Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Nov 29, 2022

Shaktiman Co. issued 60000 shares @ 10 each and received all the money except the final call money of 2 each for 500 shares.

Shaktiman Co. issued 60000 shares @ 10 each and received all the money except the final call money of 2 each for 500 shares. Those 500 shares are reissued at a price of 8 each. Pass the journal entry. (15)

Step by Step Solution

★★★★★

3.53 Rating (163 Votes )

There are 3 Steps involved in it

Step: 1

Date Date Account Cash Share Capital Forfited ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Reporting and Analysis

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

2nd edition

9781305727557, 1285453824, 9781337116619, 130572755X, 978-1285453828

More Books

Students also viewed these Accounting questions

Question

★★★★★

Money Laundry has 10 washers and 15 dryers. All orders are first sent to wash and then to dry. It takes, on average, 30 minutes to wash one order and 40 minutes to dry. a. What is the capacity of the...

Answered: 1 week ago

Question

★★★★★

All stair Corporation sells 500 shares of common stock being held as a short-term investment. The shares were acquired six months ago at a cost of $55 a share. All stair sold the shares for $40 a...

Answered: 1 week ago

Question

★★★★★

For each journal entry in your answer to Exercise 3.18, (a) indicate the source document that would most probably authorize the entry and (b) give a description of the entry into the subsidiary...

Answered: 1 week ago

Question

★★★★★

What are the important types of financial intermediaries in the U.S. economy? What are the primary assets of these intermediaries, and how do they facilitate investment spending and saving?

Answered: 1 week ago

Question

★★★★★

Gother City Hospital is unionized. In 20X6, nurses received an average annual salary of $45,000. The hospital administrator is considering changes in the contract with nurses for 20X7. In turn, the...

Answered: 1 week ago

Question

★★★★★

a. Briefly explain the concept of support. b. If a taxpayer provides 50% or less of another persons support, is it possible for the taxpayer to claim a dependency exemption? Explain. c. Does support...

Answered: 1 week ago

Question

★★★★★

=+b) The value of Spearmans rho is -0.804. What does this tell us about the association?

Answered: 1 week ago

Question

★★★★★

A machine costs $500,000 and is expected to yield an after-tax net income of $15,000 each year. Management predicts this machine has a 10-year service life and a $100,000 salvage value , and it uses...

Answered: 1 week ago

Question

★★★★★

Waterway Industries's accounting records reflect the following inventories: Dec. 31, 2017 Dec. 31, 2016 Raw materials inventory $280000 $230000 Work in process inventory 300000 160000 Finished goods...

Answered: 1 week ago

Question

★★★★★

The rigid bar is pinned at A and supported by two aluminum rods, each having a diameter of 1 in. and a modulus of elasticity E al = 10(10 3 ) ksi. If the bar is initially vertical, determine the...

Answered: 1 week ago

Question

★★★★★

To the person who solves this can you please attach the excel formulas thats what I need as well. Thank you! Home Insert Draw Page Layout Formulas Data Review View Tell me Calibri (Body) 11 ' ab Wrap...

Answered: 1 week ago

Question

★★★★★

A water storage tank has a cylindrical shape. The diameter of the base of the tank is 0.568 m. The height of the tank is 0.855 m. This is shown in the following diagram. -0.568 m 0.855 m (a) Write...

Answered: 1 week ago

Question

★★★★★

A company is studying the effectiveness of their text message advertisements by counting the number of visits to their website that originate from a link in one of the texts. The function A(r) gives...

Answered: 1 week ago

Question

★★★★★

This is a circuit design i made in TinkerCAD. I am trying to use the green LED with variable brightness as a function of the Ultrasonic sensor reading. The three Red LEDs are a warning indicator if...

Answered: 1 week ago

Question

★★★★★

Question 3 (10 points) Listen What is corporate personhood, and how does it relate to corporate social responsibility? Relate this to our discussion on Exxon Mobile (the largest Oil and Gas...

Answered: 1 week ago

Question

★★★★★

Problem 4. PREVIEW ONLY -- ANSWERS NOT RECORDED (2 points) Assume you are to select digits from the set {2, 3, 4, 5, 6, 7, 9} to form a number between 20 and 900. 60 (1) HOW MANY such numbers can be...

Answered: 1 week ago

Question

★★★★★

QUESTION A AND QUESTION B. WILL UPVOTE IF RIGHT. DOWNVOTE IF WRONG. The following table contains monthly returns for Cola Corporation and Gas Corporation for 2012: (The returns are shown in decimal...

Answered: 1 week ago

Question

★★★★★

DC has unused FTC carryover from 2017 in the separate category for GC income as the result of income generated by a foreign branch. The income was foreign source general category income. In 2018 the...

Answered: 1 week ago

Question

★★★★★

On January 1, 2017, Fulton Inc. enters into a contract with Gibson to deliver goods. Gibson pays $ 100,000 at the time the contract is signed, at which time the goods are transferred and Fultons...

Answered: 1 week ago

Question

★★★★★

What are the purposes of the income statement?

Answered: 1 week ago

Question

★★★★★

Indicate the effect of each of the following errors on the following balance sheet and income statement items for the current and succeeding years: beginning inventory, ending inventory , accounts...

Answered: 1 week ago

Question

★★★★★

John (age 51 and single) has earned income of $3,000. He has $30,000 of unearned (capital gain) income. a. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA...

Answered: 1 week ago

Question

★★★★★

George (age 42 at year-end) has been contributing to a traditional IRA for years (all deductible contributions) and his IRA is now worth $25,000. He is planning on transferring (or rolling over) the...

Answered: 1 week ago

Question

★★★★★

William is a single writer (age 35) who recently decided that he needs to save more for retirement. His 2014AGI is $61,000 (all earned income). a. If he does not participate in an employer-sponsored...

Answered: 1 week ago

Previous Question Next Question