Business, 03.07.2020 21:01 Nathaliasmiles

Newly formed S&J Iron Corporation has 145,000 shares of $7 par common stock authorized. On March 1, Year 1, S&J Iron issued 9,500 shares of the stock for $11 per share. On May 2, the company issued an additional 23,500 shares for $19 per share. S&J Iron was not affected by other events during Year 1. Required:
a. Record the transactions in a horizontal statements model.
b. Determine the amount S&J Iron would report for paid-in capital in excess of par.
c. What is the total amount of capital contributed by the owners?

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 03:00, brodybb5515

Sonic corp. manufactures ski and snowboarding equipment. it has estimated that this year there will be substantial growth in its sales during the winter months. it approaches the bank for credit. what is the purpose of such credit known as? a. expansion b. inventory building c. debt management d. emergency maintenance

Answers: 1

continue

Business, 22.06.2019 05:00, swelch2010

You are chairman of the board of a successful technology firm. there is a nominal federal corporate tax rate of 35 percent, yet the effective tax rate of the typical corporation is about 12.6%. your firm has been clever with use of transfer pricing and keeping money abroad and has barely paid any taxes over the last 5 years; during this same time period, profits were $28 billion. one member of the board feels that it is un-american to use various accounting strategies in order to avoid paying taxes. others feel that these are legal loopholes and corporations have a fiduciary responsibility to minimize taxes. one board member quoted what the ceo of exxon once said: “i’m not a u. s. company and i don’t make decisions based on what’s good for the u. s.” what are the alternatives? what are your recommendations? why do you recommend this course of action?

Answers: 2

continue

Business, 22.06.2019 20:00, ethanyayger

Acompetitive market in healthcare would a. overprovide healthcare because the marginal social benefit of healthcare exceeds the marginal benefit perceived by consumers b. underprovide healthcare because it would eliminate medicare and medicaid c. underprovide healthcare because the marginal social benefit of healthcare exceeds the marginal benefit perceived by consumers d. overprovide healthcare because it would be similar to the approach used in canada

Answers: 1

continue

Business, 23.06.2019 01:10, rainbowcakes914

Mountain mouse makes freeze-dried meals for hikers. one of mountain mouse's biggest customers is a sporting goods superstore. every 66 days, mountain mouse checks the inventory level at the superstore and places an order to restock the meals. these meals are delivered by ups in 55 days. average demand during the reorder period and order lead time is 8585 meals, and the standard deviation of demand during this same time period is about 1919 meals. calculate the restocking level for mountain mouse. assume that the superstore wants a 95\% service level. what happens to the restocking level if the superstore wants a higher level of service-say, 99]%? the restocking level for the 95% service level is 117 mealssuppose there are 25 meals in the superstore when mountain mouse checks inventory levels. how many meals should be ordered, assuming a 95% service level?

Answers: 3

continue

You know the right answer?

Newly formed S&J Iron Corporation has 145,000 shares of $7 par common stock authorized. On March...