A corporation issued 180 shares of its $5 par value common stock in payment of a $2,600 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include:

A corporation issued 180 shares of its $5 par value common stock in payment of a $2,600 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include:

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: The charter of a corporation provides for the issuance of 103,000 shares of common stock. Assume…

A: Share can be issued upto charter of a corporation provides. reacquired shares are those shares which…

Q: A corporation issued 220 shares of its $5 par value common stock in payment of a $3,000 charge from…

A: Increase in expenses should be debited. Increase in equity should be credited. Amount in excess of…

Q: Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1…

Q: The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume…

A: Number of shares outstanding = Shares issued - Shares reacquired

Q: A corporation issued 300 shares of its $5 par value common stock in payment of a $1,800 charge from…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Hammond Manufacturing Inc. was legally incorporated on January 2, 2020. Its articles of…

A: In this question, Requirement 1-we will make a table of journal entries. Requirement 2- Prepare the…

Q: The charter of a corporation provides for the issuance of 25,000 shares of common stock. Assume that…

A: The number of shares outstanding for a corporation is an important metric representing the total…

Q: The charter of a corporation provides for the issuance of 111,000 shares of common stock. Assume…

A: Issue of common stock is one of useful source of finance being used in business. Dividends will also…

Q: What is the number of shares outstanding?

A: Answer - c.44,000

Q: On June 30, Purl Corp. issued 150,000 shares of its $20 par common stock for which it received all…

A: Consolidation can be defined as the process of combining the financial reports of two entities, the…

Q: The charter of a corporation provides for the issuance of 111,000 shares of common stock. Assume…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: A corporation is authorized to issue 60,000 shares of $30 common stock, the corporation should…

A: Authorized capital is the maximum number of shares that a company can issue. Paid-in capital is the…

Q: The corporate charter of Metlock, Corporation allows the issuance of a maximum of 100,000 shares of…

A: Authorized shares are the maximum number of shares a company is authorized to issue. Issued shares…

Q: The charter of a corporation provides for the issuance of 95,735 shares of common stock. Assume that…

A: Formulas: Cash dividend = Out standing shares * Dividend per share Cash dividend =(Shares issued -…

Q: On December 1 of the current year, the following accounts and their balances appear in the ledger of…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: The state charter of Vest Corporation authorizes the corporation to sell 500,000 shares. Vest has…

A: Here in this question, we are required to calculate the number of outstanding shares. Number of…

Q: costs of P incurred incorporation $8,000 to incorporate a new corporation, effective January 1 of…

A: The deductibility of Startup Expenses and Organizational Costs has been defined and provided under…

Q: Sheffield Corp., a private corporation, received its articles of incorporation on January 3, 2021 It…

A: Journal entry as well as calculation of average price per common share are as follows.

Q: Shelby Corporation was organized in January to operate an air-conditioning sales and service…

A: Stockholders' equity section of the balance sheet contains information about the common shares,…

Q: What is the number of shares outstanding?

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: 20. The Delta Sunrise Corporation is incorporated under the laws of Mississippi. The certificate of…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Required information [The following information applies to the questions displayed below.]…

A: The Stockholder's equity includes the issued capital and Retained earnings of the business. The…

Q: Kramer Company is authorized by the state to issue 10,000 shares of 8 percent, $100 par value…

A: Company means a form of business where the share holder invest money in business in form of shares…

Q: d

A: Particulars Debit Credit Issuing Cash/Bank $5,250,000 Bonds Payable…

Q: Journalize the following transaction: January 1 Paid the state $3,700 for incorporation fees

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

Q: Question: Wave Corp., A private corporation, received its articles of incorporation on January 3,…

A: Journal Entries -Journal Entries are the record of the transactions entered into by the…

Q: province 500,000 con and 20,000 preferred shares. Listed below are selected accounts from the…

A: The shareholders equity section shows the total equity relating to shareholders.

Q: The state charter allows a corporation to issue only a certain number of shares of each class of…

A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…

Q: The charter of a corporation provides for the issuance of 105,000 shares of common stock. Assume…

A: Given that, number of shares originally issued = 63000 shares number of shares reacquired = 12600

Q: The charter of a corporation (articles of incorporation) provides for the issuance of 100,000 shares…

A: Authorised shares are the maximum number of shares that a company is authorised to issue. Company…

Q: Villiage

A: The S corporation election must be made by the 15th day of the third month of the taxable year to be…

Q: A corporation issued 250 shares of its $5 par value common stock in payment of a $3,300 charge from…

A: The journal entry is an basic accounting record which is used to chronologically track the financial…

Q: The charter of a corporation provides for the issuance of 119,000 shares of common stock. Assume…

A: Outstanding shares:-Outstanding shares are those shares that are held by investors…

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 with 1 images

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

The charter of a corporation provides for the issuance of 109,000 shares of common stock. Assume that 55,000 shares were originally issued and 12,900 were subsequently reacquired. What is the number of shares outstanding? a.42,100 b.12,900 c.109,000 d.55,000
Issued shares are the number of O authorized shares that have been sold. O shares a corporation is legally able to sell. shares sold each year by the corporation. O authorized shares in the corporation's articles of incorporation.
Assume that a city issues a $1,200,000 bond at par. The city, subsequently, pays $72,000 in interest on the bond and $1,200,000 of the principal. Required: Prepare the journal entries to record the issuance of the bond and the subsequent payments.
The charter of a corporation provides for the issuance of 117,000 shares of common stock. Assume that 64,000 shares were originally issued and 11,700 were subsequently reacquired. What is the number of shares outstanding? a. 52,300 b. 64,000 c. 11,700 d. 117,000
On February 1 of the current year, Motor, Inc., issued 600 shares of $3 par common stock to an attorney in return for preparing and filing the articles of incorporation. The value of the services is $8,700. Journalize this transaction. If an amount box does not require an entry, leave it blank. Feb. 1
The articles of incorporation allow for the issuance of 4,000,000 shares of common stock. The company issued 80,000 shares of common stock and repurchased 5,000 shares. What is the number of shares outstanding?
A corporation issued 180 shares of its $5 par value common stock in payment of a $2,600 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Multiple Choice A $2,600 debit to Common Stock. A $2,600 credit to Cash. A $900 debit to Organization Expenses. A $1,700 credit to Paid - in Capital in Excess of Par Value, Common Stock. A $ 2,600 credit to Common Stock.
The charter of a corporation provides for the issuance of 138,000 shares of common stock. Assume that 54,000 shares were originally issued and 13,100 were subsequently reacquired. What is the number of shares outstanding?
The charter of a corporation provides for the issuance of 136,000 shares of common stock. Assume that 66,000 shares were originally issued and 10,900 were subsequently reacquired. What is the number of shares outstanding? a.66,000 b.136,000 c.10,900 d.55,100
Shelby Corporation was organized in January to operate an air-conditioning sales and service business. The charter issued by the state authorized the following capital stock: Common stock, $1 par value, 200,000 shares. Preferred stock, $10 par value, 6 percent, 50,000 shares. During January and February, the following stock transactions were completed: a. Collected $900,000 cash and issued 30,000 shares of common stock. b. Issued 20,000 shares of preferred stock at $40 per share; collected in cash. Net income for the year was $60,000; cash dividends declared and paid at year-end were $11,000. Required: Prepare the stockholders' equity section of the balance sheet at December 31. SHELBY CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital:
The charter of a corporation provides for the issuance of 114,000 shares of common stock. Assume that 51,000 shares were originally issued and 6,800 were subsequently reacquired. What is the number of shares outstanding?
The charter of a corporation provides for the issuance of 120,000 shares of common stock. Assume that 45,000 shares were originally issued and 6,100 were subsequently reacquired. What is the number of shares outstanding? a.38,900 b.6,100 c.51,100 d.45,000