33. Help me selecting the right answer. Thank you Bentley Corporation received cash from issuing 11,000 shares of common stock at par on January 1, 2024. The stock has a par value of $0.05per share. Which is the correct journal entry to record this transaction?Cash is credited for $11,000 and Common Stock-$0.05 Par Value is debited for $11,000.Cash is debited for $11,000, Common Stock-$0.05 Par Value is credited for $550, and Paid-In Capital in Excess of Par-Common credited for$10,450.Cash is debited for $550, and Common Stock-$0.05 Par Value is credited for $550.Paid-In Capital in Excess of Par-Common is debited for $10,450, and Common Stock-$0.05 Par Value is credited for $10,450.

Common Stock account is the equity account that is credited with the par-value of the stocks issued…

Bentley Corporation received cash from issuing 11,000 shares of common stock at par on January 1, 2024. The stock has a par value of $0.05 per share. Which is the correct journal entry to record this transaction? O Cash is credited for $11,000 and Common Stock-$0.05 Par Value is debited for $11,000. O Cash is debited for $11,000, Common Stock-$0.05 Par Value is credited for $550, and Paid-In Capital in Excess of Par-Common credited for $10,450. O Cash is debited for $550, and Common Stock-$0.05 Par Value is credited for $550. O Paid-In Capital in Excess of Par-Common is debited for $10,450, and Common Stock-$0.05 Par Value is credited for $10,450.

Bentley Corporation received cash from issuing 11,000 shares of common stock at par on January 1, 2024. The stock has a par value of $0.05 per share. Which is the correct journal entry to record this transaction? O Cash is credited for $11,000 and Common Stock-$0.05 Par Value is debited for $11,000. O Cash is debited for $11,000, Common Stock-$0.05 Par Value is credited for $550, and Paid-In Capital in Excess of Par-Common credited for $10,450. O Cash is debited for $550, and Common Stock-$0.05 Par Value is credited for $550. O Paid-In Capital in Excess of Par-Common is debited for $10,450, and Common Stock-$0.05 Par Value is credited for $10,450.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 27CE: Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common...

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Cash dividends on the 10 par value common stock of Garrett Company were as follows: The 4th-quarter cash dividend was declared on December 21, 2019, to shareholders of record on December 31, 2019. Payment of the 4th-quarter cash dividend was made on January 18, 2020. In addition, Garrett declared a 5% stock dividend on its 10 par value common stock on December 3, 2019, when there were 300,000 shares issued and outstanding and the market value of the common stock was 20 per share. The shares were issued on December 24, 2019. What was the effect on Garretts shareholders equity accounts as a result of the preceding transactions?
Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.
Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?
Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.
Bentley Corporation received cash from issuing 13,000 shares of common stock at par on January 1, 2024. The stock has a par value of $0.05 per share. Which is the correct journal entry to record this transaction? CZTEED OA Cash is credited for $13,000 and Common Stock-$0.05 Par Value is debited for $13,000 OB. Cash is debited for $650, and Common Stock-$0.05 Par Value is credited for $650 OC, Cash is debited for $13,000, Common Stock-$0.05 Par Value is credited for $650, and Paid-In Capital in Excess of Par-Common credited for $12,350 OD. Paid-In Capital in Excess of Par-Common is debited for $12,350, and Common Stock-$0.05 Par Value is credited for $12,350
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