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 toABC Corporation issues 5,000 ordinary shares with a $50 par value for cash at $55 per share. The entry to record the transaction will consist of a debit to Cash for $275,000 and a credit or credits toDuring its first year of operations, TLTH Corporation had the following transactions relating to its ordinary shares: Issued 80,000 shares for cash at P60 per share. Issued 500 shares to lawyers in payment of a bill for P35,000 for services rendered in helping the company to register the corporation Issued 30,000 shares for cash at P68 per share. Issued 10,000 shares for cash at P75 per share. If there is no par value but the stated value is P60 per share, what is the total legal capital? Give your answer in this format x,xxx,xxx
- OSE Corporation's articles of incorporation provides for the issuance of 100,000 ordinary shares. During the year, the company originally issued 45,000 shares and subsequently reacquired 5,000 shares. What is the amount of cash dividends to be paid if a P2 per share dividend is declared?National Spirit Inc. issues 270,000 common shares for $5 per share. The journal entry is: O A. O B. O C. O D. Cash Common Shares Cash Common Shares Accounts Cash Gain on the sale of Shares Accounts Accounts Cash Common Shares Accounts Common Shares Contributed Surplus on Common Shares Debit 1,350,000 Debit 1,350,000 Debit 270,000 Debit 1,350,000 Credit 1,350,000 Credit 270,000 1,080,000 Credit 270,000 Credit 540,000 810,000Mainland Resources Inc. began operations on June 5, 2023. 2023 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $83,800. 15 Received $21 cash per share for the issuance of 68,000 common shares. 16 Issued 10,000 preferred shares for cash of $32 per share. 17 8,000 common shares were issued to a creditor who was owed $123,000. 18 The board of directors declared a cash dividend of $18,800 on the preferred shares and $4,300 on the common shares to shareholders of record on June 20, payable July 1. 30 143,000 common shares were issued in exchange for machinery with a fair market value of $2,345,000. The shares were actively trading on this date at $15.00 per share. July 1 The dividends declared on June 18 were paid. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends. View transaction list Journal entry worksheet…
- The charter of a corporation provides for the issuance of 10,000 shares of common stock. Assume that 60,000 shares were originally issued and 10,000 were subsequently required. What is the amount of cash dividends to be paid if a $2/ per share dividend is declared?Mainland Resources Inc. began operations on June 5, 2023. 2023 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $84, 400. 15 Received $21 cash per share for the issuance of 74,000 common shares. 16 Issued 10,000 preferred shares for cash of $38 per share. 17 8,000 common shares were issued to a creditor who was owed $129,000. 18 The board of directors declared a cash dividend of $19,400 on the preferred shares and $ 4,900 on the common shares to shareholders of record on June 20, payable July 1. 30 149,000 common shares were issued in exchange for machinery with a fair market value of $2,435,000. The shares were actively trading on this date at $15.00 per share. July 1 The dividends declared on June 18 were paid. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends.Incentive 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?
- During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 80,000 shares for cash at $6 per share. Mar. 01 Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate. July 01 Issued 30,000 shares for cash at $8 per share. Sept. 01 Issued 60,000 shares for cash at $10 per share. Instructions a. Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share. b. Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share.Chard Ltd. issues 5,000 $100 par value preference shares for cash at $118 per share. Instructions: Journalize the issuance of the preference shares.Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par value. During its first year, the following selected transactions were completed: a. Issued 5,500 shares of common stock for cash at $20 per share. b. Issued 1,500 shares of common stock for cash at $23 per share. 4. Incentive Corporation has $45,000 in the company's bank account. At year-end, the accounts reflected a profit of $100. What is the maximum amount of cash dividends the company can declare and distribute? Maximum amount of cash dividends $ 100
