A corporation issued 7,000 shares of $10 par value common stock for $84, 000 cash. A corporation issued 3, 500 shares of no - par common stock to itspromoters in exchange for their efforts, estimated to be worth $21,500. The stock has a $1 per share stated value. A corporation issued 3,500 shares of no - parcommon stock to its promoters in exchange for their efforts, estimated to be worth $21,500. The stock has no stated value. A corporation issued 1, 750 shares of$25 par value preferred stock for $65, 250 cash.

Journal entries are typically based on source documents like invoices, receipts and contracts,…

Answered: A corporation issued 7,000 shares of…

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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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.
A corporation sold 9,500 shares of its $10 par value common stock at a cash price of $11 per share. The entry to record this transaction would include: Multiple Choice A credit to Common Stock for $95,000. A debit to Paid-in Capital in Excess of Par Value, Common Stock for $104,500. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $199,500. A credit to Common Stock for $104,500. A debit to Cash for $95,000. O
Prior to May 1, Fortune Company has never had any treasury stock transactions. The company repurchased 230 shares of its common stock on May 1 for $11,500. On July 1, it reissued 115 of these shares at $53 per share. On August 1, it reissued the remaining treasury shares at $48 per share. What is the balance in the Paid-in Capital, Treasury Stock account on August 2? Multiple Choice O O $11,615. $6,095. $15,410. $115. $0.
1. A corporation issued 9,000 shares of $10 par value common stock for $108,000 cash. 2. A corporation issued 4,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $32,000. The stock has a $1 per share stated value. 3. A corporation issued 4,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $32,000. The stock has no stated value. 4. A corporation issued 2,250 shares of $50 par value preferred stock for $144,500 cash. Exercise 11-4 (Algo) Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock. View transaction list Journal entry worksheet < A в с Record the issue of 9,000 shares of $10 par value common stock for $108,000 cash. Note: Enter debits before credits. Transaction 1 D General Journal Debit Credit
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The charter of a corporation provides for the issuance of 95,662 shares of common stock. Assume that 37,907 shares were originally issued and 3,885 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2 per share dividend is declared? a.$68,044 b.$3,885 c.$95,662 d.$37,907
77.
The charter of a corporation provides for the issuance of 114,964 shares of common stock. Assume that 44,309 shares were originally issued and 3,848 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared?
The charter of a corporation provides for the issuance of 116,962 shares of common stock. Assume that 44,382 shares were originally issued and 3,124 were subsequently reacquired. What is the amount of cash dividends to be paid if a $3 per share dividend is declared? Oa. $123,774 Ob. $9,372 Oc. $133,146 Od. $350,886
A company issues 10,000 shares of its own $10 par value common stock to the public for $19 per share. Later, 1, 000 of these shares are bought for $21 per share as treasury stock. Which of the Losses on the resale of these shares would impact reported net income for the year although gains would not The par value method and the cost method have the same total impact on stockholders equity Because this is a stock transaction, retained earnings cannot be affected by a re - issuance of these shares
Following are the issuances of stock transactions. A corporation issued 3,000 shares of $10 par value common stock for $36,000 cash. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $33,500. The stock has a $2 per share stated value. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $33,500. The stock has no stated value. A corporation issued 750 shares of $25 par value preferred stock for $52,250 cash. Prepare journal entries to record each of the following four separate issuances of stock.

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