How many shares were authorized

Assignment Help Accounting Basics
Reference no: EM132726172

The corporate charter of Maine Yacht Corporation allows the issuance of a maximum of 3,000,000 shares of $1 par value common stock. During its first three years of operation, Maine issued 2,200,000 shares at $15 per share. It later acquired 30,000 of these shares as treasury stock for $25 per share.

Problem 1: How many shares were authorized?

Reference no: EM132726172

Questions Cloud

Compute the GED days payable outstanding : JGE Concrete Corp. provides the following information for 2020 and 2021: To one decimal, compute the GED's days payable outstanding for 2021
Five layers of operational functionality : A strong security process contains several layers of operational functionality. Discuss any five layers of operational functionality
What depreciation expense each year using straight-line : The equipment will have a $3,000 residual value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be
Assess the forensics issues : Describe and assess the forensics issues associated with passwords and other unlocking mechanisms.
How many shares were authorized : The corporate charter of Maine Yacht Corporation allows the issuance of a maximum of 3,000,000 shares. How many shares were authorized?
Why should the company review the capital structure : It will require a review of their capital structure. Why should the company review their capital structure if considering additional debt and/or equity?
Strong educational programs : Sstudents are provided with strong educational programs and courses that allow them to be servant-leaders in their disciplines and communities
Find what recorded as gain on the transfer of receivable : Sun Inc. also pays a finance fee of 1% on the transaction upfront. What would be recorded as a gain (loss) on the transfer of receivables?
Discuss audit procedures that may verify potential impact : Cook's Furniture Ltd has purchased a property, Discuss audit procedures that may verify the potential impact on the 2020 financial statements.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How do calculate the amount of depreciation expense

Calculate the amount of depreciation expense that Tiggy should record for machine B each year of its useful life under the assumptions.

  Payment of rent on building

The following is a recap of the cash receipts and disbursements made during the year.

  What is the amount of their itemized deductions

Duke and Pat Collins have adjusted gross income of $500,000 for 2010. What is the amount of their itemized deductions

  What is the internal rate of return

Diamond Enterprises is considering a project that will produce cash inflows of $238,000, What is the internal rate of return if the initial cost of the project

  Discuss retail method to estimate the value of the inventory

Use the retail method to estimate the value of the inventory as of May 31 given the following financial information:

  Match the situation with the primary components of the

from the e-activity analyze the situation from the company you selected and the internal controls that may have been

  What is wendy wisconsin sale numerator

What is Wendy's Wisconsin sale numerator? Wendy has income tax nexus in lowa, Minnesota, and Wisconsin. The Michigan sales are shipped from Wisconsin

  Calculate the profit margin and gross profit rate for the

the following selected data was retrieved from the wal-mart inc. financial statements for the year ending january 31

  A company paid its rent for two years in advance on

a company paid its rent for two years in advance on september 1 debiting prepaid rent for the full amount. if no

  Discuss foundations to carry out research projects

The organization plans to seek grants from private foundations to carry out research projects pertaining to various political causes

  Estimate the balance sheet reporting amount for Net accounts

Bwalya Mulengas ?companys accounts receivable has a debit balance of k250000. Estimate the balance sheet reporting amount for Net accounts

  What is the amount of the child tax credit

The Koz family has adjusted gross income of $300,000. What is the amount of the child tax credit on the couple's income tax return

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!

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