Business, 24.05.2021 14:00 zhellyyyyy

Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 75,000 shares of preferred 3% stock, $60 par and 550,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations: Feb. 5. Issued 700,000 shares of common stock at par for cash.
5. Issued 1,200 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Apr. 9. Issued 40,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $ 120,000, $280,000, and $80,000, respectively.
June 14. Issued 25,000 shares of preferred stock at $82 for cash.

Required:
Journalize the transactions.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 13:30

How is a proportional tax different from a progressive tax? a. a proportional tax decreases with income level, but a progressive tax increases with income level. b. a proportional tax increases with income level, but a progressive tax decreases with income level. c. a proportional tax increases with income level, but a progressive tax is the same percentage for all. d. a proportional tax is the same percentage for all, but a progressive tax increases with income level.

Answers: 2

Answer

Business, 21.06.2019 23:00

Which of the following statements is correct? large corporations are taxed more favorably than sole proprietorships. corporate stockholders are exposed to unlimited liability. due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u.s. businesses (in terms of number of businesses) are organized as corporations. most businesses (by number and total dollar sales) are organized as partnerships or proprietorships because it is easier to set up and operate in one of these forms rather than as a corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, mainly because corporations have important tax advantages over proprietorships and partnerships. most business (measured by dollar sales) is conducted by corporations in spite of large corporationsâ€™ often less favorable tax treatment, due to legal considerations related to ownership transfers and limited liability.

Answers: 3

Answer

Business, 22.06.2019 15:20

On january 2, 2018, bering co. disposes of a machine costing $34,100 with accumulated depreciation of $18,369. prepare the entries to record the disposal under each of the following separate assumptions. exercise 8-24a part 2 2. the machine is traded in for a newer machine having a $50,600 cash price. a $16,238 trade-in allowance is received, and the balance is paid in cash. assume the asset exchange has commercial substance.

Answers: 2

Answer

Business, 22.06.2019 17:30

After the embarrassing sign incident at the restaurant you own, you decide to offer employees a six-week fundamental writing skills workshop. a local business communication instructor, who has experience teaching writing skills at treleaven community college, will facilitate the sessions. to encourage employees to attend these optional sessions, write an email that explains why you’re offering the workshop and why employees should participate.

Answers: 2

Answer

You know the right answer?

Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February...

Questions