Accounting Question with work shown

Anonymous
timer Asked: Oct 31st, 2017
account_balance_wallet $5

Question description

On January 29, Quality Marble Inc., a marble contractor, issued for cash 75,000 shares of $10 par common stock at $23, and on May 31, it issued for cash 100,000 shares of $4 par preferred stock at $6.

  • a. Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transactions.
  • b. What is the total amount invested (total paid-in capital) by all stockholders as of May 31?

Tutor Answer

TeacherSethGreg
School: Boston College

Attached.

Quality Marble Inc
29-Jan
Number of shares
Share price
Issue price
31-May
Number of shares
Share price
Issue price

A.

Ef...

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Review

Anonymous
Thanks, good work

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