnings account would increase by $56,250....
Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per...
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...
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.
Brief Exercise 15-4 Culver Corporation issued 328 shares of $10 par value common stock and 113...
Brief Exercise 15-4 Culver Corporation issued 328 shares of $10 par value common stock and 113 shares of $50 par value preferred stock for a lump sum of $15,057. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share. Prepare the journal entry to record the issuance. (Round intermediate calculations to 6 decimal places, e.g. 0.546872 and final answers to O decimal places, e.g., 1,520. Credit account...
Current Attempt in Progress Pearl Corporation issued 385 shares of $10 par value common stock and...
Current Attempt in Progress Pearl Corporation issued 385 shares of $10 par value common stock and 127 shares of $50 par value preferred stock for a lump sum of $18,360. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. (Round intermediate calculations to 6 decimal places, eg. 0.546872 and final answers to O decimal places, ed., 1,520. Credit...
1. Nexis Corp. issues 1,000 shares of $15 par value common stock at $22 per share....
1. Nexis Corp. issues 1,000 shares of $15 par value common stock at $22 per share. When the transaction is recorded, credits are made to a.Common Stock, $7,000, and Paid-In Capital in Excess of Stated Value, $15,000 b.Common Stock, $15,000, and Paid-In Capital in Excess of Par—Common Stock, $7,000 c.Common Stock, $22,000 2. Sabas Company has 20,000 shares of $100 par, 2% cumulative preferred stock and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends:...
Stockholders' Equity (January 1) Common stock-$6 par value, 100,000 shares authorized, 40,000 shares issued and outstanding...
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...
Mar. 23: Issued 240 shares of $1 par value common stock for cash of $12 per...
Mar. 23: Issued 240 shares of $1 par value common stock for cash of $12 per share Accounts and Explanation Date Debit Credit 2,880 Cash Mar. 23 Common Stock-$1 Par Value 240 Paid-In Capital in Excess of Par-Common 2,640 Issued common stock for cash. Apr. 12: Received inventory with a market value of $24,000 and equipment with a market value of $18,000 for 340 shares of the $1 par value common stock Accounts and Explanation Date Debit Credit 24,000 Inventory...
On January 2. Year 1, Torres Corporation issued 26.000 shares of $20 par-value common stock for $24 per share. Which of the following statements is true? Multiple Choice The pald-n capital in excess of par value account will increase by $104,000 Total equity wiltl increase by $520000 The common stock account wi increase by $824,0oo. The cash account wih increasel by $520000
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.
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...
Brief Exercise 15-4 Culver Corporation issued 328 shares of $10 par value common stock and 113 shares of $50 par value preferred stock for a lump sum of $15,057. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share. Prepare the journal entry to record the issuance. (Round intermediate calculations to 6 decimal places, e.g. 0.546872 and final answers to O decimal places, e.g., 1,520. Credit account...
Current Attempt in Progress Pearl Corporation issued 385 shares of $10 par value common stock and 127 shares of $50 par value preferred stock for a lump sum of $18,360. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. (Round intermediate calculations to 6 decimal places, eg. 0.546872 and final answers to O decimal places, ed., 1,520. Credit...
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...
Mar. 23: Issued 240 shares of $1 par value common stock for cash of $12 per share Accounts and Explanation Date Debit Credit 2,880 Cash Mar. 23 Common Stock-$1 Par Value 240 Paid-In Capital in Excess of Par-Common 2,640 Issued common stock for cash. Apr. 12: Received inventory with a market value of $24,000 and equipment with a market value of $18,000 for 340 shares of the $1 par value common stock Accounts and Explanation Date Debit Credit 24,000 Inventory...
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