27 Dec The partners who own Cohen Canoes Co. wished to av
The partners who own Cohen Canoes Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Cohen Canoes Inc. The charter from the state of Utah authorizes the corporation to issue 9,000 shares of $2 no-par preferred stock and 100,000 shares of $5 par common stock. In its first month, Cohen Canoes completed the following transactions: May 6 Issued 900 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $22,500. Debit Organization Expense. 9 Issued 10,000 shares of common stock to Ben Cohen and 12,000 shares to Bill Cohen in return for cash equal to the stock s market value of $25 per share. The Cohen’s were partners in Cohen Canoes Co. 10 Issued 800 shares of preferred stock to acquire a patent with a market value of $20,000. 26 Issued 1,000 shares of common stock for $25 cash per share. Requirements 1. Record the transactions in the journal. 2. Prepare the stockholders equity section of the Cohen Canoes, Inc., balance sheet at May 31. The ending balance of Retained Earnings is $55,000.
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.