Flowers Company has 60,000 shares of $12 par common stock authorized The following transactions took place during 2022, the first year of the company 's existence Sold 6,000 shares of common stock for $20 per share Issued 9,000 shares of common stock in exchange for a patent valued at $ 130,000 Req...

The contributed capital of a company represents the total amount of funds that shareholders have inv ...

Flowers Company has 60,000 shares of $12 par common stock authorized. The following transactions took place during

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

Question:

Flowers Company has 60,000 shares of $12 par common stock authorized. The following transactions took place during 2022, the first year of the company's existence:

Sold 6,000 shares of common stock for $20 per share.
Issued 9,000 shares of common stock in exchange for a patent valued at $ 130,000.

Required: At the end of Flower's first year, what amount represents contributed capital?

Related Book For answer-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1285453828

2nd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

See More Books

Posted Date: Apr 05, 2023 08:42 AM

See More Questions

1. On July 14, Peterman Corporation exchanged 1,000 shares of its $8 par value common stock for a plot of land. Petermans common stock is listed on the NYSE and traded at an average price of $21 per...
The draft statement of financial position of Telin plc at 30 September 20X5 was as follows: Preference shares of the company were originally issued at a premium of 2p per share. The directors of the...
Perfect Ponds Incorporated is a backyard pond design and installation company. The company was incorporated during 2011, with 1 million common shares, and 50,000 preferred shares with a $3 dividend...
From The Secret: "The secret is great leaders SERVE." "Am I a self-serving leader or a serving leader?" How can you be a serving leader in your current position as an employee, student, or team...
Company A has fixed expenses of $15,000 per year and each unit of product has a $0.002 variable cost. Company B has fixed expenses of $5000 per year and can produce the same product at a $0.05...
Determine whether the sequence converges or diverges. If it converges, find the limit. a n = arctan (ln n)
In broad outline, suggest the main features of an AIS designed to be appropriate for: (a) a production process whose output is standard steel rods made far stock; (b) a division producing microchips;...
Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials...........................$180,000..................$145,500 Work...
Record the entry to close the income summary account assuming the partners have agreed to share income and loss by providing annual salary allowances of $31,000 to Ries, $26,000 to Bax, and $38,000...
The CitruSun Corporation ships frozen orange juice concentrate from processing plants in Eustis and Clermont to distributors in Miami, Orlando, and Tallahassee. Each plant can produce 20 tons of...
Prepare entries to record the following non-strategic investmenttransactions of Arrowhead Investment Corporation. (If noentry is required for a transaction/event, select "No journal entryrequired" 2...
Parents, like governments, establish credibility by seeing to it that their policies (the rules that they outline for their children) are time consistent. Analyze the potential for time consistency...
Write down the government budget constraint and explain how it can be used to understand the relationship between fiscal and monetary policies.
If the government budget deficit equals $$240$ billion and the money supply increases by $$100$ billion, how much must the government borrow?
Light of wavelength $380 \mathrm{~nm}$ strikes the metal target in Figure 34.47. As long as the potential difference $V_{\mathrm{CT}}$ between the target and the collector is no greater than...
Suppose tax revenues equal $$100$ billion, government spending equals $$130$ billion, and the government borrows $$25$ billion. How much do you expect the money supply to increase, given the...
Required information Exercise 20-17 (Algo) Change in estimate; useful life and residual value of equipment [LO20-4] [The following information applies to the questions displayed below.] Wardell...
Players A, B, and C toss a fair coin in order. The first to throw a head wins. What are their respective chances of winning?
You arc beginning the 2016 audit of Alta Tierra Companys long-term debt, and you determine that the companys long-term note payable requires that it comply with certain financial covenants. The note...
Income smoothing is the concept of reducing the period-to-period fluctuations in revenues and expenses in order to decrease the variability of reported income. GAAP generally does not support income...
The following are selected items derived from Dibb Company's adjusted trial balance on December 31, 2016: Twelve thousand shares of common stock were outstanding the entire year. Required: Assuming a...
Select an organization that you think should reposition itself in the consumers eye. Identify where it is currently positioned, and make recommendations for repositioning. Explain and defend your...
A retailer purchases a can of soup for 24 cents and sells it for 36 cents. Calculate the markup as a percentage of cost and as a percentage of selling price.
The characteristics of services affect the development of marketing mixes for services. Choose a specific service and explain how each marketing mix element could be affected by these service...

Flowers Company has 60,000 shares of $12 par common stock authorized. The following transactions took place during

Question:

Expert Answer:

The contributed capital of a company represents the total amount of funds that shareholders have inv... View the full answer

Intermediate Accounting Reporting and Analysis

Students also viewed these accounting questions