A corporation issued 320 shares of its $5 par value common stock in payment of a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A corporation issued 320 shares of its $5 par value common stock in payment of a $4.000 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Multiple Choice A $4,000 debit to Common Stock A $2,400 credit to Paid-in Capital in Excess of Par Value, Common Stock A $1.600 debit to Organization Expenses A $4,000 credit jo Common Stock A $4,000 credit to Cash A corporation issued 320 shares of its $5 par value common stock in payment of a $4.000 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Multiple Choice A $4,000 debit to Common Stock A $2,400 credit to Paid-in Capital in Excess of Par Value, Common Stock A $1.600 debit to Organization Expenses A $4,000 credit jo Common Stock A $4,000 credit to Cash
Expert Answer:
Answer rating: 100% (QA)
The detailed answer for the above question is provided belo... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
6.Taussig Corp.'s bonds currently sell for $1,150. They have a 6.35% annual coupon rate and a 20-year maturity, but they can be called in 5 years at $1,067.50. Assume that no costs other than the...
-
Yana owns a small business selling e-sports accessories. Her balance sheet at the end of last year showed retained earnings of $11,230. The following facts relate to Yana's activities this year. Yana...
-
AC Corporations: Dividends, Retained Earnings, and Income Reporting 56. ABC, Inc. has 1,000 shares of 5%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock...
-
Upton Computers makes bulk purchases of small computers, stocks them in conveniently located warehouses, ships them to its chain of retail stores, and has a staff to advise customers and help them...
-
Jenkins Frames Company, which manufactures ornate frames for original art work, began operations in January 2018. Bruce Preston, the owner, asks for your assistance. He believes that he needs to...
-
Write a line of code that would display the date selected by the user in the TextBox shown in Figure 9-77. Amal Date March 2012 28 22 2 11121314 12 11 1 23 2 13 14 13 15 15 17 2222 21 222 24 22...
-
Forecasting the Future Spot Rate Based on IFE. Assume that the spot exchange rate of the Singapore dollar is $.70. The 1-year interest rate is 11 percent in the United States and 7 percent in...
-
Creative Computing sells a tablet computer called the Protab. The $780 sales price of a Protab Package includes the following: ¢ One Protab computer. ¢ A 6-month limited warranty. This...
-
Complete the first two months of an amortization schedule for the fixed-rate mortgage. Mortgage: $111,850 Interest rate: 3.75% Term of loan: 12 years Complete the first two payments of the...
-
Assume the following date for Water and Sewer Enterprise Fund after preliminary closing entries have been prepared. The CFO asks your assistance in allocating the assets and liabilities to the...
-
You are providing care for a patient with late stage Alzheimer's Disease and notice a large bruise on their shoulder. You can not explain how or determine how this occurred. What is your first action?
-
Provide please a SQL query to find all the workers that have received the bonus. You should not show the same worker twice if they have received more than one bonus.
-
Recent information for a manufacturing company\'s product is provided: Selling price per unit $ 3 1 . 5 0 Total fixed cost per month $ 1 , 2 9 4 Variable cost per unit $ 1 3 . 5 0 Determine the...
-
2013 Jan 1 Purchased a new truck for $60,000,paying cash June 30 Paid garage $550. for miscellaneous repairs to the truck. Dec 31 Recorded depreciation on the truck. It has an estimated residual...
-
Write a SQL query that will utilize the two datasets in this spreadsheet and result in a single table as described below: A list of doctors, sorted by Doctor ID (from largest to smallest) with at...
-
How does the budget process reflect the interplay between politics and administration? Explain in details.
-
Explain please!! P1-2 Prepare balance sheet after an acquisition On January 2, 2016, Pop Corporation enters into a business combination with Son Corporation in Which Son is dissolved. Pop pays \( \$...
-
Write a paper about how diet relates to breast cancer in women study design to use: case control study purpose & rationale the purpose of this final project is to utilize the methods and...
-
In 2023, Quapau Products introduced a new line of hot water heaters that carry a one-year warranty against manufacturers defects. Based on industry experience, warranty costs were expected to...
-
Shwonson Industries reported a deferred tax asset of $5 million for the year ended December 31, 2023, related to a temporary difference of $20 million. The tax rate was 25%. The temporary difference...
-
JWS Transport Companys employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately (that is, an employee is entitled to the pay even if employment...
-
Core Petroleum owns 60%, Dwight Corporation owns 30%, and Webb Company owns 10% of the working interest property number 2008. Core Petroleum is the operator and bills Dwight and Webb monthly for...
-
Longhorn Oil Corporation transferred an item of equipment from its wholly owned warehouse to a jointly owned lease in which it has a 70% WI. The item of equipment is in Condition B, and the current...
-
Brown Oil Company is the operator of Lease A and Lease B and has a 60% WI in each lease. A piece of equipment, which originally cost $30,000, is transferred from Lease A to Lease B. The current...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App