Exercise 11-1 (Algo) Characteristics of corporations LO C1 Match each corporate characteristic 1 through 8 with the description that best relates to it. Characteristic Descriptions 1. Tax status of income 2. Transferability of ownership Show All Items Easily bought and sold 3. Mutual agency 4. Government regulation High ability 5. Ease of formation More severe than partnerships and proprietorships 6. Ability to raise large capital amounts Requires government approval 7. Duration of life Separate legal entity 8. Legal status 

 

2. Transferahility of ownership 4. Government regulation T. Duration of lite 3. Legal status More severe
than partnerships and proprietorships Requires government approval Separate legal entity
Stockholders cannot hind corporation to contracts Taxed a second time on owner's personal return

 

Exercise 11-2 (Algo) Rights of stockholders LO C1 Indicate which activities of Stockton Corporation violated the rights of a stockholder who owned one share of common stock. Note: You may select more than one answer. Single click the box with the question mark to produce a check marl: for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect. I: Did not allow the stockholder to sell the stock to her brother. I] Rejected the stockholder's request to be put in charge of its retail store. I] When additional common stock was later issuedr the company did not give the shareholder the preemptive right to protect her proportionate interest. CI The company did not provide all stockholders with timely financial reports. D In liquidation, paid the common shareholder after all creditors were already paid. 

 

Exercise 11-3 (Algal Accounting for pa r, stated, and no-par stock issuances LO P1 Rodriguez Corporation issues 13,000 shares of its common stock for $154,100 cash on February 20' Prepare journal entries to record this event under each of the following separate situations 1. The stock has a $10 par value. 2. The stock has neither par nor stated value. 3. The stock has a $5 stated value. View transaction list Journal entry worksheet Record the issue of 13,000 shares of $10 par value common stock for $154,100 cash. Note: Enter debits before credits. 

 

Journal entry worksheet A A B C > Record the issue of 13,000 shares of no-par, no-stated value
common stock for $154,100 cash. Note: Enter debits before credits. Transaction General Journal Debit
Credit 2

 

Journal entry»r worksheet stock for $154,101] cash. Note: Enter debits before credits.

 

Required information Use the following information for Exercises 4-5 below. (Algo) [The following information applies to the questions displayed below} Following are the issuances of stock transactions. 1. A corporation issued 7,000 shares of $10 par value common stock for $84,000 cash. 2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $28,000. The stock has a $1 per share stated value. 3. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $28,000. The stock has no stated value. 4. A corporation issued 1,750 shares of $75 par value preferred stock for $159,250 cash. Exercise 11-4 {Algal Recording stock issuances LO P1 Preparejournal entries to record each of the following four separate issuances of stock. View transaction list Journal entry worksheet Record the issue of 73,000 shares of $10 par value common stock for $34,000 cash. Note: Enter debits before credits. a 

Journal entry worksheet's a, b,c, d for exercise 11-4 is the same sentence as 1,2,3,4. It just start the sentence as record the issue.

 

 

Required information Use the following information for Exercises 4-5 below. {Algo} [The following infomatr'on applies to the questions displayed below} Following are the issuances of stock transactions. 1. A corporation issued 7,000 shares of $10 par value common stock for $84,000 cash. 2. A corporation issued 3.500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $28,000. The stock has a $1 per share stated value. 3. A corporation issued 3.500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $28,000. The stock has no stated value. 4. A corporation issued 1,750 shares of $75 par value preferred stock for $159,250 cash. Exercise 11-5 (Algol Analyzing impact of stock issuance transactions LO P1 Analyze each transaction from issuances of stock by showing its effect on the accounting equation? speci?cally, identify the accounts and amounts (including + or ?] for each transaction. 

There is NO EXTRA INFORMATION. Its EVerything it has!

Exercise 11-1 (Algo) Characteristics of corporations LO C1 Match each corporate characteristic 1 through 8 with the description that best relates to it. Characteristic 1 Legal status 2. Owner authority and control 3 Owner liability 4 Tax status of income 5. Transferability of ownership 6. Ease of formation 7. Government regulation 8. Mutual agency Limited Readily transferred Requires government approval Descriptions