On January 1, 2016, 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, 2016, the accounting records showed the following amounts:
Requirement:
1.Calculate the amounts for common stock and additional paid-in capital.2.Prepare a balance sheet as of June 30, 2016.

Question

On January 1, 2016, 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, 2016, the accounting records showed the following amounts:
  Requirement:
1.Calculate the amounts for common stock and additional paid-in capital.2.Prepare a balance sheet as of June 30, 2016.

Quizplus · Accepted Answer

The Answer of On January 1, 2016, 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, 2016, the accounting records showed the following amounts:
  Requirement:
1.Calculate the amounts for common stock and additional paid-in capital.2.Prepare a balance sheet as of June 30, 2016.