At December 31, Ortiz Corporation reports net income of $480,000. Prepare the entry to close net income.
Answer to relevant QuestionsOn June 1, Noonan Inc. issues 4,000 shares of no-par common stock at a cash price of $6 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share.At the end of its first year of operation, Goss Corporation has $1,000,000 of common stock and net income of $236,000. Prepare (a) The closing entry for net income (b) The stockholders’ equity section at year-end.Osage Corporation issued 2,000 shares of stock.InstructionsPrepare the entry for the issuance under the following assumptions.(a) The stock had a par value of $5 per share and was issued for a total of $52,000.(b) The stock ...The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Eudaley Corporation at December 31, 2014.Common Stock ($5 stated value) ............... $1,500,000Paid-in Capital in Excess of ...Irwin Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, noncumulative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common ...
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