User Account

All Pages

Create journalize the transactions

Assignment Help Accounting Basics
Reference no: EM132481381

Concord Corporation was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 511,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.

Point 1: Jan.10 Issued 82,000 shares of common stock for cash at $6 per share.

Point 2: Mar.1 Issued 4,850 shares of preferred stock for cash at $105 per share.

Point 3: Apr.1 Issued 25,000 shares of common stock for land. The asking price of the land was $93,000. The fair value of the land was $82,000.

Point 4: May1 Issued 76,500 shares of common stock for cash at $4.50 per share.

Point 5: Aug.1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $41,500 for services performed in helping the company organize.

Point 6: Sept.1 Issued 12,000 shares of common stock for cash at $7 per share.

Point 7: Nov.1 Issued 2,500 shares of preferred stock for cash at $112 per share.

Question 1: Create Journalize the transactions.

Reference no: EM132481381

Questions Cloud

What is the price of dhg stock today : After that, the growth rate will remain constant at 5% per year. The required rate of returns is 11%. What is the price of DHG stock today?
Calculate the change in total profit that will result : Calculate the change in total profit that will result if Performance Motors takes on warranty work for an additional 40 cars per month
Find the value of the fund-erika : Erika deposited $200 monthly in a fund earning j12 = 12%. The first deposit was made on June 1, 1990 and the last deposit on November 1, 2000.
How low economic status negatively affects brain structure : How low economic status negatively affects the brain structure/development and how that relates to learning and Importance of intervention in schools
Create journalize the transactions : Create Journalize the transactions. Concord Corporation was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%
Prepare the profit distribution schedule : Prepare the profit distribution schedule for the above schemes assuming profit of P500,000, Establishing the Profit Distribution Scheme
Determine the share of profit for each partner : Prepare the journal entry to record the investment of both partners in the partnership. Determine the share of profit for each partner
What are the principal components for the lessee : Form a schedule showing the division of the lease rental into interest and principal components for the lessee over the term of the lease.
Is income taxes vary based on province of employment : Is Income taxes vary based on province of employment. Is Pensionable earnings include the value of gifts and awards, including trips

Reviews

Write a Review

Accounting Basics Questions & Answers

  Meir zarcus and ross are partners and share income and loss

meir zarcus and ross are partners and share income and loss in a 145 ratio. the partnerships capital balances are as

  Analyze three accounting standards promulgated by the fasb

Discuss as many of the potential trade-offs among the qualities mentioned in SFAC No. 2 as you can and give either a general or a concrete example of each one.

  What are the combined total department costs

Jackson Corporation has two service departments whose direct department costs are $75,000 and $10,000, respectively, and two producing departments whose direct department costs are $60,000 and $250,000, respectively.

  What is jerry adjusted basis in his partnership interest

At the beginning of the year, Jerry's tax basis in his partnership interest was $50,000. What is Jerry's adjusted basis in his partnership interest

  A company allocates overhead to production on the basis of

a company allocates overhead to production on the basis of direct labor cost. if the companys total estimated overhead

  Blueprint problem cash dividends dividends if you are the

blueprint problem cash dividends dividends if you are the owner of a company you expect to be able to take part of the

  Garr co issued 5000000 of 12 5 year convertible bonds on

garr co. issued 5000000 of 12 5 year convertible bonds on december 1 2010 for 5020800 plus accrued interest. the bonds

  Probem regarding the quantitative or qualitative

1. Classify each of the following variables as either quantitative or qualitative; if quantitative, specify whether it is discrete or continuous; if qualitative whether it is ordinal or nominal.

  What would be reported as cost of goods sold

What would be reported as Cost of Goods Sold on the income statement for the year ending December 31, 2016

  Need for reporting on program efficiency and effectiveness

Accrual accounting is not necessary in governmental financial reporting Financial reporting alone is insufficient for measuring governmental performance there is also a need for reporting on program efficiency and effectiveness.

  Prepare a multi step income statement for distribution

Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $ 2,400; Cost of Goods Sold, $ 22,728; Prepare a multi step income statement for distribution to ..

  What would be the minimum amount for which the noncash

the following account balances were available for the perry quincy and renquist partnership just before it entered

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