Answered: XYZ Inc. issued 6,000 shares of $100…

XYZ Inc. issued 6,000 shares of $100 par value stock for $700,000 cash. The total amount of contributed capital in excess of par is: T100.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Ted’s Hats issued 20,000 shares of stock for $20 per share. The par value of the stock was $1 per…

A: Answer) Calculation of Value of Capital Stock Capital Stock = Number of shares issued X Par value…

Q: Novak Corporation earned $371,000 during a period when it had an average of 100,000 shares of common…

A: Formula: Earnings per share = ( Net income - Total preferred dividends ) / Total outstanding shares

Q: 14)If Mande Corp issues 7,000 shares of $30 par value common stock for $240,000, the account…

A: Cash received from issue of stock is $240,000.

Q: company issues 10,000 shares of $2 par value common stock at a market price of $30 per share, which…

A: Here company issued 10000 shares at market price of $30, par value of each share is $2

Q: journal entry to record the issuance, how much should be recorded for Paid-in Capital in Excess of…

A: Given in the question:- 500 Common Stock * $10 per share= $5000 200 Preferred Stock * $ 20 per…

Q: A company issued 120 shares of $100 par value common stock for $14,200 cash. The total amount of…

A: The paid in capital in excess of par value is recorded as share premium in the balance sheet.

Q: Badger Corporation issued 9,000 shares of its $5 par value common stock in payment for attorney…

A: Paid-in Capital in Excess of Par = Attorney services bill value - Par Value of Common stock.

Q: XYZ Corporation issued 1,000 shares of common stock with a par value of $10 per share. If the…

A: To calculate the total amount of additional paid-in capital, we need to determine the difference…

Q: Bonita Corporation earned $405,000 during a period when it had an average of 100,000 shares of…

A: Basic Earnings Per Share = Net Earnings / Average Number of Shares Diluted EPS = Net Earnings /…

Q: The shareholders' equity of XYZ Corporation is presented as follows: 10% Preference Share 2,000…

A: Introduction: Generally companies issues two types of shares - Preference shares and common shares.…

Q: Thousand Islands Resorts has 1,750,000 shares of authorized common stock, each having a $1 par…

A: Honor code: Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: ABC Corporation presented the following information in its 2021 statement of financial position:…

A: Journal entry is the first step in recording financial transactions in the books of the company. It…

Q: Enscoe Enterprises, Incorporated (EEI) has 300,000 shares authorized, 230,000 shares issued, and…

A: Outstanding shares represent the total ownership in a company held by investors, while treasury…

Q: Blossom Corporation earned $352,000 during a period when it had an average of 100,000 shares of…

A: Incremental shares = [(Market price - option price)/market price] x no. of warrant = [(15-10)/15] x…

Q: Enscoe Enterprises, Incorporated (EEl) has 240,000 shares authorized, 210,000 shares issued, and…

A: Shares outstanding=Shares issued-Shares reacquired Book value per share=(Common stock+Retained…

Q: Zetus Corp is authorized to issue 2,000,000 shares of P4 par value capital stock. The corporation…

A: Paid-in capital is the amount which was received from the general shareholders in exchange of the…

Q: Wildhorse Corporation earned $422,000 during a period when it had an average of 100,000 shares of…

A: Earnings Per Share: The profit of a business is divided by the total quantity of shares that are…

Q: The market price of a share of common stock at the time of issuance was $18.00, while the market…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: Love Corporation provided the following data during the first year of operations: Sold 30,000…

A: 1. Preference share capital =30,000 × $100=$3,000,000. Share Premium Preference =30,000 ×…

Q: Mirza Corp. issued 10,000 ordinary shares with a par value of P1 for a building. The building is…

A: Common stockholders choose the board of administrators and vote on enterprise decisions. Long term,…

Q: Enscoe Enterprises, Inc. (EEI) has 220,000 shares authorized, 170,000 shares issued, and 30,000…

A: Calculate the book value per share as follows: Book value per share = Total equity / Number of…

Q: Howat Corporation earned $360,000 during a period when it had an average of 100,000 shares of common…

A: Net income of the corporation=$360,000 Number of common shares outstanding=100,000 Number of…

Q: Damsel Corporation is authorized to issue 6,000,000 shares of $1 par value capital stock. The…

A: Issue of common stock is one of useful source of finance being used in business. Under this, shares…

Q: mmon stock sold at an average market price of $18 per share during the period. Also outstanding w…

A: Formula: Earnings per share = ( Net income - Total preferred dividends ) / Total outstanding shares

Q: Enscoe Enterprises, Incorporated (EEI) has 360,000 shares authorized, 300,000 shares issued, and…

A: Shares, usually referred to as stocks, signify ownership in a business. When a company decides to…

Q: Casper Energy Exploration reports that the corporation's assets are valued at $120,000,000, its…

A: solution given Total assets 120000000 Total liabilities 76000000 Number of shares…

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: Consider the following events: 25,000 shares of preferred stock, cumulative, 5%, $40 par was issued…

A: Cash flow statement means the statement which shows the cash flow in or out of business enterprises…

Q: The mosaic corporation issued 10000 shares of $50 par, 9% preferred stock, and received $530000 from…

A: When company for issues share it will receive cash

Q: National Spirit Inc. issues 270,000 common shares for $5 per share. The journal entry is: O A. O B.…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: The Tiffin corporation has assets of $424,000, current liabilities of $45,000, and long-term…

A: The ratio of the entire equity held by shareholders to the total number of shares outstanding is…

Q: Parker Corporation has issued 2,000 shares of common stock and 400 shares of preferred stock for a…

A: Journal entry is the first stage of the accounting process.Journal entry is used to record business…

Q: If Norben Company issues 4,000 shares of $5 par value common stock for $140,000, the account Common…

A: Paid-in Capital in Excess of Par represents the amount investors pay for shares above their nominal…

Q: Enscoe Enterprises, Incorporated (EEI) has 240,000 shares authorized, 210,000 shares issued, and…

A: The worth of a company's stock seems to be an essential indicator that investors, experts, and other…

Q: On January 1, 20x1, Raven Ltd. had 40,000 shares of common shares issued and outstanding. The book…

A: 1. Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders…

Q: Caesar Cruise Lines, Inc. issues 6000 shares of common stock with a $1 par value. The issue price of…

A: The objective of the question is to determine the correct journal entry to record the issuance of…

Q: Accounting Sigma Corporation is authorized to issue 10,000,000 shares of $5 par value capital…

A: The total paid in capital includes the value of shares issued by the organisation. It includes par…

Q: Wonder Ltd. has treasury stock transactions in 20X9 as follows: a. Feb. 27 Purchased…

A: Feb 27 Treasury Stock a/c DR 910000 To Cash…

Q: MJH Company issued 1000 shares of stock with a stated value of $10 per share for $17,000. The entry…

A: Issue of common stock is very important source of raising money from public. When stock is issued at…

Q: Grayson Corporation has 500,000 shares authorized, 428,000 shares issued, and 28,000 shares of…

A: Number of shares outstanding = Issued shares - Treasury stockTreasury stock- is the stock owned by…

Q: Sylvan Heights Company issues 120,000 shares of preferred stock for $44 per share. The stock has a…

A: The stockholder's equity is the part of financial statements of the company. It includes paid-up…

Q: Enscoe Enterprises, Incorporated (EEI) has 220,000 shares authorized, 160,000 shares issued, and…

A: Shares outstanding are the shares actually held by the entity. These are determined by deducting the…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

China Imports currently has 2,000 shares of common stock outstanding. The firm has assets of $200,000 and total liabilities including preferred stock of $75,000. Calculate the book value per share of China Imports common stock.
Fancy Clothing Company is authorized to issue 110,000 shares of $2 par common stock. The company issued 5,100 shares at $6 per share, when the market price of the common stock was $10 per share. Later, Charter declared and paid a $0.50 per share cash dividend. The journal entry to declare the cash dividend would be: O Dividends Payable - Common 55,000 Cash Dividends O Cash Dividends OOO Dividends Payable - Common O Cash Dividends Dividends Payable - Common O Dividends Payable - Common Cash Dividends 2,550 55,000 2,550 55,000 2,550 55,000 2,550
Zigma Corporation is authorized to issue 2,000,000 shares of $6 par value capital stock. The corporation issued half the stock for cash at $9 per share, earned $486,000 during the first three months of operation, and declared a cash dividend of $60,000. The total paid-in capital of Zigma Corporation after three months of operation is:-----------------
Sh8
MJH Company issued 500 shares of stock with a par value of $10 per share for land valued at $20,000. The entry to journalize this would include: a credit to paid in capital in excess of par of $15,000 All of the above a debit to land of $20,000 a credit to common stock of $5000
W16-3 SB Company has outstanding 40,000 shares of P5 par common stock which had been issued at P30 per share. SB then entered into the following transactions. 1. Purchased 5,000 treasury shares at $45 per share. 2. Resold 500 of the treasury shares at $40 per share. 3. Resold 2,000 of the treasury shares at $49 per share. Instructions: Use the following code to indicate the effect each of the three transactions has on the financial statement categories listed in the table below; assuming SB Company uses the cost method. |= Increase; D = Decrease; NE = No effect. Liabilities Stockholders' Paid-in Equity Number Assets Retained Net Capital Earning Income 1 2 3.
RKJ Company has provided the following information: •100,000 shares of $5 par value common stock are authorized • 70,000 shares have been issued •65,000 shares are outstanding The 70,000 shares of issued common stock were issued for $9 per share. Which of the following statements is correct? Select one: A. Treasury stock is reported at $45,000 on the balance sheet. B. Common stock is reported at $350,000 on the balance sheet. C. Additional paid-in capital is reported at $260,000 on the balance sheet. D. Common stock is reported at $630,000 on the balance sheet.
Enscoe Enterprises, Incorporated (EEI) has 280,000 shares authorized, 250,000 shares issued, and 20,000 shares of treasury stock. At this point, EEI has $2,120,000 of assets. $280,000 liabilities, $540,000 of common stock, and $1,300,000 of retained earnings. Further, assume that the market value of EEI's common stock is $10 per share. Required
Badger corporation issued 9,000 shares of its $5 per value common stock in payment for attorney services billed at 108,00. Badger corporations stock has been actively trading at $12 PER SHARE. ATHE JOURNAL ENTRY FOR THIS YRANSACRION WOULD INCLUDE A -credit to common stock 63,000 Debit to legal expense 45,000 -debit to legal expense 108,000 Credit to paid in capital in excess of Pat common 108,000
7) A ltd was registered with an authorized capital of Rs.6,00,000 in equity shares of Rs.10 each. The following is its Trail Balance on 31 March 2008. Particulars Debit Balance Rs. Credit Balance Rs.Goowill 25000 Cash 750 Bank 39900 Purchases 185000 Prelimiary Expenses 5000 Share capital 40000012% Debentures 300000P&L A/C (Cr.) 26250Calls-in-arrears 7500 Premises 300000 Plant & Machinery 330000 Interim Dividend 39250 Sales 415000Stock (1-4-2007) 75000 Furniture & Fixtures 7200 Sundry Debtors 87000 Wages 84865 General Expenses 6835 Freight and Carriage 13115 Salaries 14500 Directors Fees 5725 Bad debts 2110 Debenture Interest paid 18000 Bills Payable 37000Sundry Creditors 40000General Reserve 25000Provision for bad debts 3500Total 12,46,750 1246750 Prepare Profit & Loss Account, Profit…
The shareholders' equity of XYZ Corporation is presented as follows: 10% Preference Share, 2,000 shares outstanding P200,000; Ordinary Shares, 5,000 shares outstanding P100,000, Preference share premium P20,000; Ordinary share premium P25,000; Retained Earnings P450,000. If 350 shares of Preference Shares were retired at P125/share, how much will be credited to Cash?
Naruto Bakery has a capital structure consisting of:42,000 issued and paid-up ordinary shares RM105,0005,000 issued and paid-up 10% Preference shares RM15,0008% Bonds (10-year maturity) RM30,000The balance of retained earning as at 1 January 2021 was RM75,000. The market priceper unit of the company’s financial instruments are as follows:Ordinary shares : RM2.50 (last dividend paid was RM0.50; growth rate is 5%Preference shares : RM3.008% Bonds : RM890.00 (par value RM1,000)The company is considering to invest in new project worth RM80,000. The floatationcost to sell more shares and bonds are 5%. The corporate tax rate 25%.You are required to calculate (show all workings):a. The number of shares and bonds to be issued