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Required information [The following information applies to the questions displayed below] Following are the issuances of stock transactions 1. A corporation issued 8.000 shares of $20 par value common stock for $192,000 cash 2. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $34,000 The stock has a $1 per share stated value. 3. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $34,000. The stock has no stated value 4. A corporation issued 2,000 shares of $75 per value preferred stock for $184,000 cash Analyze each transaction from issuances of stock by showing its effect on the accounting equation-specifically, identify the accounts and amounts (including or-) for each transaction

Required information [The following information applies to the questions displayed below] Following are the issuances of stock transactions 1. A corporation issued 8.000 shares of $20 par value common stock for $192,000 cash 2. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $34,000 The stock has a $1 per share stated value. 3. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $34,000. The stock has no stated value 4. A corporation issued 2,000 shares of $75 per value preferred stock for $184,000 cash Analyze each transaction from issuances of stock by showing its effect on the accounting equation-specifically, identify the accounts and amounts (including or-) for each transaction

FINANCIAL ACCOUNTING
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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K 1. |2 2 Required Information [The following information applies to the questions displayed below] Following are the issuances of stock transactions. 1. A corporation issued 8,000 shares of $20 par value common stock for $192,000 cash. 2 A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $34,000. The stock has a $1 per share stated value. Analyze each transaction from issuances of stock by showing its effect on the accounting equation-specifically, identify the accounts and amounts (including or-) for each transaction 2 E 3. 4 3. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $34,000. The stock has no stated value 4. A corporation issued 2,000 shares of $75 par value preferred stock for $184,000 cash. Cash Assets Ⓒncrease 192.000 Ⓒ . - Labtes Answer is not complete. . . . . • . • Equity Common Stock 320 Par Value Paid-in Capital in Excess of Par Value, Common Stock Organization Expenses (¹) noase (+) inomase decrease Organization Expenses Common Stock No-Par Value Preferred Stock, $75 Par Value Pad-in Capital in Excess of Par Value, Preferred Stock Common Stock 51 stated value () increase Pad-in Capital in Excess of Stated) increase 30.000 Value Common Stock (-) decrease () increase ease Ⓒincrease 100,000 O 32,000 O 34,000 Ⓒ 34.000 34.000 150.000 O 34.000
Transcribed Image Text:K 1. |2 2 Required Information [The following information applies to the questions displayed below] Following are the issuances of stock transactions. 1. A corporation issued 8,000 shares of $20 par value common stock for $192,000 cash. 2 A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $34,000. The stock has a $1 per share stated value. Analyze each transaction from issuances of stock by showing its effect on the accounting equation-specifically, identify the accounts and amounts (including or-) for each transaction 2 E 3. 4 3. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $34,000. The stock has no stated value 4. A corporation issued 2,000 shares of $75 par value preferred stock for $184,000 cash. Cash Assets Ⓒncrease 192.000 Ⓒ . - Labtes Answer is not complete. . . . . • . • Equity Common Stock 320 Par Value Paid-in Capital in Excess of Par Value, Common Stock Organization Expenses (¹) noase (+) inomase decrease Organization Expenses Common Stock No-Par Value Preferred Stock, $75 Par Value Pad-in Capital in Excess of Par Value, Preferred Stock Common Stock 51 stated value () increase Pad-in Capital in Excess of Stated) increase 30.000 Value Common Stock (-) decrease () increase ease Ⓒincrease 100,000 O 32,000 O 34,000 Ⓒ 34.000 34.000 150.000 O 34.000
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