A corporation issues 2,800 shares of common stock for $89,600. The stock has a s
ID: 2494082 • Letter: A
Question
A corporation issues 2,800 shares of common stock for $89,600. The stock has a stated value of $13 per share. What amount of credit to Common Stock would the journal entry to record the stock issuance include?
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Alliance Corp. issues 2,430 shares of $11 par value common stock at $17 per share. When the transaction is recorded, what credit entry or entries are made?
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The following information pertains to Carlton Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.
What is the rate earned on total assets for this company?
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Sales for the year were $586,464. Accounts receivable were $96,522 and $86,545 at the beginning and end of the year. Determine the cash received from customers to be reported on the cash flow statement using the direct method.
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Hurd Company acquired a building valued at $177,000 for property tax purposes in exchange for 10,000 shares of its $7 par common stock. The stock is widely traded and selling for $20 per share. At what amount should the building be recorded by Hurd Company?
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Equipment with an original cost of $64,640 and accumulated depreciation of $25,484 was sold at a loss of $6,315. Find the change in cash as a result of this transaction.
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Assume the following sales data for a company:
What is the percentage increase in sales from 2014 to 2015?
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Zach Company owns 40% of the voting stock of Tomas Corporation and uses the equity method in recording this investment. Tomas Corporation reported a $8,389 net loss. Which of the following would be included in Zach Corporation's journal entry?
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$89,600 $36,400 $53,200 $2,800Alliance Corp. issues 2,430 shares of $11 par value common stock at $17 per share. When the transaction is recorded, what credit entry or entries are made?
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Common Stock $14,580 and Retained Earnings $26,730. Common Stock $26,730 and Paid-in Capital in Excess of Stated Value $14,580. Common Stock $41,310. Common Stock $26,730 and Paid-in Capital in Excess of Par Value $14,580.The following information pertains to Carlton Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.
Assets Cash and short-term investments $42,067 Accounts receivable (net) 29,437 Inventory 29,297 Property, plant and equipment 208,770 Total Assets $309,571 Liabilities and Stockholders' Equity Current liabilities $69,705 Long-term liabilities 90,218 Stockholders' equity-common 149,648 Total liabilities and stockholders' equity $309,571 Income Statement Net Sales $81,173 Cost of goods sold 32,469 Gross margin 48,704 Operating expenses 22,679 Net income from operations $26,025 Interest expense 4,059 Net income $21,966 Number of shares of common stock 6,123 Market price of common stock $28What is the rate earned on total assets for this company?
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7.8% 8.4% 2.8% 1.1%Sales for the year were $586,464. Accounts receivable were $96,522 and $86,545 at the beginning and end of the year. Determine the cash received from customers to be reported on the cash flow statement using the direct method.
Select the correct answer.
$586,464 $682,986 $596,441 $606,418Hurd Company acquired a building valued at $177,000 for property tax purposes in exchange for 10,000 shares of its $7 par common stock. The stock is widely traded and selling for $20 per share. At what amount should the building be recorded by Hurd Company?
Select the correct answer.
$177,000 $130,000 $200,000 $70,000Equipment with an original cost of $64,640 and accumulated depreciation of $25,484 was sold at a loss of $6,315. Find the change in cash as a result of this transaction.
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increase by $32,841 decrease by $25,484 increase by $64,640 decrease by $6,315Assume the following sales data for a company:
2015 $754,818 2014 $526,718What is the percentage increase in sales from 2014 to 2015?
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43.31% 69.78% 30.22% 143.31%Zach Company owns 40% of the voting stock of Tomas Corporation and uses the equity method in recording this investment. Tomas Corporation reported a $8,389 net loss. Which of the following would be included in Zach Corporation's journal entry?
Select the correct answer.
Debit to the investment account for $3,355.60 Credit to the investment account for $3,355.60 Debit to the investment account for $8,389.00 Credit to a loss account for $3,355.60Explanation / Answer
Answer 1. b. $36400 The Journal Entry to be passed: Bank A/c Dr. $89,600 To Common Stock A/c $36,400 To Share Premium A/c $53,200 Answer 2. d. Common Stock $26,730 and Paid-in Capital in Excess of Par Value $14,580. The Journal Entry to be passed: Bank A/c Dr. $41,310 To Common Stock A/c $26,730 To Share Premium A/c $14,580 Answer 3 b. 8.40% Return on Assets = Net Income / Avg total Assets X 100 Return on Assets = $26025 / 309571 X 100 = 8.40% Answer 4. c. $596441 Op. Accounts Receivables $96,522 Add: Sales $586,464 Less: Closing Accounts Receivables ($86,545) Cash Recd from Customers $596,441 Answer 5. c. $200000. (FMV of Shares) Answer 6. a. increase by $32,841 Cost of Equipment $64,640 Less: Accumulated Dep. ($25,484) WDV of equipment $39,156 Less: Loss On Sale of equipment ($6,315) Sale value of Equipment $32,841 Answer 7. a. 43.31% Sales 2015 (A) $754,818 2014 (B) $526,718 Increase in Sales (C= A-B) $228,100 percentage increase in sales from 2014 to 2015 (C/B X 100) 43.31% Answer 8. a. Debit to the investment account for $3,355.60 Debit the investment A/c = $8389 X 40% = $3355.60
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