The adler corporation is authorized to issue 125000 shares of common stock the company recently sold...
The adler corporation is authorized to issue 125000 shares of common stock the company recently sold 50000 shares for $25 per share.
a. prepare the journal entry to record the sale of the stock assuming the stock has a $25 par value
b. Prepare a journal entry to record the sale of the stock assuming the stock has a $5 par value
c. prepare the journal entry to record the sale the sale of the stock assuming the stock has no par value.
d. prepare the journal entry to record the sale of the stock assuming the stock has no par value, however, a $10 stated value is authorized by the company's board of directors.
Homework Answers
![ournal entries Amounts in $ Debit 1,250,000 Serial no. Account titles and explanation Credit Cash Common stock To record issuance of common stock at par) Explanation 50,000 shares X$25 par value $1,250,000 1,250,000 Cash (50,000 shares X $25) Common stock (50,000 shares X $5) Additional paid-in capital [50,000 shares X ($25 -$5 )] To record issuance of common stock above par) 1,250,000 250,000 1,000,000 Cash Common stock -no par value To record issuance of common stock with no par value) Explanation 50,000 shares X$25 per share- $1,250,000 1,250,000 1,250,000 Cash (50,000 shares X $25) Common stock (50,000 shares X $10) Additional paid-in capital [50,000 shares X ($25 -$ 10)] To record issuance of common stock at stated value) 1,250,000 500,000 750,000 Note : In journal entry d. the stock is carried at stated value assigned by the company](http://img.homeworklib.com/questions/2f0c7610-4730-11ea-ae53-df764186282f.png?x-oss-process=image/resize,w_560)
Add Answer to:
The adler corporation is authorized to issue 125000 shares of common stock the company recently sold...
Goofy Corporation was authorized to issue 200,000 shares of common stock. Give the general Journal entry...
Goofy Corporation was authorized to issue 200,000 shares of common stock. Give the general Journal entry in the attached workpaper to record the issue of 20,000 shares of stock for $20 per share cash if the common stock has no par and no stated value. Goofy Corporation was authorized to issue 200,000 shares of common stock. Give the general journal entry in the attached work paper to record the issue of 20,000 shares of common stock for $20 per share...
On January 1, 2018, Windsor Corporation was authorized to issue 400,000 shares of common stock, par...
On January 1, 2018, Windsor Corporation was authorized to issue 400,000 shares of common stock, par value $12 per share, and 80,000 shares of 5 percent cumulative preferred stock, par value $25 per share. The preferred dividends are 2 years in arrears. Prepare Journal Entries to record the following 2018 transactions: 1. Windsor Corporation was granted a charter authorizing the issuance of 400,000 shares of common stock. 2. Issued 80,000 shares of common stock at $19 per share. 3. Issued...
1. Swifty Corporation issued 309 shares of $10 par value common stock and 141 shares of...
1. Swifty Corporation issued 309 shares of $10 par value common stock and 141 shares of $50 par value preferred stock for a lump sum of $18,252. 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 2. Oriole Corporation issued 530 shares of $100 par value preferred stock for $64,400. Prepare Oriole’s journal entry. 3. The common stock...
Record the issue of 2,000 shares of no-par common stock to its promoters in exchange for...
Record the issue of 2,000 shares of no-par common stock to its
promoters in exchange for their efforts, estimated to be worth
$44,000. The stock has $2 per share stated value.
Record the issue of 2,000 shares of no-par common stock to its
promoters in exchange for their efforts, estimated to be worth
$44,000. The stock has no stated value.
Record the issue of 1,000 shares of $100 par value preferred
stock for $144,000 cash.
Prepare journal entries to record...
Monty Corporation is authorized to issue 55,000 shares of $5 par value common stock. During 2020,...
Monty Corporation is authorized to issue 55,000 shares of $5 par value common stock. During 2020, Monty took part in the following selected transactions. 1. Issued 4,500 shares of stock at $42 per share, less costs related to the issuance of the stock totaling $9,100. 2. Issued 1,200 shares of stock for land appraised at $55,000. The stock was actively traded on a national stock exchange at approximately $43 per share on the date of issuance. 3. Purchased 480 shares...
D. Duck Company was authorized to issue 100,000 shares of $6-par value common stock and 80,000 shares of...
D. Duck Company was authorized to issue 100,000 shares of $6-par value common stock and 80,000 shares of $90-par value preferred stock. Give the general journal entry required in the attached workpaper to record the issue of 50,000 shares of common stock for $18 per share cash. D. Duck Company was authorized to issue 100,000 shares of $6-par value common stock and 80,000 shares of $90-par value preferred stock. Give the general journal entry required in the attached workpaper to...
Kingbird Corporation is authorized to issue 48,000 shares of $5 par value common stock. During 2017,...
Kingbird Corporation is authorized to issue 48,000 shares of $5 par value common stock. During 2017, Kingbird took part in the following selected transactions. 1. Issued 4,600 shares of stock at $48 per share, less costs related to the issuance of the stock totaling $8,100. 2. Issued 1,000 shares of stock for land appraised at $48,000. The stock was actively traded on a national stock exchange at approximately $49 per share on the date of issuance. 3. Purchased 490 shares...
Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1 par...
Incentive Corporation was authorized to issue 12,000 shares of
common stock, each with a $1 par value. During its first year, the
following selected transactions were completed:
a.
Issued 6,800 shares of common
stock for cash at $28 per share.
b.
Issued 2,800 shares of common
stock for cash at $31 per share.
E11-2 Part 1 Required: 1. Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account...
(stock issuances and repurchase) Lindsey Hunter Corporation is authorized to issue 50,000 shares of $5 par...
(stock issuances and repurchase) Lindsey Hunter Corporation is authorized to issue 50,000 shares of $5 par value common stock. During 2017, Lindsey Hunter took part in the following selected transactions. 1) issued 5,000 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7,000 2) issued 1,000 shares of stock for land appraised at $50,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date...
Hurdle Corporation is authorized to issue 200,000 shares of common stock. In its only issuance to...
Hurdle Corporation is authorized to issue 200,000 shares of common stock. In its only issuance to date, Hurdle sold 50,000 shares. A few months later, Hurdle reacquired 5,000 of those issued shares with the intention of reissuing them all later. By the end of this year, Hurdle had reissued just 2,000 of the reacquired shares. The board of directors declared a 40-cent dividend at the end of the year. How many shares will receive a dividend? 200,000 50,000 45,000 47,000...
Goofy Corporation was authorized to issue 200,000 shares of common stock. Give the general Journal entry in the attached workpaper to record the issue of 20,000 shares of stock for $20 per share cash if the common stock has no par and no stated value. Goofy Corporation was authorized to issue 200,000 shares of common stock. Give the general journal entry in the attached work paper to record the issue of 20,000 shares of common stock for $20 per share...
On January 1, 2018, Windsor Corporation was authorized to issue 400,000 shares of common stock, par value $12 per share, and 80,000 shares of 5 percent cumulative preferred stock, par value $25 per share. The preferred dividends are 2 years in arrears. Prepare Journal Entries to record the following 2018 transactions: 1. Windsor Corporation was granted a charter authorizing the issuance of 400,000 shares of common stock. 2. Issued 80,000 shares of common stock at $19 per share. 3. Issued...
Record the issue of 2,000 shares of no-par common stock to its
promoters in exchange for their efforts, estimated to be worth
$44,000. The stock has $2 per share stated value.
Record the issue of 2,000 shares of no-par common stock to its
promoters in exchange for their efforts, estimated to be worth
$44,000. The stock has no stated value.
Record the issue of 1,000 shares of $100 par value preferred
stock for $144,000 cash.
Prepare journal entries to record...
Monty Corporation is authorized to issue 55,000 shares of $5 par value common stock. During 2020, Monty took part in the following selected transactions. 1. Issued 4,500 shares of stock at $42 per share, less costs related to the issuance of the stock totaling $9,100. 2. Issued 1,200 shares of stock for land appraised at $55,000. The stock was actively traded on a national stock exchange at approximately $43 per share on the date of issuance. 3. Purchased 480 shares...
D. Duck Company was authorized to issue 100,000 shares of $6-par value common stock and 80,000 shares of $90-par value preferred stock. Give the general journal entry required in the attached workpaper to record the issue of 50,000 shares of common stock for $18 per share cash. D. Duck Company was authorized to issue 100,000 shares of $6-par value common stock and 80,000 shares of $90-par value preferred stock. Give the general journal entry required in the attached workpaper to...
Kingbird Corporation is authorized to issue 48,000 shares of $5 par value common stock. During 2017, Kingbird took part in the following selected transactions. 1. Issued 4,600 shares of stock at $48 per share, less costs related to the issuance of the stock totaling $8,100. 2. Issued 1,000 shares of stock for land appraised at $48,000. The stock was actively traded on a national stock exchange at approximately $49 per share on the date of issuance. 3. Purchased 490 shares...
Incentive Corporation was authorized to issue 12,000 shares of
common stock, each with a $1 par value. During its first year, the
following selected transactions were completed:
a.
Issued 6,800 shares of common
stock for cash at $28 per share.
b.
Issued 2,800 shares of common
stock for cash at $31 per share.
E11-2 Part 1 Required: 1. Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account...
Most questions answered within 3 hours.
-
1) 2H2O(g) → 2H2 (g) + O2 (g) DH = 483.6 kJ
If 5 moles of...
asked 29 seconds ago -
Suppose that Alicia has $30,000 in invested as follows: $10,000
in TJX Cos., $15,000 in Macy’s,...
asked 15 minutes ago -
Volunteer Pharmaceuticals (VP) wants to set aside money in the
R&D fund to seek supplemental drug...
asked 15 minutes ago -
What is precedent?
an order by the court.
the power of a court to overrule a...
asked 22 minutes ago -
Classify the tonicity of a solution made by dissolving 12mg of
sodium chloride in 1.0mL of...
asked 28 minutes ago -
Consider the equilibrium reaction: 2A (aq) + 3B (aq) <-->
C (aq) (in my notation <-->...
asked 28 minutes ago -
A recent poll found that 21% of a random sample of 1200 people
lost jobs due...
asked 34 minutes ago -
Indicate whether aqueous solutions of the following substances
contain ions. If so, write formulas for the...
asked 30 minutes ago -
Include at least one psychology theory, model or concept
discussed in Chapter 1, 2 or the...
asked 40 minutes ago -
Need help in drawing out a map pathway of pentose phosphate
pathway and pyruvate dehydrogenase/citric acid...
asked 47 minutes ago -
Question 1
At the end of Year 6,
South Co.'s tax department estimates that they will...
asked 49 minutes ago -
Use standard enthalpies of formation to determine
ΔHorxn for:
1. 3NO2(g) + H2O(l) → 2HNO3(aq)
+...
asked 53 minutes ago