Stock transactions, Financial Accounting

 

Brazil Corporation was organized on January 1, 1999. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock, and 500,000 shares of common stock with a par value of $1 per share. The following stock transactions were completed during the first year:

Jan. 10             Issued 100,000 shares of common stock for cash at $3 a share.

Mar. 1             Issued 10,000 shares of preferred stock for cash at $51 per share.

Apr. 1              Issued 25,000 shares of common stock for land. The asking price of the land was $90,000; the company's estimate of fair market value of the land was $85,000.

May 1              Issued 75,000 shares of common stock for cash at $4 per share.

Aug. 1              Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000 pertaining to services rendered in helping the company organize.

Sept. 1             Issued 5,000 shares of common stock for cash at $6 per share.

Nov. 1              Issued 2,000 shares of preferred stock for cash at $53 per share.

 

 

Posted Date: 2/14/2013 1:33:07 AM | Location : United States







Related Discussions:- Stock transactions, Assignment Help, Ask Question on Stock transactions, Get Answer, Expert's Help, Stock transactions Discussions

Write discussion on Stock transactions
Your posts are moderated
Related Questions
This subject has really beeen difficult for me. This is, by far, the most challenging assignment I have had to deal with. Please help! If someone can do it for me, that would be ev

MUTUAL DEALINGS A right of set-off is allowed where there have been - (a) Mutual credits, debts or other dealings resulting in pecuniary liabilities, (b) Between the debtor an

Answer both parts in this task. Part (i) is worth a maximum of 10 Marks, while part (ii) is worth a maximum of 5 Marks. (i) Minnie owes Micky Mouse $500 and hands him a cheque p

How to calculate fair value of long-lived asset when the information about fair value is not available?

a recommendation regarding the current south African vat system

Question A The key functions of financial system are to provide a link between savers and investors. What are the key functions of financial market Question B Describe the me

Analytical Procedures - Substantive tests of financial information that examine relationships among data as a means of obtaining evidence. Such procedures include: (1) comparison o

Open "Hoyle CPA: Earnings Per Share." Under "Free Questions" select "Financial Accounting & Reporting."

a,b,c carried on business and their profit and loss ratio 3:4:5.they decided dissolve the partnership as on 1st july,2011.the following balance sheet..... creditors-10000 loan A/c-

Below is the Trial Balance for Clay Employment Services, year ending December 31, 2011.  Previous period's information were as follows: net receivables, $290,000 and inventory, $82