User Account

All Pages

Prepare general journal entries for these transactions

Assignment Help Accounting Basics
Reference no: EM13915527

Clearpoint Inc. was organized on June 5, 2013. It was authorized to issue 300,000 shares of $10 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $40 per share. The following stock transactions pertain to Clear point Inc.:

1. Issued 10,000 shares of common stock for $12 per share. 

2. Issued 3,000 shares of the class A preferred stock for $42 per share. 

3. Issued 80,000 shares of common stock for $15 per share. 

Required: 

a. Prepare general journal entries for these transactions. 

b. Prepare the stockholder's equity section of the balance sheet immediately after these transactions.

Reference no: EM13915527

Questions Cloud

Describe the process by which the federal budget is develop : Describe the process by which the federal budget is developed
A modern perspective will not accurately address : As this is a point-of-view essay, a modern perspective will not accurately address what the question is asking for. It is strongly suggested that at least one selection from the provided source book be used to research the event and views of the time..
Summarizing the key points of juvenile arrests 2008 article : National Criminal Justice Reference Service article "Juvenile Arrests 2008". Write a 700- to 1,050-word paper summarizing the key points of the "Juvenile Arrests 2008" article
Discount and the returned merchandise : Oct. 23   Buyer sends a check to Urquhart Company for the Oct. 8 purchase, net of the discount and the returned merchandise. Urquhart receives it the following day.
Prepare general journal entries for these transactions : Clearpoint Inc. was organized on June 5, 2013. It was authorized to issue 300,000 shares of $10 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock.
Personal reduction consulting services to individuals : Optimum weight loss co. offers personal reduction consulting services to individuals. after all the accounts have been closed on November 30, 2016 the end of the fiscal year, t
Relationship between nonprofits and local governments : relationship between nonprofits and local governments
Preparing the master budget : Which of the following statements is NOT correct?
Prepare a statement of cash flows based on the information : Determine the amount of cash flow for each item and indicate whether the item should appear in the operating, investing, or financing activities section of a statement of cash flows. if an item does not affect the cash flow statement, make a statemen..

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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