Gothic architecture is a new chain of clothing stores specializing in the color black. gothic issues 1,000 shares of its $1 par value common stock at $20 per share. record the issuance of the stock. how would the entry differ if gothic issued no-par value stock?

Explanation:

The journal entry is shown below:

1. Cash A/c Dr $20,000          (1,000 shares × $20)

    To Common Stock $1,000       (1,000 shares × $1)

    To  Additional Paid-in Capital in excess of par - Common Stock $19,000

(The issuance of the shares is reported and the amount remaining is credited to the additional paid-in capital account)

In the case of no par value stock, the journal entry would be

Cash A/c Dr $20,000  (1,000 shares × $20)

     To Common Stock A/c $20,000

(Being the issuance of the shares is recorded)

hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"

answerangel investor;