Maci Co. had the following transactions during the current period. June 12 Issued 60,000 shares of ($

Question:

Maci Co. had the following transactions during the current period.

June 12 Issued 60,000 shares of $\$ 5$ par value common stock for cash of $\$ 370,000$.

July 11 Issued 1,000 shares of $\$ 100$ par value preferred stock for cash at $\$ 112$ per share.

Nov. 28 Purchased 2,000 shares of treasury stock for $\$ 70,000$.

Instructions

Journalize the transactions.

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting Tools For Business Decision Making

ISBN: 9781119791089

10th Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell

See More Books

Question Posted: Feb 28, 2024 04:00 AM

See More Questions

The Tusquittee Company is a retail company that began operations on October 1, 2018, when it incorporated in the state of North Carolina. The Tusquittee Company is authorized to issue 100,000 shares...
Major Project - Andrew Best - Best Business Solutions Incorporated (BBSI) Andrew Best was a very inquisitive child growing up. He was a great student in school and always asked a lot of questions....
1. A company had 400,000 common shares outstanding during 2020.It also had 100,000 shares of 8%, $100 par nonconvertible and cumulative preferred stock outstanding for the entire year of 2020.The...
The following sample data have been collected from two independent samples from two populations. Test the claim that the second population median will exceed the median of the first population. a....
Can a monopsony exercise monopsony power- that is, profitably set its price below the competitive level-if the supply curve it faces is horizontal? Why or why not?
The U.S. Department of Energys Fuel Economy Guide provides fuel efficiency data for cars and trucks (www.fueleconomy.gov). The file FuelEconomy2019 provides a portion of the data for 387 vehicles...
The velocity in a certain two-dimensional flow field is given by the equation \[ \mathbf{V}=2 x \hat{\mathbf{i}}-2 y t \hat{\mathbf{j}} \] where the velocity is in $\mathrm{ft} / \mathrm{s}$ when...
Taback began building a vacation home on a parcel of wooded land. It was to be a three-story house, 31 feet high. This height violated the local zoning ordinance that limited residential homes to two...
Fuel taxes (paid by filling up a vehicle with gasoline or diesel) accounts for approximately 70% of the funds that are used to build and maintain roads. As the number of electric vehicles continues...
On January 1, Chong Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $\$ 5$ per share. During the year, the following occurred. Apr. 1...
Navarez Corporation has the following accounts at December 31: Common Stock, $\$ 2$ par, 50,000 shares issued, $\$ 100,000$; Paid-in Capital in Excess of Par-Common Stock $\$ 40,000$; Retained...
Explain the concept of fingerprinting as it applies to tracking.
According to chicks law the rate of kill of bacteria by chlorination follows first order reaction kinetics (radioactive decay is first order kinetics ). assuming this to be true, how much contact...
Compute the given substitutions. Just substitute the expression for the value; you don't need to simplify anything further. Recall that you may need to perform a-conversions to avoid variable...
(a) (b) (c) (d) (e) (f) Stars are painted on a coke cap with probability 0.05, independently from one cap to the next. A truck contains 10,200 cokes, organized into 1700 packs of 6. Find the...
references should be the NIRC as amended by TRAIN and CREATE Law, and pertinent Revenue Regulations Polka Cilla is a rank and file employee in an Advertising Firm in Makati. In the year 2019, he had...
A risky security has a SD of 20% and an expected return of 7%. A riskless security has a return of 3%. What is the return on a portfolio that has a risk of 10%? What is the risk (standard deviation)...
Suppose Capital One is advertising a 60-month, 5.99% APR motorcycle loan. If you need to borrow $8000 to purchase your dream Harley-Davidson, what will your monthly payment be?
Convert the numeral to a HinduArabic numeral. A94 12
The following selected ratios are available for a recent year for Archers Post Limited and Nyarboro Corporation: Instructions (a) Which company is more liquid? Explain. (b) Which company is more...
Condensed data from the comparative statement of financial position of Dressaire Inc. follow: Instructions (a) Using horizontal analysis, calculate the percentage of a base-year amount, using 2013 as...
Condensed data from the income statement for Fleetwood Corporation follow: Instructions Using vertical analysis, calculate the percentage of the base amount for each year. Net sales Cost of goods...
Pritchett Company reported the following year-end data: Cash Short-term investments Accounts receivable (current) Inventory Prepaid (current) assets Total current liabilities $ 26,100 9,100 19,400...
In the Ford - Fulkerson method for solving the maximum - flow problem, what guarantees the termination of the algorithm?
of August 2 0 1 6 . As of August 3 1 , the bank statement shows a balance of $ 1 6 , 1 4 0 . The August 3 1 unadjusted balance in the Cash account of Halls Cards is $ 1 4 , 1 0 0 . A review of the...

Maci Co. had the following transactions during the current period. June 12 Issued 60,000 shares of ($

Question:

Step by Step Answer:

June 12 July 11 Nov 28 Cash Common Stock 60000 5 Pai...View the full answer

Financial Accounting Tools For Business Decision Making

Students also viewed these Business questions