Accurate Builders construction company was incorporated by John Davis. Assume the following activities occurred during the year:
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Question:
Accurate Builders construction company was incorporated by John Davis. Assume the following activities occurred during the year:
Received from three investors $ cash and land valued at $; each investor was issued shares of common stock with a par value of $ per share.
Purchased construction equipment for use in the business at a cost of $; onefourth was paid in cash and the company signed a note for the balance due in six months
Lent $ to one of the investors, who signed a note due in six months.
John Davis purchased a truck for personal use; paid $ down and signed a oneyear note for $
Paid $ on the note for the construction equipment in bignore interest
Required:
For each of the preceding transactions, record the effects of the transaction in the appropriate Taccounts.
Using the balances in the Taccounts, fill in the following amounts for the accounting equation:
Compute the market value per share of the stock.
Related Book For
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Posted Date: