 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Accounting Problem
A corporation was organized on January 30 of the current year, with an authorization of 20,000 shares of $4 preferred stock, $12 par, and 100,000 shares of $3 par common stock.
Jan. 30 Issued 15,000 shares of common stock at $23 per share for cash. Feb. 24 Issued 20,000 shares of common stock in exchange for land with a fair market price of $120,000. Mar. 15 Issued 2,000 shares of preferred stock at $56 for cash. How to work the problems and do the journal entries |
||||
Check out some similar questions!
A company that uses the perpetual inventory method purchases inventory of $1,000 on account with terms of 2/10, n/30. Defective inventory of $200 is returned 2 days later and the accounts are appropriately adjusted. If the company paid the vendor within 10 days, which of the following entries would...
Happy Trails Limited is a popular family resort just outside Yellowstone National Park. Summer is the resort?s busy season, but guests typically pay a deposit at least six months in advance to guarantee their reservations. The resort is currently seeking new investment capital in order to expand...
On August 1, Clayton Co. issued $1,300,000 of 20-year, 9% bonds, dated August 1, for $1,225,000. Interest is payable semiannually on February 1 and August 1. Present the entries to record the following transactions for the current year: (a) Issuance of the bonds. (b) Accrual of interest and...
Which of the following statement about long-term assets and disclosures is true? a. A business must disclose every depreciacle asset it owns in the financil statement. b.Disclosure of PP&E asset by major categories provides decision makers with insight on a company's cash flow expenditures. c....
Your employer has asked you to assist the controller in valuing account receivable at 12-31-05. Pertinent information is enclosed and you may have to estimate some items or make assumptions to complete the project. 12/31/2004 Cash ...
View more questions Search
| Question Tools | Search this Question |
Add your answer here.
|
