Question
Please answer for me these questions as soon as possible please please please 1) A corporation was formed on January 1. The corporate charter authorized
Please answer for me these questions as soon as possible please please please
1)
A corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During the first month of operation, the corporation issued 230 shares to its attorneys in payment of a $4,300 charge for drawing up the articles of incorporation. The entry to record this transaction would include: |
A debit to Paid-in Capital in Excess of Par Value, Common Stock for $2,000.
A credit to Common Stock for $4,300.
A credit to Paid-in Capital in Excess of Par Value, Common Stock for $4,300.
A debit to Organization Expenses for $4,300.
A debit to Organization Expenses for $2,300.
2)
Shamrock Company had net income of $33,670. The weighted-average common shares outstanding were 9,100. The company sold 4,100 shares before the end of the year. There were no other stock transactions. The company's earnings per share is: |
$8.21.
$6.73.
$2.55.
$3.70.
$5.36.
3)
A corporation had 12,500 shares of $5 par value common stock outstanding when the board of directors declared a stock dividend of 4,375 shares. At the time of the stock dividend, the market value per share was $17. The entry to record this dividend is: |
Debit Retained Earnings $21,875; credit Common Stock Dividend Distributable $21,875.
Debit Common Stock Dividend Distributable $74,375; credit Retained Earnings $74,375.
Debit Retained Earnings $74,375; credit Common Stock Dividend Distributable $74,375.
No entry is needed.
Debit Retained Earnings $74,375; credit Common Stock Dividend Distributable $21,875; credit Paid-In Capital in Excess of Par Value, Common Stock $52,500.
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