OM, Inc. was organized on January 1, 20X5. The firm was authorized to issue 1,000,000 shares of $3 par value common stock.  During 20X5, OM had the following transactions relating to stockholders' equity:  Issued 50,000 shares of common stock at $7 per share. Issued 30,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of $50,000. What is the total amount recorded in the Common Stock account at the end of 20X5?   Select one: a. $240,000 b. $160,000 c. $80,000 d. $-0- e. $590,000

Q: Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 400,000 shares of…

A: b) Stockholders' Equity   Preferred stock (5000*$30) $ 150,000 Common stock…

Q: On July 1, a board of directors declared a $3 per share cash dividend, payable on July 31 to all…

A: Date Accounts Debit Credit July 1 Dividends (1,000-200) * $3 2,400       Dividends Payable…

Q: Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1…

A:

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 460,000 shares of $9 par…

A: Introduction: The shareholders' equity section of the balance sheet shows the stockholders' wealth.…

Q: On January 1, 20X1, Browning Corporation had 75,000 shares of $1 par value common stock issued and…

A: We have the following information: On January 1 20X1: Browning Corporation had 75,000 shares of $1…

Q: on December 31, 20X1, the Stockholders’ Equity section of Mercedes Corporation was as follows:…

A: The dividend is paid to shareholders from the retained earnings of the business.

Q: Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par…

A: Journal entries: Date Account title and explanation Debit Credit Aug. 22 Cash [2,000 x $105 ]…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 380,000 shares of $11 par…

A:

Q: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Eacha nd…

Q: Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its fırst…

A: Journal Entries Date Particulars LF Debit ($) Credit ($) March 1 Cash / Bank (40,000 x 9.75)…

Q: During its first year of operations, Johnson Corporation had the following transactions pertaining…

A: Working notes:  Jan 10 = 80,800 shares * $6 per share. = $484800  Jan 10 = 80,800 shares * $4 per…

Q: At the beginning of the current year, Relay Company was organized and authorized to issue 100,000…

A: Shareholders equity is the amount that the owner has invested in the business including retained…

Q: Bramble Corporation is authorized to issue both preferred and common stock. The par value of the…

A: Date Account Titles and Explanatiion Debit $ Credit $ Feb. 1 Cash (19500*57) 1111500…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 320,000 shares of $10 par…

A: Common shares (Transaction 1)=Number of shares×Par value=20,000×$10=$200,000

Q: During its first year of operations, Collin Raye Corporation had the following transactions…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: Cole Corporation was organized on January 1, Year 1. The company was authorized to issue 100,000…

A: Retained earnings = Net Income - Dividend paid = $60,000 - $30,000 = $30,000

Q: Ayayai Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%,…

A: Issue of shares is one of the important source of capital and finance being used by the business.…

Q: The entry to record the above transaction would include a a. debit to Cash for $85,000 b. credit to…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: opper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $100 par…

A: Journal Entries: Journal entries are the building blocks of accounting, which is the act of…

Q: Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 420,000 shares of…

A: When shares ( common or preferred ) are issued at more than par value, it results in additional paid…

Q: What is the total amount recorded in the Common Stock account at the end of 20X2?   Select one:…

A: Total Shareholders' Equity  = Common Stock + Retained Earnings

Q: During its first year of operations, Bonita Corporation had the following transactions pertaining to…

A: Share issued Known as issued shares, these are the subset of authorized shares that have been sold…

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000…

A: Common stock is a share of ownership issued to the shareholders. It is the most commonly used means…

Q: Torey Corporation was organized on April 1, with an authorization of 25,000 shares of six percent,…

A: Introduction: Paid in capital in excess of PAR: Shares issued more than PAR value. Th excess of PAR…

Q: At the beginning of the year, a company has issued a total of 500,000 shares of common stock,…

A: Introduction: Retained earnings: Retained earnings refer to the income residing in the business…

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: Hao Corporation had the following transactions during the current period. Mar. 2   Issued 37,000…

A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…

Q: MH Corp. was organized on January 1, 20X7. The firm was authorized to issue 100,000 shares of $5 par…

A: Stockholder's Equity -  It is the amounts in a business after settled of all liabilities of the…

Q: The company was organized on January 1, Year 1. The firm was authorized to issue 500,0O00 shares of…

A: Shareholder equity means the amount that belong to the owner of the company i.e. share holder.…

Q: Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $4 no-par…

A: The question asks for accounting for stockholders' equity in the company's books.  The journal…

Q: MH Corp. was organized on January 1, 20X4. The firm was authorized to issue 100,000 shares of $5 par…

A: Explanation:  shares of the common stock issued will be  (10000 x $7) $70,000  shares of the…

Q: The company was organized on January 1, Year 1. The firm was authorized to issue 500,000 shares of…

A: The dividend is paid to the shareholders from the retained earnings of the business. The treasury…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 310,000 shares of $8 par…

A: Stockholders' equity indicates the overall investment balance of the stockholders. It includes…

Q: During its first year of operations, Buffalo Corporation had the following transactions pertaining…

A: Whenever business issues common stock, then par value of the stock is credited to capital account…

Q: Helu Corporation was organized on January 1, with an authorization of 1,000,000 ordinary shares with…

A: Share premium is the amount received on issue of shares above par value.

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 86,000 shares…

A:

Q: Bramble Corporation is authorized to issue both preferred and common stock. The par value of the…

A: Solution: Preferred stock Date Explanation Ref. Debit Credit Balance 1-Feb     $1,050,000.00…

Q: The par value of the preferred is $50. During the first year of operations, the company had the…

A: Journal Entry  Date Account Title Debit Credit Feb 1 Cash (46,500 ×$53) $2,464,500…

Q: MH Corp. was organized on January 1, 20X4. The firm was authorized to issue 100,000 shares of $5 par…

A: Treasury stock is contra account of the total stockholders' equity. Total stockholders' equity =…

Q: OM, Inc. was organized on January 1, 20X4. The firm was authorized to issue 100,000 shares of $2 par…

A: Issued 30,000 shares @ $ 7 = $ 210,000 Issued 30,000 shares @ $ 8 = $ 240,000

Q: OM, Inc. was organized on January 1, 20X7. The firm was authorized to issue 1,000,000 shares of $2…

A: The firm authorized to issue 1,000,000 shares, with par value of $2

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $12 par…

A: The balance sheet shows the financial position of the company that includes the assets, liabilities,…

Q: [The following information applies to the questions displayed below.] Worldwide Company obtained a…

A: Stockholders' equity is a part of balance sheet written down under the liabilities. It shows the…

Q: Inside Incorporated was issued a charter on January 15 authorizing the following capital stock:…

A: Any excess cash other than the par value received from the issue of shares goes to Paid-in Capital…

Q: During its first year of operations, Buffalo Corporation had the following transactions pertaining…

A: Common stock and Preferred stock are two type of shares issued by the companny. Any amount received…

Q: When Bunyan Corporation was formed on January 1, the corporate charter provided for 90,000 shares of…

A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

Q: During its first year of operation, Victory Inc. entered into the following transactions relating to…

A: The total shareholders' equity includes the total equity that belongs to the shareholders.

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 380,000 shares of $11 par…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par…

A: A firm may issue common stock and preferred stock for raising finance. The excess amount paid over…