Question
In: Accounting
P 11-2A. Stockholders' Equity: Transactions and Balance Sheet Presentation Tunic Corporation was organized on April 1,...
| P 11-2A. Stockholders' Equity: Transactions and Balance Sheet Presentation | |||||||||
| Tunic Corporation was organized on April 1, with an authorization of 25,000 shares of six percent, $50 par value preferred stock and 200,000 shares of $5 par value common stock. During April, the following transactions affecting stockholders' equity occurred: | |||||||||
| April 1 | Issued 80,000 shares of common stock at $20 cash per share. | ||||||||
| April 3 | Issued 2,000 shares of common stock to attorneys and promoters in exchange for their services in organizing the corporation. The services were valued at $31,000. | ||||||||
| April 8 | Issued 3,000 shares of common stock in exchange for equipment with a fair market value of $55,000 | ||||||||
| April 20 | Issued 6,000 shares of preferred stock for cash at $60 per share. | ||||||||
| a. Prepare journal entries to record the above transactions. | |||||||||
| b. Prepare the stockholders' equity section of the balance sheet at April 30. Assume that the net income for April is $51,000. | |||||||||
| a. | Debit Account | Credit Account | Debit Amount | Credit Amount | |||||
| April 1 | |||||||||
| April 3 | |||||||||
| April 8 | |||||||||
| April 20 | |||||||||
| b. | Stockholders’ Equity | ||||||||
| Paid‑in Capital | |||||||||
| Additional Paid‑in capital | |||||||||
| Total Paid‑in Capital | |||||||||
| Total Stockholders’ Equity | |||||||||
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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Stockholders’ Equity: Transactions and Balance Sheet
Presentation
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During April, the following transactions affecting stockholders’
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Apr.
1
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3
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Presentation The stockholders’ equity of Summit Corporation at
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40,000 shares issued and outstanding 600,000 Paid-in capital in
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Common stock—$5 par value, 455,000 shares
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Paid-in capital in excess of par value, common stock 570,000
Retained earnings 873,000
Total stockholders' equity$2,643,000
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Paid-in capital in excess of par
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1,020,000
Retained earnings
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2,316,000
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issued, 6,000 shares in treasury
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510,000
Retained earnings
348,000
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138,000
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sheet at January 1 follows:
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shares
480,000
issued, 6,000 shares in treasury
Additional paid-in capital
In excess of par value
720,000
From treasury stock
45,000
765,000
Retained earnings
522,000
1,767,000
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207,000
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Stockholders’ Equity
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