1. If Briggs and Stratton Company issues 9000 shares of $5 par
value common stock for...
1. If Briggs and Stratton Company issues 9000 shares of $5 par
value common stock for $160,000, the account
a) Common Stock will be credited for $45,000
b) Paid-In Capital in Excess of Par will be credited for
$160,000
c) Cash will be debited for $115,000
d) Paid-in Capital in Excess of Par will be credited for
$45,000
2. Airstream Company purchases 400 shares of its own $10 par
value common stock for $27 per stock per $29 per share....
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....
Nexis Corp. issues 2,470 shares of $11 par value common stock at
$16 per share. When...
Nexis Corp. issues 2,470 shares of $11 par value common stock at
$16 per share. When the transaction is recorded, credits are made
to
a.Common Stock, $12,350 and Retained Earnings, $27,170.
b.Common Stock, $12,350 and Paid-In Capital in Excess of Stated
Value, $27,170.
c.Common Stock, $39,520.
d.Common Stock, $27,170, and Paid-In Capital in Excess of
Par—Common Stock, $12,350.
A corporation has 43,671 shares of $32 par stock outstanding
that has a current market value of $300 per share. If the...
On March 1, 2019, Baltimore Corporation had 95,000
shares of common stock outstanding with a par...
On March 1, 2019, Baltimore Corporation had 95,000
shares of common stock outstanding with a par value of $5 per
share. On March 1, Baltimore Corporation authorized a 15% stock
dividend when the market value was $10 per share. Use this
information to calculate the amount either (debited) or credited to
retained earnings. Enter as a negative number if retained earnings
is debited and a positive number if retained earnings is
credited.
2) The Common Stock account for
Baltimore Corporation...
25. Cinnamon Company issues 4,000 shares of its $1 par common
stock having a market value...
25. Cinnamon Company issues 4,000 shares of its $1 par common
stock having a market value of $17 per share and 2,000 shares of
its $2 par preferred stock for a lump sum of $170,000. What amount
of the proceeds should be allocated to the paid-in capital account
for preferred stock?
A) $102,000
B) $98,000
C) $68,000
D) $34,000
XYZ Corp has 90,000 shares of $2 par value common stock
outstanding . XYZ declared and...
XYZ Corp has 90,000 shares of $2 par value common stock
outstanding . XYZ declared and distributed a 10% stock dividend
when the market price of its stock was $12.00 per share. In
recording this stock dividend transaction,
A) Retained Earnings is credited for $108,000
B) Paid in capital in excess of par value is credited for
$7,200
C) Retained Earnings is debited for $$108,000
D) Retained Earnings is debited for $18,000
2) A corporation repurchased 1,000 shares of its
$1.00...
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...
A company has 60,000 shares of $10 par common stock authorized.
On June 1, the company...
A company has 60,000 shares of $10 par common stock authorized.
On June 1, the company issued 12,000 shares of common stock in
exchange for a patent with a fair value of $600,000. How much
should the company record for Paid-in Capital in Excess of Par –
c/s on June 1?