paws recieved 30,000 cash and issued common shares to shareholders
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paws recieved 30,000 cash and issued common shares to shareholders

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- The Sneed Corporation issues 10,000 shares of $50 par preferred stock for cash at $75 per share. The entry to record the transaction will consist of a debit to Cash for $750,000 and a credit or credits toIncentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1 parvalue. During its first year, the following selected transactions were completed:a. Issued 6,000 shares of common stock for cash at $20 per share.b. Issued 2,000 shares of common stock for cash at $23 per share.Required:1. Show the effects of each transaction on the accounting equation.2. Give the journal entry required for each of these transactions.3. Prepare the stockholders’ equity section as it should be reported on the year-end balancesheet. At year-end, the accounts reflected a profit of $100.4. Incentive Corporation has $30,000 in the company’s bank account. What is the maximumamount of cash dividends the company can declare and distribute?Chard Ltd. issues 5,000 $100 par value preference shares for cash at $118 per share. Instructions: Journalize the issuance of the preference shares.
- Evon, a limited liability company, issued 1,000,000 ordinary shares of 25 cents each at a price of $1.10 per share, all received in cash. What should be the accounting entries to record this issue? A Debit: Cash $1,100,000 Credit: Share capital $250,000 Credit: Share premium $850,000 B Debit: Share capital $250,000 Debit: Share premium $850,000 Credit: Cash $1,100,000 C Debit: Cash $1,100,000 Credit: Share capital $1,100,000 D Debit: Cash $1,100,000 Credit: Share capital $250,000 Credit: Retained earnings $850,000Alanae Inc issues 500 common shares to the organizers of its corporation to pay for their services valued at $5,000. What is included in the journal entry to record this transaction? O a. O b. C. O d. A debit to an asset account A credit to an expense account A credit to a liability account A credit to an equity accountVikarmbhai
- The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 420 shares of the company’s own common stock at $22 cash per share; the stock is now held in treasury. July 15 Issued 110 of the shares purchased on February 1 for $32 cash per share. Sept. 1 Issued 70 more of the shares purchased on February 1 for $17 cash per share. Required: Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) What impact does the purchase of treasury stock have on dividends paid?When Bayou Corporation was formed on January 1, 20xx, the corporation was authorized to issue 100,000 share of $10 par value common stock.The following transaction was among those engaged in by the corporation during its first month of operation:The corporation issued 9,000 shares of stock at a price of $25 per share.The entry to record the above transaction would include a Select one: a. debit to Cash for $90,000 b. credit to Paid in Capital in Excess of Par for $135,000 c. credit to Common Stock for $225,000 d. debit to Common Stock for $90,000A company issues 20,000 common shares for $15 each. Later in the year, the same company issues another 35,000 common shares for $27 each. Two weeks later, it repurchases 5,000 shares for 19 per share. The entry to record the repurchase would be which of the following? Debit Cash for $95,000 & Contributed Capital - Retirement of Common Shares for $18,200, credit Common Shares for $113,200. Debit Common Shares for $95,000 & Retained Earnings for $18,200, credit Cash for $113,200. Debit Common Shares for $95,000, credit Cash for $95,000. Debit Common Shares for $113,200, credit Contributed Capital - Retirement of Common Shares for $18,200 & Cash for $95,000.
- Liberward, Inc., sold and issued 1,000 shares for $15 per share. The book value of the shares was $10 per share. The journal entry to record the share issue would include which of the following? A). A debit to Cash for $10,000. B). A credit to Common Shares for $10,000. C). A credit to Common Shares for $15,000. D). A credit to Cash for $15,000During its first year of operations, Criswell Inc. completed the following transactions relating to shareholders' equity. January 5: February 12: Issued 300,000 of its common shares for $8 per share and 3,000 preferred shares at $110. Issued 50,000 shares of common stock in exchange for equipment with a known cash price of $310,000. The articles of incorporation authorize 5,000,000 shares with a par of $1 per share of common and 1,000,000 preferred shares with a par of $100 per share. Required: Record the above transactions in general journal form.During its first year of operations, Anchor Holdings Corporation entered into the following transactions relating to shareholders’ equity. The articles of incorporation authorized the issue of 12,000,000 common shares, $1.50 par per share, and 1,500,000 preferred shares, $30.00 par per share. January 12 Sold 3,000,000 common shares for $9.00 per share. February 1 Issued 60,000 common shares in exchange for legal services. February 1 Sold 120,000 of its common shares and 24,000 preferred shares for a total of $1,884,000. September 4 Issued 480,000 of its common shares in exchange for land for which the cash price was known to be $5,424,000. Required: Prepare the shareholders' equity section of the December 31 balance sheet.