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please help! Question 2 4 pts Our company is authorized to issue 100,000 shares of no par value common stock that has a $1 stated
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Question 2 4 pts Our company is authorized to issue 100,000 shares of no par value common stock that has a $1 stated value. On August 21 we issued 20,000 shares for $12 per share. What account(s) and amount(s) would we credit when we record the journal entry for this transaction? cash, $240,000 common stock, $100,000; and paid in capital in excess of stated value. $1,100,000 common stock, $20,000; and paid in capital in excess of stated value. $220,000 common stock, $240,000 Question 3 4 pts Our company is authorized to issue 10,000 shares of $50 par value preferred stock. On August 21 we issued 3,000 shares for $55 per share. What account(s) and amount(s) would we credit when we record the journal entry for this transaction? cash $165,000 O preferred stock, $150,000; and paid in capital in excess of par value. $15.000 O preferred stock, $500,000; and paid in capital in excess of par value. $50,000 O preferred stock, $165,000 Question 4 4 pts On September 12, our company purchased 2,000 shares of the company's $1 par value common stock as treasury stock, paying $9 cash. What account(s) and amount(s) would we debit when we record the journal entry for this transaction? O cash, $2.000 common stock, $18,000 treasury stock, $18,000 treasury stock, $2.000 4 pts Question 5 Our company originally issued 1,000 shares of $1 par value common stock for $9 per share. We repurchased 200 shares of the stock as treasury stock for $10 per share. On September 5, we sold 100 shares of treasury stock for $12 per share. What account(s) and amount(s) would we debit when we record the journal entry for the September 5 transaction? cash, $1,200 treasury stock, $1,000; and paid in capital from treasury stock, $200 treasury stock. $1,000 cash. $1,000 Question 6 4 pts On June 1 (date of declaration), the company's board of directors announces the intention to pay a $0.50 per share dividend on the 1,000,000 outstanding shares of common stock to the stockholders of record on June 15. The payment date for the cash dividend is June 30. What account and amount would we debit when we record the journal entry on the date of payment? dividends, $500,000 dividends payable, $500,000 cash. $500,000 O no entry required Question 9 4 pts During the year, we made a payment of long-term notes payable of $20,000 and borrowed $45,000 on a long-term note payable. Which of the following is correct for our statement of cash flows? Net cash used for financing activities is ($25.000). Net cash provided by investing activities is $25,000. O Net cash provided by financing activities is $25,000. Net cash used for financing activities is ($45.000). Question 10 4 pts During the year, we made a payment of long-term notes payable of $45,000 and borrowed $20,000 on a long-term note payable. Which of the following is correct for our statement of cash flows? Net cash used for financing activities is ($25,000). Net cash provided by investing activities is $25,000. Net cash provided by financing activities is $25,000. Net cash used for financing activities is ($45.000)Step by Step Solution
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