Questions from College Accounting

Q: T&R Track Town has decided to incorporate and has incurred

T&R Track Town has decided to incorporate and has incurred the following costs of organizing: Incorporation fees ………... $ 500 Attorneys’ fees ………... 6,800 Promotion fees ………... 4,700 Prepare the entr...

Q: After closing its books on December 31, 20--, Merrill Corporation’s

After closing its books on December 31, 20--, Merrill Corporation’s stockholders’ equity accounts have the following balances: REQUIRED Prepare the stockholders&a...

Q: Mayer Delivery Co. had the following plant asset transactions during the

Mayer Delivery Co. had the following plant asset transactions during the year: 1. Assets discarded or sold: Jan. 1 Van #11, which had a cost of $8,800 and accumulated depreciation of $8,800, was disca...

Q: Situation 1: Espino Company has the following stock outstanding:

Situation 1: Espino Company has the following stock outstanding: The amount available for dividends this year is $50,000. Prepare the dividend allocation between the preferred and common shares. Si...

Q: The following independent stock transactions occurred during January 20-- for various

The following independent stock transactions occurred during January 20-- for various corporations: (a) Issued 4,000 shares of $10 par common stock for $40,000 cash. (b) Issued 5,000 shares of $10 par...

Q: Brant & Evans had the following stock transactions during the year:

Brant & Evans had the following stock transactions during the year: (a) Issued 6,000 shares of common stock with a $5 par value in exchange for real estate (land) with a fair market value of $33,500....

Q: After closing its books on December 31, Mel Brothers’ stockholders’ equity

After closing its books on December 31, Mel Brothers’ stockholders’ equity accounts have the following balances: Common stock subscriptions receivable ………...………...………...……….... $ 6,000 Common stock, $...

Q: Valdez Company had the following stock transactions during the first 5 years

Valdez Company had the following stock transactions during the first 5 years of operations: (a) Issued 24,000 shares of $1 par common stock for $26,000 cash. (b) Issued 18,000 shares of $1 par common...

Q: Dan’s Hobby Stores had the following stock transactions during the year:

Dan’s Hobby Stores had the following stock transactions during the year: (a) Issued 5,000 shares of no-par common stock with a stated value of $10 per share for $50,000 cash. (b) Issued 6,000 shares o...

Q: List four items of information about each purchase entered in the purchases

List four items of information about each purchase entered in the purchases journal.