User Account

All Pages

Prepare journal entry for common stock is no-par with value

Assignment Help Accounting Basics
Reference no: EM132466160

Question (a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share.

Question (b) Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share.

Point 1: (Recording the Issuances of Common Stock) During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock.

  • Jan. 10 Issued 80,000 shares for cash at $6 per share.
  • Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate.
  • July 1 Issued 30,000 shares for cash at $8 per share
  • Sept. 1 Issued 60,000 shares for cash at $10 per share.

Reference no: EM132466160

Questions Cloud

What is the quarterly expected return for investment b : What is the quarterly expected return for investment B? Answer as a rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered
Prepare the journal entry for the issuance : Prepare the journal entry for the issuance when the market price of the common shares is $165 each and market price of the preferred is $230 each
What is the cash flow produced by the hair salon : All subsequent cash flows are expected to grow annually at a constant growth rate. What is the cash flow produced by the hair salon in 2 years expected to be?
Investment a is expected to pay : What is the annual expected return for investment B? Answer as a rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered
Prepare journal entry for common stock is no-par with value : Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share.
How to investigate the financial results of the company : What issues must Jim consider in deciding how to investigate the financial results of the company? Jim is the owner and president of ZZZ Company.
Describe the symptoms of fraud : Describe the symptoms of fraud that might be evident to a fellow employee.Describe two of the key elements of the Jones fraud- pressure and opportunity.
ER4706 - Applied Instrumentation Assignment : ER4706 - Applied Instrumentation Assignment Help and Solution, University of Central Lancashire, UK. Review of different LMI systems used in cranes industry
What is the value of an investment that will pay investors : What is the value of an investment that will pay investors 6,390 dollars per year for 5 years and will also pay investors an additional 5,540

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