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Home > Art, Film & Photography > Graded Corporation Problems
Graded Corporation Problems

Graded Corporation Problems


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About the Book

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1914. Excerpt: ... CODE: NEAT. The following figures are taken from the books of a firm as at December 31, 1912: Accounts Receivable $27,850.00 Merchandise Inventory 9,750.00 Furniture and Fixtures 2,250.00 Plant and Machinery 20,000.00 Investments--Schedule I 24,000.00 Investments--Schedule II 17,500.00 Accounts Payable 48,000.00 Bills Payable 45,000.00 On January 1, 1913, a corporation was formed to take over the business but the Investments list in Schedule II were retained by the partners. 10,000 out of 25,000 shares of Common Stock of the par value of $5.00 each were issued to the vendors as fully paid and 5,000 shares were issued for cash. 9,000 out of 25,000 shares of 6% Preferred Stock of the par value of $5.00 each were given in payment of the Bills Payable of $45,000. Prepare statement showing the position of the firm's accounts upon the formation of the corporation, the opening journal entries on the books of the new company, and a Balance Sheet for the company after formation, dealing with any difference" according to your judgment. CODE: NECTAR. A corporation took over the business of an individual whose books showed him to be worth $125,000, for the sum of $200,000, payable $50,000 in bonds, $50,000 in preferred stock, $50,000 in common stock and the remainder in cash. The capital of the company was $100,000 preferred stock and $100,000 common stock. The balance of the stock was subscribed for and bonds were issued for $100,000. According to the subscriptions the stock was to be paid in as follows: 10% on application, 40% in 30 days after allotment and 50% in three months thereafter. On the bonds 10% was to be paid on application and the balance in 30 days after allotment. Make the necessary journal entries on the books of the company to cover these transactio...


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Product Details
  • ISBN-13: 9781151440648
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 20
  • Spine Width: 1 mm
  • Width: 189 mm
  • ISBN-10: 1151440647
  • Publisher Date: 04 Feb 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 54 gr


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