Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. hammond manufacturing inc. was legally incorporate

Hammond Manufacturing Inc. was legally incorporated on January 2,2020. Its articles of incorporation granted it...

90.2K

Verified Solution

Question

Accounting

Hammond Manufacturing Inc. was legally incorporated on January 2,2020. Its articles of incorporation granted it the right to issue an unlimited number of common shares and 100,000 shares of $14.0 non-cumulative preferred shares. The following transactions are among those that occurred during the first three years of operations: 2020 Jan. 12 Issued 40,300 common shares at $4.4 each. 20 Issued 6,000 common shares to promoters who provided legal services that helped to establish the company. These services had a fair value of $32,000.31 Issued 76,000 common shares in exchange for land, building, and equipment, which have fair market values of $356,000, $476,000, and $44,000, respectively. Mar. 4 Purchased equipment at a cost ofAnalysis Component:
Determine the net assets of Hammond Manufacturing Inc. for 2020,2021, and 2022. Is the trend favourable or unfavourable?
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Explain in detail the mechanism of breathing.Discuss briefly about respiration and acid base balance. Discuss briefly about...

Biology
Q

Which of the following would be expected to lower the Tm for a phospholipid bilayer? replacing a...

Chemistry
Q

Java Write a program that will only accept input from a file provided as the first command...

Programming
Q

Particles of charge -60 E-6 C, +40 E-6 C, and – 95 E-6 C are placed...

Physics
Q

how to make a flow based electronic automatic shut-off water meter for leak detection?

Electrical Engineering
Q

What is the most critical weakness that MICROSOFT has ? Why do you consider this a...

General Management
Q

The lengths of pregnancies are normally distributed with a mean of 267 days and a standard deviation...

Basic Math
Q

disc of radius r is made of a material of negligible resistance and can rotate...

Physics
Q

5 In circle A below AC 1 in and m BAD 70 What is the...

Geometry
Q

Solve and graph the solution set.1-4x?2x+25Select the correct choice below and, if necessary, fill in...

Basic Math
Q

Use transformations of the graph of f(x)= ex to graph the given function. Be sure...

Basic Math
Q

Below is a graph of J 7 6 5 Sketch a graph of J 2...

Algebra