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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
H1.
Account
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F32c0cfc8-ebc2-43a6-9c48-ae841504d819%2Fb735b7f2-50bc-4494-b475-d97c91da9c13%2Fk969wsj_processed.jpeg&w=3840&q=75)
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education