Prepare the appropriate journal entries to record the sale

Assignment Help Accounting Basics
Reference no: EM131784000

Problem - When companies offer new equity security issues, they publicize the offerings in the financial press and on Internet sites. Assume the following were among the equity offerings reported in December 2011:

NEW SECURITIES ISSUES

Equity

American Materials Transfer Corporation (AMTC)-7.8 million common shares, $.008 par, priced at $13.550 each through underwriters led by Second Tennessee Bank N.A. and Morgan, Dunavant & Co., according to a syndicate official.

Proactive Solutions Inc. (PSI)-Offering of eight million common shares, $.05 par, was priced at $15.90 a share via lead manager Stanley Brothers, Inc., according to a syndicate official.

Required: Prepare the appropriate journal entries to record the sale of both issues to underwriters. Ignore share issue costs.

Reference no: EM131784000

Questions Cloud

Record the entry for the purchase of the net assets of stw : Record the entry for the purchase of the net assets of STW at the following cash prices: $800,000 and $310,000.
Report project information lead to problems with control : How might using software tools to report project information lead to problems with control?
What are the consequences in foods : What type of adducts are formed when proteins react with pyridoxine (vitamin B6) and what are the consequences in foods?
Extrinsic? credibility? differ? from? intrinsic?credibility : What? are? the component ?of? source ?credibility?? How? does? extrinsic? credibility? differ? from? intrinsic?credibility??
Prepare the appropriate journal entries to record the sale : Required: Prepare the appropriate journal entries to record the sale of both issues to underwriters. Ignore share issue costs
Prepare a forecast of the income statement and balance sheet : Prepare a forecast of the income statement, balance sheet, and statement of cash flows for a five-year horizon and a terminal year in Year 6.
Discuss your experiences with other cultures : Discuss your experiences with other cultures. What have you learned about your culture from interacting with other cultures?
Influenced its pattern of evolution : What particular features does the industry have that have influenced its pattern of evolution?
What chemical reactions are involved in a firework display : What chemical reactions are involved in a firework display? Use gas laws to help explain.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What will be the approximate market price per share

Meenen Corporation has 30,000 shares of $10 par value common stock outstanding when it announces a 2-for-1 stock split.

  What amount will palmer corporation report

What amount will Palmer Corporation report as an option expense in net income during the period

  Journalize the transactions in a sales journal

The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily).

  If twenty 1000 convertible bonds with a carrying value of

1. which one of the following is not necessary in order for a corporation to pay a cash dividend?nbspnbspnbspnbsp a.

  Record the conversion using the book value approach

Swifty Corporation has outstanding 1,700 $1,000 bonds, Record the conversion using the book value approach

  Probability of getting heads on only one of your flips

The possible outcomes of this random experiment are, What is the probability of getting heads on only one of your flips?

  Tax adjusted trading profit

Mark's tax adjusted trading profit for the nine-month period ended 31 December 2012 is Kshs 200,700. Thisfigure is before taking account of capital allowances.

  Prepare the journal entries that would be recorded on july

Assuming that 80% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank.

  How can saas be used in software acquisition

How can SaaS be used in software acquisition?

  Assume the company uses the weighted average inventory

the following data are available for a companys manufacturing activitiesnbspnbspbeginning goods in process

  Record the following transactions in the general journal

Record the following transactions in the general journal

  Prepare a schedule showing the intangibles section

1) Prepare a schedule showing the intangibles section of Harris's statement of financial position at December 31, 2010. (List multiple entries from the largest to the smallest amount, e.g. 10, 5, 2.)

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