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
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...
T Corporation issued 1,000 shares of $10 par value common stock
at $12 per share. While...
T Corporation issued 1,000 shares of $10 par value common stock
at $12 per share. While recording the transaction (Debits and
Credits) credits are made to what accounts?
Select one:
a. Common Stock 10,000 and Paid in capital in Excess of Stated
Value 2,000
b. Accounts Payable 2,000
c. Common Stock 10,000 and Paid In Capital IN Excess of PAR
2,000
d. Common Stock 12,000
e. Cash 10,000
When a company issues 32,000 shares of $5 par value common stock
for $50 per share,...
When a company issues 32,000 shares of $5 par value common stock
for $50 per share, the journal entry for this issuance would
include: