ACCOUNT Paid-In Capital in Excess of
Par-Common Stock
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit...
ACCOUNT Paid-In Capital in Excess of
Par-Common Stock
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
150,000
Apr.
2
12,500 shares issued for cash
425,000
575,000
June
30
Stock dividend
30,000
605,000
ACCOUNT Retained
Earnings
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
830,000
June
30
Stock dividend
70,000
760,000
Dec.
30
Cash dividend
95,500
664,500
Dec.
31
Net income
597,600
1,262,100
If an amount is not reported on the statement of...
Luna incorporated has the following Shareholder's equity
section:
Common Stock, $5 PV $50,000
PIC- Excess Par...
Luna incorporated has the following Shareholder's equity
section:
Common Stock, $5 PV $50,000
PIC- Excess Par Value - C/S 65,000
Retained Earnings 180,000
Less: Treasury Stock (2,000) (38,7000)
$246,300
a. The average issue price per share of common stock was $23
b. Luna has 8,000 shares of common stock outstanding
c. If Luna had a 2 for 1 stock split, the new par value would be
$2.50
d. All of the above are true
e. Only (a) and (b) are...
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...
Stock Issue Activity a)Goofy Company issued 1,000 shares of $10
par common stock for $20,000. b)...
Stock Issue Activity a)Goofy Company issued 1,000 shares of $10
par common stock for $20,000. b) Goofy Company issued an additional
2,000 shares for $25 a share Goofy Company Accounting Equation
Balance Sheet Income Statement Event Assets Stockholders Equity
Cash + Land = Common Stock + PIC in Excess Revenue - Expense = Net
Income a) + = $10,000 + - = b) + = $20,000 + - = Helpful Resources
Types of Stock Article
On January 2, Year 1, Torres Corporation issued 23,000 shares of
$15 par-value common stock for...
On January 2, Year 1, Torres Corporation issued 23,000 shares of
$15 par-value common stock for $17 per share. Which of the
following statements is true?
The cash account will increase by $345,000.
The paid-in capital in excess of par value account will increase
by $46,000.
The common stock account will increase by $391,000.
Total equity will increase by $345,000.
Newly formed S&J Iron Corporation has 188,000 shares of $3
par common stock authorized. On March...
Newly formed S&J Iron Corporation has 188,000 shares of $3
par common stock authorized. On March 1, Year 1, S&J Iron
issued 9,500 shares of the stock for $13 per share. On May 2, the
company issued an additional 19,000 shares for $19 per share.
S&J Iron was not affected by other events during Year 1.
Required
a. Record the transactions in a horizontal statements
model. (In the Statement of Cash Flows column, indicate
whether the item is an operating...
Beacon Corporation issued a 7 percent stock dividend on 27,500
shares of its $7 par common...
Beacon Corporation issued a 7 percent stock dividend on 27,500
shares of its $7 par common stock. At the time of the dividend, the
market value of the stock was $30 per share. Required a. Compute
the amount of the stock dividend.
Stock dividend
Show the effects of the stock dividend on the financial
statements using a horizontal statements model. In the Cash Flow
column, indicate whether the item is an operating activity (OA),
investing activity (IA), or financing activity...
Beacon Corp. issued a 5% stock dividend on 30,000 shares of its
$10 par common stock....
Beacon Corp. issued a 5% stock dividend on 30,000 shares of its
$10 par common stock. At the time of the dividend, the market value
pf the stock was $15 per share.
a). Compare the amount of the stock dividend
b). Show the effects of the stock dividend on the financial
statements using a horizontal statements model like the following
one.
Assets = Liab. + Com. Stk. + PIC in Excess + Ret. Earn. | Rev -
Exp. = Net...
If Dakota Company issues 2,100 shares of $5 par common stock for
$46,200,
a) Common Stock...
If Dakota Company issues 2,100 shares of $5 par common stock for
$46,200,
a) Common Stock will be credited for $46,200.
b) Paid-In Capital in Excess of Par will be credited for
$10,500.
c) Paid-In Capital in Excess of Par will be credited for
$35,700.
d) Cash will be debited for $10,500.
On January 1, 2018, Walker Corporation had the following account
balances:
Common stock, $1 par, 250,000...
On January 1, 2018, Walker Corporation had the following account
balances:
Common stock, $1 par, 250,000 shares issues 250,000
Paid-in-capital - excess of par, common 500,000
Preferred stock, $100 par, 10,000 shares outstanding
1,000,000
Paid-in-capital - excess of par, preferred 100,000
Retained Earnings 2,000,000
Treasury stock, at cost, 5,000 shares 25,000
During 2018, the following transactions occurred relating to
common stock:
1/15/18 - Declared a property dividend of 100,000 shares of
Wagner Company (book value $10 per share; fair value...