What is the required journal entry for each of the following transactions? a. Issued 50,000 shares of

Question:

What is the required journal entry for each of the following transactions?

a. Issued 50,000 shares of no par value shares for $$10$ per share.

b. Issued 50,000 shares of $$0.10$ par value shares for $$10$ per share.

c. Issued 50,000 shares of $$1.00$ par value shares for $$10$ per share.

d. What effect does par value have on the financial statements? Does par value affect any ratios or the interpretation of the financial statements? Explain.

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting A Critical Approach

ISBN: 9780070967601

3rd Edition

Authors: John Friedlan

See More Books

Question Posted: Jun 14, 2024 01:41 AM

See More Questions

What is the required journal entry for each of the following transactions? a. 25,000 shares of no par value shares are issued for $30 per share. b. 25,000 shares of $0.10 par value shares are issued...
I need help with following questions from the homework. I have attached the chapters so please see the attached files to answer the following questions specifically. Ch 4 (p 176 of text or p 34 of...
1. Calculate the cost of each capital component, after-tax cost of debt, cost of preferred, and cost of equity with the DCF method and CAPM method. 2. What do you estimate the company?s WACC? Please...
If Jody's records show $2,000 in investment by owner, $10,000 in net income, $5,000 in assets and $1,000 in owner's drawings. What is Jody's ending owner's equity on a statement of changes in owner's...
Roberto has a basis of $6,000 in a partnership at the beginning of the year. He receives $7,000 in cash distributions, his distributive share of income is $3,500, and he receives a land distribution...
Describe the factors that influence greater centralization and the factors that influence greater decentralization.
Differentiate between the two methods for converting functional currency to the parent/investors currency, and explain the circumstances under which each should be used. AppendixLO1
Halloway Company has issued three different bonds during 2010. Interest is payable semiannually on each of these bonds. 1. On January 1, 2010, 1,000, 8%, 5-year, $1,000 bonds dated January 1, 2010,...
A company operates on a calendar-year basis. At the beginning of December 2020, Sutton had the following liabilities listed on its books: Account Name Balance account payable 80 000 unearned revenue...
Gogama Ltd. (Gogama) is planning on declaring a dividend for its common shareholders and is considering three alternatives: i. Declare a cash dividend of $$5$ per share. ii. Declare a property...
For the year ended December 31, 2013, Wabush Inc. (Wabush) reported net income of $$11,700,000$. On December 31, 2012, Wabush had the following capital stock outstanding: On June 30, 2013 Wabush...
For iteration 2 of the example in Sec. 5.3, the following expression was shown: Derive this expression by combining the algebraic operations (in matrix form) for iterations 1 and 2 that affect row 0....
During the first year of operation, 2011, Martin's Appliance recognized \$292,000 of service revenue on account. At the end of 2011 , the accounts receivable balance was $\$ 57,400$. Even though...
During May, Willett Corp. purchased direct materials for 4,250 units at a total cost of $$61,625$. Willetts standard direct materials cost is $$14$ per unit. Prepare the journal entry to record...
Determine a positive real root of this equation using appropriate software: \[ 3.5 x^{3}-10 x^{0.5}-3 x=-4 \]
You are the manager of internal audit of Coverit Corporation, a large insurance company. One day you receive an urgent letter from the controller expressing his concerns about some organizational...
Daintree Ltd. is a large retailer that operates department stores in all major cities throughout Australia. Recently it has expanded its operations into Southeast Asia. Although each store operates...
Do you believe that advertising is ancient or a modern practice? How so?
B.) What is the approximate concentration of free Zn 2+ ion at equilibrium when 1.0010 -2 mol zinc nitrate is added to 1.00 L of a solution that is 1.080 M in OH - . For [Zn(OH) 4 ] 2- , K f = 4.610...
Product Weight Sales Additional Processing Costs P 300,000 lbs. $ 245,000 $ 200,000 Q 100,000 lbs. 30,000 -0- R 100,000 lbs. 175,000 100,000 If joint costs are allocated based on relative weight of...
The projected benefit obligation was $380 million at the beginning of the year. Service cost for the year was $21 million. At the end of the year, pension benefits paid by the trustee were $17...
CVP Modeling project The purpose of this project is to give you experience creating a multiproduct profitability analysis that can be used to determine the effects of changing business conditions on...

What is the required journal entry for each of the following transactions? a. Issued 50,000 shares of

Question:

Step by Step Answer:

Financial Accounting A Critical Approach

Students also viewed these Business questions