15 InstructionsOn April 1, 10,000 shares of $5 par common stock were issued at $24, and on April 7,4,000 shares of $50 par preferred stock were issued at $106.General Journal12345Required:Journalize the entries for April 1 and 7. Refer to the Chart of Accounts forexact wording of account titles.6DATE$DESCRIPTIONJOURNALPOST. REF.DEBITCREDITACCOUNTING FOLATIASSETSLIABILITIES

When the a company issues stock, the issue price may be higher than the par value of the stock. The…

Answered: preferred stock were issued at $106.…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 10MC: A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the...

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Instructions On April 1, 10000 shares of S5 par common stock were issued at $24, and on April 7, 4,000 shares of $50 par preferred stock were issued at $106. Required: Journalize the entries for April 1 and 7. Refer to the Chart of Accounts for exact wording of account titles.
On April 1, 10,000 shares of $8 par common stock were issued at $25, and on April 7, 3,000 shares of $80 par preferred stock were issued at $107. Required: Journalize the entries for April 1 and 7. Refer to the Chart of Accounts for exact wording of account titles.
On January 1, 2022, the stockholders' equity section of Bridgeport Corporation shows common stock ($4 par value) $1,200,000; paid- in capital in excess of par $1,000,000; and retained earnings $1,240,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 50,000 shares for cash at $15 per share. July 1 Sold 11,000 treasury shares for cash at $17 per share. Sept. 1 Sold 9,500 treasury shares for cash at $14 per share.
On April 1, 12,000 shares of $6 par common stock were issued at $22, and on April 7, 6,000 shares of $60 par preferred stock were issued at $104. Journalize the entries for April 1 and 7. If an amount box does not require an entry, leave it blank. Date Account Debit Credit April 1 - Select - - Select - - Select - - Select - - Select - - Select - April 7 - Select - - Select - - Select - - Select - - Select - - Select -
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Calculating the Average Common Stockholders’ Equity andthe Return on Stockholders’ EquityRefer to the information for Somerville Company on the previous pages.Required:Note: Round answers to four decimal places.1. Calculate the average common stockholders’ equity.2. Calculate the return on stockholders’ equity
31. Closed the credit balance of the income summary account, $269,400. 2. Journalize the entries to record the transactions, and post to the eight selected Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. listed. Also prepare T accounts for the following: Paid-In Capital from Sale cf July 1. Declared a 4% stock dividend on common stock, to be capitalized at the 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts FROBLEM 12-4B Btries for selected oporate transactions Objectives 4, 5, 7, 8 Shoshone Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Shoshone Enterprises Inc., with balances on January 1, 2006, are as follows: Common Stock, $20 stated value (100,000 shares authorized, 75,000 shares issued) Paid-In Capital in Excess of Stated Value Retained Earnings.. Treasury Stock (5,000 shares, at cost) $1,500,000 180,000 725,000 140,000 ADNET ASS The following selected transactions occurred…
A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the transaction would include which of the following? A. debit of $4,000 to common stock B. credit of $20,000 to common stock C. credit of $40 to common stock D. debit of $20,000 to common stock
Klynveld Companys balance sheet shows total liabilities of 94,000,000, total stockholders equity of 75,000,000, and total assets of 169,000,000. Required: Note: Round answers to two decimal places. 1. Calculate the debt ratio. 2. Calculate the debt-to-equity ratio.
STOCKHOLDERS EQUITY SECTION After closing its books on December 31, 20--, Jackson Corporations stockholders equity accounts had the following balances: REQUIRED Prepare the stockholders equity section of the balance sheet for Jackson for the year ended December 31, 20--.
On April 1, 10,000 shares of $7 par common stock were issued at $24, and on April 7, 6,000 shares of $70 par preferred stock were issued at $106. Journalize the entries for April 1 and 7. If an amount box does not require an entry, leave it blank. Apr. 1 Apr. 7
Instructions On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 72,900 shares of $10 par common stock at $14, and on November 19, it issued for cash 20,640 shares of preferred stock, $50 par at $52. Required: A. Journalize the entries for October 31 and November 19. 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 November 19? Journal JOURNAL DESCRIPTION POST. REF. DEBIT CREDIT DATE

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preferred stock were issued at $106. entries for April 1 and 7. Refer to the Chart of Accounts for of account titles.