Common stock with a total par value of $80,000 is issued at a total of $110,000. The

Fantastic news! We've Found the answer you've been seeking!

Question:

Common stock with a total par value of $80,000 is issued at a total of $110,000. The $30,000 excess above the par value should be recorded as a CREDIT to which account?

Related Book For answer-question

Fundamentals of Advanced Accounting

ISBN: 978-0077862237

6th edition

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

See More Books

Posted Date: Mar 19, 2024 01:37 AM

See More Questions

You are required to study the information provided below concerning a Namibian listed company called Deep Yellow Limited, that operates in the mining industry. You should compile a report based on...
86. Which of the following is not classified as plantassets? Multiple Choice a. Land. b. Land improvements. c. Buildings. d. Machinery and equipment. e. Patent. 87. The following statements regarding...
1. On May 1, 20x1, an insurance company sells a three-year insurance policy to one of its customers. The cost of the premiums is $1,200. The insurance company uses the accrual basis and a calendar...
The following set of dotplots with overlaid boxplots gives the number of pairs of flip-flops students said they owned for 13 males (top) and 37 females (bottom) in a statistics class. The five-number...
In 2005, Hurricane Katrina decimated the Gulf Coast of the United States between Mobile, Alabama, and New Orleans, Louisiana. The aftermath of this storm left the city of New Orleans flooded, both...
On September 1, 2020, Pipeline Corporation acquired Tunneling Limited for a cash payment of $954,000. At the time of purchase, Tunnelings statement of financial position showed assets of $780,000,...
For approximately 20 months, Robert E. McDonald perpetrated a scheme to solicit millions of dollars purportedly for a $$100$ million purchase by the RAI Entities and certain other related corporate...
Profits have been decreasing for several years at Pegasus Airlines. In an effort to improve the companys performance, consideration is being given to dropping several flights that appear to be...
assumption 1 assume there will be 4000 visits, each visit will yield 1400 of revenue
Married taxpayers David and Lillian Perdue file jointly and have a daughter. Erin. They live at 9510 Bluebird Canyon Drive, Seattle, WA 99201. The Perdues own their home, which was paid off last...
Describe a set of texts and research question that interests you that could be explored using this the sentiment analysis method. Basically, what is a potential application of this method to another...
You were hired as a consultant to Dundee Company, whose target capital structure is 35% debt, 10% preferred, and 55% common equity. The effective post-tax interest rate on new debt is 4.88%, the...
Imagine a scenario where a company's trade secrets were leaked to a competitor, leading to significant financial losses. Analyze the concept of trade secrets and their importance in business...
Post your evaluation of your assigned leader's impact on a business by addressing the following: Describe the individual leader you identified, including any relevant professional background....
Select two businesses, from very different industries. For each business identify three potential scenarios that could affect their products/services, ways of conducting business, or their consumer...
Compute the expectation of each stock's performance based on the CAPM model. Show whether each stock under- or over-performed. Below is the stock portfolio. Stock Portfolio Name Shares Price 7/1/2014...
1. A stockbroker knows from the past experience that the probability that a client owns stocks is 0.7 and the probability that a client owns bonds is 0.4. The probability that the client owns bonds...
Velshi Printers has contracts to complete weekly supplements required by fortysix customers. For the year 2018, manufacturing overhead cost estimates total $600,000 for an annual production capacity...
Reimers Company acquires Rollins Corporation on January 1, 2014. As part of the agreement, the parent states that an additional $100,000 payment to the former owners of Rollins will be made in 2016,...
Bennett acquired 70 percent of Zeigler on June 30, 2014, for $910,000 in cash. Based on Zeiglers acquisition-date fair value, only one unrecorded intangible of $400,000 was recognized and is being...
Read the following journal article: 25 Years of State and Local Governmental Financial ReportingAn Accounting Standards Perspective, The Government Accountants Journal, Fall 1992. Or, as a second...
The sequence in Figure P2.2 represents a ball rolling into a wall and bouncing off of it. The ball is $10 \mathrm{~mm}$ in diameter. Make a graph showing the distance from the leading edge of the...
You walk $3.2 \mathrm{~km}$ to the supermarket and then back home. What is your distance traveled? What is your displacement?
Your class observed several different objects in motion along different lines. Figure P2.5 shows some of the graphs other students made of the events. They have labeled the horizontal axis "time" and...

Common stock with a total par value of $80,000 is issued at a total of $110,000. The

Question:

Expert Answer:

The 30000 excess above the par value of common stock which is known as additional p... View the full answer

Fundamentals of Advanced Accounting

Students also viewed these accounting questions