1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Gnoma [55]
3 years ago
8

Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During

the first month of operation, the corporation issued 270 shares to its attorneys in payment of a $4,700 charge for drawing up the articles of incorporation. The entry to record this transaction would include:
Business
1 answer:
dimulka [17.4K]3 years ago
8 0

Answer:

paid in capital in excess of par value = $2000

and There will be a debit to Organisation expenses for $4,700

Explanation:

given data

charter authorized = 100,000 shares

common stock = $10 par value

issued  = 270 shares      

payment = $4,700        

solution

we know here that

Paid up value of the stock = $10 per share

and here shares issue to the attorney satisfying the organisation expenses is 270 shares

so common stock = 270 shares × $10

common stock =  $2700

so paid in capital in excess of par value = $2000

and There will be a debit to Organisation expenses for $4,700

You might be interested in
Where do you get your information about the world from? Do you think you are getting a complete picture of the world and social
zaharov [31]
Internet more specifically Google. Yes to some extent because what you find on the internet you will not find if you watch the news. The more information you want the more you will need to look at the other resources.
3 0
3 years ago
The concept of stakeholder management focuses on
IgorLugansk [536]
The goal of the stakeholder management is to develop appropriate management strategies in order to engage the stakeholders to work on the project and finish the project effectively. A project stakeholder is <span>an individual, group, or organization, who may affect, be affected by a decision, activity, or outcome of the </span><span>project.So, the concept of stakeholder management focuses on the management strategies regarding the project stakeholders.</span>
6 0
3 years ago
Bacon Company acquired new machinery with a price of $14,299 by trading in similar old machinery and paying $12,869. The old mac
ss7ja [257]

Answer:

Loss of $309.

Explanation:

Bacon company paid $12,869 in cash with an old machinery with a price of $1,739 basis for this new equipment that had a price of $14,199.

Therefore;

Bacon's loss = (Cash paid + Old basis) - Purchase price

= ($12,869 + $1,739) - $14,299

= $14,608 - $14,299

= $309

8 0
3 years ago
Infants are born at least several weeks before their due date, while __________ infants are below the expected weight based upon
SVEN [57.7K]

i think the answer is preterm

7 0
3 years ago
Record the following transactions on the books of Cohen Co. (Omit cost of goods sold entries.) (Credit account titles are automa
Scrat [10]

Answer:

a.

July 1

Accounts Receivable                23000 Dr

     Sales Revenue                         23000 Cr

b.

July 8

Sales Return                          2400 Dr

     Accounts Receivable           2400 Cr

c.

July 11

Cash                                                  20600 Dr

      Accounts Receivable                       20600 Cr

Explanation:

a.

The sales made on credit are recorded as a debit to the accounts receivable and a credit to sales revenue by the amount of sales assuming we use the gross method to record sale.

b.

The return of sales is recorded as a debit to the sales return account and a credit to the accounts receivable to reduce the amount due from accounts receivable.

c.

The remaining accounts receivable amount after sales return amounted to 23000 - 2400 = 20600

The sales terms were 2/10 which means a 2% discount was allowed if the accounts receivable pay within 10 days of sale. The payment is received after the discount period. Thus, we will not deduct the discount allowed and accounts receivable will pay fill $20600.

4 0
3 years ago
Other questions:
  • Hich best describes the benefits of renting a home?
    6·2 answers
  • After reviewing the service records at a car dealership, the CEO (chief executive officer) discovered that customers who schedul
    11·1 answer
  • Stock A has an expected return of 8%, stock B has an expected return of 2%, and the return on Treasury-Bills is 4%. You buy $200
    9·1 answer
  • ​U(X,Y)equals=20Xplus+80Yminus−Upper X squaredX2minus−2Upper Y squaredY2 where X is his consumption of CDs with a price of ​$11
    13·1 answer
  • The set of marketing tools a firm uses to implement its marketing strategy is called the ________.
    11·1 answer
  • Alais is a clothing fashion designer known for her French style of elaborate heirloom smocking combined with industrial elements
    9·1 answer
  • ⇒PsAlM 56:3⇔⇔ when i am afraid i put my trust in you&gt;
    13·1 answer
  • The goal of customer relationship management is to
    13·1 answer
  • Năm trước, doanh thu đạt được 1 triệu $, trong đó 250.000 là doanh thu bán chịu; số dư khoản phải thu khách hàng trung bình là 4
    6·1 answer
  • What is one consequence of stagflation?
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!