Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Basic Finance Expert

1) Maverick Inc. has outstanding 10,200 shares of $10 par value common stock.
On July 1, 2008, Maverick reacquired 114 shares at $89 per share.
On September 1, Maverick reissued 68 shares at $94 per share.
On November 1, Maverick reissued 46 shares at $87 per share.
Prepare Maverick's journal entries to record these transactions using the cost method. (List multiple debit/credit entries in order of magnitude.)

2) (Recording the Issuance of Common and Preferred Stock)

Kathleen Battle Corporation was organized on January 1, 2008. It is authorized to issue 14,300 shares of 8%, $130 par value preferred stock, and 715,000 shares of no par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.

Jan. 10 Issued 80,200 shares of common stock at $6 per share.

Mar. 1 Issued 5,100 shares of preferred stock for cash at $138 per share.

Apr. 1 Issued 24,500 shares of common stock for land. The asking price of the land was $94,300; the fair market value of theland was $82,200.

May 1 Issued 84,700 shares of common stock for cash at $9 per share.

Aug. 1 Issued 11,800 shares of common stock to attorneys in payment of their bill of $52,700 for services rendered in helpingthe company organize.

Nov. 1 Issued 1,200 shares of preferred stock for cash at $142 per share.

Prepare the journal entries to record the above transactions. (List multiple entries in order of magnitude.)

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M927519

Have any Question? 


Related Questions in Basic Finance

1 discuss why it is important to coordinate the arrival of

1. Discuss why it is important to coordinate the arrival of procurement shipments with the dispatching of customer shipments. 2. Discuss the driver and role of the inventory deployment and management system.

1 the common stock of buildwell construction has a beta of

1) The common stock of Buildwell Construction has a beta of 0.90. The T-bill rate is 4% and the market risk premium is estimated at 8%. Buildwell's capital structure is 30% debt, paying a 5% interest rate and 70% equity. ...

1 an anonymous billionaire investor was quoted in the wall

1. An anonymous billionaire investor was quoted in the Wall Street Journal as asking: "Has there ever been a carry trade that hasn't ended badly?" What is a carry trade? Why might it end badly? 2. Interest rates on U.S. ...

1 how do researchers maintain the confidentiality of

1. How do researchers maintain the confidentiality of participants' responses? 2. Describe the Milgram (1963) study and discuss the ethical issues it raised. 3. What are the basic ethical principles that animal researche ...

You have recently been hired by swan motors inc smi in its

You have recently been hired by Swan Motors, Inc. (SMI), in its relatively new treasury management department. SMI was founded 8 years ago by Joe Swan. Joe found a method to manufacture a cheaper battery with much greate ...

Read one practical article of how psychology affects

Read one practical article of how psychology affects spending behavior. Easily retrieve possible articles by doing an online search using the terms "psychology" and "spending." Summarize the main points of the article.

Specialty retailerwith this case we review the cash flow of

SPECIALTY RETAILER With this case, we review the cash flow of several specialty retail stores. The companies reviewed and the year-end dates are as follows: 1. Abercrombie & Fitch Co. (52-week fiscal year ended January 2 ...

What are the three ways in which derivatives can be misused

What are the three ways in which derivatives can be misused? Contrast dollar return and percentage return. Be sure to identify which return is more useful when comparing investments? Compare and contrast options and forw ...

A multiple-choice test consists of 7 questions each

A multiple-choice test consists of 7 questions. Each question has answer choices of a, b, c, and d, and only one of the choices is correct. If a student randomly guesses on each question, what is the probability that she ...

Bernice established a trust for her son val and her

Bernice established a trust for her son Val and her grandson Hunter with $5.5 million. Val will receive the income for life and Hunter will receive the corpus at his father's death. Bernice did not have any remaining GST ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen