Motorcross, Inc. identified the following selected transactions that occurred during 2016: a. Issued 850 shares of $5
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a. Issued 850 shares of $5 par common stock for cash of $21,000.
b. Issued 5,600 shares of $5 par common stock for a building with a fair market value of $99,000.
c. Purchased new truck with a fair market value of $36,000. Financed it 100% with
a long-term note.
d. Retired short-term notes of $26,000 by issuing 2,500 shares of $5 par common stock.
e. Paid long-term note of $8,500 to Bank of Tallahassee. Issued new long term note of $17,000 to Bank of Trusd.
Identify any non-cash transactions that occurred during the year, and show how they would be reported in the non-cash investing and financing activities section of the statement of cash flows. Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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