Jackson Corporation issues 1000 shares of $2 par value common stock for $10,000. When common stock...
Jackson Corporation issues 1000 shares of $2 par value common stock for $10,000. When common stock is issued, which of the following is the correct journal entry?
| a. |
Common stock 10,000 Common stock 2,000 Cash 8,000 |
|
| b. |
Paid in capital in excess of par 11,000 Cash 10,000 Common stock 1,000 |
|
| c. |
Cash 10,000 Common stock 2,000 Paid in capital in excess of par 8,000 |
|
| d. |
Cash 8,000 Common Stock 2, 000 Paid in capital in excess of par 6,000 |
Jackson Corporation has 100,000 shares authorized, 40,000 shares issued and 2,000 shares in treasury stock. How many shares are issued and outstanding?
| a. |
38,000 |
|
| b. |
138,000 |
|
| c. |
42,000 |
|
| d. |
142,000 |
Homework Answers
1.
| Cash | 10,000 | |
| Common stock (1000*2) | 2000 | |
| Paid in capital in excess of par | 8000 |
Option C is the answer
2.
Shares outstanding = Shares issued - Treasury stock
= 40,000-2,000
= 38,000
Option A is the answer
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