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Following are the issuances of stock transactions 1A corporation issued 4,000 shares of $10 par value common stock for $48.000 cash 2A corporation issued 2.000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $54,500. The stock has a $3 per share stated value 3. A corporation issued 2000 shares of no par common stock to ts promoters in exchange for their efforts, estimated to be worth $54.500. The stock has no stated value 4. A corporation issued 1000 shares of $50 par value preferred stock for $104,500 cash. Analyze each transaction from isuances of stock by showing its effect on the accounting equation-specifically, idensity the accounts and amounts (including or- for each transaction.

Following are the issuances of stock transactions 1A corporation issued 4,000 shares of $10 par value common stock for $48.000 cash 2A corporation issued 2.000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $54,500. The stock has a $3 per share stated value 3. A corporation issued 2000 shares of no par common stock to ts promoters in exchange for their efforts, estimated to be worth $54.500. The stock has no stated value 4. A corporation issued 1000 shares of $50 par value preferred stock for $104,500 cash. Analyze each transaction from isuances of stock by showing its effect on the accounting equation-specifically, idensity the accounts and amounts (including or- for each transaction.

FINANCIAL ACCOUNTING
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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Following are the issuances of stock transactions 1. A corporation issued 4,000 shares of $10 par value common stock for $48,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $54,500. The stock has a $3 per share stated value. 3. A corporation issued 2,000 shares of no par common stock to its promoters in exchange for their efforts, estimated to be worth $54,500. The stock has no stated value. 4. A corporation issued 1000 shares of $50 par value preferred stock for $104,500 cash. Analyze each transaction from issuances of stock by showing its effect on the accounting equation- specifically, identity the accounts and amounts (including or - for each transaction. Answer is not complete. Assets Lisbities 1. Cash 48.000O Coevon Soa $to Par Vaue (+) ncrease (40,000 Paidin Captin Excess of Par Vale Commce ck O nose .000 O Organzetion Expenses O-) decrease 54500 O 2. Coman Stock, 13 stated vae O)increane 2,000 O 2. Paidin Capd in Excess of Stated Vale. Common Stock (2 Organization Epenses Common Stodk, No Par Va O decase 4.500O OOcrease 13. +)increase Prelemed Stook $50 Par Vakue Paid in Capt in Excess of Par we Prefened Steck 4. 54.500 increese 104.500O [4. Cash
Transcribed Image Text:Following are the issuances of stock transactions 1. A corporation issued 4,000 shares of $10 par value common stock for $48,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $54,500. The stock has a $3 per share stated value. 3. A corporation issued 2,000 shares of no par common stock to its promoters in exchange for their efforts, estimated to be worth $54,500. The stock has no stated value. 4. A corporation issued 1000 shares of $50 par value preferred stock for $104,500 cash. Analyze each transaction from issuances of stock by showing its effect on the accounting equation- specifically, identity the accounts and amounts (including or - for each transaction. Answer is not complete. Assets Lisbities 1. Cash 48.000O Coevon Soa $to Par Vaue (+) ncrease (40,000 Paidin Captin Excess of Par Vale Commce ck O nose .000 O Organzetion Expenses O-) decrease 54500 O 2. Coman Stock, 13 stated vae O)increane 2,000 O 2. Paidin Capd in Excess of Stated Vale. Common Stock (2 Organization Epenses Common Stodk, No Par Va O decase 4.500O OOcrease 13. +)increase Prelemed Stook $50 Par Vakue Paid in Capt in Excess of Par we Prefened Steck 4. 54.500 increese 104.500O [4. Cash
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