Answered: If Swifty Corporation issues 3500…

Business

Accounting

If Swifty Corporation issues 3500 shares of $10 par value common stock for $351000, the account

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 14)If Mande Corp issues 7,000 shares of $30 par value common stock for $240,000, the account…

A: Cash received from issue of stock is $240,000.

Q: Nevada Corporation has 61,500 shares of $22 par stock outstanding that has a current market value of…

A: In this case, the company issues a 5-for-1 stock split which indicates that one share split into 5…

Q: The corporate charter of Carla Vista Corporation allows the issuance of a maximum of 30,800,000…

A: Solution: When common stock are issued at a price greater than face value, common stock account is…

Q: The corporate charter of Reilly Corporation allows the issuance of a maximum of 10,000,000 shares of…

A: Shares are the units of the total stock of a company which shows the fractional ownership of the…

Q: *I need help on the Dec 31 entire entry (see attached): HW15-01A: On January 23, 15,000 shares of…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: If a corporation issues 6,000 shares of $5 par value common stock for 89,000 the journal entry would…

A: Total par value of Common Stock = No. of Common Stock issued x par value per share = 6000 x $5 =…

Q: Skysong Corporation began business in 2020 by issuing 79000 shares of $5 par common stock for $6 per…

A: The statement of shareholders equity defines the total outstanding shares and other stock related to…

Q: Whispering Winds Corporation is authorized to issue 22,500 shares of $50 par value, 10% preferred…

A: In account, transactions are the exchange of products, services, or coffers between two or further…

Q: Clark Corporation purchased 200 shares of its own $1 par value common stock for $20 per share. What…

A: Journal Entry:Journal entry refers to the recoding of the transactions of the business in the…

Q: On January 1, Sage Hill Corporation had 79000 shares of $10 par value common stock outstanding. On…

A: Stock Dividend is a dividend in the form of shares declared and issued by the corporation to the…

Q: Oscar Corporation issues 500 shares of preferred stock with a $100 per share par value and annual…

A: Introduction: Preferred stock holders have the preference over common stock holders on (1)…

Q: On December 31, 2023, Li-Wu Company had 100,000 shares of common stock outstanding and 24,000 shares…

A: In order to determine the Basic earning per share, the earnings available to equity shareholders are…

Q: On January 1, Larkspur Corporation had 99000 shares of $10 par value common stock outstanding. On…

A: Stock dividend is the form of dividend declared and issued by the company to the shareholders. A…

Q: On April 1, 2023, 400,000 common shares were issued at $0.90 per share. On June 1, the board of…

A: The objective of the question is to prepare the equity section of the company's balance sheet as of…

Q: Nevada Corporation has 46,423 shares of $30 par stock outstanding that has a current market value of…

A: The objective of the question is to calculate the number of shares outstanding after Nevada…

Q: If Carla Vista Supply Company issues 4800 shares of $5 par value common stock for $201600, the…

A: The journal entries are prepared to record the transactions on regular basis. The cash received in…

Q: Cambridge has 500,000 shares of $3 par value common stock outstanding. The current market price of…

A: Stock dividend = 500,000 shares * 15% = 75,000 shares Current market price = $225 Value of stock…

Q: The Sirap Corp. issued 20000 shares of Common Stock $1 Par at $25 on 1/3/17. The following…

A: The journal entries are prepared to record the transactions on regular basis. The additional paid in…

Q: Lilac Company has 200,000 shares of ordinary shares outstanding on January 1, 2021. On March 31,…

A: Weighted average ordinary shares outstanding = Beginning ordinary shares outstanding + (additional…

Question

If Swifty Corporation issues 3500 shares of $10 par value common stock for $351000, the account

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

On January 1, 2025, Wildhorse Corporation had 380000 shares of its $2 par value common stock outstanding. On March 1, Wildhorse sold an additional 760000 shares on the open market at $20 per share. Wildhorse issued a 20% stock dividend on May 1. On August 1, Wildhorse purchased 422000 shares and immediately retired the stock. On November 1, 603000 shares were sold for $25 per share. What is the weighted-average number of shares outstanding for 2025? O 517620 O 1140667 O 718620 O 1549000
On January 1, 2020, XYZ Corporation had 250,000 ordinary shares of P2 par value outstanding. On March 1, XYZ sold an additional 500,000 shares on the open market at P20 per share. XYZ issued a 20% share dividend on May 1. On August 1, XYz purchased 280,000 shares and immediately retired the shares. On November 1, 400,000 shares were sold for P25 per share. What is the weighted-average number of shares outstanding for 2020?
On June 30, 2020, when ABC shares were selling for $ 65 each, the equity accounts had the following balances: Common shares (par value $ 50: 50,000 issued) $ 2,500,000 Capital contributed in excess of par value 600,000 Retained earnings 4,200,000 A 100% share dividend is declared and distributed, the balance of the Common Shares account after recording the dividend will be: a. $2,500,000 b. $7,300,000 c. $3,100,000 d. $5,000,000
Ahrens Industries is authorized to issue 250,000 shares of no-par common stock with a $6 stated value. Ahrens issues 175,000 shares at $9 per share. What value in excess of the stated value should Ahrens record as additional paid-in capital in the stockholders’ equity section of its balance sheet? $525,000 $450,000 $225,000 $675,000
G.Swifty Corporation was organized on January 1, 2020, with authorized capital of 1060000 shares of $10 par value common stock. During 2020, Swifty issued 55000 shares at $11 per share, purchased 5500 shares of treasury stock at $12 per share, and sold 5500 shares of treasury stock at $14 per share. What is the amount of additional paid-in capital at December 31, 2020? O $55000 O $0 O $66000 O $11000
On December 31, 2023, Li-Wu Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2024, Li-Wu purchased 24,000 shares of common stock on the open market as treasury stock for $35 per share. Li-Wu sold 6,000 treasury shares on September 30, 2024, for $37 per share. Net income for 2024 was $180,905. Also outstanding during the year were fully vested incentive stock options giving key executives the option to buy 50,000 common shares at $40. The market price of the common shares averaged $39 during 2024. Required: Compute Li-Wu's basic and diluted earnings per share for 2024. Note: Leave no cells blank - be certain to enter "0" wherever required. Round your answers to 2 decimal places. Basic Diluted Earnings per share
Sheffield Company origînally issued 5400 shares of $10 par value common stock for $162000 ($30 per share). Sheffield subsequently purchases 530 shares of treasury stock for $26 per share and resells the 530 shares of treasury stock for $31 per share. In the entry to record the sale of the treasury stock, there will be a O credit to Paid-In Capital from Treasury Stock for $2650. debit to Paid-In Capital in Excess of Par of $15900. O credit to Common Stock for $13780. O credit to Treasury Stock for $5300. Save for Later Attempts: 0 of 1 used Submit Answer