If Dakota Company issues 3,200 shares of $10 par common stock for $57,600,Oa. Cash will be debited for $32,000.Ob. Paid-in Capital in excess of Par Value will be credited for $32,000.Oc. Common Stock will be credited for $57,600.Od. Paid-in Capital in excess of Par Value will be credited for $25,600.

Issue of shares Issue of Shares is the process by which companies pass on new shares to…

Answered: If Dakota Company issues 3,200 shares…

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 purchases 9,515 shares of its own $10 par common stock for $18 per share, recording it at cost. What will be the effect on total stockholders' equity? a.decrease by $171,270 b.increase by $171,270 c.decrease by $76,120 d.increase by $76,120
The balance sheet caption for common stock is the following: Common stock, $2 par value, 2,070,000 shares authorized, 1,310, 000 shares issued, 1,050,000 shares outstanding $? Required: a. Calculate the dollar amount that will be presented opposite this caption. b. Calculate the total amount of a cash dividend of $0.27 per share. c. What accounts for the difference between issued shares and outstanding shares? a. Amount b. Cash dividend c. Difference between issued shares and outstanding shares
Subject:
Sheridan Corp. issues 5200 shares of $10 par value common stock at $16 per share. When the transaction is recorded, credits are made to Common Stock $52000 and Paid-in Capital in Excess of Par $31200. O Common Stock $52000 and Paid-in Capital in Excess of Stated Value $31200. O Common Stock $52000 and Retained Earnings $31200. O Common Stock $83200.
A corporation purchases 10,000 shares of its own $20 par common stock for $35 per share, recording it at cost. What will be the effect on total stockholders' equity? Select one: O a. increase, $200,000 O b. increase, $350,000 Oc decrease, $200,000 O d. decrease, $350,000
Y Corporation is organized with authorized common stock of 10,000 shares without par value. If Y then issues 500 shares for cash at $10 per share, it makes the following entry .a Dr. Cash 5,000 and Cr. Common Stock .5,000 .b Dr. Cash 1,500 and Cr. Paid in capital -CS .1,500 .c Dr. Equipment 1,500, Cr. Common Stock .5,00 and Cr. Paid in capital -CS 1,000 .d Dr. Cash 1,500, Cr. Common Stock 500 .and Cr. Paid in capital -CS 1,000
Sh8
AB Co issues 5.000 50c shares for $6.000. Required: What are the amounts for share capital and share premium in the statement of financial position?
Prepare the journal entry to record Autumn Company's issuance of 68,000 shares of no-par value common stock assuming the shares: a. Sell for $31 cash per share. b. Are exchanged for land valued at $2,108,000.
Nexis Corp. issues 1,180 shares of $9 par value common stock at $17 per share. When the transaction is recorded, credits are made to a. Common Stock, $9,440 and Paid-In Capital in Excess of Stated Value, $10,620. Ob. Common Stock, $20,060. Oc. Common Stock, $9,440 and Retained Earnings, $10,620. Od. Common Stock, $10,620, and Paid-In Capital in Excess of Par-Common Stock, $9,440.
(19) Miller Corporation issued 7,000 shares of its $5 par value common stock in payments for attorney services billed at $70,000. Miller Corporation's stock has been actively trading at $10 per share. The journal entry for this transaction would include a credit to: A. Legal expenses for $70,000 B. Common stock for $70,000 C. Paid - in Capital in Excess of Par-Common for $70,000. D. Paid - in Capital in Excess of Par-Common for $35,000.
Bonita Corp. issues 1500 shares of $10 par value common stock at $16 per share. When the transaction is recorded, credits are made to O Common Stock $15000 and Paid-in Capital in Excess of Stated Value $9000. O Common Stock $15000 and Paid-in Capital in Excess of Par $9000. O Common Stock $15000 and Retained Earnings $9000. O Common Stock $24000.

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