A company issues 7,000 shares of its $10 par value common stock in exchange for equipment valued

Question:

A company issues 7,000 shares of its $10 par value common stock in exchange for equipment valued at $105,000. The entry to record this transaction includes a credit to

(a) Contributed Capital in Excess of Par Value, Common Stock, for $35,000.

(b) Retained Earnings for $35,000.

(c) Common Stock, $10 Par Value, for $105,000.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting Information For Decisions

ISBN: 9780072974720

3rd Edition

Authors: John J Wild

See More Books

Question Posted: Jun 21, 2024 09:04 AM

See More Questions

the triangle of vertices A(0, 1, 2), B(1, 1, 2) and C(0, 0, 3). Using Stokes' Theorem (or the method of your choice), calculate the work of the field F~ (x, y, z) = (1, 2x, z ) over the border of...
The heights of 18-year-old men are approximately normally distributed with mean 68 inches and standard deviation 3 inches. What is the probability that the average height x (sample bar symbol)of a...
If f(x) = (x a)(x b)(x c), show that f'(x) f(x) 1 1 1 x - a x - b x - c
Serra do Mar Corporation manufactures and distributes leisure clothing. Selected transactions completed by Serra do Mar during the current fiscal year are as follows: Jan. 8 Split the common stock 3...
Kim Moore owns a small auto repair shop, which has been in operation for a few years. The following statements attempt to summarize the shop's operations for the month of January and its financial...
In a flowchart, what is used to represent a storage activity in a process? LO11-2
how researchers used descriptive statistics to talk about the changing prison population
Assume that a resource used by activities e, f, g, and h in the figure below is scarce. To which activity would you assign the resource, based on the following rules? a. Minimum slack b. Most...
The accounting equation may be expressed as a. Assets + Liabilities = Stockholders' Equity b. Assets - Liabilities = Stockholders' Equity c. Assets = Revenues - Liabilities d. Assets = Expenses -...
What is a premium on stock?
What is a proxy?
True or False: You cannot register an event listener to a CheckBox.
Four morally and ethically relevant principles have been examined regarding scarcity and include: Treating people with consistency through the use of a lottery or first-come first-served basis...
Critically evaluate the interplay between feedback skills, communication, listening, and assertiveness skills. How do these skills complement each other in the context of providing effective...
Generally, what was Starbucks intended strategy (first 2 minutes of video)? What is an emergent strategy mentioned in the video ( what changes made by Howard Schultz)? What were some (at least 2)...
1. first order of business is to create your city. What will you name your city? Name of City: 2. What are the main economic goals? Choose 2-3 goals . Why did choose these particular goals? What...
The organization I am presenting today is Tyler Coca-Cola Bottling, located in Tyler, Texas. Tyler Coca-Cola operates under the guidance of Coca-Cola Southwest Beverages. Tyler, Texas is a small...
A part made from annealed AISI 1018 steel undergoes a 20 percent cold-work operation. (a) Obtain the yield strength and ultimate strength before and after the cold-work operation. Determine the...
What are technical skills At what level are they most important and why?
List the documentation that will need to be organised for the auction day.
The management of the firm's short - term assets and liabilities is called:
When using the FIFO inventory costing method, the most recent costs are assigned to the cost of merchandise sold. True False

A company issues 7,000 shares of its $10 par value common stock in exchange for equipment valued

Question:

Step by Step Answer:

Financial Accounting Information For Decisions

Students also viewed these Business questions