1.Analyze each transaction from issuances of stock by showing its effect on the accounting equation specifically, identify the accountsand amounts (including + or -) for each transaction.1.2.2.2.3.3.4.[The following information applies to the questions displayed below.]Following are the issuances of stock transactions.1. A corporation issued 7,000 shares of $10 par value common stock for $84,000 cash.2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated tobe worth $51,000. The stock has a $1 per share stated value.43. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated tobe worth $51,000. The stock has no stated value.4. A corporation issued 1,750 shares of $50 par value preferred stock for $138,500 cash.Assets==Liabilities++Equity

The issuance of shares increases the capital of the business. The cash received in excess of par…

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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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McVie Corporation's stock has a par value of $2. The company has the following transactions during the year: Feb. 28 Issued 310,000 shares at $5 per share. Jun. 7 Issued 95,000 shares in exchange for equipment with a clearly determined value of $212,000. Sep. 19 Purchased 2,400 shares of treasury stock at $8 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Feb. 28 Jun. 7 Sep. 19
Prepare journal entries to record each of the following four separate issuances of stock..
Ivanhoe Company had these transactions during the current period. June 12 Issued 82,500 shares of $1 par value common stock for cash of $309,375. July 11 Issued 3,450 shares of $103 par value preferred stock for cash at $107 per share. Nov. 28 Purchased 2,650 shares of treasury stock for $8,450. Prepare the journal entries for the Ivanhoe Company transactions shown above.
OM, Inc. was organized on January 1, 20X7. The firm was authorized to issue 1,000,000 shares of $2 par value common stock. During 20X7, OM had the following transactions relating to stockholders' equity: Issued 20,000 shares of common stock at $7 per share. Issued 40,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of $50,000. What is the total amount recorded in the Common Stock account at the end of 20X7?
Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: a. $5 cash per share. b. $6 cash per share. View transaction list Journal entry worksheet 1 > Record the issuance of 75,000 shares of $5 par value common stock assuming the shares sell for $5 cash per share. Note: Enter debits before credits. 3/ F6 F7 F8 F9 F10
The charter of a corporation provides for the issuance of 116,962 shares of common stock. Assume that 44,382 shares were originally issued and 3,124 were subsequently reacquired. What is the amount of cash dividends to be paid if a $3 per share dividend is declared? Oa. $123,774 Ob. $9,372 Oc. $133,146 Od. $350,886
EhrlichCo. had the following transactions during the current period. Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $40,000 for services performed in helping the company to incorporate.June 12 Issued 60,000 shares of $5 par value common stock for cash of $365,000.July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Aug. 15 Issued 20,000 shares of common stock for a building with an asking price of $150,000 and a fair value of $140,000Nov. 28 Purchased 2,000 shares of treasury stock for $80,000. Dec. 15 Sold 500 shares of the treasury stock for $45 per shareInstructions: 1. Journalize the transactions. 2. Prepare the stockholders' equity section of the balance sheet. Use the following example as a guide. For Retained Earnings for this example, you can use $1,050,000. Stockholders’ equity Paid-in capital: Capital stock: 9% preferred stock, $100 par value,…
Concord Corporation had the following transactions during the current period. Mar. 2 Issued 3,600 shares of $5 par value common stock to attorneys in payment of a bill for $21,600 for services performed in helping the company to incorporate. June 12 Issued 70,000 shares of $5 par value common stock for cash of $437,500. July 11 Issued 1,500 shares of $100 par value preferred stock for cash at $107 per share. Purchased 1,800 shares of treasury stock for $72,000. Nov. 28 Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically inc when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" fo. account titles and enter O for the amounts.)
Required information Use the following information for Exercises 4-5 below. (Algo) [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 4,000 shares of $10 par value common stock for $48,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,500. The stock has a $2 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,500. The stock has no stated value. 4. A corporation issued 1,000 shares of $75 par value preferred stock for $110,500 cash. xercise 11-4 (Algo) Recording stock issuances LO P1 repare journal entries to record each of the following four separate issuances of stock. View transaction list Journal entry worksheet
Kingbird, Inc. had the following transactions during the current period. Mar. 2 Issued 4,400 shares of $5 par value common stock to attorneys in payment of a bill for $26,400 for services performed in helping the company to incorporate. June 12 Issued 55,000 shares of $5 par value common stock for cash of $343,750. July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $111 per share. Nov. 28 Purchased 2,000 shares of treasury stock for $80,000. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit
Larkspur, Inc. began operations on April 1 by issuing 66.100 shares of $5 par value common stock for cash at $17 per share. On April 19, it issued 1.750 shares of common stock to attorneys in settlement of their bill of $28,200 for organization costs. In addition, Larkspur issued 1,500 shares of $1 par value preferred stock for $5 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (Record journal entries in the order presented in the problem. Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) (To record issuance of common stock for attorney's fees)
Following are the issuances of stock transactions. A corporation issued 3,000 shares of $10 par value common stock for $36,000 cash. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $33,500. The stock has a $2 per share stated value. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $33,500. The stock has no stated value. A corporation issued 750 shares of $25 par value preferred stock for $52,250 cash. Prepare journal entries to record each of the following four separate issuances of stock.

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