Reference no: EM13153759
The parteners who own Cohen Canoes Co. wished to provide the unlimited personal liability of the partenership form of business, so they incorporated as Cohen Canoes Inc. The charter from yhe state of Utah authorizes the corporation to issue 9,000 shares of $2 no-par preferred stock and 100,000 shares of $5 par common stock. In its first month, Cohen Canoes completed the following transactions:
May 6 Issued 900 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $22,500. Debit Organization Expense.
9 Issued 10,000 shares of common stock to Ben Cohen and 12,000 to Bill Cohen in return for cash equal to the stock's market value of
$25 per share. The Cohens were partners in Cohen Canoes Co.
10 Issued 800 shares of preferred stock to acquire a patent of a market value of $20,000
26 Issued 1,000 shares of common stock for $25 cash per share.
Instructions:
1. Record transactions in the journal.
2. Prepare the stockholders equity section of Cohen Canoes Inc., balance sheet at May 31. The ending balance of retained earnings is $55,000.
|
Answer the following question:1. what is the rule of 72
: answer the following question:1. What is the Rule of 72 ?2. Solve using the Rule of 72: rate = 8%, years = 18, pv = $7,000. Solve for fv.
|
|
What mass of hgo was originally present
: Consider the unbalanced equation above. A sample of impure mercury(II) oxide is heated and the HgO decomposed completely. If 580. mL of O2 is collected by displacement of water at a barometric pressure of 790.0 mm Hg and 25.0°C,
|
|
What is maximum amount mark willing to pay for study
: Should Mark use the study? Why? What is the maximum amount Mark should be willing to pay for this study? What is the maximum amount he should pay for any study?
|
|
Which of following techniques may elicit rebound tenderness
: Full range of motion for each muscle or group of muscles, while applying resistance to the muscle is testing.
|
|
Stockholders equity section of cohen canoes
: Prepare the stockholders equity section of Cohen Canoes Inc., balance sheet at May 31. The ending balance of retained earnings is $55,000.
|
|
Consumer''s risk and the producer''s risk
: Using acceptance sampling, propose a situation in which you would be forced to utilize both the consumer's risk and the producer's risk, and then justify key usages of both within an industry of your choice. Provide specific examples to support your ..
|
|
Find mean and standard deviation for number of households
: Assuming that this procedure yields a binomial distribution, find the mean and the standard deviation for the number of households in this sample who have cable TV.
|
|
Carrying value of clyde investment
: For the year ended December 31, 2011, Blake reported income of $63,000 and paid cash dividends of $14,000 on its common stock. What is the proper carrying value of Clyde's investment in Blake at December 31, 2011?
|
|
How has walmart impacted vertical coordination
: How has Walmart impacted vertical coordination? Your opinion does not need to be based upon the article and how has Walmart impacted performance of the US economy
|