Caesar Cruise Lines, Inc. issues 6000 shares of common stock with a $1 par value. The issue price of the stock is $20 per share. What is the journal entry required to record the issuance of the shares? Group of answer choices Cash 120,000 Common Stock—$1 par 6000 Addl. Paid-in Capital in Excess of Par—Common 114,000 Cash 20,000 Common Stock—$1 par 6000 Addl. Paid-in Capital in Excess of Par—Common 14,000 Cash 6000 Common Stock 6000 Cash 120,000 Common Stock 120,000

Caesar Cruise Lines, Inc. issues 6000 shares of common stock with a $1 par value. The issue price of the stock is $20 per share. What is the journal entry required to record the issuance of the shares? Group of answer choices Cash 120,000 Common Stock—$1 par 6000 Addl. Paid-in Capital in Excess of Par—Common 114,000 Cash 20,000 Common Stock—$1 par 6000 Addl. Paid-in Capital in Excess of Par—Common 14,000 Cash 6000 Common Stock 6000 Cash 120,000 Common Stock 120,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 27CE: Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common...

See similar textbooks

Similar questions

Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?
Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
Caesar Cruise Lines, Inc. issues 8000 shares of its no-par common stock. The issue price of the stock is $24 per share. What is the journal entry required to record the issuance of the shares? Group of answer choices Cash 8000 Common Stock—no par 8000 Common Stock 8000 Addl. Paid-in Capital in Excess of Par—Common 8000 Cash 192,000 Common Stock—no par 192,000 Cash 192,000 Common Stock—no par 8000 Addl. Paid-in Capital in Excess of Par—Common 184,000
Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at $32 per share. What is the correct entry to record the stock issuance? O a. Debit to Cash, $32,000; Credit to Preferred Stock, $32,000 O b. Debit to Cash, $32,000; Credit to Additional Paid-in Capital, $32,000 O C. Debit to Cash, $32,000; Credit to Common Stock, $31,990; Credit to Additional Paid-in Capital, $10 O d. Debit to Cash, $32,000; Credit to Preferred Stock, $10; Credit to Additional Paid-In Capital-Common Stock, $31.990
The following data is available for Crane Corporation at December 31, 2025: Common stock, par $10 (authorized 31500 shares) $283500 Treasury stock (at cost $15 per share) $1080 Based on the data, how many shares of common stock are issued? O 28278. O 31428. O 31500. O 28350.
Splish Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump su $125,000 Prepare the journal entry for the issuance when the market price of the common shares is $180 each and market pr preferred is $225 each (b)Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $220 s (Round answers to 0 decimal places, eg. $1,225. Credit account titles are automatically indented when amoun entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter a for amounts) No. Account Titles and Explanation (a) Cash Common Stock Capital Paid-in C in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit Credit
Lily Company issues 5,000 shares of its $2 common stock when the market price is $5 per share. The journal entry to record this will include a: debit to Common Stock of $10,000 debit to Cash for $10,000 credit to Additional Paid-in Capital in excess of par (APIC) of $10,000 credit to Additional Paid-in Capital in excess of par (APIC) of $15,000
Prepare the journal entry to record Jevonte Company's issuance of 41,000 shares of its common stock assuming the shares have a: a. $3 par value and sell for $19 cash per share. b. $3 stated value and sell for $19 cash per share. View transaction list Journal entry worksheet < 1 Record the issuance of 41,000 shares of common stock assuming the shares have a $3 par value and sell for $19 cash per share. 2 Note: Enter debits before credits. Transaction a. General Journal Debit Credit
1. XYZ Company issues 3000 shares of stock for $40/share. The journal entry to record this issuance would include: Group of answer choices a credit to Common Stock of $120,000 a debit to Common Stock of $120,000. a credit to Retained Earnings of $120,000 a credit to Common Stock of 40 2. XYZ Company issues 3000 shares of stock for $40/share. The stock has a par value of $2/share. The journal entry to record this issuance would include: Group of answer choices a credit to Common Stock of $6,000 a credit to Common Stock of $3,000 a credit to Common Stock of $120,000 a credit to Common Stock of $114,000 3. Par value is: Group of answer choices the legal capital of a corporation the market value of the stock designed to protect the stockholders what the stock was worth when it was issued 4. XYZ Company has 40,000,000 shares of stock authorized, 10,000,000 shares issued and 800,000 shares outstanding. How many shares are…
A company issues 1 million shares of common stock with a par value of $0.18 for $16.60 a share. The entry to record this transaction includes a debit to Cash for: Multiple Choice $16,600,000, a credit to Common Stock for $180,000, and a credit to Additional Paid-in Capital for $16,420,000. $16,600,000 and a credit to Common Stock for $16,600,000. $180,000, a debit to Capital Receivable for $16,420,000, a credit to Common Stock for $180,000, and a credit to Additional Paid-in Capital for $16,420,000. $180,000 and a credit to Common Stock for $180,000.