If Dakota company issues 1500 shares of six dollar par common stock for $75,000, which of the following would be true? A) Common stock will be credited for 75,000 B) Paid in capital in excess of power will be credited for 9000 C) Paid in capital in excess of power will be credited for 66,000 D) Cash will be debited for 66,000

Q: Bonita Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Calculate the total allocation. Journal entry:

Q: The Tornado Truck Body Company decides to repurchase 10,000 shares of its common stock on January…

A: The repurchase of treasury stock will be done at the amount paid to acquire it.

Q: Riverbed Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Journal entries refer to the process of systematic documentation of the financial transactions of a…

Q: Tiktok Company issued 10,000 shares of its P5 Par value common stock having market value of P25 per…

A: Solution:- Calculation of the how much allocated to the common stock as follows under:-

Q: Boy with luv Co. received 20,000 stocks right to subscribe for new shares at P45 per share for every…

A: Stock rights refers to the instrument which is issued through the companies for providing the…

Q: If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, O Common Stock will be…

A: Lets understand the basics. Journal entry is required to make to record event and transaction that…

Q: If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, O Common Stock will be…

A: Issue of common stock is one of the ways in which the companies can raise funds for financing the…

Q: If Dakota Company issues 1,100 shares of $6 par common stock for $24,200, a.Cash will be debited…

A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…

Q: MNO Corp. is authorized to issue 20,000 shares of P20 par value ordinary share capital. As of May…

A: The stock dividend leads to increase the number of shares issued and outstanding.

Q: "XYZ, Inc. has 1000 shares treasury stock, sells 100 shares of JD 1 par value treasury stock at JD 8…

A: Treasury shares are those shares which are issued to public and then repurchased by the corporation.…

Q: If the cost method is used to record treasury stock transactions, to record the sale of the 5,000…

A: Given information is: Long Co. issued 100,000 shares of  P10 par ordinary shares  for P1,200,000.…

Q: If Marigold Company issues 8800 shares of $5 par value common stock for $160600, the account O Cash…

A: Given, Par value = $5 Total shares issued for $160,600 Number of shares issued = 8,800 shares

Q: If a corporation issues 1,000 shares of $1 par value common stock for $12,000, the journalentry…

A: Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of…

Q: Skysong Inc. issues 500 shares of $ 10 par value common stock and 100 shares of $ 100 par value…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: International Co. issues 4,000 shares of its $5 par value common stock having a fair value of $25…

A: The different shares are issued at lump sum amount, then at can be allocated to different shares…

Q: If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, O Common Stock will be…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: Sneed Corporation issues 11,600 shares of $45 par preferred stock for cash at $67 per share. The…

A: Total par value of preferred stock issued = No. of shares issued x par value per share = 11,600…

Q: If Salman Company issues 16,000 shares of 10 par value common stock for 560,000 Paid-In Capital in…

A: Journal Entries can be defined as the record-keeping of the transactions of a company or an…

Q: On December 1, DOS Corporation issued 1,000 shares of its par ordinary share capital and 2,000…

A: Journal entries are the entries to be recorded in the accounting books of the business for all the…

Q: Coronado Industries has issued 1,500 shares of common stock and 300 shares of preferred stock for a…

A: The issue price of the stock could be issued at par, premium or discount. If the proceed from…

Q: Dave Matthew Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Requirement a:   Pass necessary journal entry to record the issuance of common stock and preferred…

Q: If a corporation issues 6,000 shares of $5 par value common stock for $89,000, the journal entry…

A: Total par value of Common Stock = No. of Common Stock issued x par value per share = 6000 x $5 =…

Q: Smart Poly Machine issues 5,000 shares of 5%, $10 Par Value Preferred Stock for $10,000 cash,…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: If Dakota Company issues 3,200 shares of $10 par common stock for $57,600, Oa. Cash will be debited…

A: Issue of shares Issue of Shares is the process by which companies pass on new shares to…

Q: Norton Company issues 4,000 shares of its $5 par value common stock having a fair value of $25 per…

A: The company has the right to raise funds with different methods such as by issuing common stock,…

Q: If Oakridge Home Improvement Company issues 6,000 shares of $5 par value common stock for $210,000,…

A: Par value represents the value per share stated in the corporate charter at the time of…

Q: "XYZ, Inc. has 1000 shares treasury stock, sells 100 shares of JD 1 par value treasury stock at JD 8…

A: Treasury stock means where the own stock has been repurchased by company from open market and can be…

Q: GAMORA Corporation’s shareholders’ equity is composed of 10,000, ₱10 par ordinary shares, ₱40,000…

A: Any Amount above the Par Value will be Transferred to the Share Premium Account from the Accumulated…

Q: If Świfty Company issues 5300 shares of $5 par value common stock for $166000, O Common Stock will…

A: The firm can raise funds through different sources such as from issue of common stock, preferred…

Q: The Sneed Corporation issues 11,100 shares of $54 par preferred stock for cash at $62 per share. The…

A: The company can raise funds from different sources like by issuing common stock, issuing preferred…

Q: The ordinary share balance on December 31, 2021? The preference share balance on December 31, 2021?…

A: Company sells the interest to raise the funds and to raise funds Company sells the shares and the…

Q: If Dakota Company issues 3,000 shares of $9 par common stock for $45,000, a.Paid-In Capital in…

A: Paid-up capital is that part of capital which is paid by the shareholders. The capital is raised…

Q: SHATT ALAREB CO. issues 1000 shares of $5 par value common stock and 500 shares of $50 par value…

A: Journal entry is record of financial transaction in the books of accounts maintained by an…

Q: A corporation sold 9,500 shares of its $10 par value common stock at a cash price of $11 per share.…

A: >Issuance of common stock is one of the Financing activity from which the corporation gets Cash…

Q: The Sneed Corporation issues 12,700 shares of $46 par preferred stock for cash at $63 per share. The…

A: The organization can raise funds for the operation by issuing common stock, preferred stock for…

Q: On April 1, Kang Corporation purchased back 250 shares of $1 par value common stock for $20 per…

A: Treasury stock: When shares are purchased from the open market by the company then these shares are…

Q: „If Salman Company issues 16,000 shares of 10 par value common stock for 560,000 Paid-In Capital in…

A:

Q: On December 1, DOS Corporation issued 1,000 shares of its ₱10 par ordinary share capital and 2,000…

A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…

Q: Bashir Inc. issues 2,500 shares of $1 par value common stock and 1,000 shares of $50 par value…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, O Common Stock will be…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Los Altos, Inc., is authorized to issue 1,500,000 shares of $1 par value common stock. The company…

A: Solution: When common stock are issued at a price greater than par value, common stock account is…

Q: If Kiner Company issues 1,000 shares of P5 par value common stock for P7o,000, the account Common…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Blossom Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Workings:

Q: Ahrens Industries is authorized to issue 250,000 shares of no-par common stock with a $6 stated…

A: Formula:  Additional paid-in capital = Number of common shares x ( Issue price - stated price )

Q: PAPAYA Corporation is authorized to issue ₱1,000,000 share capital dividend into 10,000 shares with…

A: Assets = Liabilities + Shareholders' equity   It implies that aggregate amount of increase in…

Q: Sneed Corporation issues 11,700 shares of $55 par preferred stock for cash at $60 per share. The…

A: Stocks: Stocks are shares in the ownership of the company. It represents the capital raised by a…

Q: Taylor Corporation issues 20,000 shares of $50 par value preferred stock for cash at $90 per share.…

A: Issue price of preferred stock=Number of Shares×Issue price=20,000×$90=$1,800,000

Q: The Sneed Corporation issues 10,000 shares of $50 par preferred stock for cash at $75 per share. The…

A: Cash received = 10,000 x $75 = $750,000 Preferred stock = 10,000 x $50 = $500,000 Excess = 10,000 x…

Q: When incorporated Y Ltd. Issued 2,000 common shares to A for dollar 2,000. In year 2, Y Ltd. issued…

A: The paid up capital is defined as the component of called up capital that is actually reimbursed…

Q: The Sneed Corporation issues 10,000 shares of $50 par preferred stock for cash at $62 per share. The…

A: Cash received = 10,000 shares x $62 = $620,000 Par value per share = $50 Paid in capital in excess…