A - Cell Wireless needed additional capital to expand, so the business incorporated. The charter from...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image](https://dsd5zvtm8ll6.cloudfront.net/questions/2024/05/663dbfe8827e2_856663dbfe875751.jpg)
Transcribed Image Text:
A - Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A - Cell to issue 110,000 shares of 9%, $50 par value cumulative preferred stock and 130,000 shares of $3 par value common stock. During the first month, A- Cell completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirements - X Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Oct. 2: Issued 24,000 shares of common stock for a building with a market value of $100,000. Date Accounts and Explanation Debit Credit Oct. 2 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of A-Cell's balance sheet at October 31, 2024. Assume A - Cell's net income for the month was $92,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) Print Done Oct. 2 W Oct. 6 Issued 24,000 shares of common stock for a building with a market value of $100,000. Issued 900 shares of preferred stock for $90 per share. Oct. 9 Issued 18,000 shares of common stock for cash of $90,000. Oct. 10 Declared a $21,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Oct. 25 Paid the cash dividend. Assume A Cell's net income for the month was $92,000. A - Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A - Cell to issue 110,000 shares of 9%, $50 par value cumulative preferred stock and 130,000 shares of $3 par value common stock. During the first month, A- Cell completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirements - X Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Oct. 2: Issued 24,000 shares of common stock for a building with a market value of $100,000. Date Accounts and Explanation Debit Credit Oct. 2 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of A-Cell's balance sheet at October 31, 2024. Assume A - Cell's net income for the month was $92,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet.) Print Done Oct. 2 W Oct. 6 Issued 24,000 shares of common stock for a building with a market value of $100,000. Issued 900 shares of preferred stock for $90 per share. Oct. 9 Issued 18,000 shares of common stock for cash of $90,000. Oct. 10 Declared a $21,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. Oct. 25 Paid the cash dividend. Assume A Cell's net income for the month was $92,000.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
K You expect HGH stock have a 15% return next year and a 35% volatility. You have $100,000 to invest, but plan to invest a total of $110,000 in HGH, raising the additional $10,000 by shorting either...
-
Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes Cell to issue 40,000 shares of 10%, $50 par preferred stock and...
-
What is a workplace culture called diverse groups work together at all levels?
-
Figure shows an overhead view of a ring that can rotate about its center like a merry-go-round. Its outer radius R2 is 0.800 m, its inner radius R1 is R2/2.00, its mass M is 8.00 kg, and the mass of...
-
The mean monthly utility bill for a sample of households in a city is $70, with a standard deviation of $8. Between what two values do about 95% of the data lie? (Assume the data set has a...
-
Firewall Project XT. Using the "complexity weighting" scheme shown in Exercise 5.3 and the function point complexity weighted table shown below, estimate the total function point count. Assume...
-
A credit balance may appear on a receivables ledger account because: a. A supplier has overpaid b. A sales invoice has been duplicated c. A customer may have returned goods after paying for them d....
-
Dominos Pizza LL.C, operates pizza delivered and carry-out restaurants. The annual report describes its business as follows: We offer a focused menu of bigb-quality, value-priced pizza with three...
-
Suppose that $13,000 is invested in a bond fund and the account grows to $14,297.16 in 3 yr. Part: 0/2 Part 1 of 2 (a) Use the model A-Pe" to determine the average rate of return under continuous...
-
Your apple orchard business is moving (potentially) into the avocado business. You are evaluating the purchase of Sunshine Avocadoes. The acquisition requires a capital investment of $30 million and...
-
I will give you a brand scenario, please help me analyze its Messaging strategy and Media objectives, strategy and tactics. Messaging strategy: Based on your new found understanding of the target...
-
Why do global managers need to understand the debate on globalization?
-
Identify and describe the learning and knowledge, trend and challenges in the field of human relations, and explain how that trend and challenge could personally affect your human relations.
-
Why is it necessary to analyse the critical thinking skills of team members and to give them feedback?
-
1. Should companies be allowed to promote offensive violent, or unhealthy products that can legally be sold and purchased? Explain and support your answer. Businesses shouldn't be permitted to...
-
PM.61 Rob Smith is managing a small project at Boston University. He is under pressure to shorten the overall duration of the project by 4 weeks and he wants to do so at the lowest cost possible. In...
-
An interest bearing promissory note for 90 days at 5.6% p.a. has a face value of $120,000. If the note is discounted 20 days after the issue date at a rate of 6.8% p.a., calculate the amount of...
-
Explain the difference between spot and forward exchange rates.
-
You have just been asked to conduct an executive program for the international controllers office of a company from your home country that is becoming increasingly involved in exports to countries in...
-
Find a currency of your choice. How has its value changed against the U.S. dollar over the last ninety days? What about since January 3, 1975?
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App