The articles of incorporation for Peahen Corp. authorize the company toissue 100,000 $6 preferred shares and 500,000 common shares. Duringfirst year of operations, Peahen Corp. completed the followingselected transactions:(Click the icon to view the transactions.)Required1. Record the transactions in the general journal.2. Prepare the shareholders' equity section of the Peahen Corp. balancesheet at November 30, 2020.Requirement 1. Record the transactions in the journal. (Record debits first,then credits. Explanations are not required.)Dec. 4, 2019: Issued 6,000 common shares to the consultants who formedthe corporation, receiving cash of $180,000.DateDec.Journal EntryAccountsDebitCredit

On December 4, 2019, Peahen Corp. took its first significant step in its operations by issuing 6,000…

Answered: The articles of incorporation for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Hammond Manufacturing Inc. was legally incorporated on January 2, 2023. Its articles of incorporation granted it the right to issue an unlimited number of common shares and 100,000 shares of $14.40 non-cumulative preferred shares. The following transactions are among those that occurred during the first three years of operations: 2023 Jan. Mar. Dec. 12 Issued 40,000 common shares at $4.80 each. 20 Issued 6,000 common shares to promoters who provided legal services that helped to establish the company. These services had a fair value of $36,000. 31 Issued 80,000 common shares in exchange for land, building, and equipment, which have fair market values of $360,000, $480,000, and $48,000, respectively. 4 Purchased equipment at a cost of $8,160 cash. This was thought to be a special bargain price. It was felt that at least $10,800 would normally have had to be paid to acquire this equipment. 31 During 2023, the company incurred a loss of $96,000. The Income Summary account was closed. 2024…
Yola Corporation is required to include 15 items in their 10-K for the year ending 9/30/21. In which required item from the 10-K would this content be located? "During the 4th quarter of fiscal 2021 we purchased 750,000 shares of company stock at an average price of $75 per share". Question 30 options: a) Market for Registrants Common Equity and Related Stockholders' Matters b) Legal Proceedings c) Business d) Financial Statements & Supplementary Data
Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2020, its first month of operations, the following selected transactions occurred: Jan. 1 1,000 shares were issued to the organizers of the corporation. The total value of the shares was determined to be $12,700. 5 15,000 shares were sold to various shareholders for $14.20 each. 15 The board of directors declared a cash dividend of $0.82 per common share to shareholders of record on January 19, payable January 31. 20 4,000 shares were issued in exchange for land valued at $50,800. The shares were actively trading on this date at $12.20 per share. 31 Closed the Income Summary account, which showed a credit balance of $172,000. 31 Paid the dividends declared on January 15. Required:a. Journalize the above transactions. The Company does not use a Cash Dividends Account. b. Prepare the equity section of Westby’s balance sheet…
Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 Issues 700 shares of common stock for $34 per share. April 1 Issues 110 additional shares of common stock for $38 per share. 2. Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value common stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the issuance of 700 shares of common stock for $34 per share. Note: Enter debits before credits. Date General Journal Debit Credit January 01
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Young Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, $100 par preferred stock. The Contributed Capital section of its January 1, 2019, balance sheet is as follows: 1. Answer the questions in Part a. 2. Prepare journal entries to record the transactions in Part b. 3. Prepare the Cobtributed Capital section of Young’s December 31, 2016, balance sheet.
Please show the solution in good accounting form. 8. How much is the total shareholders' equity at year-end?

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