Homework Answers
Par value represent the total value of stock that must be entered in the issuing company's records. It is a value written on face of common stock certificate.
So correct answer is the total value of stock that must be entered in the issuing corporation's record.
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10. The par value of common stock represents the amount that must be recorded on the...
Fil Hamilton Corporation was authorized to issue 20,000 shares of $100 par value, 5% preferred stock...
Fil Hamilton Corporation was authorized to issue 20,000 shares of $100 par value, 5% preferred stock and 50,000 share of $1 par common stock. Record the following transactions: • Issued 5,000 shares of common stock for $40 per share • Issued 500 shares of common stock at $19 per share for services rendered in connection with the organization of the company • Issued 5,000 shares of common stock for a building on which the asking price was $325,000. Market value...
A corporation was organized in January 2021 with authorized capital of $10 par value common stock....
A corporation was organized in January 2021 with authorized capital of $10 par value common stock. On February 1, 2021, shares were issued at par for cash. On March 1, 2021, the corporation's attorney accepted 6400 shares of common stock in settlement for legal services with a fair value of $82000. Additional paid-in capital would increase on February 1, 2021 March 1, 2021 O Yes No No No ооо Yes W Yes No Yes
Cheyenne Corporation has outstanding 358,000 shares of $10 par value common stock. The corporation declares a...
Cheyenne Corporation has outstanding 358,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Cheyenne Corporation has...
Blossom Corporation's charter authorized issuance of 99,000 shares of $10 par value common stock and 49,900...
Blossom Corporation's charter authorized issuance of 99,000 shares of $10 par value common stock and 49,900 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. Issued a $9,700, 10% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $113 a share. 2. Issued 510 shares of common stock for equipment. The equipment...
Sheridan Corporation has outstanding 363,000 shares of $10 par value common stock. The corporation declares a...
Sheridan Corporation has outstanding 363,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $71 per share. Prepare the journal entries for Sheridan Corporation for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)...
When issuing common stock, the par value is the amount of cash the company gets per...
When issuing common stock, the par value is the amount of cash the company gets per share from buyers of the equity. True False
A corporation was organized in January 2018 with authorized capital of $10 par value common stock....
A corporation was organized in January 2018 with authorized capital of $10 par value common stock. On February 1, 2018, shares were issued at par for cash. On March 1, 2018, the corporation's attorney accepted 7100 shares of common stock in settlement for legal services with a fair value of $92000. Additional paid-in capital would increase on February 1, 2018 March 1, 2018 No No Yes Yes No Yes Yes No
On January 1, 2019, when its $30 par value common stock was selling for $80 per...
On January 1, 2019, when its $30 par value common stock was selling for $80 per share, Sweet Corp. issued $11,200,000 of 8% convertible debentures due in 20 years. The conversion option allowed the holder of each $1,000 bond to convert the bond into five shares of the corporation's common stock. The debentures were issued for $12,096,000. The present value of the bond payments at the time of issuance was $9,520,000, and the corporation believes the difference between the present...
Sheffield Corporation has outstanding 358,000 shares of $10 par value common stock. The corporation declares a...
Sheffield Corporation has outstanding 358,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) tion. Credits requiredijele...
The original sale of the $50 par value common shares of Gray Company was recorded as...
The original sale of the $50 par value common shares of Gray Company was recorded as follows: 256,500 Cash Common Stock 225,000 Paid-in Capital in Excess of Par 31,500 Transactions: (a) Bought 380 shares of common stock as treasury shares at $61. Sold 100 shares of treasury stock at $59. (b) (c) Sold 50 treasury shares at $67. Record the treasury stock transactions (given above) under the cost method. (Credit account titles are automatically indented when amount is entered. Do...
Fil Hamilton Corporation was authorized to issue 20,000 shares of $100 par value, 5% preferred stock and 50,000 share of $1 par common stock. Record the following transactions: • Issued 5,000 shares of common stock for $40 per share • Issued 500 shares of common stock at $19 per share for services rendered in connection with the organization of the company • Issued 5,000 shares of common stock for a building on which the asking price was $325,000. Market value...
A corporation was organized in January 2021 with authorized capital of $10 par value common stock. On February 1, 2021, shares were issued at par for cash. On March 1, 2021, the corporation's attorney accepted 6400 shares of common stock in settlement for legal services with a fair value of $82000. Additional paid-in capital would increase on February 1, 2021 March 1, 2021 O Yes No No No ооо Yes W Yes No Yes
Cheyenne Corporation has outstanding 358,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Cheyenne Corporation has...
Blossom Corporation's charter authorized issuance of 99,000 shares of $10 par value common stock and 49,900 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. Issued a $9,700, 10% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $113 a share. 2. Issued 510 shares of common stock for equipment. The equipment...
Sheridan Corporation has outstanding 363,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $71 per share. Prepare the journal entries for Sheridan Corporation for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)...
On January 1, 2019, when its $30 par value common stock was selling for $80 per share, Sweet Corp. issued $11,200,000 of 8% convertible debentures due in 20 years. The conversion option allowed the holder of each $1,000 bond to convert the bond into five shares of the corporation's common stock. The debentures were issued for $12,096,000. The present value of the bond payments at the time of issuance was $9,520,000, and the corporation believes the difference between the present...
Sheffield Corporation has outstanding 358,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) tion. Credits requiredijele...
The original sale of the $50 par value common shares of Gray Company was recorded as follows: 256,500 Cash Common Stock 225,000 Paid-in Capital in Excess of Par 31,500 Transactions: (a) Bought 380 shares of common stock as treasury shares at $61. Sold 100 shares of treasury stock at $59. (b) (c) Sold 50 treasury shares at $67. Record the treasury stock transactions (given above) under the cost method. (Credit account titles are automatically indented when amount is entered. Do...
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