Niren, Inc.'s charter authorizes 1,000,000 shares of stock at a par value of $1 per share. Niren sells 100 shares of stock at its initial offering for $1 per share. The journal entry to record this transaction will include a_________.

Answers

Answer 1

Answer:

Answer:

Dr Cash account 100

Cr Common Stock account 100

Explanation:

When a company sells stock they must record the value of the stock sold at par value in the common stock account. Any extra money received should go to the capital paid-in excess of par value account.

In this case, Niren sold 100 shares at par value ($1), so $100 should be recorded in the common stock account.

Related Questions

Rotato, a U.S. tire company, produces a set of tires at a plant in Michigan on September 16, 2019. It sells the set of tires to Speedmaster for use in the production of a two-door coupe that will be made in the United States in 2019. (Note: Focus exclusively on whether production of the set of tires increases GDP directly, and ignore the effect of production of the two-door coupe on GDP.)
Which type of risk is most likely to be insurable? A. Pure risk B. Speculative risk C. Equity risk D. Investment risk
According to the FASB conceptual framework, the rele-vance of providing information in financial statements is subject to the constraint of:a. Comparability.b. Cost-benefit.c. Reliability.d. Faithful representation.
Why do internal users need financial data?A. to make business decisions and compare business performance with previous yearsB. to invest in the business’s stocksC. to invest in stocks and make business decisionsD. to analyze the risk involved in lending money to the businessE. to understand the risk involved in lending resources to the business
Fizzy is an American firm that manufactures carbonated soft drinks. Fizzy executives want to enter the global market, and they are considering the idea of a joint venture with a beverage company located overseas. After conducting research on different beverage firms, Fizzy executives selected a large beverage manufacturer located in China. Kevin Burns and three other top-level executives at Fizzy have been assigned to the negotiating team. The team has flown to China to negotiate the details of the joint venture. Which of the following best supports Kevin's argument that he should be the primary negotiator?A)Fizzy executives hope to have other business deals with the Chinese firm in the future.B)Fizzy executives want to demonstrate their aggressiveness and present factual appeals.C)Fizzy executives want to ensure compliance with the ringi system at the Chinese firm.D)Fizzy executives are not certain as to who has decision-making authority at the Chinese firm.

Consumers should be concerned about high interest rates because high interest rates __________.

Answers

Consumers should be concerned about high interest rates because high interest rates equals to higher interest/ more money that needs to be paid.

A good way of remembering your newest contact's name is to A. repeat it silently in your head.
B. write it on your hand.
C. repeat it at the end of every sentence as you speak to him or her.
D. make up a jingle for it.

Answers

Hello there.

A good way of remembering your newest contact's name is to

A. repeat it silently in your head.

Answer:

A. Repeat it silently in your head

Explanation:

This is the correct answer for the PF test.

Hope this helps! C:

The cost of an asset is $ 1 comma 050 comma 000, and its residual value is $ 210 comma 000. Estimated useful life of the asset is four years. Calculate depreciation for the first year using the doubleminusdecliningminusbalance method of depreciation.

Answers

Answer:

Annual depreciation= $420,000

Explanation:

Giving the following information:

The cost of an asset is $1,050,000, and its residual value is $210,000.

The estimated useful life of the asset is four years.

To calculate the depreciation expense using the double-declining balance, we need to use the following formula:

Annual depreciation= 2*[(book value)/estimated life (years)]

Annual depreciation= 2*[(1,050,000 - 210,000)/4]

Annual depreciation= $420,000

How is American history relivant to American economy?

Answers

Answer:

American history relevant to American economy is discussed below.

Explanation:

The economic history of the United States of America started with American establishments in the seventeenth and eighteenth ages.
The 90s are universally viewed as a phase of economic accomplishment.
The American colonies went from marginally prosperous colonial economics to a little, self-sufficient agriculture economy that utilized slave workers, which in 1776 converted the United States of America.

American history is relevant to American economy in recent history because of the time period known today as the Great Depression, but also in the respect that economic growth occurs slowly over time, and our economy is still growing to this day. I hope this helps, as I was going to ask about context but instead just answered the question. Have a nice day! :)

A convertible security is almost always: a security that can be converted into common stock at the holder's option. a debt security that can only be converted into preferred stock. a security that can be converted into any other type of security. a security that can be converted into common stock only at the option of the issuing corporation.

Answers

Answer:

a security that can be converted into any other type of security.

Explanation:

Convertible securities are securities (e.g. bonds) that can be converted into another security, usually into common or preferred stock, after an specified term of conversion ends. This specific term of conversion is set when the original security was issued.

The most common types of convertible securities are convertible bonds (that can be converted into common or preferred stock) and convertible preferred stock (that can be converted into common stock).

Select all the items that describe an entrepreneur. can invent new products can start new businesses takes on risks hopes to lose money can create jobs

Answers

The right answer for the question that is being asked and shown above is that: "can invent new products; can start new businesses; takes on risks; can create jobs." The items that describe and entrepreneur are can invent new products; can start new businesses; takes on risks; can create jobs.

The right answer for the question that is being asked and shown above is that: "can invent new products

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Should schools cancel summer vacation?

Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?

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