New Corp. issues 1,140 shares of $6 par value common stock at $20 per share. Whe
ID: 2494083 • Letter: N
Question
New Corp. issues 1,140 shares of $6 par value common stock at $20 per share. When the transaction is recorded, what credit enty or entries are made?
Select the correct answer.
A corporation uses the Indirect Statement of Cash Flows. A fixed asset has been sold for $29,212 representing a loss of $3,563. Determine the amount that would appear in the operating activities section of the statement of cash flows based on this transaction.
The following information pertains to Auburn 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 stockholders' equity for this company?
Select the correct answer.
What is the total stockholders' equity based on the following data?
Select the correct answer.
Common Stock $6,840 and Paid-in Capital in Excess of Stated Value $15,960. Common Stock $6,840 and Paid-in Capital in Excess of Par Value $15,960. Common Stock $6,840 and Retained Earnings $15,960. Common Stock $22,800.A corporation uses the Indirect Statement of Cash Flows. A fixed asset has been sold for $29,212 representing a loss of $3,563. Determine the amount that would appear in the operating activities section of the statement of cash flows based on this transaction.
$32,775 $29,212 $25,649 $3,563The following information pertains to Auburn 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 $42,519 Accounts receivable (net) $26,573 Inventory $38,338 Property, plant and equipment $219,768 Total Assets $327,198 Liabilities and Stockholders' Equity Current liabilities $69,385 Long-term liabilities $97,889 Stockholders' equity-common $159,924 Total Liabilities and stockholders' equity $327,198 Income Statement Sales $81,906 Cost of goods sold $36,858 Gross margin $45,048 Operating expenses $29,065 Net income $ 15,983 Number of shares of common stock 6,544 Market price of common stock $25What is the rate earned on stockholders' equity for this company?
Select the correct answer.
1.0% 10.4% 10.0% 2.4%What is the total stockholders' equity based on the following data?
Common Stock $945,800 Excess of Issue Price Over Par $249,500 Retained Earnings (deficit) $91,510Select the correct answer.
$1,195,300 $1,286,810 $1,103,790 $604,790Explanation / Answer
Answer: The credit enty or entries are made :
Common Stock $6,840 and Paid-in Capital in Excess of Par Value $15,960.
Cash A/C Dr. $22800
To common stock $6840
To Paid-in Capital in Excess of Par Value $15960 (1140*14)
Answer:Calculation of the amount that would appear in the operating activities section of the statement of cash flows based on this transaction.
Loss on sale of fixed asset=$3563
Answer: Calculation of the the rate earned on stockholders' equity for this company:
=(15983/$159,924)*100=10%
Answer: $1103790
Calculation of the total stockholders' equity based on the following data:
Common Stock $945,800 Excess of Issue Price Over Par $249,500 Retained Earnings (deficit) $91,510 Total stockholders equity $1,103,790Related Questions
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