On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 729,000 shares of no-par common stock (with a stated value of $1.40) at $3.70, and on August 3, it issued for cash 22,500 shares of preferred stock, $50 par at $61. Required: A. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. Refer to the Chart of Accounts for exact wording of account titles. B. What is the total amount invested (total paid-in capital) by all stockholders as of August 3?

On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 729,000 shares of no-par common stock (with a stated value of $1.40) at $3.70, and on August 3, it issued for cash 22,500 shares of preferred stock, $50 par at $61. Required: A. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. Refer to the Chart of Accounts for exact wording of account titles. B. What is the total amount invested (total paid-in capital) by all stockholders as of August 3?

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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