Rogrer Company received a machine with a fair value of $130,000 and a building with a fair value of $200,000 in exchange for 6,000 shares of $45 par value common stock and $50,000 cash. The entry to record this transaction would include: Select one: a. Credit to Common Stock for $280,000 b. Credit to Additional Paid in Capital for $10,000 c. Credit to Retained earnings for $10,000 d. Credit to Additional Paid in Capital for $280,000

Rogrer Company received a machine with a fair value of $130,000 and a building with a fair value of $200,000 in exchange for 6,000 shares of $45 par value common stock and $50,000 cash. The entry to record this transaction would include: Select one: a. Credit to Common Stock for $280,000 b. Credit to Additional Paid in Capital for $10,000 c. Credit to Retained earnings for $10,000 d. Credit to Additional Paid in Capital for $280,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Smith Company exchanges assets to acquire a building. The market price of the Smith stock on the exchange date was $37 per share and the building's book value on the books of the seller was $210,000. Which of the following is correct for Smith Company when Smith Issues 10,000 shares of $10 par value common stock and pays $21,000 cash in exchange for the building? Multiple Choice Stockholders' equity increases $210,000. O Total assets increase $349,000. Total assets increase $370,000. Stockholders' equity increases $349,000.
KY Jewellers purchased a piece of land from the original owner. In payment for the land, KY Jewellers issues 300,000 shares of common stock with $1.00 par value. The land has been appraised at a market value of 1200,000 1.The company sold 120,000 shares of common stock with $1 par value. 2. Issued 25,500shares of $20 par value preferred stock. Shares were issued at par. 3. Earned net income of $764,000 4. Dividend declared and paid - $0.15 per share on common stock 5. Dividend declared and paid - $5 per share on preferred stock Question Prepare the closingj journal entries for the following tracnsactions listed above
Sudoku Company issues 20,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $226,000 and the building at $376,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet A Record the issue of 20,000 shares of $8 par value common stock in exchange for land valued at $226,000 and a building valued at $376,000. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit
Sudoku Company issues 21,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $239,000 and the building at $379,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet A Record the issue of 21,000 shares of $8 par value common stock in exchange for land valued at $239,000 and a building valued at $379,000. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
ROK Company purchased land from XYZ company by issuing 6,000 shares of it's $5 par value stock. At the time of the purchase, ROK's stock was selling for $20 a share and the land was worth $100,000. The journal entry to record this purchase would include a: Debit to Land of $100,000 O Debit to land of $30,000 O Debit to Land of $120,000 Credit to Common Stock of $120,000
At the start of year 1 owner contribute Rs. 100. After year 1 the company purchases the financial assets categorized as AFS worth Rs. 10. During year 1 the net income is Rs. 20 which is retained. The value of financial assets goes up to Rs. 12. During year 2 there is treasury stock operation worth Rs. 30 Net income is Rs. 40 which is retained. Financial asset goes up to 15. Show the relevant equity components at the end of year 1 and 2.
Park & Company was recently formed with a $6,400 investment in the company by stockholders in exchange for common stock. The company then borrowed $3,400 from a local bank, purchased $1,140 of supplies on account, and also purchased $6,400 of equipment by paying $2,140 in cash and signing a promissory note for the balance. Based on these transactions, the company's total assets are: Multiple Choice $9,800. $15,200. $12,800. $11,940.
Clint M. Invests $30,000 into Merle Company. The Effect to Assets would be: Clint M. Invests $30,000 into Merle Company. The effect to Liabilities would be: Clint M. invests $30,000 into Merle Company. The effect to Equity would be: Merle Company purchased a piece of equipment for $5,000 on account. The effect to Assets would be: Merle Company purchases a piece of equipment for $5,000 on account. The effect to Liabilities would be: Merle Company Purchases a piece of equipment for $5,000 on account. The effect to Equity would be: Merle Company pays $1,000 for this month’s rent in cash. The effect to Assets would be:
Ruben Company purchased $100,000 of Evans Company bonds at 100. Ruben later sold the bonds for $104,500 plus $500 in accrued interest. The journal entry for the sale of the bonds would be debit Cash, $104,500, and Interest Receivable, $500; credit Investments-Evans Company Bonds, $100,000, Gain on Sale of Investments, $4,500, and Interest Revenue, $500 Odebit Cash, $105,000; credit Investments Evans Company Bonds, $100,000, Gain on Sale of Investments, $4,500, and Interest Revenue, $500 debit Cash, $105,000; credit Investments-Evans Company Bonds, $100,000, and Gain on Sale of Investments, $5,000 debit Cash, $105,000; credit Investments-Evans Company Bonds, $104,500, and Interest Revenue, $500
ALL 3 REQ
Dont uplode images in answer Journalize the following: a) Purchased 1200 shares of Spring Corporation common stock at $15 per share plus a brokerage fee of $50. Spring Corporation has 20,000 shares outstanding. b) Purchased an influential interest in Sunshine Co. for $45000 by purchasing 4,800 shares of the 10,000 of the outstanding. c) Received a cash dividend of $.50 per share on the Spring Corporation stock acquired in (a). d) Received a cash dividend of $1.00 per share on the Sunshine Co. stock acquired in (b). e) Sunshine Co. reported net income of 100,000. Recorded the appropriate amount of Sunshine Co. net income using the percentage of stock acquired in (b).
Label each transaction as an Operating Activity, Investing activity, or Financing Activity and if it is an inflow or (outflow). 1. Drake issued 10,000 shares of common stock for $40,000 2. Drake collected $80,000 from customers on Accounts Receivables 3. Drake Paid $5,000 in interest payments on their bonds 4. Drake purchased a new copy machine and paid cash of $35,000 5. Drake sold their old copy machine for $2,000 cash 6. Drake paid a $4,500 dividend to shareholders 7. Drake borrowed $40,000 cash from the bank on December 28,2019 (payments begin 1/28/20) 8. Drake purchased a patent for $15,000 cash 9. Drake paid $65,000 cash in wages during 2019 10. Drake paid 2018 taxes due in the amount of $10,500 on April 15, 2019 Indicate the total net cashflow (Inflow-Outflow) from above for each classification: Operating Investing Financing