Reference no: EM131768845
Problem - Franco Corporation was organized on January 1, 2008. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10 Issued 80,000 shares of common stock for cash at $4 per share.
Mar. 1 Issued 5,000 shares of preferred stock for cash at $105 per share.
Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $90,000.The fair market value of the land was $85,000.
May 1 Issued 80,000 shares of common stock for cash at $4.50 per share.
Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $30,000 for services provided in helping the company organize.
Sept. 1 Issued 10,000 shares of common stock for cash at $5 per share.
Nov. 1 Issued 1,000 shares of preferred stock for cash at $109 per share.
Required -
Journalize the transactions.
Post to the stockholders' equity accounts.
Prepare the paid-in capital section of stockholders' equity at December 31, 2008.
Identify the ethical problem or problems in the case
: Identify the Ethical problem or problems in the case. Solve the technical, ethical and social problems using both technical, ethical standards.
|
What is the monopolist profit maximizing
: Suppose the monopolist faces the following demand curve: P = 100 - 3Q. Marginal cost of production is constant and equal to $10, and there are no fixed costs.
|
Demands that arnold bank credit account at bank
: Ben Arnold has been an employee of Tom Jefferson for several years. During that time, Jefferson has relied on Arnold to prepare payroll checks.
|
Role of human behavior on rational thinking
: What are some concerns about rational decision making, ethics and economics and the role of human behavior on rational thinking?
|
Post to the stockholders equity accounts
: Franco Corporation was organized on January 1, 2008. Journalize the transactions. Post to the stockholders' equity accounts
|
Return with the painting and the difference in cash
: Ms. V, a wealthy art collector in Country W, is interested in buying a rare painting from Mr. Y in Country Z. Both parties agree that the price is to.
|
Example of adverse selection or moral hazard
: Identify whether each of the following example is an example of adverse selection or moral hazard and why:
|
Addresses the developers role in the development process
: Addresses the developers' role in the development process and the basic approach to developing applications using Java for mobile devices.
|
Determining an acknowledgment of delivery
: John Johnson, who works for a well-known parcel delivery service, delivered a large package to Pete Peterson and had Pete sign what Pete believed.
|