User Account

All Pages

How to make a journal entry

Assignment Help Accounting Basics
Reference no: EM131966805

Question - How to make a Journal Entry

1. Corp X is authorized to issue 1,000,000 shares of Common Stock Par $1 No Entry since it was just authorized but not issued.

2. Corporation X issued 500,000 shares of Common Stock Par $1 for $ 8 per share.

3. Corporation X issued 1,500,000 shares of Common Stock Par $1 for $10 per share.

4. Corporation X reacquired 1,000,000 shares of their Common Stock Par $1 for $ 2.

5. Sold 500,000 shares of treasury stock at $8 per share.

6. Paid $ 2,000,000 in cash dividends to common stockholders that was declared last month.

7. Net income for the year $ 800,000.

 

Reference no: EM131966805

Questions Cloud

What salary represents the 15th percentile : What salary represents the 15th percentile? You MUST show what went into the calculator and then your final answer.
Difference between the two average wearing lives : (a) Test at level of significance a = 0.05 whether the difference between the two average wearing lives is significant.
What is the required return of portfolio : What is the beta of your portfolio? what is the required return of the portfolio?
Compare sample demographics with the most recent census data : Compare the sample's demographics with the most recent census data of Florida's population; is the sample representative of Florida's residents?
How to make a journal entry : Corp X is authorized to issue 1,000,000 shares of Common Stock Par $1 No Entry since it was just authorized but not issued. How to make a Journal Entry
What is the probability it weights more than 33 pounds : If you randomly select a bookbag for a middle school student, what is the probability it weights more than 33 pounds.
Estimate the companys weighted average cost of capital : Outline the necessary steps required to estimate the companys weighted average cost of capital - Calculate the after-tax cost of each of the companys current
What capital budgeting evaluation is the most appropriate : What capital budgeting evaluation or analytical technique is the most appropriate one to use,and why?
Test the hypothesis that telemarketing : If we want to test the hypothesis that telemarketing (telephone sales) increases the number of sales made by automobile salespersons, under what conditions

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the manufacturing cost markup

Davis Company has estimated the following costs for this year for 240,000 units: Calculate the manufacturing cost markup needed to obtain a target profit

  Explain accounting treatment of sales returns and allowances

Comment on the significance of the operating profit to investors. Explain the accounting treatment of sales returns and allowances.

  Calculate harckers equity in jacksons net income

Calculate Harcker's equity in Jackson's net income for 2017. Now compute gross margin on sales again, excluding intercompany sales. Comment on the results.

  Calculate the firms turnover and average total assets

Firm D has net income of $66,640, sales of $2,380,000, and average total assets of $680,000. Calculate the firm's margin, turnover, and ROI.

  Prepare a report for the board that either recommends

Prepare a report for the board that either recommends the proposed changes or does not recommend the changes.

  Indicate by letter whther the action listed will

indicate by letter whther the action listed will immediatelyh increase i decrease d or have noe effect n on the ratios

  Compute present value of the bids

Compute present value of the bids. You may assume that the cost of capital is 11%, that the annual maintenance expenditures are incurred at the end of each year

  Prepare general journal entry to record depreciation expense

Prepare the general journal entry to record depreciation expense for the equipment in 2010.

  Alfarsi industries uses the net present value method

Alfarsi Industries uses the net present value method to make investment decisions and requires a 15% annual return on all investments.

  The cutting departments output during the period consists

the cutting departments output during the period consists of 18000 units completed and transferred out and 4000 units

  Discuss disclosure for pensions and post retirement benefits

Explain what you learn about the disclosures of your SEC 10-K company relating to Pensions and Post Retirement Benefits

  Make the journal entry to record orbit sale of the truck

Orbit Airways purchased a baggage-handling truck for $41,000. Make the journal entry to record Orbit's sale of the truck

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