Montgomery & Co., a well-established law firm, provided 500 hours of its time to Fink Corporation...
Montgomery & Co., a well-established law firm, provided 500 hours of its time to Fink Corporation and received 1,000 shares of Fink's P5 par ordinary shares in exchange for services rendered. Montgomery's usual billing rate is P700 per hour, and Fink's shares has a book value of P250 per share. By what amount will Fink's paid in capital—excess of par or share premium increase for this transaction?
Homework Answers
Total value of services provided By montgomery= 500 hours *$700= $350000
Value of Paid up capital= 1000 shares*$250= $250000
Value of excess of par or share premium= 350000-250000= $100000
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Montgomery & Co., a well-established law firm, provided 500
hours of its time to Fink Corporation...
Chandler & Co. provided 450 hours of its time to Joey Corporation and received 1,000 shares...
Chandler & Co. provided 450 hours of its time to Joey Corporation and received 1,000 shares of Joey's $5 par common stock in exchange for services rendered. Chandler's usual billing rate is $650 per hour, and Joey's stock has a book value of $330 per share. By what amount will Joey's paid-in capital—excess of par increase for this transaction? a 226,500 b 292,500 c 287,500 d 290,500
1. When a company’s stock is actively traded on a major exchange is traded for equipment:...
1. When a company’s stock is actively traded on a major exchange is traded for equipment: A. No entry is recorded because no cash was exchanged. B. An asset is recorded for the fair value of the stock. C. An asset is recorded for the appraised value of the equipment. D. Paid-in capital is increased by the appraised value of the equipment. 2. Paid-in capital in excess of par is reported as: A. A reduction of shareholders’ equity. B. A...
Lewelling Company issued 118,000 shares of its $1 par common stock to the Michael Morgan law...
Lewelling Company issued 118,000 shares of its $1 par common stock to the Michael Morgan law firm as compensation for 5,800 hours of legal services performed. Morgan's usual rate is $280 per hour. By what amount should Lewelling's paid-in capital - excess of par increase as a result of this transaction? Paid-in capital excess of par
Stockholders’ Equity Transactions, Journal Entries, and T-Accounts The stockholders’ equity of Fremantle Corporation at January 1...
Stockholders’ Equity Transactions, Journal Entries, and
T-Accounts
The stockholders’ equity of Fremantle Corporation at January 1
follows:
8 Percent preferred stock, $110 par value, 20,000 shares
authorized; 4,000 shares issued and outstanding
$440,000
Common stock, $4 par value, 10,000 shares
authorized; 40,000 shares issued and outstanding
160,000
Paid-in capital in excess of par value-Preferred stock
200,000
Paid-in capital in excess of par value-Common stock
800,000
Retained earnings
550,000
Total Stockholders' Equity
$2,150,000
The following transactions, among others, occurred during the...
Stockholders’ Equity: Transactions and Balance Sheet Presentation The stockholders’ equity of Summit Corporation at January 1...
Stockholders’ Equity: Transactions and Balance Sheet
Presentation The stockholders’ equity of Summit Corporation at
January 1 follows: 7 Percent preferred stock, $100 par value,
20,000 shares authorized; 5,000 shares issued and outstanding
$500,000 Common stock, $15 par value, 100,000 shares authorized;
40,000 shares issued and outstanding 600,000 Paid-in capital in
excess of par value-Preferred stock 24,000 Paid-in capital in
excess of par value-Common stock 360,000 Retained earnings 325,000
Total Stockholders' Equity $1,809,000 The following transactions,
among others, occurred during the...
QUESTION 7 (34 marks) Chan Corporation is a well-established merchandizing company that specializes in home appliance....
QUESTION 7 (34 marks) Chan Corporation is a well-established merchandizing company that specializes in home appliance. The company prepares its financial statements and adjusting entries at June 30 each year. The trial balance of the Chan Corporation at June 30, 2019 is presented on the page next. You are also required to take into consideration the following information: (1) At July 1, 2016, 6%, $100 par value, 30,000 cumulative preference shares were authorized. 10,000 shares were issued and outstanding. There...
1. Concord Corporation had two issues of securities outstanding: common stock and an 9% convertible bond...
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MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has link Corporation. It has issued 20,000 shares...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has link Corporation. It has issued 20,000 shares of $4 par value common stock. It authorized 900,000 S od 900,000 share. The corporation is a merchandising business. Blink ventory system. Also Blink provides a 2-year warranty with one of its products which was first sold in October. Blink Corporation Trial Balance periodic inventory system September 30 Cr. Cash Dr. $ 54,000 14,000 Inventory Land 45,000 Plant Building 500,000 Accumulated Depreciation-plant Equipment 200,000...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has issued 20,000 shares of $4 par value...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has issued 20,000 shares of $4 par value common stoc Bli anplies the authorized 900,000 share. The corporation is a merchandising business. Blink appies" periodic inventory system. Also Blink provides a 2 vear warranty with one of its products which was first sold in October. Blink Corporation Trial Balance September 30 Dr. Cash $ 54,000 Inventory Land 14,000 45,000 500,000 Plant Building Accumulated Depreciation-plant 200,000 1 4,000 Equipment 12,000 Accumulated depreciation--equipment Common...
MERCHANDISING ACOUNTING Joe B Joe Blink opened Blink Corporation. It has issued 20.000 shares of $4...
MERCHANDISING ACOUNTING Joe B Joe Blink opened Blink Corporation. It has issued 20.000 shares of $4 par value common stock. Blink anplies the authorized 900,000 share. The corporation is a merchandising business. Blink appies" periodic inventory system. Also Blink provides a 2 vear warranty with one of its produce which was first sold in October. Blink Corporation Trial Balance September 30 Dr. Cash Inventory Land $ 54,000 14,000 45,000 500,000 Plant Building Accumulated Depreciation-plant 200,000 4,000 Equipment 12,000 Accumulated depreciation--equipment...
Lewelling Company issued 118,000 shares of its $1 par common stock to the Michael Morgan law firm as compensation for 5,800 hours of legal services performed. Morgan's usual rate is $280 per hour. By what amount should Lewelling's paid-in capital - excess of par increase as a result of this transaction? Paid-in capital excess of par
Stockholders’ Equity Transactions, Journal Entries, and
T-Accounts
The stockholders’ equity of Fremantle Corporation at January 1
follows:
8 Percent preferred stock, $110 par value, 20,000 shares
authorized; 4,000 shares issued and outstanding
$440,000
Common stock, $4 par value, 10,000 shares
authorized; 40,000 shares issued and outstanding
160,000
Paid-in capital in excess of par value-Preferred stock
200,000
Paid-in capital in excess of par value-Common stock
800,000
Retained earnings
550,000
Total Stockholders' Equity
$2,150,000
The following transactions, among others, occurred during the...
Stockholders’ Equity: Transactions and Balance Sheet
Presentation The stockholders’ equity of Summit Corporation at
January 1 follows: 7 Percent preferred stock, $100 par value,
20,000 shares authorized; 5,000 shares issued and outstanding
$500,000 Common stock, $15 par value, 100,000 shares authorized;
40,000 shares issued and outstanding 600,000 Paid-in capital in
excess of par value-Preferred stock 24,000 Paid-in capital in
excess of par value-Common stock 360,000 Retained earnings 325,000
Total Stockholders' Equity $1,809,000 The following transactions,
among others, occurred during the...
QUESTION 7 (34 marks) Chan Corporation is a well-established merchandizing company that specializes in home appliance. The company prepares its financial statements and adjusting entries at June 30 each year. The trial balance of the Chan Corporation at June 30, 2019 is presented on the page next. You are also required to take into consideration the following information: (1) At July 1, 2016, 6%, $100 par value, 30,000 cumulative preference shares were authorized. 10,000 shares were issued and outstanding. There...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has link Corporation. It has issued 20,000 shares of $4 par value common stock. It authorized 900,000 S od 900,000 share. The corporation is a merchandising business. Blink ventory system. Also Blink provides a 2-year warranty with one of its products which was first sold in October. Blink Corporation Trial Balance periodic inventory system September 30 Cr. Cash Dr. $ 54,000 14,000 Inventory Land 45,000 Plant Building 500,000 Accumulated Depreciation-plant Equipment 200,000...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has issued 20,000 shares of $4 par value common stoc Bli anplies the authorized 900,000 share. The corporation is a merchandising business. Blink appies" periodic inventory system. Also Blink provides a 2 vear warranty with one of its products which was first sold in October. Blink Corporation Trial Balance September 30 Dr. Cash $ 54,000 Inventory Land 14,000 45,000 500,000 Plant Building Accumulated Depreciation-plant 200,000 1 4,000 Equipment 12,000 Accumulated depreciation--equipment Common...
MERCHANDISING ACOUNTING Joe B Joe Blink opened Blink Corporation. It has issued 20.000 shares of $4 par value common stock. Blink anplies the authorized 900,000 share. The corporation is a merchandising business. Blink appies" periodic inventory system. Also Blink provides a 2 vear warranty with one of its produce which was first sold in October. Blink Corporation Trial Balance September 30 Dr. Cash Inventory Land $ 54,000 14,000 45,000 500,000 Plant Building Accumulated Depreciation-plant 200,000 4,000 Equipment 12,000 Accumulated depreciation--equipment...
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