Feb. 5. Issued 85,000 shares of common stock at par for cash. Feb. 5. Feb. 5. Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Apr. 9. Issued 18,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $84,000, $460,000, and $104,000, respectively. Apr. 9. June 14. Issued 20,000 shares of preferred stock at $60 for cash. June 14.

Feb. 5. Issued 85,000 shares of common stock at par for cash. Feb. 5. Feb. 5. Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Apr. 9. Issued 18,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $84,000, $460,000, and $104,000, respectively. Apr. 9. June 14. Issued 20,000 shares of preferred stock at $60 for cash. June 14.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Apr. 16 Purchased 5,000 shares of Lafayette Co. stock at $26 per share. July 7 Purchased 3,500 shares of CVF Co. stock at $51 per share. 20 Purchased 1,600 shares of Green Co. stock at $18 per share. Aug. 15 Received an $1.20 per share cash dividend on the Lafayette Co. stock. 28 Sold 3,000 shares of Lafayette Co. stock at $29 per share. Oct. 1 Received a $3.30 per share cash dividend on the CVF Co. shares. Dec. 15 Received a $1.40 per share cash dividend on the remaining Lafayette Co. shares. 31 Received a $2.70 per share cash dividend on the CVF Co. shares. What would the end result be on the general ledger?
77.
On June 23, 200C, Pinoy Trading owned and operated by Phil was incorporated. On this date, the balance sheet showed the following adjusted balances: Total Assets (including cash of P 30,000) P 200,000Total Liabilities 40,000 The new corporation was authorized to issue 5,000 ordinary shares with a par value of P 100 per share. Phil made a cash subscription of 2,000 shares while the four other incorporators made a cash subscription of 500 shares each. Phil transferred his net assets to the new corporation and paid the balance of his subscription in cash. How much additional cash investment did Phil make? a. 0 b. 40,000 c. 160,000 d. 200,000
Kk.348. 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: Issued 5,300 shares of common stock for cash at $23 per share. Issued 1,300 shares of common stock for cash at $26 per share. Required: Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a
A corporation sold 9,000 shares of its $10 par value common stock at a cash price of $13 per share. The entry to record this transaction. would include: Multiple Choice A debit to Cash for $90,000. A debit to Paid-in Capital in Excess of Par Value, Common Stock for $117,000. A credit to Common Stock for $117,000. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $207,000. A credit to Common Stock for $90,000.
on may 15, the simple corporation issued 6,000 common shares of $8 par value stock for land valued at $120,000. common stock will be credited $48,000
Give entries in journal to record each of the following situations separately. Purchased of furniture& fixtures for Rs. 700,000 and issued 74,000 shares @ Rs. 10 each. Purchased Building for Rs. 320000 and issued 30000 shares at Rs. 10 each. The Co. issued 280,000 shares @ Rs. 10 at Rs. 12.5 each on cash. Issued 9,000 11% 7-year debenture of Rs. 100 each issued at Rs. 120 each. Issued 5,000 12% 3-year debenture of Rs. 100 each issued at Rs. 94.5 each. Issued 3,000 10% 5-year debenture of Rs. 100 each repayable at Rs. 125 each.
United Resources Company obtained a charter from the state in January of this year. The charter authorized 200,000 shares of common stock with a par value of $3. During the year, the company earned $475,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 84,000 shares of the common stock in an initial public offering for $13 per share. b. Repurchased 26,000 shares of the previously issued shares for $16 per share and is holding them as treasury stock. c. Resold 6,000 shares of treasury stock for $19 per share. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated with a minus sign. Stockholders' equity: Contributed capital: Common stock UNITED RESOURCES COMPANY Additional paid-in capital Balance Sheet (Partial) At December 31, This year Total contributed capital $ 84,000 $ 84,000 Retained earnings Treasury stock
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Required information [The following information applies to the questions displayed below.] Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $11 par value, 11,900 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,000 shares of common stock for cash at $22 per share. b. Sold 2,200 shares of common stock for cash at $27 per share. c. At year-end, the company reported net Income of $6,100. No dividends were declared. Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 2 1 Sold 7,000 shares of common stock for cash at $22 per share. Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit…
Apr. 16 Purchased 6,000 shares of Kohler Co. stock at $29 per share. July 7 Purchased 4,500 shares of JCW Co. stock at $54 per share. 20 Purchased 2,000 shares of Ontario Co. stock at $21 per share. Aug. 15 Received an $1.40 per share cash dividend on the Kohler Co. stock. 28 Sold 3,600 shares of Kohler Co. stock at $32 per share. oct. 1 Received a $5.00 per share cash dividend on the JCW Co. shares. Dec. 15 Received a $1.70 per 31 Received a $4.40 per General Journal Requirement share cash dividend on the remaining Kohler Co. shares. share cash dividend on the JCW Co. shares. General Ledger Trial Balance Fair Value Adj For each transaction, indicate the change, if any, in total assets and total equity. If equity changes, indicate whether the change was reflected as a component of net income, or directly within the stockholders' equity portion of the balance sheet. Remember that the change in total assets must agree with the change in total equity. Apr. 16) Purchased 6,000 shares of…