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    on january 12, 2014, the picard corporation issued 750 shares of $12 par-value common stock for $15 per share. which of the following answers describes the effect of the january 12, 2014 transaction?

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    get on january 12, 2014, the picard corporation issued 750 shares of $12 par-value common stock for $15 per share. which of the following answers describes the effect of the january 12, 2014 transaction? from EN Bilgi.

    On January 12, 2014, the Picard Corporation issued 750 shares of $12 par

    Answer to: On January 12, 2014, the Picard Corporation issued 750 shares of $12 par-value common stock for $15 per share. Which of the following...

    Share repurchase

    On January 12, 2014, the Picard Corporation issued 750 shares of $12 par-value common stock for...

    On January 12, 2014, the Picard Corporation issued 750 shares of $12 par-value common stock for... Question:

    On January 12, 2014, the Picard Corporation issued 750 shares of $12 par value common stock for $15 per share.

    Which of the following answers describes the effect of the January 12, 2014 transaction?

    Assets = Liab + Com. Stk. + Pd-in. Excess Revenue - Expenses = Net Inc. Cash

    A) 9000 = NA + 9000 + NA 9000 - NA = 9000 9000 FA

    B) 11250 = NA + 11250 + NA NA - NA = NA 11250 IA

    C) 11250 = NA + 9000 + 2250 NA - NA = NA 11250 IA

    D) 11250 = NA + 9000 + 2250 NA - NA = NA 11250 FA

    Issuing Stock:

    Stock issues are a financing activity that a company does to raise money. Stock is oftentimes issued above its par value. When it is, another equity account is created called additional paid-in capital, paid-in excess, etc.

    Answer and Explanation:

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    D describes the effect of the January 12, 2014 transaction.

    ...

    Assets = Liab + Com. Stk. + Pd-in. Excess Revenue - Expenses = Net Inc. Cash

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    Issuing a Stock & Accounting for Stock Repurchases

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    Chapter 11 / Lesson 6

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    This lesson explores the issuing of stock and accounting for stock repurchases from a corporate perspective. Through detailed examples, learn all about stock transactions, common vs. preferred shares, and stock repurchases.

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    MBUS 300 Final Exam Chp. 8 Flashcards

    Start studying MBUS 300 Final Exam Chp. 8. Learn vocabulary, terms, and more with flashcards, games, and other study tools.

    MBUS 300 Final Exam Chp. 8

    Which of the following is a disadvantage of a sole proprietorship?

    Click card to see definition 👆

    Unlimited liability of the owner

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    Which of the following is not normally a preference given to the holders of preferred stock?

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    The right to vote before the common stockholders at the corporation's annual meeting

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    Textbook solutions for this set

    Glencoe Accounting: First Year Course

    1st Edition Glencoe McGraw-Hill 548 explanations

    Intermediate Accounting

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    James F. Sepe, J. David Spiceland, Mark W. Nelson, Wayne Thomas

    2,029 explanations

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    Terms in this set (20)

    Which of the following is a disadvantage of a sole proprietorship?

    Unlimited liability of the owner

    Which of the following is not normally a preference given to the holders of preferred stock?

    The right to vote before the common stockholders at the corporation's annual meeting

    Tyrone Gonzales started a sole proprietorship by depositing $30,000 cash in a business checking account. During the account period the business earned $16,000 of net income and Gonzales withdrew $10,00 cash from the business. Based on this information, at the end of the accounting period, Gonzales' capital account contained a balance of:

    $36,000

    Laverne and Shirley started a partnership. Laverne invested $4,000 in the business and Shirley invested $6,000. The partnership agreement stipulated that profits would be divided as follows. Each partner would receive 10% return on their invested capital with the remaining income being distributed equally between the two partners. Assuming that the partnership earned $4,500 during an accounting period, the amount of income assigned to the two partners would be:

    Choice D) Laverne: $2,150 Shirley: $2,350

    The term "Retained Earnings" is best explained by which of the following statements?

    A measure of equity generated by corporation through its operating activities.

    The term "double taxation" refers to which of the following:

    Corporations must pay income taxes on their net income and their stockholders pay income tax on dividends they receive.

    The difference between the corporate form of business organization and other forms is most clearly shown in which of the following sections of the financial statements?

    equity section of the balance sheet

    On January 12, 2014, the Picard Corporation issued 750 shares of $12 par-value common stock for $15 per share. Which of the following answers describes the effect of the January 12, 2014 transaction?

    Choice D) Assest: 11250 Com. Stk.: 9000 Pd-in Excess: 2250 Cash: 11250

    Flynn Company issued 2,000 shares of $10 par value common stock at a market price of $16. As a result of this accounting event, total paid-in capital would

    increase by $32,000

    Which of the following statement historically described the term "par value?"

    The maximum liability of the investor.

    Which of the following terms designates the number of shares of a corporation's stock currently held by stockholders?

    outstanding shares

    Which of the following terms designates the maximum number of shares that a corporation may issue?

    authroized shares

    Which of the following entities would have a "Paid-in Capital in Excess" account in the equity section of the balance sheet?

    A corporation

    Which form of business organization is established as a separate legal entity from its owners?

    Corporation

    Which of the following statements about types of business entities is true?

    One advantage of corporations is limited liability for stockholders.

    The par value of common stock

    is not directly related to market value

    Corey and Malinda started a partnership on January 1, 2014. Corey invested $25,000 in the business, and Malinda invested $20,000. The partnership agreement stated that profits would be divided between the partners baed on their initial investment in the partnership. The business' net income for 2014 was $36,000. During the year, Corey withdrew $8,000, and Malinda withdrew $6,000. The balances in the parters' accounts at the end of 2014 were

    Choice D Corey: $37,000 Malinda: $30,000

    Flynn Corp., which is authorized to issue 25,000 shares of no-par common stock, issued 10,000 shares for $150,000. What effect will this event have on the accounting equation?

    increases assets by $150,000, increase equity by $150,000.

    On January 2, 2014, the Hoover Corporation issued 25,000 shares of $10 stated-value common stock for $24 per share. Which of the following statements is true?

    The Paid-in Capital in Excess of Stated Value account will increase by $350,000.

    Which of the following is not considered an advantage of the corporate form of business organization?

    Government regulation

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