User Account

All Pages

Journalize the transactions for united rentals corporation

Assignment Help Accounting Basics
Reference no: EM131894039

Question - United Rentals Corporation is authorized to issue 100,000 shares of 5%, $60 par value preferred stock and 5,000,000 shares of no-par common stock with a stated value of $3 per share. During 2016, its first year of operation, the company has the following transactions.

Jan. 1 Issued 15,000 shares of preferred stock for cash at $105 per share.

Jan. 15 Issued 500,000 shares of common stock for cash at $10 per share.

Mar. 2 Issued 20,000 shares of common stock for land. The land had an asking price of $310,000. The stock is currently selling on a national exchange at $15 per share.

Apr. 30 Issued 4,000 shares of common stock to attorneys in payment of their bill for $72,000 for legal services rendered in helping the company incorporate.

Sept. 5 Purchased 12,000 shares of its own common stock at $17 per share.

Dec. 6 Sold 8,000 shares of the treasury stock at $20 per share.

Dec. 10 Sold the remaining treasury stock for $15 per share.

INSTRUCTIONS - Journalize the transactions for United Rentals Corporation.

Reference no: EM131894039

Questions Cloud

What amount of loss can purple corporation recognize : Purple never used the land for any business purpose during the time it was owned by the corporation. What amount of loss can Purple Corporation recognize
Complete a major case analysis on a company : Complete a major case analysis on a company of your choice. You must select a company for you to focus on for your Major Case Analysis
Review the middle ages and the renaissance : What were the major characteristics of each? Why do we speak of the Renaissance as the beginning of the "modern world" as opposed to the Middle Ages?
Understanding of the american involvement : Discuss your understanding of the American involvement in World War II. What is your understanding about the causes of this global war?
Journalize the transactions for united rentals corporation : United Rentals Corporation is authorized to issue 100,000 shares of 5%, Journalize the transactions for United Rentals Corporation
Proportion of their populations toward war efforts : How were the Greek city-states uniquely capable of commanding a larger proportion of their populations toward war efforts?
Identifies potential uses of cloud computing technology : Identifies potential uses of cloud computing technology, including the names of the cloud type and likely cloud computing services.
Individualism portrayed in contemporary fine arts : In what ways is the theme of individualism portrayed in contemporary fine arts? Identify one or more reasons and then provide.
Assuming market is in equilibrium : Assuming the market is in equilibrium, what does the market believe will be the stock price at the end of 3 years?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the effective annual rate

A local finance company quotes a 16.8 percent interest rate on one-year loans. So, if you borrow $30,000, the interest for the year will be $5,040. Because you must repay a total of $35,040 in one year, the finance company requires you to pay $35,..

  Calculate the expected price of the stock

Calculate the expected price of the stock and compare this price to the most recent market price

  Dewey company uses the weighted-average method in its

dewey company uses the weighted-average method in its process-costing system. the first processing department the

  Discuss what is the effective annual rate of interest

What is the effective annual rate of interest

  Prepare a table that summarizes the total cost

Venice Enterprises, which began operations in 2011, invests in long-term available-for-sale securities. Following is a series of transactions and events.

  Elliott corp failed to record accrued salaries

Elliott Corp failed to record accrued salaries for 2009, $2,000; 2010, $2,100; and 2011, $3,900 what is the amount of the overstatement or understatement of Retained Earnings at December 31, 2012?

  Some vacant land for investment purposes

LO.3 Olivia wants to buy some vacant land for investment purposes. She cannot afford the full purchase price. Instead, Olivia pays the landowner $8,000 to obtain an option to buy the land for $175,000 anytime in the next four years. Four- teen mon..

  Discuss the monthly financial statements of your local store

As you review the monthly financial statements of your local store, what will you be looking for. How will you know if your store has had a successful

  During 2014 the corporation had the following transactions

the stockholders equity accounts of miley corporation on january 1 2014 were as follows.preferred stock 7 100 par

  At what interest rate must elvira investment annually

Assume that Elvira Lehman desires to accumulate $1 million in 15 years using her money market fund balance of $239,392. At what interest rate Elvira investment

  Determine the write-off rustin

Rustin bought used, 7-year class property on May 15, 2014, for $500,000. Rustin elects Section 179 and straight-line cost recovery. Rustin's taxable income would not create a limitation for purposes of the Section 179 deduction.

  Determine the net present value of the investment in the

thurman munster the owner of adams family rvs is considering the addition of a service center his lot. the building and

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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