Prepare journal entries to record issuances of stock

Assignment Help Accounting Basics
Reference no: EM133048581

Question - Recording stock issuances - Following are the issuances of stock transactions.

1. A corporation issued 3,000 shares of $10 par value common stock for $36,000 cash.

2. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $37,000. The stock has a $2 per share stated value.

3. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $37,000. The stock has no stated value.

4. A corporation issued 750 shares of $25 par value preferred stock for $55,750 cash.

Required - Prepare journal entries to record each of the following four separate issuances of stock.

Reference no: EM133048581

Questions Cloud

Reconcile the arguments of the Board Chairperson : Reconcile the arguments of the Board Chairperson and the CEO with respect to Fijian Holdings share value
Analytical chemistry assignment : Calculate the ionic strength of 0.10 M solution of Mg3(PO4)2 in formiate buffer and What pH will this buffer have if you dilute it with methanol
Objectives of effective customer feedback system : What are the main objectives of an effective customer feedback system?
Important elements of export sales agreement : Explain why the purchase price, the time, place and method of payment, the origin of goods, and specified trade terms are especially important elements of an ex
Prepare journal entries to record issuances of stock : A corporation issued 3,000 shares of $10 par value common stock for $36,000 cash. Prepare journal entries to record issuances of stock
Future for bitcoin because of cryptocurrency : The cost of mining Bitcoin is determined by many factors. Two big factors are how many miners (or efficient miners) there are and the market price of electricit
Communicating on the telephone with customers : Create clear step-by-step instructions for .communicating on the telephone with customers
Highlighting role of the leader among team members : What are the strategies and skills to be used for identifying a business problem to drive the need for highlighting the role of the leader among his team member
Artificial intelligence or machine learning : Do you believe Artificial Intelligence or Machine Learning is the future of cybersecurity? Explain why or why not

Reviews

Write a Review

Accounting Basics Questions & Answers

  Luca company overapplied manufacturing overhead during 2006

1 at the end of the year manufacturing overhead has been overapplied. what occurred to create this situation? 2 luca

  Checking account balance at bank 61000 money market balance

for each individual situation determine the amount that should be reported as cash. if the items is not reported as

  The income statements of diamond company for the years

the income statements of diamond company for the years ended decemnotber 31 19x1 and 19x2 follow. 19x1 19x2 net sales

  What are the four criterial for a lease to be considered a

what are the four criterial for a lease to be considered a capital lease? what are the two additional criteria for the

  What is the bond price

Bond T is a 10% coupon bond, has 11 years to maturity, makes semiannual payments, What is the bond price is the face value is $1,000

  Indicate the effect each of the three transactions

Indicate the effect each of the three transactions has on the financial statement categories listed in the table below

  Compute the annual after tax cash flow

Compute the annual after tax cash flow from the new equipment. Include any tax benefits related to the new equipment in the initial investment calculation

  Determine the depreciation

Equipment was acquired on January 1, 2008, at a cost of $95,000. Determine the depreciation for 2013

  Prepare the journal entry to record the original issuance

On January 1, 2016, the corporation's $30 par value common stock was split 3 for 1. Prepare journal entry to record original issuance of convertible debentures

  Determine daniel income tax liability

Daniel is a calendar-year taxpayer whose wife died in August of 2009. Determine Daniel's income tax liability for 2009 before any allowable credits

  In large companies treasury will play a critical role in

in large companies treasury will play a critical role in cash management as they are often the primary group that will

  Prepare a schedule of depercation expense

Rita's Plzza bought equipment on January 2, 2014 for $50,000. Prepare a schedule of depercation expense, accumulated depreciation

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