During its first year of operations, Crane Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 25,100 shares for cash at $5 per share. July 1 Issued 50,500 shares for cash at $9 per share. (a) Prepare a tabular summary to record the transactions, assuming that the common stock has a par value of $5 per share. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Jan. 10 July 1 $ Assets Cash $ Liabilities $ Common Stock Paid-in-Capital PIC in Excess Co $
During its first year of operations, Crane Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 25,100 shares for cash at $5 per share. July 1 Issued 50,500 shares for cash at $9 per share. (a) Prepare a tabular summary to record the transactions, assuming that the common stock has a par value of $5 per share. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Jan. 10 July 1 $ Assets Cash $ Liabilities $ Common Stock Paid-in-Capital PIC in Excess Co $
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 9RE: For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the...
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