Bell Inc. began operations on January 1,2017, and immediately issued 7000 common shares for cash of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Bell Inc. began operations on January 1,2017, and immediately issued 7000 common shares for cash of $3.5 per share. On January 3, 900 common shares were issued to promoters in exchange for their service in selling shares of the corporation. The costs were charged to organization expenses. The shares were valued at $1300. On January 12, 4000 preferred shares were issued for cash of $8.00 per share. On February 2,10000 common shares were issued in exchange two trucks at $ 29000. On February 26, 2000 more preferred shares were issued for total cash of $16000. Assume a loss of $7000 was realized in January, profit earned was $60000 and dividends totaling $7000 had been declared and paid in February and assume the assets fotaled to $390000 at February 28,2017 what is the total common shares (type the numbers only-do not include a 2 points dollar sign) * Your answer What is the total equity(Do not include dollar sign, type the number only)po Your answer What % of asses was financed by total debt?(do not include % sign, your answer should be stated as number only e.g 45. if the answer was 44.5 then your answer should still be expressed as 45) Bell Inc. began operations on January 1,2017, and immediately issued 7000 common shares for cash of $3.5 per share. On January 3, 900 common shares were issued to promoters in exchange for their service in selling shares of the corporation. The costs were charged to organization expenses. The shares were valued at $1300. On January 12, 4000 preferred shares were issued for cash of $8.00 per share. On February 2,10000 common shares were issued in exchange two trucks at $ 29000. On February 26, 2000 more preferred shares were issued for total cash of $16000. Assume a loss of $7000 was realized in January, profit earned was $60000 and dividends totaling $7000 had been declared and paid in February and assume the assets fotaled to $390000 at February 28,2017 what is the total common shares (type the numbers only-do not include a 2 points dollar sign) * Your answer What is the total equity(Do not include dollar sign, type the number only)po Your answer What % of asses was financed by total debt?(do not include % sign, your answer should be stated as number only e.g 45. if the answer was 44.5 then your answer should still be expressed as 45)
Expert Answer:
Answer rating: 100% (QA)
Requirement a Journal Entries Date Accounts Title Debit Credit Jan01 Cash 24500 Common Shar... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
The Holiday Corporation, a private company, began operations on January I, 2011. During its first three years of operations, Holiday reported net income and declared dividends as follows: The...
-
The Great Graphics Group began operations on January 1, 2010. At the end of its second year of operations, and before any adjustments had been made, the trial balance was as follows: Analysis reveals...
-
A subsidiary of a U.S. company began operations on January I, 2014, in a country whose currency is identified as hyperinflationary. The subsidiary's local currency (LC) is its functional currency....
-
Resolve the force F1 into components acting along the u and v axes and determine the magnitudes of the components. Given: F1 = 250 N F2 = 150 N θ1 = 30 deg θ2 = 30 deg θ3 = 105 deg...
-
Dallas Computer Sales, Inc., reported the following financial statements for 2014: Compute the following investing cash flows; enter all amounts in thousands. a. Acquisitions of plant assets (all...
-
Describe the challenges that governments and organizations face when addressing transportation security risks?
-
An experienced senior auditor was assigned to investigate a possible fraudulent situation characterized by extremely high, unexplained merchandise shortages at one location of the companys department...
-
The following selected transactions were taken from the books of Caledonia Company for 2012. 1. On March 1, 2012, borrowed $50,000 cash from the local bank. The note had a 6 percent interest rate and...
-
Stock Valuation. Most corporations pay quarterly dividends on their common stock rather than annual dividends. Barring any unusual circumstances during the year, the board raises, lowers, or...
-
Aztec Corporation purchased 70% of the outstanding shares of Inca Limited on January 1, 20X2, at a cost of $84,000. Aztec has always used the cost method to account for its investments. On January 1,...
-
Consider the following situations for Takoma Park Welding Services (Click the icon to view the situations) Journalize the adjusting entry needed on December 31 for each situation Use the letters to...
-
a ) A manufacturer wishes to produce cylindrical fruit juice cans with a capacity of 2 5 0 ml . What dimensions will minimize the amount of material required for a can? ( 1 ml = 1 cm 3 ) . ( Volume...
-
Why is it important that Susan complete the documents and records accurately and with appropriate detail?
-
Why FAA regulations are important and should cover all aspects of the airline industry, including airline carriers and aircraft?
-
Let f {0, 1}2 {0, 1} be the function defined by f(x, y) = xy. Design a 2-party computation protocol that computes f in which the input of party A is x and the input of party B is y. Notice that this...
-
Wehrs Corporation has received a request for a special order of 9,900 units of product K19 for $47.40 each. The normal selling price of this product is $52.50 each, but the units would need to be...
-
1. Why should the attributes of a class be private? 2. Can a Time class definition that includes both of the following constructors: Time( int h = 0, int m = 0, int s = 0); Time(); be used to default...
-
Given the table below, about how much force does the rocket engine exert on the 4.0 kg payload? Distance traveled with rocket engine firing (m) Payload final velocity (m/s) 500 320 490 310 1020 450...
-
Prepare the journal entry to record Typist Companys issuance of 250,000 shares of its common stock assuming the shares have a: a. $1 par value and sell for $10 cash per share. b. $1 stated value and...
-
Which one of the following sets of items are all necessary components of the master budget? 1. Prior sales reports, capital expenditures budget, and financial budgets. 2. Sales budget, operating...
-
While reviewing the March 31, 2012, balance sheet of Business Solutions, Santana Rey notes that the business has built a large cash balance of $68,057. Its most recent bank money market statement...
-
Consider test of \(H_{0}: \mu=0\) against \(H_{a}: \mu eq 0\) at nominal size 0.05 when the dgp is \(y \sim \mathcal{N}[\mu, 100]\), so the standard deviation is 10 , and the sample size is \(N=10\)....
-
Suppose we wish to choose between two nested parametric models. The relationship between the densities of the two models is that \(g(y \mid x, \beta, \alpha=0)=f(y \mid x, \beta)\), where for...
-
Prove that if \(x, y, z\) are real numbers such that \(x+y+z=0\), then \(x y+\) \(y z+z x \leq 0\).
Study smarter with the SolutionInn App