Question

Swifty Corporation issued 1,000 shares of common stock. Prepare the entry for the issuance under the...

Swifty Corporation issued 1,000 shares of common stock.

Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,675. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

(a) The stock had a par value of $4.25 per share and was issued for a total of $50,500.
(b) The stock had a stated value of $4.25 per share and was issued for a total of $50,500.
(c) The stock had no par or stated value and was issued for a total of $50,500.
(d) The stock had a par value of $4.25 per share and was issued to attorneys for services during incorporation valued at $50,500.
(e) The stock had a par value of $4.25 per share and was issued for land worth $50,500.

No.

Account Titles and Explanation

Debit

Credit

(a)

Enter an account title

Enter an account title

Enter an account title

(b)

Enter an account title

Enter an account title

Enter an account title

(c)

Enter an account title

Enter an account title

(d)

Enter an account title

Enter an account title

Enter an account title

(e)

Enter an account title

Enter an account title

Enter an account title
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

No.

Account Titles and Explanation

Debit

Credit

(a)

 Cash 50500
Common Stock (1000*4.25) 4250
Paid in capital in excess of par value-Common Stock 46250

(b)

 Cash 50500
Common Stock 4250
Paid in capital in excess of stated value-Common Stock 46250

(c)

 Cash 50500
Common Stock 50500

(d)

 Attorney's fees 50500
Common Stock 4250
Paid in capital in excess of par value-Common Stock 46250

(e)

 Land 50500
Common Stock 4250
Paid in capital in excess of par value-Common Stock 46250
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Taino Corporation issued 5,000 shares of stock. Instructions Prepare the entry for the issuance under the...
Taino Corporation issued 5,000 shares of stock. Instructions Prepare the entry for the issuance under the following assumptions. (a) The stock had a par value of $7.50 per share and was issued for a total of $80,000. (b) The stock had a stated value of $7.50 per share and was issued for a total of $95,000. (c) The stock had no par or stated value and was issued for a total of $60,000. (d) The stock had a par value...
Pronghorn Corporation issued 4,250 shares of stock. Prepare the entry for the issuance under the following...
Pronghorn Corporation issued 4,250 shares of stock. Prepare the entry for the issuance under the following assumptions. The stock had a par value of $10 per share and was issued for a total of $47,500. The stock had a stated value of $10 per share and was issued for a total of $47,500. The stock had no par OR stated value and was issued for a total of $47,500. The stock had a par value of $10 per share and...
Swifty Corporation purchased 400 common shares of Sigma Inc. for trading purposes for $12,800 on September...
Swifty Corporation purchased 400 common shares of Sigma Inc. for trading purposes for $12,800 on September 8 and accounted for the investment under ASPE at FV-NI. In December, Sigma declared and paid a cash dividend of $1.70 per share. At year end, December 31, Sigma shares were selling for $35.60 per share. In late January, Swifty sold the Sigma shares for $34.91 per share. Prepare Swifty Corporation’s journal entry to record the purchase of the investment. (Credit account titles are...
During its first year of operations, Swifty Corporation had the following transactions pertaining to its common...
During its first year of operations, Swifty Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 69,500 shares for cash at $7 per share. July    1 Issued 38,000 shares for cash at $10 per share. Partially correct answer iconYour answer is partially correct. Journalize the transactions, assuming that the common stock has a par value of $7 per share. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when...
Swifty Corporation has 12.10 million shares of common stock issued and outstanding. On June 1, the...
Swifty Corporation has 12.10 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 85 cents per share cash dividend to stockholders of record as of June 14, payable June 30. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Question 5 On January 1 Weiss Corporation had 60,000 shares of no-par common stock issued and...
Question 5 On January 1 Weiss Corporation had 60,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following transactions occurred: Apr. 1 Issued 10,000 additional shares of common stock for $10 per share. June 15 Declared a cash dividend of $1.00 per share to stockholders of record on June 30. July 10 Paid the $1.00 cash dividend. Dec. 1 Issued 4,000 additional shares of common stock...
In 2020, Swifty Inc. issued 1,200 shares of $10 par value common stock for land worth...
In 2020, Swifty Inc. issued 1,200 shares of $10 par value common stock for land worth $35,500. (a) Prepare Swifty’s journal entry to record the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit select an account title     Cash    Common Stock    Land    No Entry    Paid-in Capital in Excess of Par—Common Stock    Paid-in Capital in Excess...
Brief Exercise 15-4 Wildhorse Corporation issued 311 shares of $10 par value common stock and 112...
Brief Exercise 15-4 Wildhorse Corporation issued 311 shares of $10 par value common stock and 112 shares of $50 par value preferred stock for a lump sum of $15,678. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. (Round intermediate calculations to 6 decimal places, e.g. 0.546872 and final answers to 0 decimal places, e.g., 1,520. Credit account...
Concord Corporation has 10.40 million shares of common stock issued and outstanding. On June 1, the...
Concord Corporation has 10.40 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 74 cents per share cash dividend to stockholders of record as of June 14, payable June 30. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
On January 1, Bramble Corp. had 63,400 shares of no-par common stock issued and outstanding. The...
On January 1, Bramble Corp. had 63,400 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. 1 Issued 20,250 additional shares of common stock for $12 per share. June 15 Declared a cash dividend of $1.60 per share to stockholders of record on June 30. July 10 Paid the $1.60 cash dividend. Dec. 1 Issued 9,000 additional shares of common stock for $13...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT