Several independent transactions are as follows: 1. 10,000 shares of no-par common stock are issued for $50
Question:
Several independent transactions are as follows:
1. 10,000 shares of no-par common stock are issued for $50 per share.
2. 10,000 shares of $1 par value common stock are issued for $40 per share.
3. 10,000 shares of $10 par value common stock are issued for $30 per share.
4. 5,000 shares of no-par preferred stock are issued for $80 per share.
INSTRUCTIONS:
a. Prepare journal entries for each transaction.
b. What is the significance of par value from a financial accounting standpoint? Is par value significant in any economic sense?
Step by Step Answer:
a 1 Cash 500000 Common stock 500000 10000 x 50 per share ...View the full answer
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
Prepare journal entries for each transaction listed. a. During the period, bad debts are written off in the amount of $22,000. b. At the end of the period, bad debt expense is estimated to be $13,000.
-
Prepare journal entries for each of the following: a. Issued a check to establish a petty cash fund of $300. b. The amount of cash in the petty cash fund is $95. Issued a check to replenish the fund,...
-
Prepare journal entries for each of the following selected transactions. a. On January 13, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $80,000 cash along with...
-
Answer Problem 6.12 for a 90% CI. Refer to the data in Table 2.13. Regard this hospital as typical of Pennsylvania hospitals. Table 2.13: Hospital-stay data
-
Calculate the missing values for the promissory notes described issue date Face value ($) Term 90 days Interest rate (%) 10.20 Maturity value ($) 2667.57 July 3
-
Gerrard Construction Co. is an excavation contractor. The following summarized data (in thousands) are taken from the December 31, 2016, financial statements: For the Year Ended December 31, 2016:...
-
Identify and describe six types of system interactions with its Operating Environment?
-
Assuming that all materials are added at the beginning of the process and the labor and factory overhead are applied evenly during the process, compute the figures to be inserted in the blank spaces...
-
A flexible pavement is constructed with 102 mm (4 inches) of hot mix asphalt (HMA) wearing surface, 203 mm (8 inches) of emulsion/aggregate- bituminous base, and 203 mm (8 inches) of crushed stone...
-
Research three articles in non-daily periodicals or journals. The subjects shall be anything related to the class materials, i.e., law in business. Please do not use a daily newspaper. Use business...
-
The following information was taken from the 2019 statement of shareholders' equity for Microsoft (dollars in billions). INSTRUCTIONS: a. Explain the nature of stock-based compensation expense. b....
-
The following information was taken from the 2019 annual report of Coca-Cola ( dollar and share amounts in millions): a. At what average price did the company repurchase its shares in 2017? b. At...
-
On 1 January 2008, an entity issued EUR 4m of 7 per cent convertible loan stock. The holders of this stock may choose to convert the stock to ordinary shares on 1 January 2012, 2013 or 2014. The...
-
Solve the recurrence relation an = 7an-18an-2-9.2", with initial conditions ao = 5, a = 10. Show all your work.
-
Write a method (pseudocode) to reverse the queue using another empty queue. You may only use queue operations such as enqueue(), dequeue(), and size(). No other data structure can be used other than...
-
Which line of the following author reading segment would causes issues? 1: bookArr[i].authors = calloc(bookArr[i].numAuthors, sizeof(author_t)); 2: for (j=0; j < bookArr[i].numAuthors; j++) { 3: 4:...
-
Suppose that the cost in dollars for a weekly production of x tons of sugar is given by the following function (a) Find the marginal cost. 1 C(x) = x+3x+200. (b) Find the cost and marginal cost when...
-
Many American car manufacturers are located in the Southeast. Due to hurricane season, the Southeast has gotten a significant amount of rain, causing vast flooding. How is the supply of cars impacted?
-
In most of the theoretical examples in this book, prices have been quoted in dollars or cents. Is this choice of currency crucial? Would most examples be the same if prices had been stated in pounds,...
-
Parkin Industries, a U.S. company, acquired a wholly-owned subsidiary, located in Italy, at the beginning of the current year, for 200,000. The subsidiary's functional currency is the euro. The...
-
Goods costing $3,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18 a $200 credit was received from the supplier for damaged goods. Give the journal entry on July 24...
-
Explain where each of the following items would appear on (1) A multiple step income statement, and on (2) A single-step income statement: (a) Gain on sale of equipment, (b) Interest expense, (c)...
-
Assume the same information as in BE5-10 and also that Alshare Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $630,000. Determine the amounts to be reported...
-
A photoelectron is produced from a bismuth surface (which has a work function of 4.31 eV) at a speed of 0.910c. Relativistic effects should be included . What wavelength of light was used to produce...
-
6. Decarburization is the decrease of the carbon content of (the surface of) a steel due to interactions with the environment at elevated temperatures. This will result in a layer on the surface with...
-
Discussion Topic Activity Time: 3 Hours Directions: Think of the company and the industry you currently work for. (If you aren't currently working, consider your previous employer.) Discuss how your...
Study smarter with the SolutionInn App