Question
In: Accounting
January 1, 2018, Apple is authorized to issue 200,000 shares $1.00 par common stock and 5,000...
January 1, 2018, Apple is authorized to issue 200,000 shares $1.00 par common stock and 5,000 shares $200 par 5% cumulative and non-participating preferred stock. The transactions took place in 2018
Jan 14: issue 5,000 shares of common stock at $17 per share
Feb 2: issue 4,000 shares of preferred stock in exchange for building with a fair market value of $800,000
July 6: Re-purchased 2,000 shares of common stock at $18 per share (cost method)
Aug 15: sold 2,000 of the treasury shares at $19 per share
Dec 31: declared preferred dividends and a common stock dividends of $2.00 per share
Dec 31: close the income summary account ($150,000 of net income)
Prepare Journal entries for each transaction and prepare the statement of changes in OE for the 2018 year end.
Solutions
ekkarill92 answered 10 months agoRelated Solutions
January 1, 2018, a company is authorized to issue 200,000 shares $1.00 par common stock and...
January 1, 2018, a company is authorized to issue 200,000 shares
$1.00 par common stock and 5,000 shares $200 par 5% cumulative and
non-participating preferred stock. The transactions took place in
2018
Jan 14: issue 5,000 shares of common stock at $17 per share
Feb 2: issue 4,000 shares of preferred stock in exchange for
building with a fair market value of $800,000
July 6: Re-purchased 2,000 shares of common stock at $18 per
share (cost method)
Aug 15: sold...
Belo Corporation is authorized to issue 900,000 shares of $10 par value common stock, and 200,000...
Belo Corporation is authorized to issue 900,000 shares of $10
par value common stock, and 200,000 shares of 9%, $100 par value
preferred stock. On January 1, 2018, the second year of operations,
the retained earnings balance was $80,000. During 2018, the company
had the following stock transactions.
Jan. 7 Issued 150,000 shares of common stock at $15 per
share.
May. 5 Attorneys for the company accepted 250 shares of common
stock as payment for legal services rendered. The legal...
Carp Corporation is authorized to issue 2,000,000 shares of $1 par value common stock. During 2018,...
Carp Corporation is authorized to issue 2,000,000 shares of $1
par value common stock. During 2018, the company has the stock
transactions listed below. Journalize the transactions for Carp
Corporation in spaces provided below.
Jan.
15 Issued 700,000 shares of stock at $7 per
share.
Sept.
5 Purchased 20,000 shares of common stock
for the treasury at $8 per share.
Dec.
6 Declared a $0.50 per share dividend to
the remaining stockholders of record on December 20, payable
January 3,...
2016 Info: On January 1, we are authorized to issue 100,000 shares of our 1.00 common...
2016 Info:
On January 1, we are authorized to issue 100,000 shares of our
1.00 common stock. We issued 50,000 shares for
$80/share; and issued a $100,000 bond for either 1) $96,000 or 2)
104,000. The market rate was 9% and the stated rate was
10%. The bond is a 10 year bond that pays interest on
1/1 of each year.
Inventory includes the following: Beginning balance
of $0. On January 3 we purchased $22,000
(1000 units at $22) worth of inventory. 1,000 units of
inventory was...
1 Corp X is authorized to issue 1,000,000 shares of Common Stock Par $1 No Entry...
1 Corp X is authorized to issue 1,000,000 shares of Common Stock
Par $1 No Entry since it was just authorized but not issued.
2 Corporation X issued 500,000 shares of Common Stock Par $1 for
$ 8 per share
3 Corporation X issued 1,500,000 shares of Common Stock Par $1
for $10 per share
4 Corporation X reacquired 1,000,000 shares of their Common
Stock Par $1 for $ 2
5 Sold 500,000 shares of treasury stock at $8 per...
On January 1, 2010 Fiberglass Industries was authorized to issue 750,000 shares of 3.00 par common...
On January 1, 2010 Fiberglass Industries was authorized to issue
750,000 shares of 3.00 par common stock, and 40,000 shares of 4%
$25 par cumulative preferred stock.
Required: Using the information below, prepare the Stockholders'
Equity Section of the Balance Sheet at December 31, 2011.
2010:
Jan 4th issued 100,000 shares common stock at $5/ share.
Jan 5th issued 10,000 shares preferred stock at $40/ share.
Feb 1st Issued 60,000 shares of common stock in exchange for a
shop with...
Accounting Creations was authorized to issue 3,000,000 shares of $1 par Common Stock but has only...
Accounting Creations was authorized to issue 3,000,000 shares of
$1 par Common Stock but has only issued 650,000 shares of common
stock as of 12/31/2018. No new shares were issued during 2018. 1.On
the “Adjusting Journal Entries” worksheet, prepare in journal entry
form all adjusting and correcting journal entries based on the
following information. All information was provided to you as of
12/31/2018. (Round all numbers to the nearest dollar). Label
journal entries a through t.
a. Based on your...
Czar was authorized to issue 3,000,000 shares of $1 par Common Stock but has only issued...
Czar was authorized to issue 3,000,000 shares of $1 par
Common Stock but has only issued 520,000 shares of common stock as
of 12/31/2018. No new shares were issued during 2018.
1. On the
“Adjusting Journal Entries” worksheet, prepare in journal entry
form all adjusting and correcting journal entries
based on the following information. All information was
provided to you as of
12/31/2018. (Round all numbers to the nearest dollar).
Label
journal entries a through t.
P-...
Czar was authorized to issue 3,000,000 shares of $1 par Common Stock but has only issued...
Czar was authorized to issue 3,000,000 shares of $1 par
Common Stock but has only issued 520,000 shares of common stock as
of 12/31/2018. No new shares were issued during 2018.
1. On the
“Adjusting Journal Entries” worksheet, prepare in journal entry
form all adjusting and correcting journal entries
based on the following information. All information was
provided to you as of
12/31/2018. (Round all numbers to the nearest dollar).
Label
journal entries a through t.
P-...
Edgar Corporation was authorized to issue 100,000 shares of $8 par common stock and 50,000 shares...
Edgar Corporation was authorized to issue 100,000 shares of $8
par common stock and 50,000 shares of $80 par, 4 percent,
cumulative preferred stock. Edgar Corporation completed the
following transactions during its first two years of operation:
2016
Jan. 2 Issued 25,000 shares of $8 par common stock for $10 per
share.
Jan. 15 Issued 2,000 shares of $80 par preferred stock for $90
per share.
Feb. 14 Issued 20,000 shares of $8 par common stock for $12 per
share....
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Make-or-Buy Decision Fremont Computer Company has been purchasing carrying cases for its portable computers at a...
- The following costs were incurred for the single product produced during the first year of operations...
- Non-constant growth model: Do=$2.00 required return on equity= 5% g= 9% n=1,2 g=7% n=3,4 g=3% n=5...
- . Find all x ∈ Z143 such that x2Ξ 7 (mod 143). Please explain all steps...
- #Python: A palindrome is a sequence of characters that reads the same backwards as forwards. For...
- Explain an example in which a variable has two different addresses at different places in a...
- Hadley, a thirty-five-year-old physician, has worked at Princeton Plainsboro Hospital for six years. She recently received...
ADVERTISEMENT