Alma Corp. issues 1,040 shares of $9 par common stock at $15 per share. When the transaction is recorded, credit(s) are made to Alma Corp. issues 1,040 shares of $9 par common stock at $15 per share. When the transaction is recorded, credit(s) are made toOa. Common Stock $15,600.b. Common Stock $9,360 and Paid-in Capital in Excess of Par Value $6,240.Oc. Common Stock $6,240 and Retained Earnings $9,360.Od. Common Stock $9,360 and Paid-in Capital in Excess of Stated Value $6,240.

When Common stock is issued at premium the additional amount received in Excess of Par is credited…

Answered: Alma Corp. issues 1,040 shares of $9…

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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Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42- per-shares dividend was received on the Gilbert Co. stock. On May 10, 4,000 shares of the Gilbert Co. stock was sold for $28 per share less a $160 brokerage fee. What accounts would be debited on February 12 for the purchase of the 6,000 shares of Gilbert Stock? DATE DESCRIPTION PREF DEBIT CREDIT Feb. 12 (?) $132,240 (?) $132,240 Investments – Gilbert Co. Stock Dividend receivable Cash Dividend revenue
Torres Inc. issues 40,000 shares of its $0.05 par value common stock for $70 per share. The journal entry to record the stock issuance will include a: Debit to Common Stock of $2,000. Credit to Common Stock of $2,800,000. Credit to Cash of $2,800,000. Credit to Additional Paid in Capital of $2,798,000.
Bridgeport Inc's $10 par value common stock is actively traded at a market price of $15 per share. Bridgeport issues 4,800 shares to purchase land advertised for sale at $71,500. Journalize the issuance of the stock in acquiring the land. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit eTextbook and Media
Flint Corporation issued 1,900 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) (e) No. Account Titles and Explanation (a) (b) The stock had a par value of $5.25 per share and was issued for a total of $46,500. The stock had a stated value of $5.25 per share and was issued for a total of $46,500. The stock had no par or stated value and was issued for a total of $46,500. The stock had a par value of $5.25 per share and was issued to attorneys for services during incorporation valued at $46,500. The stock had a par value of $5.25 per share and was issued for land worth $46,500. (c) (d) (e) J Debit Credit
Ehrlich Co. is authorized to issue 1,000,000 of it's $5 par value common stock. 1. Prepare entries for the following transactions: 1/15/22 Issued 100,000 shares of common stock for $6 per share 2/15/22 Issued 50,000 shares of common stock for $8 per share 4/15/22 Issued 70,000 shares of common stock for $9 per share 2. The company had net income of $250,000 for the year. Prepare the entry to close net income into retained earnings. 3.Prepare the Stockholders' equity section of the balance sheet for Ehrlich Co. at 12/31/22.
Lily Corporation issued 5,400 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) The stock had a par value of $5 per share and was issued for a total of $68,000. The stock had a stated value of $5 per share and was issued for a total of $68,000. The stock had a par value of $5 per share and was issued to attorneys for services duri The stock had a par value of $5 per share and was issued for land worth $68,000.
Flint Corporation issued 1,900 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The stock had a par value of $5.25 per share and was issued for a total of $46,500. (b) The stock had a stated value of $5.25 per share and was issued for a total of $46,500. (c) The stock had no par or stated value and was issued for a total of $46,500. A (d) The stock had a par value of $5.25 per share and was issued to attorneys for services during incorporation valued at $46,500. (e) The stock had a par value of $5.25 per share and was issued for land worth $46.500.
McVie Corporation’s stock has a par value of $2. The company has the following transactions during the year: Feb. 28 Issued 330,000 shares at $5 share. Jun. 7 Issued 93,000 shares in exchange for equipment with a clearly determined value of $205,000. Sep. 19 Purchased 2,700 shares of treasury stock at $7 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Feb. 28 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 Jun. 7 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 Sep. 19 fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24
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Gotham Inc. issued 10,000 shares of its $2 par value common stock for $25 per share. The journal entry to record this transaction should include the following: (check all that apply) Select one or more: a. debit "Common Stock" for $20,000. b. credit "Additional Paid-in Capital" for $250,000. c. debit "Cash" for $250,000. d. credit "Additional Paid-in Capital" for $230,000. e. credit "Common Stock" for $20,000. f. credit "Common Stock" for $250,000. g. credit "Additional Paid-in Capital" for $270,000.
Pronghorn Corp began operations on April 1 by issuing 52,200 shares of $4 par value common stock for cash at $15 per share. In addition, Pronghorn issued 2,300 shares of $1 par value preferred stock for $5 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit April 1 (To record issuance of mon shares) April 1 (To record issuance of preferred shares)
On January 2, Carlton, Incorporated, issued 100 shares of $10 par value common stock for cash of $10 per share. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet 1 On January 2, Carlton, Inc., issued 100 shares of $10 par value common stock for cash of $10 per share. Note: Enter debits before credits. Date Jan. 2 Cash Common stock General Journal Debit Credit

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