Prepare the journal entry for the stock issuance

Assignment Help Financial Accounting
Reference no: EM132995026

Question - To expand operations, Aragon Consulting issued 1,300 shares of previously unissued common stock with a par value of $1. The price for the stock was $50 per share.

Required -

1-a. Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance.

1-b. Prepare the journal entry for the stock issuance.

2-a. Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance with a par value of $2.

2-b. Prepare the journal entry for the stock issuance, if the par value were $2 per share.

Reference no: EM132995026

Questions Cloud

How that firm will change the quantity they supply to market : How that firm will change the quantity they supply to market as the price changes (find the firm's supply curve). A price-taking firm will supply all capacity.
Determine the value of a one-year european call option : Using a two-step Binomial model determine the value of a one-year European call option with a strike price of $100
How does the handgun control debate demonstrate : If you were assigned the task of bringing these two opposing groups into a meaningful dialogue, how could you evoke shared goals to further negotiations?
How does the accounting alternative differ : How does the accounting alternative differ from the measurement requirements for companies that do not (or cannot) elect this treatment
Prepare the journal entry for the stock issuance : Aragon Consulting issued 1,300 shares of previously unissued common stock with a par value of $1. Prepare the journal entry for the stock issuance
Why use economic terminology you have learned in the unit : If each nation should specialize in producing jeans and cell phones, explain why; use economic terminology you have learned in this unit in your explanation.
How much safety stock should the sydney warehouse hold : Geox Ltd has decided that it should maintain enough safety stock to cover any demand level. How much safety stock should the Sydney warehouse hold
What decisions were made concerning the jeans purchased : According to the circular flow diagram, what decisions were made concerning the jeans you purchased, and who made decisions about the jeans you bought?
Demonstrate one real-life application of your chosen concept : Demonstrate one real-life application of your chosen concept. Describe a real-life experience that relates to this OB concept. This can be your own experience i

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare all necessary journal entries with brief explanation

ABC Company sold pharmaceutical products to a Swedish company for Swedish Kronor. Prepare all necessary journal entries with brief explanation, related to this transction. Show all calculations.

  Why do investors find the price ratio to be a valuable

Determine Why do investors find the price ratio to be a valuable and easily computed process in their companies investment? Explain

  How long after the initial loan was the payment made

How long after the initial loan was the $5,500 payment made? For the purpose of determining the number of days in a partial month, assume that a full month

  What is the total cost of the new machinery

Prior to installation, Sun paid $12000 to pour a concrete slab on which to place the machinery. What is the total cost of the new machinery?

  Potential responses to financial statement level risks

In designing further audit procedures, the auditors should assess the risks of material misstatement of the financial statements. Describe the auditors' general approach to such risk assessment. Identify potential responses to financial statement lev..

  Develop personality traits comprised of four virtues

If you could develop personality traits comprised of four virtues, what virtues would you select? What should the auditor do, if anything?

  Cost of goods available for sale for the year

Baxter Company's merchandise inventory at the start of 2014 was $85,000. The company purchased inventory during 2014 in the amount of $323,000, and its inventory at the end of the year was $102,000. What was Baxter's Cost of Goods Available for Sale ..

  How much does need to invest today in a saving account

Daniela needs $100,000 as a deposit on a house in 5 years. How much does she need to invest today in a saving account paying 5.25 per cent per annum?

  Distinguish between a line of credit and a letter of credit

Distinguish between a line of credit and a letter of credit. Why do companies like the Estee Lauder Companies Inc. obtain lines of credit?

  Determine the cost of merchandise sold for march

Cost of Merchandise Sold - Based on the subsequent data, determine the cost of merchandise sold for March:

  Prepare the journal entries to record all transactions

Provided legal services to a client worth RM7,000 and received cash of RM3,000 from the client. Prepare the journal entries to record all transactions

  Determine the optimal number of units to put in a package

Determine the optimal number of units to put in a package. How much should the firm charge for this package? A monopoly is considering selling several units

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