Homework Answers
Ans. Option 4th
Explanation: If any payment is made by issuing share capital (common shares), then the common shares account will be credited with the amount of payment.
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Barb Inc issued 500 common shares in payment of a $1,900 bill from its accountant for...
A corporation issued 240 shares of its $5 par value common stock in payment of a...
A corporation issued 240 shares of its $5 par value common stock in payment of a $3.200 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Save & E Murile Choice A$200 C A 1200 Organogenes A $2.000 credit to Paid in Capital Escess of Par Valve Common Stock A $1.200 biso Legal Expenses A $1.200 credit to Common Stock Fetzer Company declared a $0.35 per share cash...
Torres, Inc. Productions issued 40 shares of $16 par value stock to its accountant in full...
Torres, Inc. Productions issued 40 shares of $16 par value stock to its accountant in full payment for her $1,300 fee for assisting in setting up the new company. The entry to record the issuance of the stock would include a debit to Common Stock for $640 credit to Common Stock for $640. debit to Paid-in Capital in Excess of Par-Common for $660 credit to Common Stock for $1,300.
Lucie Corporation was formed on January 1 of the current year. The corporate charter authorized the...
Lucie Corporation was formed on January 1 of the current year. The corporate charter authorized the company to issue 100,000 common shares. During the first month of operation, the corporation issued 300 shares to its lawyer in payment of a $5,600 bill for preparing the articles of incorporation. The entry to record this transaction would include: a. A debit to Organization Costs for $3,000. b. A credit to Common Shares for $3,300. c. A credit to Organization Costs for $5,600....
A company issues 7% bonds with a par value of $140,000 at par on January 1...
A company issues 7% bonds with a par value of $140,000 at par on January 1 The market rate on the date of issuance was 6%. The bonds pay interest semiannually on January 1 and July 1. The cash paid on July 1 to the bond holder(s) is: ο ο $8, 400. ο $4900. ο 4,200. ο A company purchased equipment and signed a 5-year installment loan at 10% annual interest. The annual payments equal $11,600. The present value of...
Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par...
Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During the first month of operation, the corporation issued 380 shares to its attorneys in payment of a $5,800 charge for drawing up the articles of incorporation. The entry to record this transaction would include: Multiple Choice A debit to Organization Expenses for $5,800. A debit to Paid-in Capital in Excess of Par Value, Common Stock for $2,000. A credit to...
On May 1, Sequoia Inc. issued 30,000 shares of its common stock with a $15 par...
On May 1, Sequoia Inc. issued 30,000 shares of its common stock with a $15 par value and $50 fair value in exchange for all of Saguaro Inc. outstanding common stock. As a result of this acquisition Saguaro ceased to exist as a separate legal entity. On the date of the acquisition, Saguaro had net assets with a book value of $900,000 and fair market value of $1,280,000. Sequoia's journal entry to record this transaction should include: A. $1,500,000 credit...
Brief Exercise 16-03 Windsor Corporation issued 1,900 shares of $10 par value common stock upon conversion...
Brief Exercise 16-03 Windsor Corporation issued 1,900 shares of $10 par value common stock upon conversion of 950 shares of $50 par value preferred stock. The preferred stock was originally issued at $62 per share. The common stock is trading at $26 per share at the time of conversion. Record the conversion of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
QUESTION 9 Talboe Co, issued 90,000 shares of $9 par common stock for $1,500,000. A year...
QUESTION 9 Talboe Co, issued 90,000 shares of $9 par common stock for $1,500,000. A year later Talboe acquired 12,000 shares of its own common stock at $12 per share. Three months later Talboe sold 5,000 of these shares at $20 per share. Talboe Co. uses the cost method to record treasury stock transactions. Select which is the correct journal entry when Talboe Co. issue the stock. Debit Cash - 5810,000, Debit Dividends - $690,000; Credit Common Stock Par -...
A corporation issued 5,000 shares of its no par common stock that was assigned a $1...
A corporation issued 5,000 shares of its no par common stock that was assigned a $1 stated value per share. The issue price was $10 per share. The entry to record this transaction would be Debit Cash $50,000; credit Paid-in Capital in Excess of Stated Value, Common Stock $45,000; credit Common Stock $5,000. Debit Cash $50,000; credit Common Stock $50,000. Debit Common Stock $50,000; credit Cash $50,000. Debit Treasury Stock $50,000; credit Cash $50,000. Debit Common Stock $25,000; debit Paid-in...
A corporation issued 6,000 shares of its $2 par value common stock in exchange for land...
A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include: A credit to Land for $12,000. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $72,000. A debit to Common Stock for $12,000. A debit to Land for $12,000. A credit to Common Stock for $84,000.
A corporation issued 240 shares of its $5 par value common stock in payment of a $3.200 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Save & E Murile Choice A$200 C A 1200 Organogenes A $2.000 credit to Paid in Capital Escess of Par Valve Common Stock A $1.200 biso Legal Expenses A $1.200 credit to Common Stock Fetzer Company declared a $0.35 per share cash...
Torres, Inc. Productions issued 40 shares of $16 par value stock to its accountant in full payment for her $1,300 fee for assisting in setting up the new company. The entry to record the issuance of the stock would include a debit to Common Stock for $640 credit to Common Stock for $640. debit to Paid-in Capital in Excess of Par-Common for $660 credit to Common Stock for $1,300.
A company issues 7% bonds with a par value of $140,000 at par on January 1 The market rate on the date of issuance was 6%. The bonds pay interest semiannually on January 1 and July 1. The cash paid on July 1 to the bond holder(s) is: ο ο $8, 400. ο $4900. ο 4,200. ο A company purchased equipment and signed a 5-year installment loan at 10% annual interest. The annual payments equal $11,600. The present value of...
Brief Exercise 16-03 Windsor Corporation issued 1,900 shares of $10 par value common stock upon conversion of 950 shares of $50 par value preferred stock. The preferred stock was originally issued at $62 per share. The common stock is trading at $26 per share at the time of conversion. Record the conversion of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
QUESTION 9 Talboe Co, issued 90,000 shares of $9 par common stock for $1,500,000. A year later Talboe acquired 12,000 shares of its own common stock at $12 per share. Three months later Talboe sold 5,000 of these shares at $20 per share. Talboe Co. uses the cost method to record treasury stock transactions. Select which is the correct journal entry when Talboe Co. issue the stock. Debit Cash - 5810,000, Debit Dividends - $690,000; Credit Common Stock Par -...
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