Business, 04.04.2020 04:24, lIechonoxIl

Mendoza Corporation was organized on January 1, 2017. It is authorized to issue 20,000 shares of 6%, $40 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2 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 per share.
Mar. 1 Issued 10,000 shares of preferred stock for cash at $55 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 value of the land was $75,000.
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 for services performed 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 $60 per share.
a) Journalize the transactions.

b) Post to the stockholders' equity accounts. (Use J1 as the posting reference.)

c) Prepare the paid-in capital section of stockholders' equity at December 31, 2017.

Answers: 1

Show answers

Other questions on the subject: Business

Business, 21.06.2019 21:00, lavishbre12

Roi analysis using dupont model. charlie? s furniture store has been in business for several years. the firm? s owners have described the store as a ? high-price, highservice? operation that provides lots of assistance to its customers. margin has averaged a relatively high 32% per year for several years, but turnover has been a relatively low 0.4 based on average total assets of $800,000. a discount furniture store is about to open in the area served by charlie? s, and management is considering lowering prices in order to compete effectively. required: a. calculate current sales and roi for charlie? s furniture store. b. assuming that the new strategy would reduce margin to 20%, and assuming that average total assets would stay the same, calculate the sales that would be required to have the same roi as they currently earned. c. suppose that you presented the results of your analysis in parts a and b of this problem to charlie, and he replied, ? what

Answers: 1

continue

Business, 22.06.2019 06:30, nrudd9799

If a team of three workers, each making the u. s. federal minimum wage, produced these 12 rugs, what would the total labor cost be? don't forget that these workers would be working overtime.

Answers: 3

continue

Business, 22.06.2019 12:10, lucyamine0

Compute the cost of not taking the following cash discounts. (use a 360-day year. do not round intermediate calculations. input your final answers as a percent rounded to 2 decimal places.)

Answers: 1

continue

Business, 22.06.2019 23:20, chrisgaz14

Suppose you manage an upscale restaurant in new york city. would involve writing employee schedules and a list of things to do for the chef and other kitchen staff

Answers: 3

continue

Do you know the correct answer?

Mendoza Corporation was organized on January 1, 2017. It is authorized to issue 20,000 shares of 6%,...