User Account

All Pages

Prepare general journal entries to record transactions

Assignment Help Accounting Basics
Reference no: EM131819813

Question - Presented below is information related to Wyrick Company:

1. The company is granted a charter that authorizes issuance of 15,000 shares of $100 par value preferred stock and 40,000 shares of no-par common stock.

2. 8,000 shares of common stock are issued to the founders of the corporation for land valued by the board of directors at $300,000. The board establishes a stated value of $5 a share for the common stock.

3. 5,000 shares of preferred stock are sold for cash at $120 per share.

4. The company issues 100 shares of common stock to its attorneys for costs associated with starting the company. At that time, the common stock was selling at $60 per share.

Instructions: Prepare the general journal entries necessary to record these transactions.

Reference no: EM131819813

Questions Cloud

Prepare the journal entries to record premium amortization : Prepare the journal entries to record the following events - The accrual of interest and the premium amortization on December 31, 2012
Dashed lines in the scatterplot represent : a. What do you think the two dashed lines in the scatterplot represent?
Determine the total cost of each asset : Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset.
Prepare a short speech outlining the general reasons : Prepare a short speech outlining the general reasons for the new company orientation. Your answer should focus on customer wants and needs
Prepare general journal entries to record transactions : 5,000 shares of preferred stock are sold for cash at $120 per share. Prepare the general journal entries necessary to record these transactions
Compute the missing amount in the accounting equation : Compute the missing amount in the accounting equation for each entity from the financial information presented:
Highway speeds lead to reduced fuel efficiency : Mr. Cleary that explains how his three observed data points could still be consistent with the statement that higher highway speeds.
What is the amount of gerald''s suspended passive losses : Considering both at-risk and passive loss rules, what is the amount of Gerald's suspended passive losses at the end of 2016
Prepare a depreciation schedule for each depreciation method : Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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