Following are the issuances of stock transactions. 1. A corporation issued 10,000 shares of $20 par value common stock for $240,000 cash. 2. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,000. The stock has a $1 per share stated value. 3. A corporation issued 5,000 shares of no par common stock to its promoters in exchange for their efforts, estimated to be worth $51,000. The stock has no stated value. 4. A corporation issued 2,500 shares of $50 par value preferred stock for $176,000 cash.

Following are the issuances of stock transactions. 1. A corporation issued 10,000 shares of $20 par value common stock for $240,000 cash. 2. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,000. The stock has a $1 per share stated value. 3. A corporation issued 5,000 shares of no par common stock to its promoters in exchange for their efforts, estimated to be worth $51,000. The stock has no stated value. 4. A corporation issued 2,500 shares of $50 par value preferred stock for $176,000 cash.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

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The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.
Required information Use the following information for Exercises 4-5 below. (Algo) [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 2,000 shares of $10 par value common stock for $24,000 cash. 2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $33,500. The stock has a $3 per share stated value. 3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $33,500. The stock has no stated value. 4. A corporation issued 500 shares of $50 par value preferred stock for $58,500 cash. Exercise 11-4 (Algo) Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock. Journal entry worksheet Li
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Required Information Use the following Information for Exercises 4-5 below. (Algo) [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation Issued 10,000 shares of $10 par value common stock for $120,000 cash. 2. A corporation Issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,500. The stock has a $1 per share stated value. 3. A corporation Issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,500. The stock has no stated value. 4. A corporation Issued 2,500 shares of $75 par value preferred stock for $223,000 cash. ercise 13-4 (Algo) Recording stock issuances LO P1 pare journal entries to record each of the following four separate Issuances of stock. View transaction list A Record the issue of 10,000 shares of $10 par value common stock for $120,000 cash. B Record the issue of…
Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 2,000 shares of $20 par value common stock for $48,000 cash. 2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $32,500. The stock has a $3 per share stated value. 3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $32,500. The stock has no stated value. 4. A corporation issued 500 shares of $100 par value preferred stock for $82,500 cash. Analyze each transaction from issuances of stock by showing its effect on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. 1. Cash 1. 2. 2. 2. 3. 3. 4. st 4. Assets = (+) increase 480,000 = = = Liabilities + Common Stock, $20 Par V + + + + + + +
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Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 2,000 shares of $10 par value common stock for $24,000 cash. 2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $47,500. The stock has a $5 per share stated value. 3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $47,500. The stock has no stated value. 4. A corporation issued 500 shares of $75 par value preferred stock for $85,000 cash. Prepare journal entries to record each of the following four separate issuances of stock. i View transaction list View journal entry worksheet No A Transaction General Journal Cash Common stock, $10 par value Paid-in capital in excess of stated value, common stock Debit 24,000 Credit 20,000 4,000 Ⓒ
Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash. are journal entries to record each of the following four separate issuances of stock. ew transaction list Journal entry worksheet < A B C D Record the issue of 4,000 shares of $5 par value common stock for $35,000 cash. Note: Enter debits before credits.
ed es Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash. Prepare journal entries to record each of the following four separate issuances of stock.
Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 450 shares of the company's own common stock at $25 cash per share; the stock is now held in treasury. July 15 Issued 125 of the shares purchased on February 1 for $35 cash per share. September 1 Issued 85 more of the shares purchased on February 1 for $20 cash per share. 4. What impact does the reissuance of treasury stock for an amount higher than the purchase price have on net income? The reissuance of treasury stock for more or less than its original repurchase cost affect net income. The transaction affects only accounts.
Required information [The following information applies to the questions displayed below.] Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par value. During its first year, the following selected transactions were completed: a. Issued 5,500 shares of common stock for cash at $20 per share. b. Issued 1,500 shares of common stock for cash at $23 per share. Required: 1. Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity а. b.
Required information [The following information applies the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 400 shares of the company's own common stock at $20 cash per share; the stock is now held in treasury. July 15 Issued 100 of the shares purchased on February 1 for $30 cash per share. September 1 Issued 60 more of the shares purchased on February 1 for $15 cash per share. 3. What impact does the purchase of treasury stock have on dividends paid? Dividends Therefore, the total amount of paid on treasury stock. paid is when treasury stock is purchased.