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
sattari [20]
3 years ago
13

Berry Corporation has 100,000 shares of $10 par common stock authorized. The following transactions took place during 2017, the

first year of the corporation's existence: Sold 20,000 shares of common stock for $13.50 per share. Issued 20,000 shares of common stock in exchange for a patent valued at $300,000. At the end of the Berry's first year, total paid-in capital amounted to
Business
1 answer:
Y_Kistochka [10]3 years ago
6 0

Answer:

$570,000

Explanation:

The computation of total paid-in capital is shown below:-

Common stock issued for cash

Cash Dr, $270,000      (20,000 × $13.50)

           To Common Stock $200,000    (20,000 × $10)

         To Additional paid in capital $70,000   (20,000 × ($13.50 - $10)

(Being common stock issued for cash is recorded)

Common stock issued for patent

Patent (FMV of patent) Dr, $300,000

              To Common Stock $200,000     (20,000 × $10)

To Additional paid in capital $100,000          (20,000 × $10 ÷ 2)

(Being common stock issued for patent is recorded)

For recording this two entries we debited the cash as it rise assets and at the same time it also rise the overall stockholder equity so common stock and the additional paid in capital for common stock is credited

So,

Total paid in capital = Common Stock + Additional paid in capital

= ($200,000 + 200,000) + ($70,000 + $100,000)

= $400,000 + $170,000

= $570,000

You might be interested in
A weak company culture A. celebrates change and consensual decision-making. B. produces champions of innovation and creativity.
Ymorist [56]

One thing that a weak company culture does is that it D. promotes greed-driven and unethical behaviors.

<h3>What is the effect of a weak company culture?</h3>

A weak company culture is one that allows for unethical behavior to be perpetrated with impunity.

Such a culture would give rise to greed as people try to outpace each other through unethical actions.

This means that there would be little teamwork and instead a toxic environment would be the order of the day. Such a company cannot hope to survive for too long before it crumbles.

In conclusion, option D is correct.

Find out more on company culture at brainly.com/question/27778728

#SPJ1

7 0
2 years ago
Select the two statements about owners of equity in a business that are TRUE.
stiks02 [169]

Answer:1. and 3.

Explanation:

8 0
3 years ago
Read 2 more answers
What two accounting equalities must be maintained in transaction analysis?
STALIN [3.7K]

Two accounting equalities to maintain in transaction analysis are Assets and Liabilities + Equity.

One key element of performing accounting transaction analysis is ensuring that the accounting equation is balanced. This means that for every debit account entry, you must have a credit account entry of the same amount.

This accounting equation works as-

Assets = Liabilities + Equity

Assets- This refers to the resources of a company and includes cash and cash equivalents, accounts receivable, and inventory.

Liabilities and equity- The liabilities of a company refer to its financial obligations, such as loans, long-term debts, mortgages, and notes payable.The shareholder’s equity of a company refers to the dollar value of the company and can be calculated by subtracting its liabilities from its assets. Both liabilities and equity show how the company has financed its assets.

To learn more about transaction analysis here

brainly.com/question/20983891

#SPJ4

4 0
2 years ago
Creating a chant that rhymes to remember information is a memorization technique.
jolli1 [7]

Answer:

OT

Explanation:

BECAUSE I AM SMART AND BECAUSE I TOOK THAT SAME CLASS

6 0
2 years ago
During May, Carolan Corporation transferred $59,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of
dem82 [27]

Answer:

credit to Work in Process of $59,000.

Explanation:

Based on the information given the appropriate l journal entries to record these transactions would include a: CREDIT TO WORK IN PROCESS OF $59,000

Dr Finished goods $59,000

Cr Work in process $59,000

Dr Cost of goods sold $65,000

Cr Finished goods $65,000

6 0
2 years ago
Other questions:
  • Ms. Parker would like to have $99.000 buy a new car in 8 yearsTo accumulate $99,000 in years, how much should she invest monthly
    12·1 answer
  • A stationery company plans to launch a new type of indelible ink pen. Advertising for the new product will be heavy and will cos
    15·1 answer
  • Tim mows neighborhood lawns for extra money. Suppose that he would be willing to mow one lawn for ​$14​, a second lawn for ​$16​
    13·1 answer
  • Scheming Friends.Willy very much wants to rent a basement apartment in Weaver's home.Willy threatens to tell all Weaver's friend
    6·1 answer
  • The following information is available for Marin Inc. for three recent fiscal years. 2022 2021 2020 Inventory $565,000 $572,000
    11·1 answer
  • The state of competition is an industry, according to porter, depends on ______ basic forces.
    5·1 answer
  • Purdue Company signed a one-year lease on April 1, 2017, and paid the $45,600 total yearâs rent in advance. Purdue recorded the
    9·1 answer
  • Insurance companies facilitate the transfer of risk from Multiple Choice those who have a low-risk tolerance to those with high
    15·1 answer
  • Through the capital budgeting process, financial managers will decide which ___________ the organization will fund.
    15·1 answer
  • A recent Supreme Court ruling made it easier to prosecute insider trading cases by
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!