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

See similar textbooks

Similar questions

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
The Sneed Corporation issues 12,700 shares of $46 par preferred stock for cash at $63 per share. The entry to record the transaction will consist of a debit to Cash for $800,100 and a credit or credits to: a.Preferred Stock for $584,200 and Retained Earnings for $215,900. b.Preferred stock for $584,200 and Paid-in Capital in Excess of Par Value−Preferred Stock for $215,900. c.Preferred Stock for $800,100. d.Paid-in Capital from Preferred Stock for $800,100.
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
Newly formed S&J Iron Corporation has 161,000 shares of $3 par common stock authorized. On March 1, Year 1, S&J Iron issued 11,500 shares of the stock for $10 per share. On May 2, the company issued an additional 20,000 shares for $21 per share. S&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Complete this question by entering your answers in the tabs below. Req A…
A corporation purchases 1,000 shares of its own common stock for $4,000 on February 13. On April 13, half of the treasury stock was sold for $3,000. On April 26, the other half of the treasury stock was sold for $1,800. The entry to record the April 26 sale would include a a.credit to Cash for $1,800. b.debit to Paid-In Capital from Sale of Treasury Stock for $200. c.debit to Treasury Stock for $2,000. d.credit to Paid-In Capital from Sale of Treasury Stock for $1,200.
If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, O Common Stock will be credited for $75,000 O Paid-In Capital in Excess of Par will be credited for $9,000 Paid-In Capital in Excess of Par will be credited for $66,000 O Cash will be debited for S66,000
A corporation sold 9,000 shares of its $10 par value common stock at a cash price of $13 per share. The entry to record this transaction. would include: Multiple Choice A debit to Cash for $90,000. A debit to Paid-in Capital in Excess of Par Value, Common Stock for $117,000. A credit to Common Stock for $117,000. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $207,000. A credit to Common Stock for $90,000.
Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: a. $5 cash per share. b. $6 cash per share. View transaction list Journal entry worksheet 1 > Record the issuance of 75,000 shares of $5 par value common stock assuming the shares sell for $5 cash per share. Note: Enter debits before credits. 3/ F6 F7 F8 F9 F10
Newly formed S&J Iron Corporation has 143,000 shares of $7 par common stock authorized. On March 1, Year 1, S&J Iron issued 12,000 shares of the stock for $10 per share. On May 2, the company issued an additional 23,500 shares for $22 per share. S&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Complete this question by entering your answers in the tabs below. Req A…
Nebraska Inc. issues 4,200 shares of common stock for $134,400. The stock has a stated value of $14 per share. The journal entry for the stock issuance would include a credit to Common Stock for a. $4,200 b. $75,600 c. $58,800 d. $134,400
If Dakota Company issues 2,900 shares of $9 par common stock for $55,100, a. Common Stock will be credited for $55,100. b. Cash will be debited for $26,100. c. Paid-In Capital in Excess of Par will be credited for $29,000. d. Paid-In Capital in Excess of Par will be credited for $26,100.
Nexis Corp. issues 1,110 shares of $9 par value common stock at $17 per share. When the transaction is journalized, credits are made to a.Common Stock, $8,880 and Retained Earnings, $9,990. b.Common Stock, $8,880 and Paid-In Capital in Excess of Stated Value, $9,990. c.Common Stock, $18,870. d.Common Stock, $9,990, and Paid-In Capital in Excess of Par—Common Stock, $8,880.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS