Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. issuing par stock on january 29, quality marble in

Issuing Par Stock On January 29, Quality Marble Inc., a marble contractor, issued 75,000 shares...

70.2K

Verified Solution

Question

Accounting

image

image

Issuing Par Stock On January 29, Quality Marble Inc., a marble contractor, issued 75,000 shares of $10 par Common stock for cash at $23 per share, and on May 31, it issued 100,000 shares of $4 par Preferred stock for cash at $6 per share a. Illustrate the effects on the accounts and financial statements of the January 29 transaction. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Assets Liabilities+ Stockholders' Equity Stateme nt of Cash Flows Paid-in capital iu. Common exsess.af Cash No effect stock par common stock $1,150,000$1.175.000 2,325,000 $1,175,000 Jan. 29 Statement of Cash Income Statement Flows Financin $2,325,000 No effect

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students