User Account

All Pages

Abc corporation is authorized to issue 50000 shares of 50

Assignment Help Accounting Basics
Reference no: EM13593047

ABC Corporation is authorized to issue 50,000 shares of $50 par value, preferred stock and 750,000 shares of $5 par value common stock. Please prepare journal entries to record the following transactions that occurred during the first year of operations:

January 1 Exchanged 500 shares of common stock for $ 2,500 worth of services incurred to get the corporation organized.

February 1 Sold 96,000 shares of common stock for $8 per share, cash.

February 10 Sold 25,000 shares of preferred stock for $ 75 per share, cash.

March 1 `Sold 35,000 shares of common stock for $10 per share, cash.

March 31 `Sold 10,000 shares of preferred stock for $85 per share,

Reference no: EM13593047

Questions Cloud

A rigid tank contains 130 moles of an ideal gas determine : a rigid tank contains 1.30 moles of an ideal gas. determine the number of moles of gas that must be withdrawn from the
A spring with constant k 800 nm is compressed 12 cm from : a spring with constant k 800 nm is compressed 12 cm from its equilibrium position. a spring with spring constant k
During the year 5600 units were produced 18340 hours were : during the year 5600 units were produced 18340 hours were worked and the actual manufacturing overhead was 151200.
Given a typical wave function describing the state of a : given a typical wave function describing the state of a particle how would you determine the shape of the potential ux
Abc corporation is authorized to issue 50000 shares of 50 : abc corporation is authorized to issue 50000 shares of 50 par value preferred stock and 750000 shares of 5 par value
How large an emf rms will be generated in an antenna that : question how large an emf rms will be generated in an antenna that consists of a 426 loop circular coil of wire 1.54 cm
The new cfo believes that the company could improve its : soenen inc. had the following data for 2008. the new cfo believes that the company could improve its working capital
A and b have different masses after the collision b moves : ball b moving in the positive direction of an x axis at speed v collides with stationary ball a at the origin. a and b
Clark company manufactures a product with a standard direct : edgar inc. has a materials price standard of 2.00 per pound. six thousand pounds of materials were purchased at 2.20 a

Reviews

Write a Review

Accounting Basics Questions & Answers

  Zhau manufacturing company has two departments machining

zhau manufacturing company has two departments machining and finishing. for a given period the following costs were

  Recognizing gain or loss in contract agreeing

On August 1st of the current year, Lenz Company writes a contract agreeing to sell Hindman Company 15,000 British pounds at a specific price of $0.69 per pound with delivery in 60 days. Throughout the 60-day period the forward rate varies as follo..

  Indicate the balances in the three stockholders equity

on october 1 chile corporations stockholders equity is as follows.common stock 4 par

  Cost in a separate land account

Northwood paid $150,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to three places, and use your computed percentages throughtout.

  Business ethics-ethics in selling

For many months your prospective ERP customer has been analyzing the hundreds of assumptions built into the $800,000 ERP software you are selling. So far, you have knocked yourself out to try to make this sale.

  Calculate the predetermined overhead rate

Bubba's Crawfish Processing Company uses a traditional overhead allocation based on direct labor hours. For the current year, overhead is estimated at $1,150,000, and direct labor hours are budgeted at 162,000 hours.

  Explain the three most common types of ratios why are they

what are the three most common types of ratios? why are they important? which ratios would you use to determine the

  Show journal entries and necessary accounts

Show Journal entries and necessary accounts. Also show how the items will appear in Profit and Loss account and Balance sheet.

  Prepare all the closing entries required at december 31

assume for each of the following independent cases that the annual accounting period ends on december 31 2013 and that

  Your goal is to create a two-security portfolio that will

1.over the period of 1955-2006 long-term government bonds underperformed large corporate stocks. small-company stocks

  What is the compensation expense to be recorded by marr

on May 5, 1980 the Marr company issued a 5 year stock option to the chief financial officer the option entitled the employee to buy 1,000 shares of stock for $4 per share when the stock was selling fro $4 per share. under APB opinion No. 25 what i..

  They pay 60 with cash the month it is incurred they pay for

a company has operational expenses of the followingjan - 250000feb - 350000mar - 275000apr - 250000may - 225000they pay

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd