On January 1,2019,Dr.Beth Hill started a new professional corporation,Beth Hill,P.C. ,to practice medicine with an initial investment of $100,000 in exchange for 20,000 shares of $2 par value common stock.On June 30,2019,the accounting records showed the following amounts:
1.Calculate the amounts for common stock and additional paid-in capital.
2.Prepare a balance sheet as of June 30,2019.

Question

On January 1,2019,Dr.Beth Hill started a new professional corporation,Beth Hill,P.C. ,to practice medicine with an initial investment of $100,000 in exchange for 20,000 shares of $2 par value common stock.On June 30,2019,the accounting records showed the following amounts:
  1.Calculate the amounts for common stock and additional paid-in capital.
2.Prepare a balance sheet as of June 30,2019.

Quizplus · Accepted Answer

The Answer of On January 1,2019,Dr.Beth Hill started a new professional corporation,Beth Hill,P.C. ,to practice medicine with an initial investment of $100,000 in exchange for 20,000 shares of $2 par value common stock.On June 30,2019,the accounting records showed the following amounts:
  1.Calculate the amounts for common stock and additional paid-in capital.
2.Prepare a balance sheet as of June 30,2019.