Nebraska Inc. issues 2,300 shares of common stock for $73,600. The stock has a stated value of $12 per share. The journal entry to record the stock issuance would include a credit to Common Stock for a.$73,600 b.$27,600 c.$2,300 d.$46,000

Nebraska Inc. issues 2,300 shares of common stock for $73,600. The stock has a stated value of $12 per share. The journal entry to record the stock issuance would include a credit to Common Stock for a.$73,600 b.$27,600 c.$2,300 d.$46,000

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: Lily Company issues 5,000 shares of its $2 common stock when the market price is $5 per share. The…

A: Journal entry is the procedure for initially documenting commercial transactions in the books of…

Q: If Company issues 3,000 shares of $8 par common stock for $51,000, a. Common Stock will be credited…

A: To record issue of common stock for cash, As cash is received, therefore same will be debited;…

Q: A corporation issues 1,500 shares of common stock for $32,000. The stock has a par value of $10 per…

A: Company may raise capital or funds from the issue of common stock or preference stock. When these…

Q: a. Issued 1,000 shares of $10 par common stock at $59 for cash. b. Issued 1,400 shares of $10 par…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Sneed Corporation issues 13,300 shares of $46 par preferred stock for cash at $61 per share. The…

A: Whenever the preferred stock shares are issued at premium i.e above their par value, the par value…

Q: Suppose Value Home and Garden Imports issued 400,000 shares of $0.10 par common stock at $4 per…

A: Cash received on issue of shares = No. of share issued x share issue price = 400,000*$4 =…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: The shares issued at the higher amount as compared to par value are the shares issued at premium.…

Q: Nexis Corp. issues 2,470 shares of $12 par value common stock at $17 per share. When the transaction…

A: A company can issue its common stock at Par, discount or at premium. When a stock is issued at…

Q: Rodriguez Corporation issues 10,000 shares of its common stock for $93,500 cash on February 20.…

A: JOURNAL ENTRY Journal Entry is the Process of Recording Financial and Non financial Transactions…

Q: If Dakota Company issues 1,100 shares of $6 par common stock for $24,200, a.Cash will be debited…

A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…

Q: On May 10, Pronghorn Corp. issues 2,200 shares of $4 par value common stock for cash at $14 per…

A: Per share paid in excess=Issue price-Par value=$14-$4=$10

Q: MJH Company issued 50 shares of stock with a par value of $10 per share for $12 a share. The entry…

A: MJH Company Issued 50 shares of stock with a par value of $10 per share for $12 a share.

Q: A company issued 30 shares of $.50 par value common stock for $12,000. The credit to additional…

A: Introduction: Common stock: Company raises capital by issuing common stock to the public. Splitting…

Q: Osage Corporation issued 2,000 shares of stock. Instructions Prepare the entry for the issuance…

A: Journal entries are the reporting of the daily business transactions in the books of accounts. These…

Q: XYZ Company issues 5000 shares of stock for $30/share. The stock has a par value of $5/share. The…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: A corporation issues 6,000 shares of $5 par value common stock for $8 cash per share. The entry to…

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded…

Q: Swifty Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: The journal entries are prepared to record the transactions on regular basis. Using proportional…

Q: Splish Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Scenario 1: Market prices known for both common and preferred stockJournal Entry:Account Titles and…

Q: A corporation issues 5,000 shares of common stock for $62,000. The stock has a stated value of $10…

A: Issuing common stock at more than par means selling shares at a price higher than their stated or…

Q: Sneed Corporation issues 11,600 shares of $45 par preferred stock for cash at $67 per share. The…

A: Total par value of preferred stock issued = No. of shares issued x par value per share = 11,600…

Q: On May 10, Bramble Corp. issues 1,200 shares of $7 par value common stock for cash at $12 per share.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: ABC issued 10,000 shares of stock for $20/share. The stock has a par value of $5. The journal…

A: When common stock issue more than it's par value then it is common share issued at premium. Journal…

Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at…

A: Total deividend received = No. of shares x Dividend per share = 6,000 shares x $0.42 per share =…

Q: During the year, Corp. started operations and began issuing stock. # stated value common stock for…

A: Journal entries are typically recorded in the general journal, which is a book of original entry…

Q: Nebraska Inc. issues 2,200 shares of common stock for $70,400. The stock has a stated value of $20…

A: Common stock is the kind of stock issued by the entity for raising funds from the market. The…

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

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

Q: A company issues 1 million shares of common stock with a par value of $0.14 for $16.20 a share. The…

A: If the common shares are issued for more than their par value. The excess amount goes to Additional…

Q: If Dakota Company issues 3,200 shares of $10 par common stock for $57,600, Oa. Cash will be debited…

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

Q: Rodriguez Corporation issues 10,000 shares of its common stock for $76,900 cash on February 20.…

A: Shares are the instrument which has been used by the company to get capital from the market, there…

Q: Rodriguez Corporation issues 19,000 shares of its common stock for $152.000 cash on February 20.…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: please fill the pictures in: Rodriguez Corporation Issues 8,000 shares of Its common stock for…

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

Q: Rodriguez Corporation issues 6,000 shares of its common stock for $87,500 cash on February 20.…

A: Given, Number of shares issued = 6,000 Total issue price = $87,500

Q: Complete the following problem Jan. Issued 1,000 shares of Common Stock, $2 par for $12 per share.…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: Whenever a company issues common stock, then common stock is credited and cash is debited. If common…

Q: MJH Company issued 75 shares of stock with a par value of $5 per share for $7 a share. The entry to…

A: Common stock, cash and paid in capital in excess of par accounts would be used to record the issued…

Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

Nebraska Inc. issues 2,300 shares of common stock for $73,600. The stock has a stated value of $12 per share. The journal entry to record the stock issuance would include a credit to Common Stock for

a.$73,600

b.$27,600

c.$2,300

d.$46,000

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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

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

A corporation issues 3,100 shares of common stock for $99,200. The stock has a stated value of $15 per share. What amount of credit to Common Stock would the journal entry to record the stock issuance include? Select the correct answer. $46,500 $3,100 $99,200 $52,700
Question 4.) A corporation issues 2,500 shares of common stock for P45,000. The stock has stated value of P10 per share . The journal entry to record the stock issuance would include a credit to Share Capital of? A. P20,000 B. P25,000 C. P45,000 D. P5,000
vi.3
Journal entry?
If Dakota Company issues 3,000 shares of $9 par common stock for $45,000, a.Paid-In Capital in Excess of Par will be credited for $27,000. b.Paid-In Capital in Excess of Par will be credited for $18,000. c.Cash will be debited for $27,000. d.Common Stock will be credited for $45,000
Gotham Inc. issued 10,000 shares of its $2 par value common stock for $25 per share. The journal entry to record this transaction should include the following: (check all that apply) Select one or more: a. debit "Common Stock" for $20,000. b. credit "Additional Paid-in Capital" for $250,000. c. debit "Cash" for $250,000. d. credit "Additional Paid-in Capital" for $230,000. e. credit "Common Stock" for $20,000. f. credit "Common Stock" for $250,000. g. credit "Additional Paid-in Capital" for $270,000.
MJH Company issued 1000 shares of stock with a stated value of $10 per share for $17,000. The entry to journalize this would include: a credit to common stock of $10,000 a debit to common stock of $10,000 none of the above a credit to cash of $17,000
Larkspur, Inc. issues 7,600 shares of $108 par value preferred stock for cash at $116 per share. What are the journal entries for the issuance of the preferred stock?
Nebraska Inc. issues 5,000 shares of common stock for $160,000. The stock has a stated value of $12 per share. The entry to journalize the stock issuance would include a credit to Common Stock for Oa. $5,000 Ob. $60,000 Oc. $160,000 Od. $100,000 Other
Prepare the journal entry to record Zende Company's issuance of 79,000 shares of $8 par value common stock assuming the shares sell for: a. $8 cash per share. b. $9 cash per share. View transaction list Journal entry worksheet
Prepare the following journal entries issued 2,000 shares of common stock, $ 1 par value at an issue price of $ 12.00. The board of directors declared a $ .25 cents per share dividend on the 10,000 common shares outstanding.
Subject :- Accounting