QUESTION 3 During the year the company purchased equipment through the issuance of common stock. The stock had a par value of $200,000 and a fair value of $350,000. The fair value of the equipment was not easily determinable. The company incorrectly recorded this transaction as follows: Equipment 200,000 Common Stock 200,000 Provide the entry that the company should have recorded in the form below (omit explanations) Copy the table below and answer in the space provided

QUESTION 3 During the year the company purchased equipment through the issuance of common stock. The stock had a par value of $200,000 and a fair value of $350,000. The fair value of the equipment was not easily determinable. The company incorrectly recorded this transaction as follows: Equipment 200,000 Common Stock 200,000 Provide the entry that the company should have recorded in the form below (omit explanations) Copy the table below and answer in the space provided

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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lendocino College| * Chapter 12 Homework * CengageNOwv2 | Onlin X genow.com/ilm/takeAssignment/takeAssignmentMain.do?inprogress%3Dtrue eBook Show Me How Calculator Print Item Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 100,000 shares of preferred 4% stock, $60 par and 250,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. Feb. 5. Issued 125,000 shares of common stock at par for cash. Feb. 5. Feb. 5. Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. fair market nrices of $77,000, $422,000, and
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Which of the following is False in regards to Share premium account? a. It will be collected when the issue price is more than the par value of shares b. It will not be shown under current assets in the balance sheet c. It will be shown under the shareholders funds d. It will be collected when the par value of share is more than the issue price Trade receivables of XYZ SAOG company was OMR 16000 on 1st January 2019. A customer has gone bankrupt owing RO 1400, The debt is not expected to be recovered and an adjustment should be made at the end of the year 2019. An allowance for receivables of 5% is to be set up. What will be the Good Trade receivables to be shown under Current Assets on the balance sheet? a. OMR 13870 b. OMR 14600 c. OMR 15270 d. OMR 730
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How much is the unrealized gain (loss) accumulated in equity as of December 31, 20x2? Karen Co. purchased the following equity securities on January 1, 20x1 for a total amount of P360,000. Cost Alaska Co. preference shares P200,000 160,000 Valdez Co. ordinary shares Totals P360,000 The shares did not qualify for recognition as held for trading, thus they were classified as investment in equity securities measured at fair value through other comprehensive income. On December 31, 20x1, the portfolio of Karen Co. comprised the following. Fair value - 12/31/x1 Alaska Co. preference shares P240,000 60,000 Valdez Co. ordinary shares Total P300,000 On December 31, 20x2, the portfolio of Karen Co. comprised the following: Fair value - 12/31/x2 Alaska Co. preference shares P220,000 180,000 Valdez Co. ordinary shares Total P400,000 On February 2, 20x3, all of the Alaska Co. preference shares were sold for P160,000 net of transaction costs. 0 100,000 40,000 O (40,000)
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On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Stock Investments Apple stock Chipotle stock Under Armour stock Cost $ 6,400 3,800 12,700 Fair Value $ 9,600 2,900 14,800 Exercise 15-10 (Algo) Fair value adjustment to stock investments with insignificant influence LO P4 Prepare the December 31 adjusting entry to report these investments at fair value. View transaction list Journal entry worksheet > 1 Record the year-end adjustment to fair value, if any. 7
Ee 96.
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A piece of equipment is acquired by an entity by issuing 10,000 shares of 10 par ordinary shares. The equipment has a list price of 150,000 and a trade discount of 10%. If paid in cash at the time of purchase, a 5% cash discount is allowed. The company’s ordinary shares are actively traded in a capital market with an average market price of 13 at the date of the exchange. What is the cost of the equipment? A. 130,000 B. 128,250 C. 150,000 D. 135,000
A 135.
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