Auntie Em's coffee and co Inc. did not record any entries regarding the issuance of common stock....
Auntie Em's coffee and co Inc. did not record any entries regarding the issuance of common stock. Auntie Em's coffee sold 1000 shares on the open market and received $17 per share.
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Indicate the amounts involved and the effects on each of the accounts listed
Current Assets
Long-term Assets
Current Liabilities
Long-Term Liabilities
Capital Stock
Retained Earnings
Net Income
Homework Answers
Auntie Em's coffee sold 1000 shares on the open market and received $17 per share.
Cash received = Number of shares issued x Price per share
= 1,000 x 17
= $17,000
Due to the given transaction, following accounts will be effected:
- Current assets will increase due to increase in cash by $17,000
- Capital stock will also increase by $17,000.
| Long-term Assets | No effect |
| Current Liabilities | No effect |
| Long-Term Liabilities | No effect |
| Retained Earnings | No effect |
| Net Income | No effect |
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