Columbia Clay, Inc. issues 2 million shares of preferred stock
with a par value of $2...
Columbia Clay, Inc. issues 2 million shares of preferred stock
with a par value of $2 at its market price of $26 per share. The
issuance should be recorded with a debit to Cash for:
Multiple Choice
$52 million and a credit to Preferred Stock for $52 million.
$4 million and a credit to Preferred Stock for $4 million.
$52 million, a credit to Additional Paid-in Capital for $4
million, and a credit to Preferred Stock for $48 million.
$52...
Hondo inc, issued 1500 shares of 50$ per value convertible
preferred stock at 80$ a share....
Hondo inc, issued 1500 shares of 50$ per value convertible
preferred stock at 80$ a share. Each preferred share may be
converted to 6 shares of 10$ per common stock. The entry to record
the conversion of all would include a
a.) debit to Preferred stock for $120,000
b.) debit to Additional paid-in Capital on Preferred stock for
$90,000
c.) credit to Common stock for $120,000
d.) credit to Additional paid-in capital on common stock for
$30,000
Larkspur, Inc. issues 7,600 shares of $108 par value preferred
stock for cash at $116 per...
Larkspur, Inc. issues 7,600 shares of $108 par value preferred
stock for cash at $116 per share.
Journalize the issuance of the preferred stock. (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
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a...
Julep Inc. issued 50,000 shares of common stock, $1 par, for
cash of $18 per share...
Julep Inc. issued 50,000 shares of common stock, $1 par, for
cash of $18 per share on January 1, 2020. Julep Inc. also incurred
$10,000 in stock issue costs, paid in cash. The entry to record the
issuance would include:
A.
A credit to Paid-in Capital in Excess of Par—Common Stock for
$850,000.
B.
A credit to Paid-in Capital in Excess of Par—Common Stock for
$840,000.
C.
A debit to Stock Issuance Costs for $10,000.
D.
A debit to Stock...
Stockholders'
Equity:
5.5% preferred stock, $50 par
value, callable at $101 per share,
1200 shares
authorized………………..…..…………………….…….………….…………..…………….……………………......
Stockholders'
Equity:
5.5% preferred stock, $50 par
value, callable at $101 per share,
1200 shares
authorized………………..…..…………………….…….………….…………..…………….……………………...
$40,000
Common Stock, $1.5 par
value, 200000 shares
authorized……………………….....………………………………………………..…
216,000
Additional paid-in
capital:
Preferred
Stock…………………………...…………………….……...…………………………………………..
######
Common
Stock……………………………………………………….…………………..……….….…………………..
######
318,000
Retained
Earnings…………………………………………………...……...…………………………………………………………..
226,800
Total
stockholders' equity
$800,800
Questions:
How many shares of preferred stock
have been issued?
What is the total annual dividend
requirement on the outstanding preferred stock?
How many shares of common stock
have been isued?
What is the...
On January 1, Hiro Corp. issues 1,000 no-par ordinary shares for
€15 per share. The shares...
On January 1, Hiro Corp. issues 1,000 no-par ordinary shares for
€15 per share. The shares have a stated value of €5 per share. When
Hiro prepares the journal entry to record the issuance of the
shares which of the following will be recorded?
Select one:
a. Debit Share Premium—Ordinary €15,000.
b. Credit Share Premium—Ordinary €10,000
c. Debit Share Capital—Ordinary €5,000.
d. Credit Share Capital—Ordinary €15,000.
Lionworks, Inc. issues ,500 shares of$42 par common
stock for $47 per share. The amount credited...
Lionworks, Inc. issues ,500 shares of$42 par common
stock for $47 per share. The amount credited to paid?in capital in
excess of par? is:
A.
$164,500.
B.
?$0.
C.
$147,000.
D.
$17,500.
Kramer and Associates has the following account balances
listed in alphabetical? order:
Accumulated? Depreciation,
$23,000?;
Accounts? Payable,
$10,500?,
Accounts? Receivable,
$9,000?; Cash,
$2,000?; Equipment,
$44,000?, Land,
$21,000?,
Mortgage? Payable,
$50,000?;
Prepaid? Insurance,
$9,500?; Supplies,
$1,000?;
Unearned? Revenue,
$6,000?;
Wages? payable, $2,000. Kramer
and? Associates'
long?term assets?
are:
A....
A company has 10,000 shares of 7% preferred stock issued and
outstanding. The preferred stock has...
A company has 10,000 shares of 7% preferred stock issued and
outstanding. The preferred stock has a par value of $100 per share.
This means that:
A. If the Board of Directors declares a dividend, the potential
dividend will be $7 for each preferred share.
B. The firm is obligated to buy-back the preferred shares at a
7% markup above the par value.