FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
19th Edition
ISBN: 9781119493624
Author: Kimmel
Publisher: WILEY
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Chapter 11, Problem 11.3E
(a)
To determine
Common stock: These are the ordinary shares that a corporation issues to the investors in order to raise funds. In return, the investor receives a share of profit from the profits earned by the corporation.
Par value: It refers to the value of a stock that is stated by the corporation’s charter. It is also known as face value of a stock.
No-par common stock: The common stock that is issued at its fair market value is known as no-par common stock. Common stocks are the ordinary shares that a corporation issues to the investors in order to raise funds. In return, the investor receives a share of profit from the profits earned by the corporation.
To Journalize: the issuance of common stock transaction at a par value of $5 per share for Corporation M on January 10.
To determine
To Journalize: the issuance of common stock transaction at $7 per share for Corporation M on July 1.
(b)
To determine
To Journalize: the issuance of common stock transaction at no-par value with a stated value of $1 for Corporation M on January 10.
To determine
To Journalize: the issuance of common stock transaction at no-par value with a stated value of $1 for Corporation M on July 1.
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During its first year of operations, Culver Corporation had these transactions pertaining to its common
stock.
Jan. 10 Issued 26,800 shares for cash at $4 per share.
July 1 Issued 59,000 shares for cash at $7 per share.
(a) Journalize the transactions, assuming that the common stock has a par value of $4 per share.
(b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per
share.
(Record journal entries in the order presented in the problem. Credit account titles are
automatically indented when amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter 0 for the amounts.)
No.
Date
Account Titles and Explanation
Debit
Credit
(a)
(b)
>
During its first year of operations, Blue Spruce Corp. had these transactions pertaining to its common stock.
Jan. 10
Issued 27,300 shares for cash at $4 per share.
July 1
Issued 61,500 shares for cash at $7 per share.
(a)
Journalize the transactions, assuming that the common stock has a par value of $4 per share.
(b)
Journalize the transactions, assuming that the common stock is no-par with a stated value of $3 per share.
During its first year of operations, Flounder Corporation had the following transactions pertaining to its common stock.
Jan.
10
Issued 75,000 shares for cash at $6 per share.
July
1
Issued 41,000 shares for cash at $9 per share.
Journalize the transactions, assuming that the common stock has a par value of $6 per share.
What is the date?
What is the title or explanation ?
What is debit or credited ?
Chapter 11 Solutions
FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
Ch. 11 - Prob. 1QCh. 11 - Prob. 2QCh. 11 - Prob. 3QCh. 11 - Prob. 4QCh. 11 - Prob. 5QCh. 11 - Prob. 6QCh. 11 - Prob. 7QCh. 11 - Which is the boiler investmentcommon stock with a...Ch. 11 - Prob. 9QCh. 11 - Prob. 10Q
Ch. 11 - Prob. 11QCh. 11 - Prob. 12QCh. 11 - Indicate how each of these accounts should be...Ch. 11 - What three conditions must be met before a cash...Ch. 11 - Prob. 15QCh. 11 - Prob. 16QCh. 11 - Prob. 17QCh. 11 - Prob. 18QCh. 11 - Prob. 19QCh. 11 - Prob. 21QCh. 11 - Prob. 22QCh. 11 - Prob. 23QCh. 11 - Prob. 24QCh. 11 - Prob. 25QCh. 11 - Prob. 26QCh. 11 - Prob. 11.1BECh. 11 - Prob. 11.2BECh. 11 - Prob. 11.3BECh. 11 - Prob. 11.4BECh. 11 - Prob. 11.6BECh. 11 - Prob. 11.8BECh. 11 - Prob. 11.9BECh. 11 - Prob. 11.10BECh. 11 - Prob. 11.11BECh. 11 - Prob. 11.12BECh. 11 - Prob. 11.13BECh. 11 - Prob. 11.14BECh. 11 - Prob. 11.1aDIECh. 11 - Prob. 11.2aDIECh. 11 - Prob. 11.2bDIECh. 11 - Prob. 11.3aDIECh. 11 - Prob. 11.3bDIECh. 11 - Prob. 11.4aDIECh. 11 - Prob. 11.3ECh. 11 - Prob. 11.4ECh. 11 - Prob. 11.6ECh. 11 - Prob. 11.7ECh. 11 - Prob. 11.8ECh. 11 - Prob. 11.9ECh. 11 - Prob. 11.11ECh. 11 - Prob. 11.19ECh. 11 - Prob. 11.3EYCTCh. 11 - Prob. 11.4EYCTCh. 11 - DECISION MAKING ACROSS THE ORGANIZATION During a...Ch. 11 - Prob. 11.7EYCTCh. 11 - Prob. 11.8EYCTCh. 11 - Prob. 11.9EYCTCh. 11 - Prob. 11.12EYCTCh. 11 - Prob. 11.1IECh. 11 - Prob. 11.2IECh. 11 - Prob. 11.3IE
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