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When a company issues 38,000 shares of $2 par value common stock for $20 per share,...
Blue Inc. issues 500 shares of $10 par value common stock and 100 shares of $100...
Blue Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $121,000. Prepare the journal entry for the issuance when the market price of the common shares is $164 each and market price of the preferred is $205 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $212 per share. (Round answers...
Exercise 15-05 Waterway Inc. issues 500 shares of $10 par value common stock and 100 shares...
Exercise 15-05
Waterway Inc. issues 500 shares of $10 par value common stock
and 100 shares of $100 par value preferred stock for a lump sum of
$114,000.
(a)
Prepare the journal entry for the issuance when the market
price of the common shares is $176 each and market price of the
preferred is $220 each.
(b)
Prepare the journal entry for the issuance when only the market
price of the common stock is known and it is $198 per...
Exercise 15-05 Ayayai Inc. issues 500 shares of $10 par value common stock and 100 shares...
Exercise 15-05 Ayayai Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $115,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $172 each and market price of the preferred is $215 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $200 per...
Anthem Inc. issues 200,000 shares of stock with a par value of $0.03 for $152 per...
Anthem Inc. issues 200,000 shares of stock with a par value of $0.03 for $152 per share. Three years later, it repurchases these shares for $82 per share. Anthem records the repurchase in which of the following ways? Multiple Choice Debt Stockholders' Equity for $30.40 million credit Additional Paid in Capital for $15.40 million and credit Cash for $16.40 million Debit Common Stock for $6,000, debit Additional Paid-in Capital for $16,394 000 and credit Cash for $16.40 million Oo oo...
Geronimo Company issued 20,000 shares of $1 par value common stock at $10 per share. Ms....
Geronimo Company issued 20,000 shares of $1 par value common stock at $10 per share. Ms. Elgin, the bookkeeper, recorded this transaction with a $200,000 debit to Cash and a $200,000 credit to Common Stock. As a result of this entry: Multiple Choice C ) total assets will be overstated. Additional Paid-In Capital will be understated. Oo oo total stockholders' equity will be understated. equity will be overstated.
Kingbird Inc. issues 500 shares of $10 par value common stock and 100 shares of $100...
Kingbird Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $122,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $180 each and market price of the preferred is $225 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $214 per share. (Round...
A company issued 60 shares of $100 par value common stock for $7,000 cash. The journal...
A company issued 60 shares of $100 par value common stock for $7,000 cash. The journal entry to record the issuance is: Multiple Choice O Debit Cash $7,000; Credit Common Stock $7,000 Debit investment in Common Stock $7,000, credit Cash $7,000. O O Debit Cash $7,000; Credit Common Stock $6,000; credit Paid-in Capital in Excess of Par Value, Common Stock $1,000 O O Debit Common Stock $6,000, debit Investment in Common Stock $1,000, credit Cash $7,000. O O Debit Cash...
On 11/16/2019, Out to Get You, Inc. issued 11,000 shares of $0.10 par value common stock...
On 11/16/2019, Out to Get You, Inc. issued 11,000 shares of $0.10 par value common stock for $5 per share. The journal entry to record this issuance would include: a. A debit to Cash for $55,000. b. A credit to Common Stock for $53,900. c. A credit to Additional Paid-in Capital for $55,000. d. A credit to Common Stock for $55,000. e. A credit to Additional Paid-in Capital for $1,100.
Jackson Corporation issues 1000 shares of $2 par value common stock for $10,000. When common stock...
Jackson Corporation issues 1000 shares of $2 par value common stock for $10,000. When common stock is issued, which of the following is the correct journal entry? a. Common stock 10,000 Common stock 2,000 Cash 8,000 b. Paid in capital in excess of par 11,000 Cash 10,000 Common stock 1,000 c. Cash 10,000 Common stock 2,000 Paid in capital in excess of par 8,000 d. Cash 8,000 Common Stock 2,...
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:...
Blue Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $121,000. Prepare the journal entry for the issuance when the market price of the common shares is $164 each and market price of the preferred is $205 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $212 per share. (Round answers...
Exercise 15-05
Waterway Inc. issues 500 shares of $10 par value common stock
and 100 shares of $100 par value preferred stock for a lump sum of
$114,000.
(a)
Prepare the journal entry for the issuance when the market
price of the common shares is $176 each and market price of the
preferred is $220 each.
(b)
Prepare the journal entry for the issuance when only the market
price of the common stock is known and it is $198 per...
Exercise 15-05 Ayayai Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $115,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $172 each and market price of the preferred is $215 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $200 per...
Anthem Inc. issues 200,000 shares of stock with a par value of $0.03 for $152 per share. Three years later, it repurchases these shares for $82 per share. Anthem records the repurchase in which of the following ways? Multiple Choice Debt Stockholders' Equity for $30.40 million credit Additional Paid in Capital for $15.40 million and credit Cash for $16.40 million Debit Common Stock for $6,000, debit Additional Paid-in Capital for $16,394 000 and credit Cash for $16.40 million Oo oo...
Geronimo Company issued 20,000 shares of $1 par value common stock at $10 per share. Ms. Elgin, the bookkeeper, recorded this transaction with a $200,000 debit to Cash and a $200,000 credit to Common Stock. As a result of this entry: Multiple Choice C ) total assets will be overstated. Additional Paid-In Capital will be understated. Oo oo total stockholders' equity will be understated. equity will be overstated.
Kingbird Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $122,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $180 each and market price of the preferred is $225 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $214 per share. (Round...
A company issued 60 shares of $100 par value common stock for $7,000 cash. The journal entry to record the issuance is: Multiple Choice O Debit Cash $7,000; Credit Common Stock $7,000 Debit investment in Common Stock $7,000, credit Cash $7,000. O O Debit Cash $7,000; Credit Common Stock $6,000; credit Paid-in Capital in Excess of Par Value, Common Stock $1,000 O O Debit Common Stock $6,000, debit Investment in Common Stock $1,000, credit Cash $7,000. O O Debit Cash...
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