Report as total contributed capital

Assignment Help Accounting Basics
Reference no: EM13140362

The Amelia Corporation was incorporated on January 1, 2011, with the following authorized capitalization:

• 40,000 shares of common stock, no par value, stated value $40 per share

• 10,000 shares of 5 percent cumulative preferred stock, par value $10 per share

During 2011, Amelia issued 24,000 shares of common stock for a total of $1,200,000 and 6,000 shares of preferred stock at $16 per share. In addition, on December 20, 2011, subscriptions for 2,000 shares of preferred stock were taken at a purchase price of $17. These subscribed shares were paid for on January 2, 2012. What should Amelia report as total contributed capital on its December 31, 2011, balance sheet?

a. $1,040,000

b. $1,262,000

c. $1,296,000

d. $1,330,000

Reference no: EM13140362

Questions Cloud

Ow many milliliters of hcl will need to be added : A phosphorous acid buffer needs to be prepared to a pH of 5.92; given a 120mL solution of 25mM phosphorous acid, how many milliliters of either 0.5M KOH or 0.4M HCl will need to be added
Transfer of securities in determination of net income : Moon changed the classification of these shares to trading securities in June of 2011 when the market value of this investment in McMahon's stock had risen to $345,000. How much should Moon include as a loss on transfer of securities in its determ..
Do the data disprove the scientist-s claim : 10 independent measurements were made of the pH level for both solutions, with the following data testing. Do the data disprove the scientist's claim? Use the 5% level of significance. What is the p-value?
Determine the ph : Determine the pH and the percentage of fully protonated weak acid/base for each of the solutions listed below:
Report as total contributed capital : In addition, on December 20, 2011, subscriptions for 2,000 shares of preferred stock were taken at a purchase price of $17. These subscribed shares were paid for on January 2, 2012. What should Amelia report as total contributed capital on its Dec..
Estimate mean weight loss to within two pounds : The standard deviation of the population weight losses is about 10 pounds. How large a sample should he take to estimate the mean weight loss to within 2 pounds, with 95% confidence?
Find the molar mass of sample : a sample of a gas has a mass og 0.311g. its volume is 0.225 L at a temperature of 55 degrees C and a pressure of 886 mmHg. find its molar mass
Find onfidence interval estimate of the population mean : Find the 90% confidence interval estimate of the population mean. Interpret the interval estimate. 79 43 58 66 101 63 79 33 58 71 60 101 74 55 88.
Straight-line method used to amortizing bond discount : Upton Company issues $3 million, 10-year, 6% bonds at 99, with interest payable on December 31. The straight-line method is used to amortize bond discount.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Identify at least four key controls and indicate the tests

The bookkeeper prepares a daily bank deposit slip and compares the total with the total amount shown on the daily remittance tapes. All remittances are deposited in the bank the day they are received. (Cash receipts from sources other than service..

  Distribution deduction of the trust

During the year, the trust makes a mandatory distribution to Sarah of $5,000 and a discretionary distribution of $10,000 to Kyle. The trust has no tax-exempt income. The distribution deduction of the trust is:

  Is it correct to discount the loan at the effective interest

1. You acquire the outstanding loan (note) of Shepard Company, who is having financial difficulty. Because of the financial difficulty, Shepard Company's credit rating has been downgraded and you acquire the note at a discount.

  Probable role of the monthly report

a. What is the probable role of the monthly report? b. What is the controller's responsibility with respect to a president who doesn't know much accounting?

  Computation of segment return

If the manager of the Eastern Division is evaluated on return on investment alone, will the manager invest in the new project? Explain.

  Interest in a passive activity

In the current year, Louise invests $50,000 for a 10% interest in a passive activity. Her share of the loss this year is $10,000. If this is her only passive activity, the $10,000 loss is suspended for use in a future year.

  Problem related to transfer pricing

How much is the corporation as a whole better or worse off if the transaction is completed internally as opposed to each division dealing externally? Justify your answer.

  Question regarding profit functions

Determine the number of statues that must be sold in order to have a profit of at least $2000. Show all supporting work (graphs, etc.).

  Total sales-volume variance of revenues

Actual selling price: $7.50, $10.50. Budgeted selling price: $5.50, $10.50. Actual Sales Mix: 69%, 31%. Budgeted Sales Mix: 75%, 25%. What is the total sales-volume variance of revenues?

  Who should be final decision in decision-making process

Protecting the security and integrity of accounting data is part of the controller's responsibility. Because of the integration with the computer system.

  Premium expense and estimated liability

Determine the premium expense to be reported in the income statement and the estimated liability for premiums on the balance sheet for 2010 and 2011.

  Financial and operational plans-enrolment budgets

Let's say that you work in the budgeting office at a university and you have in front of you the expected student enrollment for the upcoming academic year. Discuss a few financial and operational plans that would be dictated by the enrolment bud..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd