HomeworkLib
Question

A company issued 110 shares of $100 par value common stock for $13,000 cash. The total amount of paid-in capital in excess of
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer) Paid in capital in excess of par - $2000

Explanation:

Paid in Capital in excess of par is the difference between the Par Value of the stock and Fair Market Value of the Stock.

Common stock, $100 par, 110 shares issued = 110 shares x $100 par value = 11000

Fair Market Value of the Stock (Cash received for the stock) = 13000

Paid in capital in excess of par = Fair Market Value of the stock - Par Value

= 13000 - 11000

= 2000

0 0
Add a comment
Know the answer?
Add Answer to:
A company issued 110 shares of $100 par value common stock for $13,000 cash. The total...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • A company issued 65 shares of $100 par value common stock for $7,500 cash. The total...

    A company issued 65 shares of $100 par value common stock for $7,500 cash. The total amount of paid-in capital is: $1,000. $6,500. $7,500. $650. $100.

  • A company issued 60 shares of $100 par value common stock for $7,000 cash. The journal...

    A company issued 60 shares of $100 par value common stock for $7,000 cash. The journal entry to record the issuance is: Multiple Choice O Debit Cash $7,000; Credit Common Stock $7,000 Debit investment in Common Stock $7,000, credit Cash $7,000. O O Debit Cash $7,000; Credit Common Stock $6,000; credit Paid-in Capital in Excess of Par Value, Common Stock $1,000 O O Debit Common Stock $6,000, debit Investment in Common Stock $1,000, credit Cash $7,000. O O Debit Cash...

  • On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a...

    On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a stated value of $125) at $140. On September 9, Epperson issued at par 15,000 shares of 1%, $60 par preferred stock at par for cash. On November 23, Epperson issued for cash 8,000 shares of 1%, $60 par preferred stock at $70. Required: Journalize the entries to record the February 13, September 9, and November 23 transactions. If an amount box does not require...

  • The Company issued 20,000 shares of no-par common stock, stated value $20, at $32 cash per...

    The Company issued 20,000 shares of no-par common stock, stated value $20, at $32 cash per share. The journal entry to record this transaction is Select one: a. Debit: Cash                                                                       640,000 Credit: Common Stock                                                              400,000 Credit: Paid-in Capital in Excess of Stated Value                        240,000 b. Debit: Cash                                                                       640,000 Credit: Common Stock                                                              640,000 c. Debit: Cash                                                                       640,000 Credit: Common Stock                                                              400,000 Credit: Paid-in Capital in Excess of Par Value                             240,000

  • Mar. 23: Issued 240 shares of $1 par value common stock for cash of $12 per...

    Mar. 23: Issued 240 shares of $1 par value common stock for cash of $12 per share Accounts and Explanation Date Debit Credit 2,880 Cash Mar. 23 Common Stock-$1 Par Value 240 Paid-In Capital in Excess of Par-Common 2,640 Issued common stock for cash. Apr. 12: Received inventory with a market value of $24,000 and equipment with a market value of $18,000 for 340 shares of the $1 par value common stock Accounts and Explanation Date Debit Credit 24,000 Inventory...

  • Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per...

    Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. X X 0x X X a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Inland sold 2,000 shares of the treasury stock...

  • On January 22, Zentric Corporation issued for cash 160,000 shares of no-par common stock at $8....

    On January 22, Zentric Corporation issued for cash 160,000 shares of no-par common stock at $8. On February 14, Zentric issued at par value 45,000 shares of preferred 2% stock, $50 par for cash. On August 30, Zentric issued for cash 10,000 shares of preferred 2% stock, $50 par at $56. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 Cash...

  • If Sheffield Company issues 5300 shares of $5 par value common stock for $189000. Cash will...

    If Sheffield Company issues 5300 shares of $5 par value common stock for $189000. Cash will be debited for $162500. Paid-In Capital in Excess of Par will be credited for $162500. Common Stock will be credited for $189000. Paid-In Capital in Excess of Par will be credited for $26500.

  • 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,...

  • The Company issued for $57 per share 5,000 shares of $30 par value common stock. The...

    The Company issued for $57 per share 5,000 shares of $30 par value common stock. The journal entry to record this transaction is: Select one: a. Debit: Cash 285,000 Credit: Common Stock 285,000 b. Debit: Cash 285,000 Credit: Common Stock 150,000 Credit: Gain on Sale of Stock 135,000 c. Debit: Cash 285,000 Credit: Common Stock 150,000 Credit: Retained Earnings 135,000 d. Debit: Cash 285,000 Credit: Common Stock 150,000 Credit: Paid-in Capital in Excess of Par Value 135,000

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT