Issuance of Stock at par, stated and no-par: Par value and stated value are the value of a stock as mentioned in the issuing company’s charter. It is the minimum amount that must be paid per share and it’s the value which is printed on the share certificate. Shares could be exchanged for services to promoters, attorneys etc or purchasing Assets like land, building etc. Requirment 1: To determine: Accounting entry for issuing shares 4000 at $5 per share for $35000 cash.

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Answer 1

Question

Chapter 13, Problem 3E

To determine

Issuance of Stock at par, stated and no-par: Par value and stated value are the value of a stock as mentioned in the issuing company’s charter. It is the minimum amount that must be paid per share and it’s the value which is printed on the share certificate. Shares could be exchanged for services to promoters, attorneys etc or purchasing Assets like land, building etc.

Requirment 1:

To determine:

Accounting entry for issuing shares 4000 at $5 per share for $35000 cash.

To determine

Requirement 2:

To determine:

Accounting entry for issuing shares in lieu of efforts put in by promoters.

To determine

Requirement 3:

To determine:

Accounting entry for issuing shares in lieu of efforts put in by promoters.

To determine

Requirement 4:

To determine:

Accounting entry for preferred stock issued.

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Kennedy Company issued stock to Ed Kennedy in exchange for his investment of $66,000 cash in the business. The company recorded revenues of $578,000 and expenses of $495,000, and the company paid dividends of $49,000. What was Kennedy's net income for the year?

Answer 2

Question

Chapter 13, Problem 3E

To determine

Issuance of Stock at par, stated and no-par: Par value and stated value are the value of a stock as mentioned in the issuing company’s charter. It is the minimum amount that must be paid per share and it’s the value which is printed on the share certificate. Shares could be exchanged for services to promoters, attorneys etc or purchasing Assets like land, building etc.

Requirment 1:

To determine:

Accounting entry for issuing shares 4000 at $5 per share for $35000 cash.

To determine

Requirement 2:

To determine:

Accounting entry for issuing shares in lieu of efforts put in by promoters.

To determine

Requirement 3:

To determine:

Accounting entry for issuing shares in lieu of efforts put in by promoters.

To determine

Requirement 4:

To determine:

Accounting entry for preferred stock issued.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 13, Problem 3E

To determine

Issuance of Stock at par, stated and no-par: Par value and stated value are the value of a stock as mentioned in the issuing company’s charter. It is the minimum amount that must be paid per share and it’s the value which is printed on the share certificate. Shares could be exchanged for services to promoters, attorneys etc or purchasing Assets like land, building etc.

Requirment 1:

To determine:

Accounting entry for issuing shares 4000 at $5 per share for $35000 cash.

To determine

Requirement 2:

To determine:

Accounting entry for issuing shares in lieu of efforts put in by promoters.

To determine

Requirement 3:

To determine:

Accounting entry for issuing shares in lieu of efforts put in by promoters.

To determine

Requirement 4:

To determine:

Accounting entry for preferred stock issued.

Expert Solution & Answer

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Answer 4

Question

Chapter 13, Problem 3E

To determine

Issuance of Stock at par, stated and no-par: Par value and stated value are the value of a stock as mentioned in the issuing company’s charter. It is the minimum amount that must be paid per share and it’s the value which is printed on the share certificate. Shares could be exchanged for services to promoters, attorneys etc or purchasing Assets like land, building etc.

Requirment 1:

To determine:

Accounting entry for issuing shares 4000 at $5 per share for $35000 cash.

To determine

Requirement 2:

To determine:

Accounting entry for issuing shares in lieu of efforts put in by promoters.

To determine

Requirement 3:

To determine:

Accounting entry for issuing shares in lieu of efforts put in by promoters.

To determine

Requirement 4:

To determine:

Accounting entry for preferred stock issued.

Expert Solution & Answer

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Answer 5

Chapter 13, Problem 3E

To determine

Issuance of Stock at par, stated and no-par: Par value and stated value are the value of a stock as mentioned in the issuing company’s charter. It is the minimum amount that must be paid per share and it’s the value which is printed on the share certificate. Shares could be exchanged for services to promoters, attorneys etc or purchasing Assets like land, building etc.

Requirment 1:

To determine:

Accounting entry for issuing shares 4000 at $5 per share for $35000 cash.

To determine

Requirement 2:

To determine:

Accounting entry for issuing shares in lieu of efforts put in by promoters.

To determine

Requirement 3:

To determine:

Accounting entry for issuing shares in lieu of efforts put in by promoters.

To determine

Requirement 4:

To determine:

Accounting entry for preferred stock issued.

Answer 6

Chapter 13, Problem 3E

To determine

Issuance of Stock at par, stated and no-par: Par value and stated value are the value of a stock as mentioned in the issuing company’s charter. It is the minimum amount that must be paid per share and it’s the value which is printed on the share certificate. Shares could be exchanged for services to promoters, attorneys etc or purchasing Assets like land, building etc.

Requirment 1:

To determine:

Accounting entry for issuing shares 4000 at $5 per share for $35000 cash.

Answer 7

Chapter 13, Problem 3E

To determine

Issuance of Stock at par, stated and no-par: Par value and stated value are the value of a stock as mentioned in the issuing company’s charter. It is the minimum amount that must be paid per share and it’s the value which is printed on the share certificate. Shares could be exchanged for services to promoters, attorneys etc or purchasing Assets like land, building etc.

Requirment 1:

To determine:

Accounting entry for issuing shares 4000 at $5 per share for $35000 cash.

Answer 8

To determine

Requirement 2:

To determine:

Accounting entry for issuing shares in lieu of efforts put in by promoters.

Answer 9

To determine

Requirement 2:

To determine:

Accounting entry for issuing shares in lieu of efforts put in by promoters.

Answer 10

To determine

Requirement 3:

To determine:

Accounting entry for issuing shares in lieu of efforts put in by promoters.

Answer 11

To determine

Requirement 3:

To determine:

Accounting entry for issuing shares in lieu of efforts put in by promoters.

Answer 12

To determine

Requirement 4:

To determine:

Accounting entry for preferred stock issued.

Answer 13

To determine

Requirement 4:

To determine:

Accounting entry for preferred stock issued.

Answer 14

Expert Solution & Answer

Answer 15

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Answer 16

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Answer 17

Ch. 13 - Prob. 1DQ Ch. 13 - Prob. 2DQ Ch. 13 - Prob. 3DQ Ch. 13 - Prob. 4DQ Ch. 13 - Prob. 5DQ Ch. 13 - Prob. 6DQ Ch. 13 - Prob. 7DQ Ch. 13 - Prob. 8DQ Ch. 13 - Prob. 9DQ Ch. 13 - Prob. 10DQ

Requirement 2: To determine: Accounting entry for issuing shares in lieu of efforts put in by promoters.

Requirement 3: To determine: Accounting entry for issuing shares in lieu of efforts put in by promoters.

Requirement 4: To determine: Accounting entry for preferred stock issued.

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Chapter 13 Solutions

Requirement 2:

To determine:

Accounting entry for issuing shares in lieu of efforts put in by promoters.

Requirement 3:

To determine:

Accounting entry for issuing shares in lieu of efforts put in by promoters.

Requirement 4:

To determine:

Accounting entry for preferred stock issued.