Question

he corporation issues 5700 shares of common stock for $72 per share. How much cash did...

he corporation issues 5700 shares of common stock for $72 per share.

How much cash did the corporation receive?  

Record the balances in the equity section after this transaction has been recorded. Hint: Record the beginning equity account balances in the accounting equation format. Then record the balanced transaction to issue stock. Finally, compute the ending balances for the accounts that were involved in the transaction.

Stockholders Equity

Before Transaction

After Transaction

Common stock, 800000 shares authorized, 45000 shares issued, 36000 shares outstanding, $6 par value.

$270000

$

Contributed capital in excess of par value, Common Stock

$1890000

$

Retained Earnings

$183000

$

Treasury Stock

$(162000)

$(  )

Total Stockholders Equity

$2181000

$
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer

Cash      410,400.00
Common Stock (5,700 Shares * $6)      34,200.00
Contributed capital in excess of par value, Common Stock (5,700 Shares * $66)    376,200.00
(Being shares issued at premium)

Cash Received = $410,400

Stockholders Equity
Before Transaction After Transaction
Common stock, 800000 shares authorized,50,700 shares issued, 41,700 shares outstanding, $6 par value. $270,000 $304,200
Contributed capital in excess of par value, Common Stock $1,890,000 $2,266,200
Retained Earnings $183,000 $183,000
Treasury Stock ($162,000) ($162,000)
Total Stockholders Equity $2,181,000 $2,591,400

Dear Student, if u have any query, plz feel free to reach me.

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
On June 1, the corporation declares a $4 per share dividend on the common stock to...
On June 1, the corporation declares a $4 per share dividend on the common stock to be paid on July 15. Record the balances in the equity section after the June 1 transaction has been recorded. Stockholders Equity Before Transaction After Transaction Common stock, 800000 shares authorized, 73000 shares issued, 65700 shares outstanding, $17 par value. $1241000 $ Contributed capital in excess of par value, Common Stock $3723000 $ Retained Earnings $1022000 $ Treasury Stock $(372300) $(  ) Total Stockholders Equity...
On October 10, the stockholders’ equity of Sherman Systems appears as follows.    Common stock–$10 par...
On October 10, the stockholders’ equity of Sherman Systems appears as follows.    Common stock–$10 par value, 95,000 shares authorized, issued, and outstanding $ 950,000 Paid-in capital in excess of par value, common stock 331,000 Retained earnings 1,048,000 Total stockholders’ equity $ 2,329,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 7,300 shares of its own common stock at $48 per share on October 11. Sold 1,575 treasury shares on November 1 for $54 cash...
On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value,...
On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 85,000 shares authorized, issued, and outstanding $ 850,000 Paid-in capital in excess of par value, common stock 281,000 Retained earnings 968,000 Total stockholders’ equity $ 2,099,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,300 shares of its own common stock at $38 per share on October 11. Sold 1,325 treasury shares on November 1 for $44 cash per...
PLEASE ANSWER THEM ALL AND SHOW YOUR WORK. THANKS. Huxley Company has 275,007 shares of common...
PLEASE ANSWER THEM ALL AND SHOW YOUR WORK. THANKS. Huxley Company has 275,007 shares of common stock authorized, 241,780 issued, and 54,095 shares of treasury stock. The company’s board of directors declares a dividend of $0.4 per share of common stock. What is the total amount of the dividend that will be paid? ===================== Evan Corporation’ charter authorized the following capital stock:     Preferred stock: 8 percent, par $10, authorized 10,000 shares. Common stock: par $2, authorized 50,000 shares. Since inception,...
Entries for Treasury Stock On May 27, Mama Mia Inc. reacquired 7,700 shares of its common...
Entries for Treasury Stock On May 27, Mama Mia Inc. reacquired 7,700 shares of its common stock at $39 per share. On August 3, Mama Mia sold 3,500 of the reacquired shares at $42 per share. November 14, Mama Mia sold the remaining shares at $38 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. May 27 Treasury Stock Cash...
On June 30, 2017, Sharper Corporation’s common stock is priced at $34.50 per share before any...
On June 30, 2017, Sharper Corporation’s common stock is priced at $34.50 per share before any stock dividend or split, and the stockholders’ equity section of its balance sheet appears as follows. Common stock—$8 par value, 85,000 shares authorized, 34,000 shares issued and outstanding $ 272,000 Paid-in capital in excess of par value, common stock 100,000 Retained earnings 372,000 Total stockholders’ equity $ 744,000 1. Assume that the company declares and immediately distributes a 100% stock dividend. This event is...
4. Onyx Corporation had the following balances in its stockholders' equity accounts at December 31, 2014:...
4. Onyx Corporation had the following balances in its stockholders' equity accounts at December 31, 2014:    (25 Points)    Common Stock, $25 par, 100,000 shares authorized, 10,000 shares issued $250,000 Contributed Capital in Excess of Par Value, Common 125,000 Retained Earnings 450,000 Treasury Stock, 2,000 shares (60,000) Total stockholders’ equity $765,000 The following transactions occurred during 2015: April 30 Sold and issued 5,000 shares of common stock for $32 per share. June 11 Declared a $1.50 per share dividend on...
he stockholders’ equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock...
he stockholders’ equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,500 shares authorized) $  375,000 Common Stock ($1 stated value, 1,900,000 shares authorized) 1,250,000 Paid-in Capital in Excess of Par—Preferred Stock 140,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,450,000 Retained Earnings 1,850,000 Treasury Stock (11,000 common shares) 55,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 24,500 shares of...
Q.8 Multiple Choice During the year, Todd Corporation issued 200 shares of $20 par value common...
Q.8 Multiple Choice During the year, Todd Corporation issued 200 shares of $20 par value common stock for $50 a share. A total of 500 shares were authorized. In addition, the company purchased 75 shares of treasury stock at $44 a share. Which of the following best presents the related lines in the stockholders’ equity section of the company’s balance sheet? Multiple Choice A Common stock, $20 par value, 500 shares authorized, 200 shares issued, 425 outstanding $ 8,500 Paid...
The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following...
The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following amounts: Contributed Capital Preferred Stock (par $20; authorized 10,000 shares, ? issued, of which 1,000 shares are held as treasury stock) $ 108,000 Additional Paid-In Capital, Preferred 15,390 Common Stock (no-par; authorized 20,000 shares, issued and outstanding 6,200 shares) 632,400 Retained Earnings 32,000 Treasury Stock, 1,000 Preferred shares at a cost (9,600 ) Assume that no shares of treasury stock have been sold in...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT